Consumer companies fell as one major discounter continued to struggle with sales growth.
Shares of Target slid by more than 6% after the discounter posted a decline in second-quarter sales and named Chief Operating Officer Michael Fiddelke as chief executive, leaning on a longtime employee to replace current head Brian Cornell and reinvigorate the chain.
Visits to Target stores fell 3.1% in the second quarter, according to data from AI-enabled data firm, Placer.ai.
In a good sign for the housing market, home-improvement chain Lowe's posted second-quarter sales growth and raised its full-year outlook. It also agreed to buy Foundation Building Materials, a North American distributor of interior building products, from investment firms American Securities and Clayton Dubilier & Rice for about $8.8 billion.
Jeansmaker Guess signed an agreement to be taken private by Authentic Brands in an all-cash transaction that values the clothing retailer at roughly $1.4 billion.
Toll Brothers cut its home deliveries projection for 2025, citing affordability pressures and economic uncertainty.
Cosmetics firm Estee Lauder's fiscal fourth-quarter loss widened as sales continued to struggle, and it issued a dismal full-year outlook.
Fast-food chain McDonald's is lowering the cost of its combo meals, after consumers were left sticker-shocked by Big Mac meals that climbed to $18 in some places.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
August 20, 2025 17:11 ET (21:11 GMT)
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