Goldman Sachs says buy Tesla; Target falls on sales miss; Charter closes $55B deal
Midday stock movers: today's big winners and losers
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Target (TGT) – The retailer reported a higher-than-expected quarterly profit, but slowing sales fell below estimates. Sales at stores open for at least a year climbed 1.2%, less than the street’s consensus of 1.6%. Wal-Mart Stores Inc. (WMT) will report first-quarter earnings before the opening bell on Thursday.
Tesla Motors (TSLA) - Goldman Sachs upgraded the electric carmaker to buy from neutral and raised its six-month price target to $250. In a note to clients on Wednesday, Goldman said “following a 23% decline in the share price post the Model 3 unveil, we do not believe Tesla shares are fully capturing the company’s disruptive potential.”
Charter Communications (CHTR) – It’s now the second largest cable company after completing its $55 billion takeover of Time Warner Cable (TWC). Charter’s deal comes 13 months after Comcast (CMCSA) was forced to drop its bid to buy Time Warner Cable due to regulatory concerns.
Staples (SPLS) — The office supplies retailer topped first-quarter earnings estimate, with adjusted earnings per share of $0.17 on revenue of $5.1 billion. Sales at existing stores fell 4% in the quarter.
Verizon (VZ) – The company will hold contract talks in Washington, D.C. this week with the striking unions. The talks come after approximately 40,000 workers in the company’s Fios unit walked off the job last month.
Microsoft (MSFT) – The company is ditching Nokia’s feature phone business, selling its assets to FIH Mobile, a unit of Foxconn, for $350 million. Microsoft says it will continue to work on Windows 10 Mobile and support Lumia phones from OEM partners.