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By Staff Reporters

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Target Corp. is on pace for its worst stock drop since 1987’s Black Monday crash after becoming the second big retailer in two days to trim its profit forecast. A surge in costs during the first quarter shows little sign of easing, said Chief Executive Officer Brian Cornell. Operating profit will amount to only about 6% of sales this year, 2 percentage points below the previous forecast, Target said Wednesday. And the company’s first-quarter adjusted profit missed the lowest of 23 analyst estimates compiled by Bloomberg.

Netflix continues to hemorrhage subscribers, as the streaming service laid off 150 more employees representing 2% of its workforce. In a statement, a company rep clarified “the changes are primarily driven by business needs rather than individual performance.”

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And, socks plunged as deepening concern about the economic impact of high inflation and rising interest rates drove the Dow Jones Industrial Average to its worst day since March 2020.

The Dow closed with a loss of 1,161 points, dropping 3.6 percent Wednesday for its steepest one-day drop since the onset of the coronavirus pandemic. The S&P 500 closed 4 percent lower and the NASDAQ closed 4.7 percent lower Wednesday.

A failure by the CBOE Volatility Index [VIX] sometimes referred to as Wall Street’s fear gauge, to push above the mid-30 range was seen as one sign that investors hadn’t made the sort of “capitulation” that often clears the way for a sustained rebound. However, some positive market internals on the upside during Friday’s and Tuesday’s bounce have some analysts looking for some near-term upside, which could continue to confound market bears.

More Americans were considered “equity rich” in the first quarter of 2022 — meaning that they owed no more than 50% of their home’s total value — amid a rise in home prices, according to new data from ATTOM Data Solutions. The number of equity-rich homeowners grew to 44.9% of mortgage holders in the first quarter, up from 41.9% in the fourth quarter of 2021 and 31.9% in the first quarter of 2021, according to the company’s first-quarter 2022 U.S. Home Equity and Underwater Report. 

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Finally, Litecoin (LTC-USD) is getting ready for its newest upgrade on Thursday, May 19th. The MimbleWimble (MWEB) upgrade will turn the Litecoin crypto into a more fungible, private currency. Privacy coins like Monero (XMR-USD) and Zcash (ZEC-USD) have been hot investments in recent weeks

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Filed under: Alerts Sign-Up, iMBA, Inc., Investing | Tagged: Brian Cornell, CBOE, DJIA, Dow Jones Industrial Average, equity rich, Litecoin, MWEB, NASDAQ, Netflix, S&P 500, Target, VIX, Volatility Index | 1 Comment »