What’s Target Doing Wrong, and a Dire Warning on the Housing Market 11/16/22
CNBC's "Fast Money"
CNBC
3.9 • 1.3K Ratings
🗓️ 16 November 2022
⏱️ 44 minutes
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| 0:00.0 | Right now in fast off-target shares of the big box retailer Crumble after an earnings |
| 0:06.0 | miss on a week holiday forecast, targets troubles, a sharp contrast to Walmart's better than |
| 0:10.8 | expected results. |
| 0:11.8 | Who's got the true read on the health of the consumer, plus is a major housing correction |
| 0:16.2 | unavoidable. |
| 0:17.3 | That is a question being asked by the Dallas Fed, the details from the new report and |
| 0:21.2 | the potential ripple effects on the economy straight ahead. |
| 0:24.2 | And later tracking two earnings movers after the bell in video, higher despite a miss on |
| 0:28.4 | profits and margins of Cisco, charging higher on better than expected results. |
| 0:32.5 | I'm Melissa Lee, this is fast money we're live at the Nasdaq market side in the heart |
| 0:35.6 | of Times Square. |
| 0:36.7 | On the desk tonight, Karen Feynman, Julie Beale, Dan Nathan, and Guy Adami. |
| 0:41.1 | And we start off with another post earnings plunge for Target, the retailer's stock falling |
| 0:44.9 | more than 13% after its latest warning. |
| 0:47.9 | That was its fourth biggest drop on record in its second double-digit plunge this year. |
| 0:53.3 | Target profits collapsed by 52% in the third quarter with a spike in shoplifting, contributing |
| 0:58.3 | to the losses. |
| 0:59.3 | The results and performance are complete 180 from what we saw from Walmart yesterday, |
| 1:03.6 | who stocked Rose for a second day after its better than expected report yesterday. |
| 1:07.1 | So is this a target specific problem or is this the real read on the consumer as we head |
| 1:12.7 | into the holidays? |
| 1:13.7 | The backdrop, of course, also that the markets traded lower today on the back of this. |
... |
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