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Midday movers: Target, Lowe's, Advance Auto Parts and more

By Liz Moyer

Investing.com -- Stocks trended lower on Wednesday on a downbeat report from Target that put a damper on hopes for holiday sales. Here are the midday movers for Nov. 16:

  • Target Corporation (NYSE:TGT) shares fell 12% after it reported its profit in the recent quarter fell 50% as it continued to clear out excess inventory. It aims to cut $3 billion in costs over the next few years. Results for the quarter fell short of expectations.

  • Lowe’s Companies Inc (NYSE:LOW) stock rose 3.8% after the home improvement retailer reported better than expected results and raised its full year outlook. Same store sales rose 2.2% and it foresees full year sales between $97 billion and $98 billion.

  • Advance Auto Parts Inc (NYSE:AAP) stock fell 16% after same store sales dipped and it missed expectations for the quarter. It lowered its EPS guidance.

  • Micron Technology Inc (NASDAQ:MU) stock fell 7% after it said it was cutting its memory chip production by 20% and said the market outlook has weakened.

  • Restaurant Brands International Inc (NYSE:QSR) stock rose 6.6% after the Burger King parent said it had named former Domino's Pizza (NYSE:DPZ) CEO Patrick Doyle as its executive chairman to "unlock growth."

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71.4% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.