A Target worker helps a customer at a Target store in San Rafael, California.

Justin Sullivan | Getty Images

The ongoing trade war between the U.S. and China creates uncertainty and complexity for companies like Target, CEO Brian Cornell told analysts on a conference call Wednesday.

“As long as the trade situation remains fluid, it will present an additional layer of uncertainty and complexity as we plan our business,” Cornell said on a call following the company announcing second-quarter earnings results.

The Trump administration has delayed a 10% tariff on roughly $300 billion of goods imported to the U.S. from China that was set to take effect Sept. 1 — and was forcing apparel and shoemakers to scramble ahead of the holiday season.

President Donald Trump last week said he would hold off on imposing tariffs on certain goods until Dec. 15. The U.S. Trade Representative office said the delay is for electronics, including cellphones, laptops and video game consoles, and some types of clothing, shoes and “certain toys.” “We’re doing this for the Christmas season,” Trump said.

Cornell said Target is “encouraged” that the Trump administration delayed the tariffs. He said the company benefits from its “diverse, multi-category assortment, deep expertise in global sourcing and a sophisticated set of manufacturing partners around the world.”

“As a result, we are confident in our ability to navigate this period of heightened volatility and move our business forward,” he said.

-CNBC’s Lauren Thomas contributed to this report

James Park, CEO of Fitbit.

Jeniece Pettitt | CNBC

Fitbit announced a deal on Wednesday with the government of Singapore to provide hundreds of thousands of consumers there with fitness trackers as the country aims to make its population healthier.

Fitbit told CNBC that starting next month, residents of Singapore can register for the Fitbit Inspire, which the company launched earlier this year specifically for employers and health plans. Customers won’t pay anything for the device, but will commit to spending $10 a month for a year of premium service, which includes guidance and one-on-one coaching.

While Fitbit grew rapidly in the hardware market in its early days, the company’s stock price has plunged more than 50% in the past year as competition has eaten into its core business. Apple has a commanding lead in the global smartwatch market and has a far bigger app ecosystem it can offer to customers, who are already using the iPhone.

Fitbit CEO James Park is trying to push the company into software and services, where there’s recurring revenue and fatter margins. The company declined to provide specific details about how much the Singapore deal is worth, but said that it’s material to its 2019 revenues for the health solutions business, which it previously said was on track to hit $100 million. A spokesperson noted that the agreement represents more than 5% of the health solutions unit.

Singapore, with a population of about 5.6 million, has a program in place to use technology “to encourage Singaporeans to adopt healthy living and affect behavior change,” said Zee Young Kang, CEO of the country’s Health Promotion Board, in a statement.

“We intend to work with industry innovators, such as Fitbit, on additional efforts to use technology to provide Singaporeans with personalized health advice and nudges, so that they can take control of their own health,” he said.

Like many other countries, Singapore has rising rates of diabetes and heart disease, and is looking for ways to reduce health costs by encouraging its citizens to eat healthier and exercise more regularly. The initiative with Fitbit is called Live Healthy SG.

Park told CNBC that the negotiations were “highly competitive” and that Apple was among those vying for the bid. While the Fitbit Inspire sells for well under $100, the cheapest Apple Watch starts at about three times that amount. An Apple spokesperson didn’t respond to a request for comment.

“We think this program could reach up to one million people,” said Park, indicating he sees it possibly getting to almost 20% of the population. It’s an indication “hopefully to investors and other potential customers that the transformation that we’ve talked about in our business model is becoming real,” he said.

WATCH: Fitbit CEO James Park on innovation at affordable prices

Toll Brothers reported a better-than-expected quarterly profit on higher home prices, but its shares fell as orders declined, hinting at weaker demand for new homes.

Slowing economic growth and recent stock market volatility, triggered by an escalating U.S.-China trade war, have made some Chinese buyers more cautious about investing in the U.S. property market, potentially weighing on homebuilders.

Orders, an indicator of future demand, fell 3.2% to 2,241 units in the third quarter. The company also sold fewer homes in the quarter.

But lower mortgage rates, a limited supply of new and existing homes as well as a strong job market have helped Toll raise prices even though demand remains choppy.

A contractor moves roofing material on a home under construction at the Toll Brothers Cantera at Gale Ranch housing development in San Ramon, Calif.

David Paul Morris | Bloomberg | Getty Images

Toll, which caters to rich customers who can afford homes that cost $2 million or more, increased its average selling price in the quarter by 3.4% to $881,200.

Shares of the company were down about 2% in volatile trading after the bell. The stock has risen 10.6% this year.

