Target continued to gain the upper hand in the battle for US retail dollars, with its digital investment and aggressive push to offer same-day delivery powering sales for its latest quarter. The company, whose cheap-chic offerings and stylish celebrity partnerships have garnered a loyal following among middle-class shoppers, saw its shares jumped more than 8 per cent in pre-market trading on Wednesday after it delivered sales and earnings growth that sailed past analysts’ lofty expectations. Like-for-like sales, a closely followed industry metric, rose 4.8 per cent in the three months to May 4 as shoppers flocked to its stores. The rise marks the eighth straight quarter of same-store sales growth for Target and topped expectations for a 4.1 per cent rise. (FT)
Saudi Aramco has announced a deal with Sempra Energy for a 25 per cent stake in the first phase of its Port Arthur liquified natural gas export project in Texas, as the state energy giant seeks to grow its business beyond oil. The transaction with the San Diego company would also include a 20 year supply agreement from the project, which is still under development, for 5m tonnes per year of the supercooled fuel. Saudi Aramco is already planning billions of dollars worth of investments in its Port Arthur refinery, the largest in the US. (Alphaville)
The calls for 737 MAX compensation are growing as China's three biggest airlines - Air China, China Southern, and China Eastern - requested payments from Boeing for losses incurred by the grounding and delayed deliveries of 737 MAX. China was the first country to ground the jets globally after a crash in Ethiopia killed 157 people in March, in the second such incident for Boeing's newest aircraft. The compensation requests come as the FAA hosts global regulators in Dallas tomorrow to determine when the grounded 737 Max aircraft will return to the air. (SA)
With Northwest Quadrant Wealth Management, a Registered Investment Advisor I am Josh Fenili.