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    Dow Tumbles Over 300 Points; Target Posts Downbeat Earnings

    Benzinga·05/21/2025 13:57:52
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    U.S. stocks traded lower this morning, with the Dow Jones index falling more than 300 points on Wednesday.

    Following the market opening Wednesday, the Dow traded down 0.85% to 42,314.31 while the NASDAQ fell 0.35% to 19,074.77. The S&P 500 also fell, dropping, 0.49% to 5,911.59.

    Check This Out: Jim Cramer Recommends Not Buying Mosaic, Doesn’t Like This Industrial Stock

    Leading and Lagging Sectors

    Communication services shares rose by 0.7% on Wednesday.

    In trading on Wednesday, health care stocks dipped by 1.1%.

    Top Headline

    Target Corporation (NYSE:TGT) reported weaker-than-expected first-quarter results.

    Target registered adjusted earnings per share of $1.30, missing analysts' consensus estimate of $1.64. Quarterly sales of $23.85 billion (down 2.8% year over year) missed the Street view of $24.32 billion.

    Target lowered its FY2025 adjusted EPS guidance from $8.80–$9.80 to $7.00–$9.00 versus the $8.48 estimate and saw a sales decline in the low single digits. Target also revised its FY2025 GAAP EPS guidance from $8.80–$9.80 to $8.00–$10.00.

    Equities Trading UP
               

    • SigmaTron International, Inc. (NASDAQ:SGMA) shares shot up 129% to $2.96 after announcing Transom has offered to acquire the company in a transaction valued at $83 million.
    • Shares of CFSB Bancorp, Inc. (NASDAQ:CFSB) got a boost, surging 74% to $13.70 after announcing Hometown Financial Group will acquire the company for approximately $44 million.
    • Edible Garden AG Incorporated (NASDAQ:EDBL) shares were also up, gaining 68% to $6.05 after the company entered into inducement agreement with existing warrant holder to exercise 999,600 warrants at reduced price of $3.50 per share in exchange for issuance of 1.99m new unregistered 5-year warrants.

    Equities Trading DOWN

    • Wolfspeed, Inc. (NYSE:WOLF) shares dropped 67% to $1.02 following reports that the company is preparing to file for bankruptcy.
    • Shares of Siyata Mobile Inc. (NASDAQ:SYTA) were down 39% to $5.00.
    • LeddarTech Holdings Inc. (NASDAQ:LDTC) was down, falling 36% to $0.3298 after the company announced a reduction of its workforce through temporary layoffs of around 138 individuals, representing about 95% of its total workforce.

    Commodities

    In commodity news, oil traded up 0.7% to $62.48 while gold traded up 0.7% at $3,307.90.

    Silver traded up 0.7% to $33.410 on Wednesday, while copper rose 0.6% to $4.6835.

    Euro zone

    European shares were mixed today. The eurozone's STOXX 600 fell 0.1%, while Spain's IBEX 35 Index fell 0.1%. London's FTSE 100 rose 0.1%, Germany's DAX 40 gained 0.1% and France's CAC 40 fell 0.4% during the session.

    Asia Pacific Markets

    Asian markets closed mostly higher on Wednesday, with Japan's Nikkei falling 0.61%, Hong Kong's Hang Seng Index gaining 0.62%, China's Shanghai Composite Index rising 0.21% and India's BSE Sensex gaining 0.51%.

    Economics

    U.S. mortgage application volumes declined by 5.1% from the previous week in the week ending May 16.

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