“Toll’s stock is not receiving a premium versus its forward value because of the concerns with the luxury housing market, which has been affected by tax changes, decline of Asian buyers and late economic cycle concerns,” JMP Securities analyst Peter Martin said.

Toll stock trades at 8.8 times forward earnings, a discount to homebuilders D.R. Horton, which trades at 10.6 times and PulteGroup at 9.1 times.

Toll Brothers said it sold 1,994 homes in the third quarter, down from 2,246 a year earlier, while orders fell 3.2%.

Backlog at the end of the quarter was $5.84 billion and 6,839 units, compared with $6.48 billion and 7,100 units a year earlier.

Net income fell to $146.3 million, or $1 per share, in the quarter ended July 31 from $193.3 million, or $1.26 per share.

Revenue fell 7.7% to $1.77 billion, but still beat expectations.

Signage is displayed outside of the Cardinal Health Inc. headquarters in Dublin, Ohio.

Ty Wright | Bloomberg | Getty Images

Drug distributor Cardinal Health warned on Tuesday that its business could be hurt as it defends itself against several opioid-related lawsuits.

Several pharmaceutical wholesale distributors, including Cardinal, have been named as defendants in about 2,500 lawsuits for the distribution of prescription opioid pain medications. These lawsuits have been filed in various federal, state, and other courts by a variety of plaintiffs.

Cardinal said in a filing it expects to be named as a defendant in additional lawsuits.

Pharmaceutical manufacturers and distributors have been in part blamed for the U.S. opioid crisis, accused of deceptively marketing opioids in ways that downplayed their risks.

AmerisourceBergen and McKesson are also facing similar lawsuits.

Cardinal said it was vigorously defending itself in all opioid-related matters, but is unable to predict their outcome or estimate a range of reasonably possible losses. 

Cardinal said that ongoing negative publicity could hurt the its reputation or results of operations.

Opioids were involved in 400,000 overdose deaths from 1999 to 2017, according to the U.S. Centers for Disease Control and Prevention.

On Tuesday, drugmakers Endo International and Allergan agreed to pay $15 million to avoid going to trial in October in a landmark opioid-related case by two Ohio counties.

Earlier this month, Bloomberg News reported that McKesson, Cardinal Health, and AmerisourceBergen had proposed paying a $10 billion settlement for claims that they played a part in the U.S. opioid epidemic.

A Chinese man holds his son as they look at iPhones on display at an Apple store on January 7, 2019 in Beijing, China.

Kevin Frayer | Getty Images

Apple is in the final stages of certifying premium smartphone displays from Chinese tech firm BOE Technology Group for the iPhone, according to a report from the Nikkei.

The Nikkei, citing sources, said that Apple was “aggressively testing” BOE’s flexible organic light-emitting diode (OLED) displays, adding the company would decide by the end of the year whether to take the company on as a supplier of the panels.

The move is aimed at cutting costs and reducing Apple’s reliance on Samsung, the Nikkei reported.

The U.S. tech giant is expected to unveil its new flagship phones in September, and speculation has grown over what Apple will bring to the table with the latest models. Last year, the company brought out three new models, the XS, XS Max and XR.

Analysts don’t expect the new iPhone, which has been dubbed the iPhone 11 by industry watchers, to include significant updates to previous models. The expectation is that the company will not release phones with any major changes, including 5G, until 2020.

Selecting a Chinese company would be a surprising move, given the company has warned of the impact of the U.S.-China trade war on its business. Many of Apple’s major products, including the iPhone, are produced in China.

The firm has reportedly considered moving some production out of the country, but got a slight reprieve earlier this month after the U.S. announced it would delay tariffs on electronics and other consumer products made in China until mid-December.

Apple was not immediately available for comment when contacted by CNBC.

You can read the full Nikkei report about Apple’s production move here.

Back-to-school shopping at a Target store in West Hollywood, California.

Joe Scarnici | Getty Images

Target said Wednesday its profit jumped 17% during the second quarter as its in-store pickup and same-day shipping services drew more customers, and it raised its outlook for the rest of the year.

Sales at the company’s stores that have been open for at least a year grew 3.4% during the quarter, also exceeding expectations. Target said same-day fulfillment services, including order pickup, drive up and Shipt same-day delivery business, contributed nearly 1.5 percentage points of its overall same-store sales growth.

Target’s shares surged 17% in premarket trading, on pace to open at a record high.

