Stocks slip … Target earnings strong … US Senate’s Hong Kong resolution sours global market
NEW YORK (AP) – Stocks are lower on Wall Street led by declines in technology and communications companies. Several retailers were making big moves after reporting their latest quarterly results. Urban Outfitters plunged 15% after reporting earnings and sales that missed estimates. Target jumped 9% after its results easily beat forecasts.
NEW YORK (AP) – Target is bursting into the holiday season with strong third-quarter earnings as the company pushes faster delivery and invests heavily in stores, on technology and on new brands. The Minneapolis retailer’s comparable sales, which also include online sales, rose 4.5%. Target’s is demonstrating how an intense focus on both low prices and customer convenience can put traditional retailers on a competitive footing with Amazon.com, which has upended the retail sector.
BEIJING (AP) – Global shares declined after a resolution by the Senate added a potential new hurdle to the latest push for a trade deal with China. The Senate approved a measure to support human rights in Hong Kong following months of anti-government protests. China condemned the move and threatened “strong countermeasures.” Negotiations between the U.S. and China are already on seemingly shaky ground. On Tuesday, President Trump said he was prepared to raise tariffs on Chinese exports if the nations can’t reach an agreement on trade.
BRUSSELS (AP) – For the first time since 2002, the European Commission is not taking legal action against any of its members over high budget deficits or debt, and is instead encouraging countries with strong finances to spend more to help the economy. The EU’s executive arm says eight countries are at risk of significantly falling short of the bloc’s aim for a deficit below 3% of GDP and debt approaching 60%. They include Spain, France, and Italy.
BEIJING (AP) – The Chinese e-commerce giant Alibaba has raised about $11 billion in a share offering in Hong Kong, the city’s biggest offering since 2010. Alibaba said Wednesday that it has set the price for the offering at 176 Hong Kong dollars ($22.50) per share. The price is a 2.9% discount for the closing price for its shares traded in New York. The company’s shares are due to begin trading in Hong Kong on Nov. 26.