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American City Business Journals

Target plans mark-downs to get rid of excess inventory, expects weaker profit

Target Corp. has a new plan to rid itself of excess inventory, as well as to navigate supply chain issues and control costs, but it’s expected to cut more into its profits this quarter. Target (NYSE: TGT) said it will lean into food and beverage, household essentials and beauty — categories that are performing well as consumer behavior changes — and plan more conservatively in discretionary categories, like home, as demand has slowed for items that sold briskly earlier in the pandemic. On May 18, when Target posted worse-than-expected first-quarter earnings, CEO Brian Cornell said Target expected consumers to shift spending from goods to services but didn’t anticipate the magnitude of the shift, resulting in too much inventory, particularly kitchen appliances, TVs and outdoor furniture.

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