Market Updates
U.S. Stock Movers: Auto Workers, Costco Wholesale, Target
Scott Peters
27 Sep, 2023
New York City
The S&P 500 index decreased 1.03% to 4,293.08 and the Nasdaq Composite fell 1.1% to 13,126.05.
Target Corp edged slightly higher to $109.55 after the company said it plans to close nine stores in several states after repeated theft incidences, store violence and crime.
The retail chain said it will shutter stores in New York City, Seattle, Portland and San Francisco-Oakland area.
Costco Wholesale Corp decreased 1.7% to 543.49 after the membership warehouse retailer reported better-than-expected quarterly results.
Net sales in the fourth quarter ending in September increased 9.4% to $77.43 billion from $70.76 billion a year ago.
Comparable companywide sales, adjusted for gasoline prices and foreign exchange, increased 3.8% and the U.S. sales rose 3.1% from a year ago.
Net income in the quarter increased to $2.16 billion from $1.868 billion and diluted earnings per share rose to $4.86 from $4.20 a year earlier.
Tesla Inc, Lucid Group Inc and Rivian Automotive gained between 0.5% and 1.5% after the United Auto Workers deepened the worker's strike at several plants in the Midwest.
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