Here’s what Target reported for the fiscal second quarter ended Aug. 3 compared with what analysts were expecting, based on Refinitiv data:

  • Earnings per share: $1.82 vs. $1.62 expected
  • Revenue: $18.42 billion vs. $18.34 billion expected
  • Same-store sales: up 3.4% vs. growth of 2.9% expected

Target and its rivals are searching for ways to make shopping more convenient. To compete with Amazon, they are improving their online stores and trying to ship faster. They are also betting that consumers do not mind visiting stores, especially when it’s faster than waiting for delivery.

“These options offer speed, convenience and reliability,” Target CEO Brian Cornell told analysts on a call Wednesday. “And as a result, they’re quickly becoming the fulfillment choices for our guests. And most importantly, because these options leverage our existing in-store infrastructure, technology and teams, same-day fulfillment delivers outstanding financial performance as well.”

Net income rose to $938 million, or $1.82 a share, compared with $799 million, or $1.49 per share, a year earlier. That was 20 cents better than expectations for earnings per share of $1.62, based on Refinitiv data.

Total revenue grew 3.6% to $18.42 billion from $17.78 billion a year earlier, topping estimates for $18.34 billion.

Sales at Target stores open for at least 12 months and from its website were up 3.4%, better than expectations for growth of 2.9%. A year earlier, same-store sales climbed 6.5%. Target said traffic was up 2.4% during the latest quarter. Digital sales surged 34%, down from a 42% increase during the first quarter.

“This is as good a quarter as Target possibly could have had,” Moody’s analyst Charles O’Shea told CNBC’s “Squawk Box.”

Like Walmart, Target is expected to have seen somewhat of a sales bump around Amazon’s 48-hour Prime Day event in early July.

Cornell said the company had “outstanding performance” during the first half of 2019, giving it the “confidence” to boost expectations. Target is now calling for adjusted earnings per share to fall within a range of $5.90 to $6.20, up from a prior range of $5.75 to $6.05.

“Traffic and sales continue to grow,” Cornell said.

Target’s report comes on the heels of its bigger rival Walmart, which last week reported earnings that topped expectations and raised its outlook for the year despite the ongoing threat of additional tariffs taking effect amid the U.S. trade war with China.

Analysts have largely expected Target to continue to see same-store sales gains, while other retailers like department store chains are struggling to draw traffic. Target also suffered a register outage during the latest quarter, but that wasn’t enough to weigh on sales revenue.

Target this week announced the launch of a new grocery line, Good & Gather, marking its biggest private-label venture to date. The retailer has been investing heavily in incubating its own brands. It’s also been investing in store remodeling, opening small-format locations in major metros like New York and rolling out curbside pickup for online orders.

Target shares are up more than 30% this year.

Back-to-school shopping at a Target store in West Hollywood, California.

Joe Scarnici | Getty Images

Target said Wednesday its profit jumped 17% during the second quarter as its in-store pickup and same-day shipping services drew more customers, and it raised its outlook for the rest of the year.

Sales at the company’s stores that have been open for at least a year grew 3.4% during the quarter, also exceeding expectations. Target said same-day fulfillment services, including order pickup, drive up and Shipt same-day delivery business, contributed nearly 1.5 percentage points of its overall same-store sales growth.

Target’s shares surged 15% in premarket trading, on pace to open at a record high.

Here’s what Target reported for the fiscal second quarter ended Aug. 3 compared with what analysts were expecting, based on Refinitiv data:

  • Earnings per share: $1.82 vs. $1.62 expected
  • Revenue: $18.42 billion vs. $18.34 billion expected
  • Same-store sales: up 3.4% vs. growth of 2.9% expected

Target and its rivals are searching for ways to make shopping more convenient. To compete with Amazon, they are improving their online stores and trying to ship faster. They are also betting that consumers do not mind visiting stores, especially when it’s faster than waiting for delivery.

“By appealing to shoppers through a compelling assortment, a suite of convenience-driven fulfillment options, competitive prices and an enjoyable shopping experience, we’re increasing Target’s relevancy and deepening the relationship between our guests and our brand,” Target CEO Brian Cornell said in a statement.

Net income rose to $938 million, or $1.82 a share, compared with $799 million, or $1.49 per share, a year earlier. That was 20 cents better than expectations for earnings per share of $1.62, based on Refinitiv data.

Total revenue grew 3.6% to $18.42 billion from $17.78 billion a year earlier, topping estimates for $18.34 billion.

Sales at Target stores open for at least 12 months and from its website were up 3.4%, better than expectations for growth of 2.9%. A year earlier, same-store sales climbed 6.5%. Target said traffic was up 2.4% during the latest quarter. Digital sales surged 34%, down from a 42% increase during the first quarter.

“This is as good a quarter as Target possibly could have had,” Moody’s analyst Charles O’Shea told CNBC’s “Squawk Box.”

