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Pre-Market Report: Mixed Global Markets and Higher Commodities

PART:
1 2 3 4 5
Part 4
Pre-Market Report: Mixed Global Markets and Higher Commodities PART 4 OF 5

Gap Was the S&P 500’s Top Gainer on July 13

Top gainers and losers

The top gainers in the S&P 500 on July 13, 2017, were:

  • Gap (GPS) rose 5.6%.
  • NRG Energy (NRG) rose 5.3%.
  • Target (TGT) rose 4.8%.
  • Kohl’s (KSS) rose 4.8%.
  • T Rowe Price Group (TROW) rose 4.8%.

The top losers in the S&P 500 on July 13, 2017, were:

  • Adv Micro Devices (AMD) fell 5.3%.
  • 21St Century Fox Class A (FOXA) fell 3.8%.
  • Seagate Tech Ord Shs (STX) fell 3.5%.
  • 21St Century Fox Class B (FOX) fell 3.2%.
  • Edwards Lifesciences Corp (EW) fell 2.0%.

Gap Was the S&#038;P 500’s Top Gainer on July 13

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Gap, Target, and Kohl’s 

Gap rose on Thursday. The sentiment was boosted after the upward revision to Target’s second quarter guidance.

After posting better-than-expected results in the first quarter, Gap is expecting upbeat earnings in the second quarter. According to Target, it expects comparable sales to increase modestly in the second quarter. Previously, comparable sales were expected to fall in the second quarter. Target expects its profits in the second quarter to top the previously released estimates. Initially, the second quarter profit was expected to be $0.95–$1.15 per share. Target’s upward revision boosted the retail sector’s sentiment. Walmart (WMT), Kohl’s (KSS), Macy’s (M), and Gap experienced upward movement. The SPDR S&P Retail (XRT) rose 1.4% on July 13.

Despite strong competition from Walmart and Amazon (AMZN), Target expects an upbeat performance due to increased focus on its operating problems. Apart from developing its online store network, Target plans to spend $7 billion to update its business, renovate stores, and enhance in-store pickup for online orders.

On July 13, Gap, Target, and Kohl’s rose 5.6%, 4.8%, and 4.8% respectively.

In the next part, we’ll discuss how crude oil, copper, and precious metals performed in the early hours on July 14.

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