Target’s stock soars toward best day in 11 years

Shares of Target Corp.

TGT, -0.45%

rocketed 12.2% in premarket trading Wednesday, which puts them on track for the biggest one-day gain in about 11 years, after the retailer reported better-than-expected fiscal second-quarter results and raised its outlook. The stock is set to open well above the Sept. 10, 2018 record close of $89.26 and all-time intraday high of $90.39. The stock’s percentage gain would be the biggest since its record rally of 17.8% on Oct. 28, 2008. The implied price gain would add about $5.34 billion to the retailer’s market capitalization, which would lift the market cap to about $49.2 billion. That’s still well below the market cap of rival Walmart Inc.

WMT, -1.55%

of $319.9 billion. Target’s stock has gained 2.7% over the past 12 months, while Walmart shares have advanced 16.6% and the Dow Jones Industrial Average

DJIA, -0.66%

has tacked on 0.5%.

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