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News of the day for November 15, 2023


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Target shares surged after it blew past quarterly earnings estimates on better sales of high-frequency categories and the government's monthly Producer Price Index is expected to show wholesale inflation slowing. Here’s what investors need to know today.

1. Target Shares Soar on Earnings Beat From Higher Sales

Shares of Target (TGT) soared nearly 14% in pre-market trading after the retailer reported higher sales in high-frequency categories like food and beauty products. Target's quarterly earnings per share of $2.10 was more than the $1.48 analysts were expecting. Despite a decline in comparable store sales, the company posted revenue of $25.4 billion, better than the $25.24 billion analysts anticipated.

2. PPI Expected to Show Cooling Wholesale Inflation, Retail Sales to Fall

At 8:30 a.m. ET, the Producer Price Index (PPI) is expected to show wholesale prices increased 0.1% in October, after a 0.5% gain in September. At the same time, U.S. retail sales figures are expected to show a decline of 0.2%, down from the prior month’s 0.7% increase. At 10 a.m. ET, data is projected to show business inventories for September increased by 0.4%, at the same pace as the month before.

3. JD.com Jumps After Profit Exceeds Estimates as Supply Chains Improve

American depositary receipts (ADRs) of Chinese e-commerce firm JD.com (JD) jumped 4.4% in the pre-market after its quarterly net income rose to 7.94 billion Chinese yuan ($1.09 billion), up 33% from the same quarter a year earlier as supply chain problems eased.

4. Chinese EV Maker XPeng Falls After Widening Third Quarter Losses

ADRs of Chinese electric vehicle maker XPeng (XPEV) fell nearly 2% in pre-market trading after its losses for the third quarter widened to 3.89 billion Chinese yuan ($537.06 million) from 2.8 billion Chinese yuan ($386.57 million) in the second quarter as its costs rose. XPeng reported a 25% rise in quarterly revenue from a year ago and also forecast it will deliver 59,000 vehicles in the fourth quarter, more than twice the amount it sold in the same quarter last year.

5. Getty Images Narrows Losses on Annual Subscriber Growth

Getty Images (GETY) reported losses of $0.05 a share for the third quarter, better than the $0.51 a share loss it reported for the same quarter the prior year, as total active annual subscribers grew to 202,000 from 107,000. The visual content company reported revenue of $229.3 million, down from $230.5 million from last year, but better than the $228.1 million that analysts expected. Shares of Getty Images traded lower by 0.2% in pre-market trading.

Correction—Nov. 15, 2023: This article has been updated with the correct spelling for Target's ticker symbol, TGT.

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  1. CNBC. “Target shares jump after retailer posts a big earnings beat, even as sales fall again.”

  2. MarketWatch. “U.S. Economic Calendar.”

  3. Wall Street Journal. “JD.com Beats Estimates With Quarterly Profit, Revenue Gains.”

  4. Wall Street Journal. “XPeng’s Losses Widened as Higher Costs Offset Jump in Car Sales.”

  5. MarketWatch. “Getty Images 3Q Loss Narrows.”

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