Like Walmart, Target is expected to have seen somewhat of a sales bump around Amazon’s 48-hour Prime Day event in early July.

Cornell said the company had “outstanding performance” during the first half of 2019, giving it the “confidence” to boost expectations. Target is now calling for adjusted earnings per share to fall within a range of $5.90 to $6.20, up from a prior range of $5.75 to $6.05.

“Traffic and sales continue to grow,” Cornell said.

Target’s report comes on the heels of its bigger rival Walmart, which last week reported earnings that topped expectations and raised its outlook for the year despite the ongoing threat of additional tariffs taking effect amid the U.S. trade war with China.

Analysts have largely expected Target to continue to see same-store sales gains, while other retailers like department store chains are struggling to draw traffic. Target also suffered a register outage during the latest quarter, but that wasn’t enough to weigh on sales revenue.

Target this week announced the launch of a new grocery line, Good & Gather, marking its biggest private-label venture to date. The retailer has been investing heavily in incubating its own brands. It’s also been investing in store remodeling, opening small-format locations in major metros like New York and rolling out curbside pickup for online orders.

Target shares are up more than 30% this year.

Back-to-school shopping at a Target store in West Hollywood, California.

Joe Scarnici | Getty Images

Target‘s second-quarter profit jumped 17%, beating Wall Street estimates and prompting the company to raise its outlook for the rest of the year, the company said Wednesday.

Sales at the company’s stores that have been open for at least a year grew 3.4% during the second quarter, also exceeding expectations. Its shares surged 13% in premarket trading.

CEO Brian Cornell said the company had “outstanding performance” during the first half of 2019, giving it the “confidence” it needed to boost expectations.

“By appealing to shoppers through a compelling assortment, a suite of convenience-driven fulfillment options, competitive prices and an enjoyable shopping experience, we’re increasing Target’s relevancy and deepening the relationship between our guests and our brand,” Cornell said in a statement announcing the earnings results.

Here’s what Target reported for the fiscal second quarter ended Aug. 3 compared with what analysts were expecting, based on Refinitiv data:

  • Earnings per share: $1.82 vs. $1.62 expected
  • Revenue: $18.42 billion vs. $18.34 billion expected
  • Same-store sales: up 3.4% vs. growth of 2.9% expected

Net income rose to $938 million, or $1.82 a share, compared with $799 million, or $1.49 per share, a year ago. That was 20 cents better than expectations for earnings per share of $1.62, based on Refinitiv data.

Total revenue grew 3.6% to $18.42 billion from $17.78 billion a year ago, topping estimates for $18.34 billion. 

Sales at Target stores open for at least 12 months and its website were up 3.4%, better than expectations for growth of 2.9%. A year ago, same-store sales climbed 6.5%. Target said traffic was up 2.4% during the latest quarter. Meanwhile, digital sales surged 34%, down from a 42% increase during the first quarter.

Like Walmart, Target is expected to have seen somewhat of a sales bump around Amazon’s 48-hour Prime Day event in early July. Looking to the full year, Target is now calling for adjusted earnings per share to fall within a range of $5.90 to $6.20, up from a prior range of $5.75 to $6.05.

“Traffic and sales continue to grow,” Cornell said.

Target’s report comes on the heels of its bigger rival Walmart’s, which last week reported earnings that topped expectations and also raised its outlook for the year. That’s despite the ongoing threat of additional tariffs taking effect amid the U.S.’ trade war with China.

Analysts have largely expected Target to continue to see same-store sales gains, while other retailers like department store chains are struggling to draw traffic. Target also suffered a register outage during the latest quarter, but that wasn’t enough to noticeably weigh on sales.

Target’s report comes on the heels of its bigger rival Walmart, which last week reported earnings that topped expectations and raised its outlook for the year. That’s despite the ongoing threat of additional tariffs taking effect amid the U.S.’s trade war with China.

Analysts have largely expected Target to continue to see same-store sales gains, while other retailers like department store chains are struggling to draw traffic. While Target suffered a register outage during the latest quarter, which could end up slightly hitting its same-store sales, its traffic is still anticipated to climb this quarter.

Target this week announced the launch of a new grocery line, called Good & Gather, marking its biggest private-label venture to date. The retailer has been investing heavily in incubating its own brands. It’s also been investing in store remodels, opening small-format locations in major metros like New York and rolling out curbside pickup for online orders.

Target shares, which have a market cap of $44.2 billion, are up more than 30% this year.

Lowe’s shares surged Wednesday after the home improvement retailer’s second-quarter earnings report beat Wall Street forecasts and topped rival Home Depot on same-store sales growth in the U.S.

