- Target shares surged nearly 14% in premarket trading after the retailer reported better-than-expected second-quarter results, with earnings per share at $2.57 and revenue at $25.45 billion, surpassing analysts’ expectations. Despite the strong results, Target maintained a cautious outlook for the full year.
- JD.com shares dropped 10% in Hong Kong after Walmart confirmed it sold its stake in the Chinese e-commerce giant. Walmart stated the sale will allow it to focus on its operations in China and other priorities. Walmart had owned 9.4% of JD.com’s shares.
- Shein has sued Temu for copyright infringement, accusing the rival of stealing its designs and trade secrets. Shein also claims that Temu loses money on each sale and uses trademark infringement to offset these losses.
