Target named insider Michael Fiddelke on Wednesday as its new CEO to succeed long-time top boss Brian Cornell, and beat quarterly estimates, helped by a recovery in traffic at its stores and average receipts.
However, the company's shares fell 8% after it held on to its annual forecasts after lowering them in May when it blamed weak demand for the largely discretionary merchandise it sells like apparel and electronics items.
Analog Devices forecast fourth-quarter revenue above analysts' expectations on Wednesday, as the company anticipates stable demand for its products despite tariff uncertainty.
The chipmaker has benefited from increased demand in its industrial segment, resulting in healthy bookings trends and growth in its order backlog, as manufacturers pulled forward shipments amid shifting U.S. tariff policies.
Shares of the Wilmington, Massachusetts-based company rose about 2%.
