Target, Lowe's same-store sales growth disappoints, Cisco may be planning massive job cuts

Here are some of the stocks the Yahoo Finance team will be tracking for you today.

Target (TGT) shares fell in early trading. The discount department store chain lowered its profit forecast for the year after posting a sales decline at existing stores for the second quarter. Overall revenue fell 7% coming in roughly in line with estimates, while earnings topped expectations.

Lowe’s (LOW) stock also took a hit this morning. The home improvement retailer cut its outlook for the year after reporting a miss on both its top and bottom lines for the second quarter due to weaker same-store sales growth. This comes after larger rival Home Depot reported strong quarterly results yesterday.

Urban Outfitters (URBN) is closing in on a 52-week high in early trading after the apparel retailer behind brands such as Anthropologie and Free People delivered better than expected second-quarter earnings and revenue as the company’s profit jumped 10% from a year ago thanks to a rise in sales and fewer markdowns.

Cisco Systems (CSCO) is planning to lay off up to 14,000 employees, according to technology news site CRN. The massive job cuts represent about 20% of Cisco’s global workforce. Cisco is set to report quarterly results after the close of trading today.

Barnes & Noble (BKS) stock is also in the spotlight. The bookstore chain fired its CEO Ronald Boire, who had been at the company for less than a year. The company said that the board “determined that Mr. Boire was not a good fit for the organization and that it was in the best interests of all parties for him to leave the company.”