Shares of Target (TGT) are climbing after the retail giant named PepsiCo’s (PEP) Jim Lee as its new chief financial officer effective September 22. Market Domination Hosts Julie Hyman and Josh Lipton report more on the move and the stock reaction that followed.
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This post was written by Melanie Riehl
Video Transcript
You can scan the QR code below to check out the best and worst performing stocks of the session on Yahoo Finance’s trending tickers page.
And first up, we want to check out shares of Target.
The retail giant has named Pepsico’s Jim Lee as its new chief financial officer.
He’ll become a member of Target’s leadership team that will be effective September 22nd.
Folks seem to like the news of the shares up 2% although the market is up broadly today and he’s gonna take over from Michael Fidel, who then will become the chief operating officer for Target.
So he’s sticking around.
Yeah, I did see, uh, analyst at Oppenheimer, quoted as saying, They they like this move.
They like this news.
They were optimistic.
Uh, his experience at Pepsico was gonna be, uh, additive to Target’s grocery efforts also says that they also went on to the current rate backdrop.
Nice key, pop the retailer as well, you know, and Target sort of been trying to turn itself around.
Remember, last quarter, same store sales were up 2% after four straight quarters of declines.
Uh, the stock is up about 10% year to date.
But compare that with Walmart, which is up almost 50% year to date, and you can really see perhaps some of the challenges that are ahead for Target and ahead for, uh, this new executive and the rest of the team.
Source Agencies
