The company also launched the Blue for Business plan that allows organizations to identify their affiliated brands and employees with an extra badge.Įlsewhere, Elon Musk ran a poll asking people if he should step down as CEO - and 57% of users voted “Yes.” A few days later, Musk said in a tweet: “I will resign as CEO as soon as I find someone foolish enough to take the job! After that, I will just run the software & servers teams.” In the past week alone, the company rolled out and quickly rolled back a policy that banned links and handles to other social networks like Facebook, Instagram and Mastadon. It has been a busy couple of months at Twitter since Musk’s arrival on the scene.
For example, at the time of writing, stock prices from companies such as Airbnb ($ABNB) and Zoom ($ZM) didn’t show up in the Twitter search. The company added that in the coming weeks it will refine the user experience and add better symbol compatibility. Twitter didn’t specify which symbols are included in the list for direct stock price search results. The social media company has not made it clear if it is forming any kind of commercial partnership with either Robinhood or TradingView. JP Morgan, which downgraded Target's stock Thursday, said in a report that "we continue to believe that the consumer is broadly weakening while the share of wallet shifts away from goods is ongoing." JP Morgan did not mention consumer backlash to Target's Pride Month collection.As app researcher Jane Manchun Wong noted, the logo on the image indicates that Twitter is sourcing the data from the TradingView website. Target said sales of clothing, home goods, and other discretionary categories dropped by up to low double digits, while food and beverage sales increased by high single digits. Target's sales inched up just 0.5% last quarter. Shoppers have shifted away from discretionary goods and instead are spending more on food, household essentials, travel, and other services. More than half of Target's merchandise is discretionary – clothing, home decor, electronics, toys, party supplies, and other non-essentials. They have made changes to their shopping patterns as a result. Shoppers, particularly Target's primary shopping base of middle-income households, have been pinched by rising costs and inflation. Retail is just very out of favor right now, so all the stocks in the sector are overcorrecting." It's "general retail and consumer jitters. The culprit for all these stock drops is not clothing for LGBTQ consumers and allies, said Berna Barshay, a veteran research and investment analyst. Target's peers such as Walmart (WMT), Macy's (M), Dollar General (DG), Dollar Tree (DLTR), and others all fell during that stretch. Target said on May 24 that it was removing certain items that caused the most "volatile" reaction from opponents to protect its workers' safety.ĭuring that stretch, the S&P 500 Retail Index (XRT)dropped 7%. The campaign became hostile, with violent threats levied against Target employees and instances of damaged products and displays in stores. Fueled by far-right personalities, including self-described "theocratic fascist" Matt Walsh, and on social media platforms, the anti-LGBTQ campaign spread misleading information about the Pride Month products and Target's business practices. Target faced a homophobic campaign that went viral on social media over its annual Pride Month clothing collection. Fox News aired more than 2 hours of coverage on Target's Pride Month displays from May 23 to May 30, according to Media Matters, a liberal media monitoring group. "Target shares hit three-year low as Pride backlash hits bottom line," a Fox News headline said Friday. Target is removing certain items from its stores and making other changes to its LGBTQ+ merchandise nationwide ahead of Pride month after an intense backlash from some customers including violent confrontations with its workers. A sign outside a Target store is seen Wednesday, May 24, 2023, in Nashville, Tenn.
Right-wing outlets and personalities have repeatedly claimed that Target's decline - the company snapped a nine-day losing streak Thursday, during which shares dropped to around a three-year low - was due to backlash over its Pride Month clothing. New York (CNN) - If you follow right-wing media or Twitter, you may have seen a lot of coverage recently about Target's stock price falling.īut the explanation for why it's happening is dead wrong.
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