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Target shares in freefall after disappointing holiday sales

Alan Diaz/AP

Target announced its fourth-quarter earnings Tuesday, posting a decline in same-store sales compared with the fourth quarter of 2015. Investors are bidding down the retailer's stock in pre-market trading, with shares falling more than 12%. The firm also predicted future revenue and earnings far below what analysts had been expecting.

Source: Money.net

Why it matters: It'syYet another sign of the retail industry overextended itself in recent years, and the toll that competition from e-commerce has taken on traditional bricks-and-mortar. Long a better performer on Wall Street than its rival Walmart, Target now trades at a relative discount.

Go deeper

Margaret Talev
4 mins ago - Politics & Policy

Axios-Ipsos poll: Trust in federal coronavirus response surges

Data: Axios/Ipsos survey; Chart: Danielle Alberti/Axios

Trust surged in the federal government since President Biden's inauguration when it comes to COVID-19 — but that's almost entirely because of Democrats gaining confidence, according to the latest installment of the Axios/Ipsos Coronavirus Index.

The big picture: Americans reported the biggest improvement in their mental and emotional health since our survey began last March, and the highest trust levels since April about the federal government providing them accurate virus information and looking out for their best interests.

Go deeper (2 min. read)Arrow
Alayna Treene, author of Sneak Peek
7 hours ago - Politics & Policy

McConnell drops filibuster demand, paving way for power-sharing deal

Senate Majority Leader Chuck Schumer (R) and Minority Leader Mitch McConnell attend a joint session of Congress. Photo: Olivier Douliery/AFP via Getty Images

Senate Minority Leader Mitch McConnell has abandoned his demand that Democrats state, in writing, that they would not abandon the legislative filibuster.

Between the lines: McConnell was never going to agree to a 50-50 power sharing deal without putting up a fight over keeping the 60-vote threshold. But the minority leader ultimately caved after it became clear that delaying the organizing resolution was no longer feasible.

Go deeper (1 min. read)Arrow
Ashley Gold
8 hours ago - Technology

Scoop: Google won't donate to members of Congress who voted against election results

Sen. Ted Cruz led the group of Republicans who opposed certifying the results. Photo: Stefani Reynolds/Pool/AFP via Getty Images

Google will not make contributions from its political action committee this cycle to any member of Congress who voted against certifying the results of the presidential election, following the deadly Capitol riot.

Why it matters: Several major businesses paused or pulled political donations following the events of Jan. 6, when pro-Trump rioters, riled up by former President Trump, stormed the Capitol on the day it was to certify the election results.

Go deeper (<1 min. read)Arrow