Technobarbarian <technobarbarian@gmail.com> wrote:

On Monday, June 5, 2023 at 2:00:34 PM UTC-7, George.Anthony wrote:

https://www.foxbusiness.com/media/target-shares-plunge-2-market-cap-down-over-13-billion-amid-pride-backlash




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Liberals suffer from cognitive dissonance. They know their political views >> are wrong but they stick with them anyway.

"Here’s the real reason Target’s stock is dropping"

"New York
CNN
—
Target’s stock has lost about a fifth of its value over the past two and half weeks. It’s not about what you may have heard.

If you follow right-wing media or Twitter, you may have seen a lot of coverage recently about Target’s stock price falling because of outrage over its Pride Month clothing.

It’s conceivable that some investors sold Target because of the negative coverage on Fox News and other right-wing outlets. But Target’s stock
went on a nine-day losing streak and hit a three-year low this week
because of broader changes in the US economy, the possibility of a
recession, and Target’s over-exposure to discretionary merchandise, according to corporate executives and retail and investment analysts.

Retail stocks sinking broadly
Target is just one of many retail stocks that is dropping right now, and it’s not even the biggest.

Foot Locker (FL) has lost 40% since it reported earnings last month and Children’s Place (PLCE) dropped 39%.

Since Target reported earnings on May 17, its stock dropped 19% through Thursday’s close.

During that stretch the S&P 500 Retail Index (XRT)dropped 7%. Target’s peers such as Walmart (WMT), Macy’s (M), Dollar General (DG), Dollar Tree (DLTR) and others all fell during that stretch.

Right-wing media figures are waging an anti-LGBTQ war on businesses over Pride Month
The culprit for all these stock drops is not clothing for LGBTQ consumers
and allies, said Berna Barshay, a veteran research and investment
analyst. It’s “general retail and consumer jitters. Retail is just very out of favor right now, so all the stocks in the sector are overcorrecting.”

Shoppers, particularly Target’s primary shopping base of middle-income households, have been pinched by rising costs and inflation. They have
made changes to their shopping patterns as a result.

More than half of Target’s merchandise is discretionary – clothing, home decor, electronics, toys, party supplies and other non-essentials.
Shoppers have shifted away from discretionary goods and instead are
spending more on food, household essentials, travel and other services.

These changes are hurting Target."
[snip]

https://www.cnn.com/2023/06/02/business/target-stock-fact-check-lgbt-backlash/index.html

TB

Nothing like being in a constant state of denial.

--
Liberals suffer from cognitive dissonance. They know their political views
are wrong but they stick with them anyway.

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