The S&P 500 and Nasdaq Composite were both up in late-morning trading Wednesday, while the Dow Jones was down slightly, as investors wait for Nvidia's (NVDA) latest earnings results in the afternoon.
In company news, Target (TGT) reported fiscal Q3 adjusted earnings Wednesday of $1.78 per share, down from $1.85 a year earlier but above the FactSet consensus analyst estimate of $1.71. Fiscal Q3 net sales were $25.27 billion, down from $25.67 billion a year ago and below the FactSet consensus of $25.33 billion. For fiscal 2025, the company said it expects adjusted EPS of $7 to $8, compared with its previous guidance of $7 to $9. Analysts polled by FactSet expect $7.24. Target said it plans to invest an extra $1 billion in 2026 to support growth. Target shares were down 1.1% around midday.
Lowe's (LOW) reported fiscal Q3 adjusted earnings Wednesday of $3.06 per diluted share, up from $2.89 a year earlier and above the FactSet consensus of $2.97. Fiscal Q3 net sales were $20.81 billion, up from $20.17 billion a year ago but below the FactSet consensus of $20.82 billion. For fiscal 2025, the company said it expects adjusted EPS of $12.25, compared with its prior outlook of $12.20 to $12.45 and the FactSet consensus of $12.28. Lowe's also raised its full-year sales guidance to $86 billion from $84.5 billion to $85.5 billion. Analysts polled by FactSet expect $85.31 billion. Lowe's shares were up 5%.
Blue Owl Capital (OBDC) and Blue Owl Capital II said Wednesday they have terminated their planned merger. Blue Owl Capital shares were up 3.3%.
Adobe (ADBE) said Wednesday it has entered into a definitive agreement to acquire Semrush (SEMR) in an all-cash deal valued at $1.9 billion. The deal, which is expected to close in the first half of 2026, values Semrush at $12 per share. Adobe shares were down 2%, while Semrush rose 74%.
Amazon.com's (AMZN) attempt to overturn its designation as a "very large online platform" by European regulators was rejected by a European court. Amazon shares were down 0.1%.
Price: 87.68, Change: -0.85, Percent Change: -0.96
