Target hit with a downgrade, Sears sinks, FedEx up on beat

Here’s a look at some of the stocks the Yahoo Finance team will be tracking for you today.

Target
(TGT) shares were under pressure Wednesday after Citi downgraded the stock to neutral from buy. The firm cites increased competition going forward and soft traffic trends.

Sears Holdings (SHLD) shares were down sharply in early trading following reports that Sears Canada is getting ready to seek bankruptcy protection in the next couple of weeks. The department store chain was spun off from Sears Holdings in 2012.

On the earnings front, FedEx (FDX) delivered a beat on both it top and bottom lines for last quarter. Revenue soared 21% from a year ago as the company benefited from growth in online shopping and higher rates.

Shares of Adobe Systems (ADBE) are moving higher in early trading. The software maker gave an upbeat outlook for the current quarter after reporting better-than-expected earnings and revenue for the previous quarter as customers continue to move to its cloud-based subscription services.