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Stock Market & Financial Investment News

News Breaks
August 5, 2014
17:01 EDTTGT, GHC, TRBAA, MNI, CHGG, ECOM, SALE, BLMN, COH, WAG, GCI, AHCOn The Fly: Closing Wrap
Stocks on Wall Street opened in the red and moved in a fairly narrow range through the early part of the day, albeit in negative ground. Stocks gained downward momentum early in the afternoon after headlines circulated that Russia has sharply increased its military presence along its eastern border with Ukraine in the past few days. The market lost not only what it had gained back yesterday but added to its losses from last week. ECONOMIC EVENTS: In the U.S., Markit's services PMI dipped to 60.8 for the final July print from the 61.0 flash estimate for the month. A similar reading from ISM, its non-manufacturing index, climbed to 58.7 in July from June's 56.0 reading. Factory orders rebounded 1.1% in June, which was better than the expected 0.5% increase. COMPANY NEWS: Shares of Target (TGT) fell $2.67, or 4.4%, to $58.03 after the company lowered its forecast for earnings per share in the second quarter, excluding some items, to 78c from its previous guidance of 85c-$1.00. The company expects its comparable sales in the U.S. to be "essentially flat" and noted that discounts weighed on its margins as consumers continued to spend cautiously at the company's stores and focus on value. The retailer also estimated that the after-effects of its December 2013 data breach cost it $110M in the second quarter... Gannett (GCI) slid 45c, or 1.31%, to $33.87 after striking a deal to acquire the remaining 73% interest in Classified Ventures, whose primary asset is the online car shopping website Cars.com, for $1.8B from the other partners in the venture, which include McClatchy (MNI), Tribune Media (TRBAA), Graham Holdings (GHC) and A. H. Belo (AHC). Gannett also announced plans to spin-off its Publishing business, which includes USA Today, through a tax-free distribution to shareholders. MAJOR MOVERS: Among the notable gainers was Chegg (CHGG), which gained $1.21, or 20.54%, to $7.10 after reporting higher than expected quarterly results and that it formed a strategic alliance with Ingram Content Group, the world's largest book distributor. Also higher was Coach (COH), which rose $1.49, or 4.34%, to $35.80 after reporting earnings, excluding certain items, that beat expectations for its fiscal fourth quarter. Among the noteworthy losers was Walgreen (WAG), which slipped $2.99, or 4.15%, to $69.12 after Sky News said the company will announce as soon as tomorrow that it will pay "in the region" of GBP5B to acquire the remaining 55% stake in Alliance Boots that it does not already own, though is likely to also state that it intends to remain a U.S.-domiciled company and will not pursue a tax inversion. Early this morning the company also announced that sales in its comparable stores increased by 5.2% in July. Also lower following their earnings reports were RetailMeNot (SALE), which fell $7.15, or 28.26%, to $18.15, ChannelAdvisor (ECOM), which dropped $6.90, or 29.73%, to $16.31, and Bloomin' Brands (BLMN), which declined $4.75, or 23.98%, to $15.06. INDEXES: The Dow dropped 139.81, or 0.84%, to 16,429.47, the Nasdaq fell 31.05, or 0.71%, to 4,352.83, and the S&P 500 declined 18.78, or 0.97%, to 1,920.21.
