Target had a good month in August, stock drops anyway
Target Corporation reported a 5 percent spike in retail sales in the month of August. No matter: Target stock is dropping today.
Oh, no. This is it. George Soros bought all that Target stock, and now he's deliberately tanking the company, before he drags the rest of American capitalism down with it. This is exactly what Glenn Beck told us would happen.
Actually, it was thought that the mere mention of Soros, known as a shrewd investor who makes his bets on the long term, would give Target a boost on the market. And maybe it did, for a little while: Even trading at around $51.00, as it is now, the stock price is above it's average level from last quarter.
But with positive announcements springing up all over -- second-quarter profits! August profits! George Soros! -- it's curious that Target is dropping on a relatively calm market day.
Target's August profits were announced at around $5.3 billion, beating last year's August number by more than 5 percent.
In fact, Target was one of only a small number of retail companies that beat Wall Street analysts' projections for August, according to Reuters.
And who better to instill confidence than Mr. Wordsmith himself, hugely-overpaid CEO Gregg Steinhafel. In the press release announcing August's numbers, Steinhafel credited the good sales figures to back-to-school activity, then busted out more of his corporate beat poet ramblings:
"While the pace of the economic recovery is uneven and uncertain, we are confident in our ability to execute on our strategy, to offer the right balance of extraordinary value, convenience, newness and differentiation and to remain our guests' preferred shopping destination."
Anyway, there's probably nothing to worry about, in terms of the stock -- OH NO! In the time it took to write this story, the stock's dropped, again, and now it's down more than one percent for the day. Dammit, Soros!
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