Target Looks to Shopify for Sales Help
Everyone knows that Target (TGT) stores are struggling. Last quarter, the company’s revenue dropped into negative growth territory again as consumers like you and I are spending less on discretionary items.
Target signed a deal with Shopify to offer a selection of its popular merchants and their products on “Target Plus.” This move aims to broaden their inventory offerings to increase revenue in this tough environment.
Shares are up slightly on the announcement but have been steeped in a bearish trend that will be hard to break before the company’s next earnings call on August 14.
For now, keep an eye on the critical $140 price level. This is where Target’s 200-day moving average sits to lend support.
A break below that price will cause traders to increase their selling of Target shares as the company is falling behind in the retail race again.
Goldman Sachs Upgrades IBM Shares This Morning
Shares of IBM (IBM) are trading higher this morning after Goldman Sachs analysts upgraded the stock early this morning.
Shares are trading 1.5% higher in the pre-market as the stock is falling back in favor with the banking firm’s analysts.
This is the first upgrade of the stock since January 19 when Evercore ISI upgraded shares to “Outperform.”
IBM’s stock recently traded below $165, a price from which the stock saw a significant 20% rally starting in January 2024.
Keep IBM on your Bullish Watch List.
Auto Dealers Still Recovering from Latest Hack
Last week’s hack of CDK’s systems continues to cripple more than 15,000 auto dealerships across the U.S. and Canada.
It all started last week when the company fell prey to multiple cyberattacks on their dealer support system that handles everything from ordering parts for service to financing and auto sales paperwork.
Large dealer networks like Ford (F) have worked with dealerships to execute temporary workarounds while CDK warns that it will be several days before their systems are fully back online.
About the Author
Chris Johnson (“CJ”), a seasoned equity and options analyst with nearly 30 years of experience, is celebrated for his quantitative expertise in quantifying investors’ sentiment to navigate Wall Street with a deeply rooted technical and contrarian trading style.