Apple up on Goldman's conviction; Target beats Q3 but falls; ConAgra to spin-off
Time for your daily dose of trending tickers, the stocks you're following based on your Yahoo Finance ticker searches.
Target
Target (TGT) traded lower despite beating earnings estimates and raising guidance. Target posted a better-than-expected rise in third-quarter sales. Profit was in-line with analysts' expectations at $0.86 a share. This marks the fourth straight quarter of increased traffic for the retailer. Ahead of the all-important holiday shopping season, Target also raised its full-year outlook for the second time in three months.
ConAgra Foods
ConAgra Foods (CAG) spiked on plans to split into two separate publicly traded companies. The company behind consumer brands like Chef Boyardee will be renamed Conagra Brands. The frozen potato business will be spun off and go by the name Lamb Weston. The transaction is expected to be tax-free and completed in the fall of 2016. Upon completion, shareholders will own both companies' stocks.
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Apple
Apple (AAPL) was the Dow Jones Industrial Average's biggest gainer in Wednesday's session. Shares surged after Apple was added to Goldman Sachs' conviction buy list. The firm's price target is set at $163 a share, that's more than 40 percent above Tuesday's closing price. Goldman said Apple is being undervalued in the market and expects the business to shift its focus to generate revenue from service, next year.