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Stocks Making the Biggest Moves Midday: Target, Lowe's, TJX and More

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Check out the companies making headlines in midday trading.

Target โ€“ Shares plunged 24.9% after the retailer reported disappointing quarterly results, citing high fuel costs and inventory troubles. Target posted an adjusted quarterly profit of $2.19 per share, below the $3.07 Refinitiv consensus estimate. The big-box retailer reported lower-than-expected sales of discretionary products.

Walmart โ€“ Walmart dropped 6.8%, falling for a second session after suffering its worst one-day loss since 1987 on Tuesday. Target's quarterly report echoed similar inflationary challenges Walmart reported in its disappointing first-quarter report Tuesday.

Lowe'sย โ€“ The home improvement retailer's shares fell 5.2% on the back of weaker-than-expected revenue for the first quarter. Lowe's posted revenue of $23.66 billion versus $23.76 expected, according to Refinitiv. Lowe's said cooler spring weather hurt demand for outdoor project supplies.

Dollar Tree, Costco โ€“ Retail names were dragged lower Wednesday by industry giants Target and Walmart, both of which reported struggling with rising costs and inventory woes. Dollar Tree shares tumbled 14.4%, Dollar General lost 11.1% and Costco slid about 12.5%.

TJX Companies โ€“ Shares of the retailer jumped 7.2% after the company reported quarterly earnings that beat analysts' estimates by about 8 cents per share, according to Refinitiv, as other retailers report seeing inflation cut into their profits.

Shoe Carnivalย โ€“ Shares rose 16.5% after the footwear retailer beat Wall Street expectations in its latest quarter. Shoe Carnival reported a quarterly profit of 95 cents per share, 9 cents above the Refinitiv consensus estimate. The company also raised its full-year outlook.

Container Store โ€“ Shares gained 7.1% after the storage and organization products retailer posted better-than-expected profit and revenue for its latest quarter. The container Store also said it aimed to reach $2 billion in annual sales by 2027.

Doximityย โ€“ The cloud-based platform dropped 10.3% after issuing a current-quarter revenue forecast below Wall Street estimates.

Warby Parkerย โ€“ The stock dipped 6.1% after Goldman downgraded Warby Parker to neutral from buy. Goldman said it sees a longer path to growth for the eyewear retailer, which reported lower-than-expected quarterly earnings earlier this week.

โ€” CNBC's Tanaya Macheel contributed reporting

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