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June 15, 2015
10:17 EDTTGTTarget says 'very confident that we'll be able to close the deal'
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10:02 EDTTGTTarget says not updating quarterly, annual EPS guidance at this time
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09:56 EDTTGTTarget CEO says does not see similar deals in the future
Sees operating margins increasing meaningfully following deal. Sees regulatory review process proceeding seamlessly.
09:55 EDTTGTTarget sees CVS Health deal 'moderately accretive' to EPS immediately
Target (TGT) CEO Brian Cornell says company wants to become faster-moving, more agile organization. Says Target, CVS to develop 5-10 small format stores over a two-year period following the deal close, stores will be branded as TargetExpress and include a CVS pharmacy. Says transaction to reduce sales by more than $4B annually. Sees deal increasing store traffic, sales over time, moderately accretive to EPS immediately, says will contribute half a point or more on ROIC over time. Says transaction presents unique opportunity, says does not see potential for additional transactions similar to the CVS deal in the future. Comments made on Target's conference call discussing its plans to sell its pharmacy and clinic businesses to CVS Health.
09:38 EDTFBActive equity options trading on open
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09:37 EDTTGTWells Fargo says Target likely to use CVS deal proceeds for buybacks
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08:56 EDTTGTCVS Health anticipates continuing repurchase of $4B-$5B on an annual basis
CVS (CVS) says expects to complete transition of Target (TGT) assets to CVS Pharmacy system banners within 6-8 months. Says expanding retail reach by over 1,600 outlets at about 1/5th the capital cost of building equivalent number of full-size CVS stores.
08:48 EDTTGTCVS: Timing of Target deal close to be determined in some respects by regulators
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08:48 EDTFBFacebook poised to benefit from Internet ad growth, says RBC Capital
RBC Capital says that it "sees something of" a positive turning point in Internet advertising, driven by demand for video and mobile ads. The firm thinks that Facebook (FB) may be the biggest beneficiary of this trend. RBC finds the stock's valuation "highly attractive" and identifies Facebook as its second favorite large cap Internet stock behind Amazon (AMZN). RBC keeps a $105 price target and Outperform rating on Facebook.
08:47 EDTTGTCVS Health CEO says CVS and Target to jointly build 5-10 TargetExpress stores
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08:30 EDTTGTTarget to host conference call
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08:22 EDTTGTCVS Health to host conference call
Conference call to discuss acquisition of Target's pharmacies and clinics will be held on June 15 at 8:30 am. Webcast Link
07:10 EDTTGTCVS Health says transaction with Target to be 6c dilutive to 2016 adjusted EPS
This includes the dilutive impact to 2016 from the lower 2015 share repurchase of approximately 4c per share as well as financing costs of approximately 5c per share; it excludes integration costs and any transaction or one-time costs associated with the deal. On the same basis, the transaction is expected to be approximately 10c accretive to CVS Health's Adjusted Earnings Per Share in 2017, and at least 12c accretive to CVS Health's Adjusted Earnings Per Share in 2018 and beyond.
07:09 EDTTGTCVS Health to reduce 2015 share repurchase guidance to $5B from $6B
This reduction in share repurchases reduces the company's 2015 adjusted EPS guidance by approximately 1c per share and will lower 2016 adjusted EPS by approximately 4c per share. The company's updated guidance follows its agreement to acquire Target's pharmacy and clinic businesses for $1.9B.
07:07 EDTTGTCVS Health expects transaction with Target to generate 'significant' sales
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07:05 EDTTGTCVS Health agree to acquire Target's pharmacy and clinic businesses for $1.9B
CVS Health (CVS) and Target (TGT) announced that they have entered into a definitive agreement for CVS Health to acquire Target's pharmacy and clinic businesses for approximately $1.9B. Through this agreement, CVS Health will acquire Target's more than 1,660 pharmacies across 47 states and operate them through a store-within-a-store format, branded as CVS/pharmacy. In addition, a CVS/pharmacy will be included in all new Target stores that offer pharmacy services. Target's nearly 80 clinic locations will be rebranded as MinuteClinic, and CVS Health will open up to 20 new clinics in Target stores within three years of the close of the transaction. The new clinics will be part of CVS/minuteclinic's plan to operate 1,500 clinics by 2017. In addition, CVS Health and Target plan to develop five to 10 small, flexible format stores over a two-year period following the deal close, which will each be branded as TargetExpress and include a CVS/pharmacy.
06:14 EDTYHOOKatie Couric renews contract with Yahoo in $10M deal, Re/code reports
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