8/17/22

Target earnings missed the mark. And Best Buy is getting into the hearing aid business. Just a day after Walmart pushed the Dow into positive territory, Target has brought the party crashing down, with quarterly profits that fell by 90%.

The Dow fell 171 points, half a percent, to close at 33,980
The S&P dropped 31
The Nasdaq fell 164 points, or 1.25%.

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Back to Target – net income was $183 million, down from $1.8 billion during the same period a year ago. Customers stopped buying non-essential stuff. Target cut prices, but it didn’t help: the company just has too much inventory. Shares fell 3%. The good news – Target says it’s now positioned for a rebound.

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Shares of Bed Bath & Beyond are skyrocketing today. A Wall Street analyst warned investors should *sell the now meme stock. That’s all Reddit users needed to hear to buy it up. Shares are up 23% today.

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Best Buy will begin selling hearing aids this fall. The FDA recently gave the greenlight for over-the-counter hearing aids, so you don’t need a prescription or exam for most hearing aids. That opens the door for retailers like Best Buy, which says 300 of its stores will have displays.

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From Los Angeles, I’m Brian Martin with your BEONDTV After the Bell report.