Target Crushed It

Tale of the Tape

Good evening folks.

The Fed released minutes from its July meeting here’s the money quote.

The path of the economy would depend significantly on the course of the virus and that the on-going public health crisis would weigh heavily on economic activity, employment, and inflation in the near term and posed considerable risks to the economic outlook over the medium term.

Following the minutes the market gave up its gains, meanwhile, the dollar got a lift

Here’s the intraday chart of $SPY. 

Apple’s market cap surpassed $2 Trillion intraday but it couldn’t close above the mark. The company is only worth $1.98T. 🤣 Oh well.

Target ripped 12% on earnings, Nvidia was down 2% after-hours. See the round-up below.

No sectors were positive today. Real Estate was extra weak, $XLRE dropped 2%. 

Here are the closing prints.

S&P 5003,374-0.44%
Russell 20001,572+0.15%
Dow Jones27,692-0.31%

Earnings Wrap-Up

Target reported earnings before the open today and they crushed. Earnings were up 86% with revenue up 25%. Digital sales gained 195% along with same-day services (order pick up, drive up & online delivery) climbing 273%.

Here are the numbers:

EPS: $3.38 vs $1.62 est.
Revenue: $22.98B vs $20.14B est.

$TGT closed up 12.62% bringing it to +22% YTD.

Lowe’s reported earnings before the market open. Same-store sales jumped 30% with profits rising 68.7% during Q2.

Here are numbers:

EPS: $3.75 vs. $2.95 est.
Revenue: $27.3B vs $24.27B est.

$LOW didn’t move much, closing up 0.23%. The stock is up 34% YTD. 

Nvidia came in with earnings that beat on the top and bottom lines. Revenue grew 50% on an annualized basis.

Mellanox, an ethernet/hardware company that $NVDA acquired for $7 billion earlier this quarter, was responsible for 14% of Nvidia’s revenue in Q2.

The stock was down 2% after-hours.

Here are the earnings numbers:

EPS: $2.18 vs $1.97 est.
Revenue: $3.87B vs $3.65B est.

$NVDA is 106.5% YTD.


Major universities have tried and failed to bring students back to in-person classes.

Check out this post from The Daily Tar Heel:

Here are the universities that have already gone exclusively online:

UNC Chapel Hill
Notre Dame
Michigan State 

As more schools attempt to hold in-person classes will we see further closures?

So far Purdue is negative… don’t screw it up, y’all. 🙃

Airbnb IPO Update

Airbnb confidentially filed IPO paperwork with the SEC today. Here’s the letter from the company.

The US is on Fire 🔥

In case we hadn’t had enough in 2020, there are 75 uncontained “large fires” in the United States of America.

The Pine Gulch fire blazing outside Grand Junction, Colorado grew to over 125,000 acres making it the second-largest fire in state history.

Here’s a photo of the flames.

And here’s a map of the current forest fires in the US. 

Earnings Tomorrow

Be sure to know when your stocks report earnings. Here’s the full earnings calendar.

Stocktwits After-Hours

Here’s the latest episode of Stocktwits After-Hours.

Today Shake and Riley recap the Fed minutes, Target and Nvidia earnings, and Apple’s $2T market cap. Is $2T the Top?

Tune in: Spotify | Apple

And don’t forget to subscribe. 💪

Links That Don’t Suck

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🗲 Lucid Motors Boasts it Will Have “the Fastest Charging Electric Vehicle Ever Offered”

🚀 Scotland Spaceport Gets Full Approval, Will Be Able to Host up to 12 Launches per Year

🎧 The Boardroom: Out of Office with Doc Rivers

🏀 Damian Lillard Is the Longest Shot in the NBA

🌆 New York City…The Comeback

🌳Softwood Lumber Prices Rise Further as North American Housing Starts Breaking Records