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Stock Market & Financial Investment News

News Breaks
March 13, 2013
18:46 EDTTGT, TDTarget sees sale of credit card portfolio lowering adjusted EPS for 12 months
Target Corporation (TGT) announced that it has completed the sale of its entire consumer credit card portfolio to TD Bank Group (TD) for $5.7B. The two companies have entered into a seven-year program agreement under which TD will underwrite, fund and own future Target Credit Card and Target Visa receivables in the United States. Under the terms of the program agreement, Target will continue to earn a substantial portion of the profits generated by the credit card portfolio. Target continues to expect that net income from the portfolio profit-sharing arrangement, combined with the benefit of debt reduction and share repurchase resulting from deployment of proceeds from the sale, will result in mild dilution to Target's adjusted EPS in the first 12 months following closing. Specifically, Target expects that in the 12 months following closing its adjusted EPS will be approximately 10c lower compared with a scenario in which Target continued to fund its portfolio. Based on its forecast for income from profit sharing combined with the expected benefit from share repurchase and interest savings, Target expects that the adjusted EPS impact of this transaction will become neutral over time.
News For TGT;TD From The Last 14 Days
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September 29, 2014
07:15 EDTTDNational Association of Business Economics to hold annual meeting
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