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Stock Market & Financial Investment News

News Breaks
January 23, 2013
09:13 EDTTGTTarget hiring of Goldberger a significant development, says Wells Fargo
Wells Fargo views Target's hiring of Jason Goldberger to run Target.com and Mobile as a significant development. Wells believes the move signals Target's increased focus on eCommerce and a willingness to hire outside the organization. The firm has a Market Perform rating on the stock.
News For TGT From The Last 14 Days
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June 17, 2015
18:14 EDTTGTTarget to eliminate jobs at its corporate headquarters, AP says
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June 16, 2015
19:25 EDTTGTWal-Mart ranks high among millenials, Ad Age says
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08:41 EDTTGTCVS Health deal 'extremely attractive,' says SunTrust
After CVS Health (CVS) agreed to buy Target's (TGT) pharmacies/clinics, SunTrust says that CVS.will benefit strategically and financially from the deal. The firm believes that the deal is capital efficient, provides CVS with an immediate and noticeable presence in several key markets and further rounds out CVS' presence in other geographies. It keeps a Buy rating on the stock.
June 15, 2015
19:09 EDTTGTCVS Health continues to be 'a buy', Barron's says
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16:21 EDTTGTOn The Fly: Top stock stories for Monday
Stocks opened deep in negative territory after Greece failed to reach a bailout compromise over the weekend. The averages saw their lows shortly after the open and then began to rebuild and pared their losses. The averages found a level near noon, then drifted into the close with investors looking forward to the two day FOMC meeting that begins tomorrow. The committee's announcement Wednesday afternoon is sure to be the week's most closely watched event among investors. ECONOMIC EVENTS: In the U.S., industrial production declined 0.2% in May, versus expectations for a 0.2% increase in production, sending capacity utilization in the month down to 78.1%, versus expectations for 78.3% utilization. The Empire manufacturing index, which measures manufacturing activity in New York State, had a reading of -1.98 for June, versus expectations for a +6.0 reading. The NAHB homebuilder sentiment index jumped to 59 in June from 54 in May, which was above the expected increase to a reading of 56. In Europe, talks between Greece and its creditors appeared to go nowhere. The expiration of its bailout package and debt repayments due at the end of the month continue to move closer and concerns about a possible default that could trigger an exit from the euro are rising once again. COMPANY NEWS: Shares of Target (TGT) advanced 98c, or 1.23%, to $80.45 after the retailer agreed to sell its pharmacy and clinic businesses to CVS Health (CVS) for approximately $1.9B. Under the terms of the deal, CVS will acquire Target's more than 1,660 pharmacies and operate them through a store-within-a-store format and a CVS/pharmacy will be included in all new Target stores that offer pharmacy services. CVS, which said it expects this transaction to generate significant sales and prescription volumes upon closing and to generate significant operating profit over the long term, rose 34c, or 0.33%, to $102.58 following the deal announcement... United Technologies (UTX) fell $2.99, or 2.54%, to $114.61 after announcing that it will pursue the separation of the Sikorsky Aircraft business. A decision on whether the helicopter maker will be spun off or sold is expected by the end of the third quarter, the Dow member added. In conjunction with the announcement, United Technologies also lowered its FY15 EPS view to $6.55-$6.85 from $6.85-$7.05, explaining that the cut in its expectations reflects one-time separation costs as well as a decline in Sikorsky's operational expectations for the year due to weakness in the oil and gas markets. MAJOR MOVERS: Among the notable gainers was Cigna (CI), which jumped $16.19, or 11.79%, to $153.50 after The Wall Street Journal was reportedly told by a source that the company and Anthem (ANTM) have been in deal talks for months and Anthem's most recent takeover bid of $175 per share was turned down by its peer. A prior report from the Journal indicated that Humana (HUM) has hired Goldman Sachs to explore strategic alternatives and had held sale talks with companies including Cigna and Aetna (AET). This new report also noted that the largest health insurer by market cap and revenue, UnitedHealth Group (UNH), is "eyeing" Cigna and Aetna. Among the noteworthy losers was Micron (MU), which dropped 89c, or 3.56%, to $24.24 after Morgan Stanley downgraded the stock to Underweight, becoming the second firm in the last week to cut the stock to a sell or equivalent rating. Also lower were shares of SanDisk (SNDK), which fell $1.96, or 2.97%, to $64.14 after the same Morgan Stanley analyst, Joseph Moore, downgraded the stock to Equal Weight from Overweight and lowered his price target on shares to $75 from $80. INDEXES: The Dow fell 107.67, or 0.6%, to 17,791.17, the Nasdaq lost 21.13, or 0.42%, to 5,029.97, and the S&P 500 dropped 9.68, or 0.46%, to 2,084.43.
