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Stock Market & Financial Investment News

News Breaks
February 3, 2014
11:39 EDTTGT, MA, V, AXPTarget could be fined over $1 billion for card breach, analyst says
Target (TGT) may be fined $400 million to $1.1 billion for its credit card data breach late last year, research firm Jefferies wrote in a note to investors last week. WHAT'S NEW: Target may be fined up to $1.1 billion for its violation of Payment Card Industry, or PCI, standards as a result of the data breach, Jefferies analyst Daniel Binder wrote. PCI was founded by Visa (V), MasterCard (MA), American Express (AXP) and other major credit card networks to adopt security controls for handling credit and debit card data. In addition to leading to a fine, the incident could hurt Target's sales, and lower the profits that it receives from holders of its credit card, Binder stated. The data breach could also hamper Target's ability to meet its $4B share buyback target for fiscal 2015, added Binder. He now expects the company to buy back only $1B of its shares in fiscal 2015, and he reduced his fiscal 2015 earnings per share estimate for the company to $4.29 from $4.41. The analyst trimmed his price target on the shares to $56 from $59 and kept a Hold rating on the stock. Contrary to a previous version of this story, PCI does not levy fines. Rather individual payment brands may impose financial consequences on businesses that are not compliant with PCI standards. PRICE ACTION: In late morning trading, Target shares are down 2%, or 98c, to $55.66.
News For TGT;V;MA;AXP From The Last 14 Days
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January 15, 2015
11:58 EDTTGTTarget sees accelerating plans to expand CityTarget
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11:46 EDTTGTTarget says Canada exit will allow quicker return to share repurchases
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11:43 EDTTGTTarget says 'vast majority' of Canada exit costs are non-cash
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10:35 EDTTGTTarget viewed unchanged after Canada exit, says RW Baird
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10:22 EDTTGTTarget rallies after moving to close Canadian operations, levels to watch
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10:12 EDTTGTTarget to host business news update conference call
Conference call to discuss Target Canada granted CCAA order will be held on January 15 at 11:30am. Webcast Link
10:04 EDTTGTTarget exit from Canada came sooner than expected, says Wells Fargo
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09:46 EDTTGTTarget Canada granted CCAA order
Target announced that Target Canada has obtained an Initial Order from the Ontario Superior Court of Justice for creditor protection under the Companies' Creditors Arrangement Act, or CCAA, earlier this morning. The Initial Order authorizes Target Canada to begin a court-supervised wind-down of its Canadian businesses. It also provides for a broad stay of proceedings against Target Canada and authorizes Target to provide a debtor-in-possession credit facility of $175M to finance Target Canada’s operations during the CCAA proceedings. Note that Target announced earlier that it has decided to discontinue operations in Canada.
09:15 EDTTGTOn The Fly: Pre-market Movers
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08:41 EDTTGTTarget raises Q4 adjusted EPS view to $1.43-$1.47, may not compare to $1.21
Based on performance through November and December, Target now expects to report Q4 U.S. comparable sales of approximately 3%, better than prior guidance of approximately 2%, driven primarily by increased traffic and stronger-than-expected digital sales. Sees Q4 adjusted EPS, reflecting results from continuing operations, of $1.43-$1.47, about 6c ahead of expectations for U.S. Segment performance at the beginning of the quarter. The company is not able to provide an estimate of its expected Q4 GAAP EPS. However, GAAP results are expected to include: Losses related to liquidation of Target Canada,net of taxes; Net expenses related to the 2013 data breach, which are not expected to be material; the impact of the reduction of the beneficial interest asset recognized in connection with the 2013 sale of the company’s credit card portfolio, which is expected to reduce GAAP EPS by approximately 2c.
08:28 EDTTGTTarget to report Canadian operations as discontinued starting in Q4
As a result of the Canada decision, Target Corporation will operate as a single segment that includes all U.S. operations. Beginning with the company’s Q4 financial results, Target will report adjusted earnings per share reflecting operating results from its U.S. operations, excluding discontinued Canadian operations, the impact of the reduction of the beneficial interest asset recognized in connection with the 2013 sale of the Company’s U.S. consumer credit card portfolio, net expenses related to the 2013 data breach, and the resolution of certain tax matters.
08:27 EDTTGTTarget to exit Canadian operations, sees move raising earnings in FY15 and after
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08:24 EDTTGTTarget volatility flat into discontinuation of Canadian operations
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08:23 EDTTGTTarget jumps after announcing plans to exit Canadian operations
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08:21 EDTTGTTarget sees reporting $5.4B pre-tax losses on discontinued operations in Q4
08:19 EDTTGTTarget to discontinue Canadian operations
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January 14, 2015
07:28 EDTMAMasterCard announces global partnership with Masabi
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January 12, 2015
09:34 EDTMAActive equity options trading
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07:35 EDTAXPNational Retail Federation to hold a trade show
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06:35 EDTMA, AXP, VObama to press for law requiring disclosure of hacking, NY Times says
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