News For TGT;GCI;WAG;COH;BLMN;SALE;ECOM;CHGG;MNI;TRBAA;GHC;AHC From The Last 14 Days
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October 23, 2014
06:10 EDTTGTTarget's Canadian unit experimenting with overstocking, Globe and Mail reports
As part of its turnaround effort, Target Canada is experimenting with overstocking items at its premier locations and retraining employees to create a service culture, the Globe and Mail reports. Reference Link
October 22, 2014
12:42 EDTTGTTarget free shipping impact already in guidance, says Wells Fargo
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09:50 EDTTGTCredit Suisse to hold a field trip
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06:06 EDTWAGWalgreen wants to seal part of defamation lawsuit, Crain's reports
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05:50 EDTTGTTarget announces partnership with STORY
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05:49 EDTTGTTarget announces plans for holiday shopping season
Target announced new initiatives for the holiday season centered on products, value and guest-friendly services; including new and enhanced digital tools and free shipping on all Target.com orders now through Dec. 20. With conversion on Target’s digital channels up 40% this year, guests are turning to Target.com for more of their shopping. To make it even easier for guests, for the first time, Target will offer free shipping on all Target.com orders for the holidays, now through Dec. 20. Additionally, more than 65,000 items are now available for Store Pickup on Target.com and 80% of orders are fulfilled within one hour, making it a convenient option for busy shoppers through Christmas Eve. Target will launch a Wish List app beginning Oct. 31; a modern and digital take on the classic tradition of creating holiday wish lists for parents and kids. Cartwheel will offer daily deals for its more than 10M users, and from Nov. 2-Dec. 24, Cartwheel will offer 50% off a different toy every day. The app will have new features for the holidays, including special deals for top users, personalized recommendations and a select number of popular offers that do not expire. For the third year, Target is extending the timeframe of its Price Match Policy for the holiday season beyond the typical seven day window.
October 21, 2014
14:13 EDTWAGCtW Investment urges Walgreen board to form investigative panel, WSJ reports
CtW Investment is urging Walgreen's board to form an investigative panel to look into allegations raised by former CFO Wade Miquelon in a defamation lawsuit, The Wall Street Journal reports. Reference Link
10:29 EDTWAGWalgreen spikes higher, levels to watch
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10:22 EDTWAGWalgreen calls active on activist investor speculation
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10:15 EDTWAGRumor: Walgreen moves up on activist investor speculation
Shares of Walgreen are moving higher amid speculation Carl Icahn has taken a stake in the company.
08:03 EDTWAGCVS offering drug plan with higher co-pay at stores selling tobacco, WSJ says
CVS Health (CVS), which stopped selling tobacco products last month, is now offering a prescription-drug plan via its pharmacy benefits unit Caremark that charges patients copayments that are up to $15 higher on prescriptions filled where tobacco is sold, which includes at rival pharmacies operated by Walgreen (WAG) and Rite-Aid (RAD), reported The Wall Street Journal. Reference Link
06:22 EDTTGTStaples may be latest retailer to be hacked, Krebs reports
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October 20, 2014
13:40 EDTSALERetailMeNot risk/reward favorable, says Goldman
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11:06 EDTWAGWalgreen begins accepting Apple Pay in stores
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10:33 EDTGCI, AHC, GHC, MNI, TRBAAGannett sees Cars.com 'about neutral' to Q4 EPS
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08:22 EDTGCIGannett reports Q3 Broadcasting revenue $416.5M, Q3 Publishing revenue $826.8M
Reports Q3 Digital revenue $199.8M.
08:20 EDTGCIGannett reports Q3 non-GAAP EPS 59c, consensus 55c
Reports Q3 revenue $1.44B, consensus $1.44B
October 17, 2014
09:33 EDTTRBAATribune, 21st Century Fox renew, extend Seattle affiliate agreement
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09:03 EDTWAGWalgreen venture investment head leaves after short time in post, Fortune says
Bill Wafford, who was named managing director of Walgreen’s venture capital and growth equity investment business Well Ventures just this this past January, has left the company, according to Fortune. Reference Link
08:14 EDTWAGWalgreen sued by former CFO for defamation, Reuters reports
Wade Miquelon, the former CFO of Walgreen, filed a lawsuit yesterday in state court in Chicago alleging that CEO Gregory Wasson and director Stefano Pessina, the company's biggest shareholder defamed him in news reports that blamed him for errors in its earnings forecast, Reuters reports. The Wall Street Journal reported in August that Miquelon lost his job following a $1B error in forecasting Walgreen's Medicare-related business, and later said Miquelon's error caused the company to cut its forecast in pharmacy unit earnings for the year ending August 2016. Reference Link
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