Same store sales from Target Thursday left investors wondering why the big box retailer had missed its mark. Although sales rose 3.1% in April, analysts on average were expecting 4.5%, according to Reuters Estimates.
"Comparable store sales performance in April was slightly below our planned range," Chief Executive Gregg Steinhafel said in a statement.
Sales were strongest in health care and consumable items, and were weakest in jewelry, home decor and seasonal items, the retailer said.
"We continue to see weakness in markets that are experiencing housing market-related stress, particularly in Florida, Arizona, Nevada and parts of California," the company said on a recorded call.
I wish they'd ask me, bristle Jeff Macke because I could tell them how to fix their problems. They need to do the following three things.
*More Consumer Bang For Advertising Buck
*End the Credit Distraction
*Need an International Strategy
It's not an impossible problem but until they stop making so many obvious mistakes stay away from this stock.
I don’t think they have to fix a dog-gone thing, counters Pete Najarian. The weakness is all about the current environment. However, if you believe the economy will turn in the second half of the year, this stock could be a buy.
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Trader disclosure: On May 8, 2008, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders: Adami Owns (C), (GS), (INTC), (MSFT), (BTU), (AGU), (NUE); Najarian Owns (AAPL), (ENER), (TSO), (XLF), (BKC); Najarian Owns (AA) Calls, (EK) Calls, (MSFT) Calls, (BID) Calls, (YHOO) Calls, (C) Calls, Najarian Owns (BUD) Calls; Macke Owns (MSFT), (INTC), (ATVI); Finerman Owns (GS); Finerman's Firm And Finerman Owns (C) And (C) Leaps; Finerman's Firm And Finerman Own (HD), (KALU); Finerman's Firm Owns (YHOO) And (YHOO) Call Spreads; Finerman's Firm Owns SPX Index Puts; Finerman's Firm Owns (AEO), (MSFT), (NYX), (PLCE), (TSO), (VLO); Finerman's Firm Is Short (IYR), (MDY), (IWM), (SPY), (IJR)