Target #Winning
Apple hits $2 Trillion Mkt Cap
Target reports record-setting quarterly profits and comparable sales, $5 billion in market share gains for first half of 2020 -MarketWatch
Stock is +12.1% to $153.47
Net income totaled $1.69 billion, or a record $3.35 per share, up from $938 million, or $1.82 last year
Adjusted EPS totaled $3.38 per share, also a record. 2x above the EPS estimates of $1.63. (Nice going analysts!)
Revenue totaled $22.98 billion, up from $18.42 billion last year and blowing out expectation of $19.97 billion
Comparable sales soared a record 24.3%, with digital comparable sales nearly tripling, up 195%, and comparable-store sales up 10.9%
Added 10 million new digital customers in the first half of the year!
Speaking of Targets, well Apple has officially become the 1st US company to hit the $2 Trillion mark! As our earlier tweet pointed out, well what a turnaround from 1997!
US Treasury auctioned $25B in 20Y Bonds today, nearly 1bp tail and it took bond yields off their lows as dealers were left holding 26.2% a high allotment. US bond and equity markets are awaiting the Federal Reserve Minutes due out at 1PM CST. The US Dollar slightly higher (for once) and Metals currently down ahead of this.
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