Reporters reported that The Dow fell 200 points today (17 Aug. 65) as investors were disappointed by Target’s earnings. Including lower-than-expected US retail sales, at 9:55 p.m. Thai time, the Dow Jones Industrial Average stood at 33,883.00, minus 235.00, or 0.69%.
by Target share price The U.S. retail giant fell more than 2 percent on Wednesday after it revealed second-quarter profits sank nearly 90 percent from the same period last year. This is because the company has to reduce the price of the products to drain the large stock that is still in the warehouse.
Previously, Target caused panic among investors. It posted lower-than-expected first-quarter earnings, saying it posted earnings of $2.19 a share, below analysts’ estimates of $3.07 a share, while being hit by rising oil prices and shipping costs. As a result, Target shares plunged nearly 25 percent in Wall Street trading on May 18, the worst slump in 35 years.
The US Commerce Department said Retail sales were flat in July. Or up 0.0%, below analysts’ expectations for a 0.1% gain after a 0.8% gain in June.
The slowdown in retail sales in July was hit by lower revenues at gas stations due to a slump in energy prices.
Basic retail sales Sales, which exclude cars, oil, building materials and food, rose 0.8% after rising 0.7% in June.
However, shares of Manchester United, which are traded on Wall Street, jumped more than 4 percent on Wednesday following news that Tesla Inc Chief Executive Elon Musk had expressed his opinion. Interested in buying such a football club?
Mr Musk created a sensation today by posting a message on Twitter stating: He will buy Manchester United before admitting that the message is mere play.
However, Mr Musk’s message received 573,000 likes and 140,000 retweets.
It is estimated that Mr Musk will have to pay $2 billion or about 70 billion baht if he wants to buy the United team. While the fans are not happy with the management of the Glazer family. Which led the team downhill this season. Recently, the Red Devils team is at the bottom of the Premier League table. Without points from losing in the first 2 matches
Investors are eyeing the release of the minutes of the Federal Reserve’s July 26-27 monetary policy meeting today for further indications on the direction of the Fed’s interest rates.