The report — which exceeded analyst estimates on earnings, revenue and same-store sales — showed that changes made by CEO Marvin Ellison have started to take root and draw more customers.

The company’s stock surged by more than 12% in premarket trading.

“Lowe’s has lagged for years. Looking at this report quickly, looking at the last couple of reports, it seems that under the guidance of Marvin, the new CEO, Lowe’s is really getting its act together,” Oppenheimer analyst Brian Nagel said on CNBC’s “Squawk Box. ” “And frankly, if we’re right here and this continues, the stock has a long way to run.”

Here’s how the company did, compared with what Wall Street was expecting, according to Refinitiv consensus estimates:

  • Adjusted earnings per share: $2.15, vs. $2.01 estimated
  • Revenue: $20.99 billion, vs. $20.94 billion estimated
  • Same store sales: up 2.3%, vs. up 1.9% estimated

“We capitalized on spring demand, strong holiday event execution and growth in paint and our pro business to deliver strong second quarter results,” said Ellison, who became CEO just over a year ago. “Despite lumber deflation and difficult weather, we are pleased that we delivered positive comparable sales in all 15 geographic regions of the U.S.”

Deflation in the price of lumber also hurt Home Depot, which reported better-than-expected earnings Tuesday but missed on sales and cut its outlook for the year. Home Depot also said tariffs on Chinese goods were projected to impact the company’s sales.

Lowe’s earnings guidance for the fiscal year ending Jan. 31 remained the same: adjusted earnings per share ranging from $5.45 to $5.65.

Lowe’s net income rose 10% to $1.68 billion, or $2.14 a share, during the fiscal quarter ended Aug. 2, compared with $1.52 billion, or $1.86 a share a year earlier. Excluding one-time items, it earned $2.15 a share, surpassing analyst expectations by 14 cents.

Revenue during the second quarter rose slightly to $20.99 billion, exceeding expectations of $20.94 billion.

Sales at Lowe’s stores open at least 12 months improved 2.3%, beating the expected 1.9% increase. The company also reported U.S. same-store sales were up 3.2%, slightly higher than Home Depot’s 3.1% in the U.S.

Earlier this month, Lowe’s announced plans to lay off thousands of workers, and last year said it is shuttering stores to reduce costs. Ellison’s initiatives also include the creation of a technology hub in Charlotte, North Carolina, that will house as many as 2,000 workers.

The company said it repurchased $1.96 billion of stock and paid $382 million in dividends in the second quarter.

Shares of Lowe’s have risen almost 6% since January, valuing the company at around $76.62 billion.

Lowe’s reported second-quarter earnings that beat Wall Street’s estimates, sending its share surging by more than 7% in premarket trading.

Here’s how the company did, compared with what Wall Street was expecting, according to Refinitiv consensus estimates:

  • Adjusted earnings per share: $2.15, vs. $2.01 estimated
  • Revenue: $20.99 billion, vs. $20.94 billion estimated
  • Same store sales: up 2.3%, vs. up 1.9% estimated

“We capitalized on spring demand, strong holiday event execution and growth in Paint and our Pro business to deliver strong second quarter results,” CEO Marvin R. Ellison said in announcing the results. The company’s earnings guidance for the fiscal year ending Jan. 31 remained the same, projecting adjusted earnings per share of between $5.45 and $5.65.

Lowe’s net income rose 10% to $1.68 billion, or $2.14 a share during the fiscal quarter ended Aug. 2, compared with $1.52 billion, or $1.86 a share a year earlier. Excluding one-time items, Lowe’s earned $2.15 a share, surpassing analyst expectations by 14 cents.

Revenue during the second quarter rose slightly to $20.99 billion, exceeding Wall Street expectations of $20.94 billion.

Ellison said that the company delivered a strong quarter despite deflation in lumber prices and difficult weather. Those were two points that hurt competitor Home Depot, which reported better-than-expected earnings, but missed on sales and cut its outlook for the year. Home Depot also said tariffs on Chinese goods were projected to impact the company’s sales

Investors have been watching to see whether Ellison, who took over in July 2018, can turn the company around. Earlier this month, Lowe’s announced plans to lay off thousands of workers, and last year said it is shuttering stores to reduce costs. Among Ellison’s new initiatives also include the creation of a technology hub in Charlotte, North Carolina that will house as many as 2,000 workers.

The company said it repurchased $1.96 billion of stock and paid $382 million in dividends in the second quarter.

Shares of Lowe’s have risen almost 6% since January, valuing the company at around $76.62 billion.