12:30 EDTTGTOn The Fly: Top stock stories at midday
Stocks on Wall Street opened deep in negative territory, following the lead of European markets that slid after the Greek debt talks over the weekend fell apart without a deal. Another round of poor economic data, including lower than expected readings on industrial production and manufacturing in New York State, did not help the negative tone in the early going. The market began to cut its losses shortly after the open and received a boost from a homebuilder sentiment index that came in higher than expected. ECONOMIC EVENTS: In the U.S., the Empire manufacturing report for June had a reading of -1.98, versus expectations for a +6.0 reading. Industrial production declined 0.2% in May, versus expectations for a 0.2% increase in production, sending capacity utilization in the month down to 78.1%, versus expectations for 78.3% utilization. The NAHB homebuilder sentiment index jumped to 59 in June from 54 in May, which was above the expected increase to a reading of 56. In Europe, talks between Greece and its creditors, including eurozone states, the European Central Bank and the International Monetary Fund, appeared to go nowhere. The expiration of its bailout package and debt repayments due at the end of the month continue to move closer and concerns about a possible default that could trigger an exit from the euro are rising once again. COMPANY NEWS: United Technologies (UTX) slid more than 2% after announcing that it will pursue the separation of the Sikorsky Aircraft business and that a decision on whether helicopter maker will be spun off or sold is expected by the end of the third quarter. In conjunction with the announcement, United Technologies also lowered its FY15 EPS view to $6.55-$6.85 from $6.85-$7.05, explaining that the cut in its expectations reflects approximately 10c-20c of one-time separation costs along with a 10c decline in Sikorsky's operational expectations for the year due to weakness in the oil and gas markets... CVS Health (CVS) struck a deal to acquire Target's (TGT) more than 1,660 pharmacies and operate them through a store-within-a-store format. As part of the deal, a CVS/pharmacy will be included in all new Target stores that offer pharmacy services, the companies added. CVS will buy Target's pharmacy and clinic businesses for approximately $1.9B and said it expects this transaction to generate significant sales and prescription volumes upon closing and to generate significant operating profit over the long term. CVS shares were fractionally higher/lower after the deal announcement, while Target shares rose more than 1%... Cigna (CI) shares surged and 12% higher after The Wall Street Journal said the company turned down a recent $175 per share takeover bid from peer Anthem (ANTM). The report follows a prior Wall Street Journal story that said Humana (HUM) was being eyed by rivals including Cigna and Aetna (AET). Humana has subsequently self-imposed a "quiet period" leading up to its earnings report. MAJOR MOVERS: Among the notable gainers was DealerTrack (TRAK), which jumped 57% after the company agreed to be acquired by Cox Automotive in an all-cash deal valued at $4B, or $63.25 per share. Also higher were Standard Pacific (SPF) and Ryland Group (RYL), which both advanced around 6% after the two jointly announced plans to combine in a "merger of equals" to create a single company that would have an equity market capitalization of approximately $5.2B, an enterprise value of approximately $8.2B, and would own or control roughly 74,000 homesites. The combined company, which will be 59% owned by current Standard Pacific shareholders and 41% owned by Ryland shareholders, will become the fourth-largest public U.S. homebuilder, behind D.R. Horton (DHI), Lennar (LEN) and PulteGroup (PHM). Among the noteworthy losers was iDreamSky (DSKY), which fell 10% after announcing that its board has received a preliminary non-binding proposal letter from the chairman of the board and CEO of the company to acquire it in a "going private" deal for $14 in cash per ADS. Also lower was Micron (MU), which dropped 4% after Morgan Stanley downgraded the stock to Underweight, becoming the second firm since last week to cut the stock to a sell or equivalent rating. INDEXES: Near midday, the Dow was down 118.91, or 0.66%, to 17,779.93, the Nasdaq was down 28.85, or 0.57%, to 5,022.26, and the S&P 500 was down 10.17, or 0.49%, to 2,083.94.
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.
09:37 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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08:47 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.
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