Target (TGT) shares sank to their lowest point since last November following the retailer's earnings Wednesday, a day after Walmart (WMT) sha𒅌res set a new record high afte𝔉r the company released its third-quarter report.

Target's Q3 澳洲幸运5官方开奖结果体彩网:results fell short of what analysts had expected, while 澳洲幸运5官方开奖结果体彩网:Walmart's exceeded estimates as executives said the 澳洲幸运5官方开奖结果体彩网:retailer continued to gain market share among higher-income customers. The move marks the second time this year that Target and Walmart shares have moved in opposite directions following earnings reports, as they did the same 澳洲幸运5官方开奖结果体彩网:following first-quarter results in May.

Trends the retailers identified at the time—like value-seeking behavior from customers across income levels, 澳洲幸运5官方开奖结果体彩网:which favored Walmart—have continued into the third quarter. Both retailers said customers have responded when 澳洲幸运5官方开奖结果体彩网:they lowered prices on 澳洲幸运5官方开奖结果体彩网:thousands of products, and said they plan to continue doing so into the hol𝔉iday season.

Walmart, Target See Importance of Value, Convenience for Today's Consumer

"Consumers tell us their budgets remain stretched and they're shopping carefully as they work to overcome the cumulative impact of multiple years of price inflation," Target 澳洲幸运5官方开奖结果体彩网:Chief Executive Officer (CEO) Brian Cornell said in Wednesday's earnings call, according to a transcript provided by AlphaSense. "They're becoming increasingly resourceful in their shopping behaviors, waiting to buy unti💦l last moment of need, focusing on deals and then sto🐭cking up when they find them."

Cornell also said that Target is seeing a stronger response to sales events than they typically do. Chief Commercial🅘 Officer Rick Gomez noted that consumers seem prepared to wait for sales and search across multiple retailers to find the best price for something they want.

Walmart CEO Doug McMillon said Tuesday that households making over $100,000 made up 75% of Walmart's market share gains during the quarter, according to a transcript of Tuesday's earnings call provided by AlphaSense.

Both retailers said convenience features like curbside🐻 pickup and fast delivery as part of their membership programs saw strong growth in the quarter, highlighting the importance of making shopping easy for customers.

"We know when we make it easy to shop Target in all those different ways, guests reward us with more spend at Target over time," Target 澳洲幸运5官方开奖结果体彩网:Chief Operating Officer (COO) Michael Fiddelke said.

Target was the biggest decliner in the 澳洲幸运5官方开奖结果体彩网:S&P 500 Wednesday, with shares down more than 21% in recent trading at $121.50, while Walmart stock was up 0.5% to $87.06.