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Shares of Target Corp. jumped 4% in premarket trade Wednesday, after the discount retailer reported fiscal second-quarter results that beat expectations and provided an upbeat outlook. For the quarter to July 29, net income was $672 million, or $1.22 a share, compared with $680 million, or $1.16 a share, in the same period a year ago. Excluding non-recurring items, adjusted earnings per share came to $1.23, beating the FactSet consensus of $1.19. Revenue rose 1.6% to $16.43 billion from $16.17 billion, above the FactSet consensus of $16.27 billion. Same-store sales increased 1.3%, beating expectations of 0.3% growth, as traffic rose 2.1%. For 2017, the company raised its adjusted EPS outlook to $4.34 to $4.54, compared with previous guidance of “above the midpoint” of a $3.80 to $4.20 range. “In particular, we are pleased that second-quarter traffic increased more than 2 percent, reflecting growth in both our store and digital channels,” said Chief Executive Brian Cornell. The company said it will remodel more than 100 stores and nearly double the number of small-format stores. The stock has tumbled 25% year to date through Tuesday, while the SPDR S&P Retail ETF has lost 12% and the S&P 500 has gained 10%.

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Sen. Luther Strange will face former Alabama Chief Justice Roy Moore in a Republican primary runoff election for Alabama’s seat in the U.S. Senate. With more than 60% of precincts reporting Tuesday night, Moore led Strange, 40.8% to 31.9%. A third contender, Rep. Mo Brooks, got 19% of the Republican vote. Strange was appointed to the Senate after Jeff Sessions took over as U.S. attorney general earlier this year. Strange was endorsed by President Donald Trump, Sen. Mitch McConnell’s super PAC and the NRA, but Moore is a popular evangelical Christian with wide support in the state. The winner will face Doug Jones, who won the Democratic primary handily, with almost 64% of the vote. The primary runoff will be held Sept. 26, and the general election is Dec. 12.

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China overtook Japan as the top holder of Treasurys in June, according to the Treasury International Capital report. The last time China was the top holder was back in last October. China’s holdings of U.S. government paper rose to $1.147 trillion, up more than $44 billion from the previous month. Japan’s holdings slipped $20.5 billion to $1.09 trillion. The report comes amid the yuan’s strengthening in the past three months against the greenback. The dollar bought 6.68 yuan on Tuesday, compared with 6.90 yuan back in May. The yuan has been supported by efforts of the People’s Bank of China, its central bank, to beat off currency speculators. A steadying economy and attempts to stem capital flight have helped to prop up the yuan, too. A strengthening currency and growing exports can lead to a rapid accumulation of Treasurys.

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