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January 3, 2014
08:37 EDTTGTWall Street unfazed by Target's bad publicity, WSJ reports
In the nearly two weeks since Target said that data from about 40M credit and debit cards were stolen in late November and early December, its stock is roughly where it was at the close of trading on December 18, the day before the breach was announced. The company says the problem has been fixed. So for Target bulls, there wasn't even a dip to buy on. Wall Street analysts' views also remain largely unchanged. They lowered fiscal Q4 estimates by less than half a percent in December, according to FactSet. And while the effects could linger, Wall Street may be right to shrug it off, reports the Wall Street Journal's "Heard on the Street." Reference Link
News For TGT From The Last 14 Days
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November 18, 2015
16:01 EDTTGTOptions Update; November 18, 2015
iPath S&P 500 VIX Short-Term Futures down 1.39 to 19.44. Option volume leaders: AAPL NBG TGT NFLX F FB QCOM SUNE GPRO MSFT
12:33 EDTTGTOn The Fly: Top stock stories at midday
Stocks on Wall Street began the session in positive territory and have moved higher throughout the morning. All eyes continue to be fixed on Paris and successful police action in a raid of the dwellings of suspects from the bombing over the weekend may have added to today's positive sentiment. There was little help from the day's economic data, however, as the housing starts report for October came in with the lowest reading in seven months and the energy inventories data showed another buildup in crude. ECONOMIC EVENTS: In the U.S., housing starts fell 11.0% to a 1.06M pace in October, weaker than the expected rate of 1.16M. Building permits, however, rose 4.1% to a 1.15M rate, versus an expected rise of 3.8%. The day's big economic event may be yet to come, as investors await the minutes from the Fed's last FOMC meeting, which are scheduled for release at 2:00 pm ET. COMPANY NEWS: Shares of Target (TGT) fell more than 5% after the retailer reported in-line quarterly sales and profits and narrowed the range of its fiscal year earnings view. Target, which guided for same-store sales in its holiday quarter to be up 1%-2%, added that it sees "indications of heavy inventory levels" at some competitors into the holiday season... Shares of railroad operator Norfolk Southern (NSC) spiked in the after-hours trading after rival Canadian Pacific (CP) announced that it had sent an offer letter proposing a business combination, but failed to outline the details of its proposal. Norfolk Southern then confirmed Canadian Pacific to acquire the company for $46.72 in cash and a fixed exchange ratio of 0.348 Canadian Pacific shares per Norfolk share, calling the indication of interest "unsolicited, low-premium, non-binding and highly conditional." CNBC's David Faber, citing sources, subsequently reported that Norfolk Southern has no interest in pursuing a merger, but Norfolk shares remain up more than 6% early this afternoon, while Canadian Pacific is up nearly 6% as well... Shares of Apple (AAPL) climbed about 3% after Goldman Sachs added the stock to its Conviction Buy List, predicting that investors should begin to focus on the company's monetization and recurring revenue opportunities over the next year, which would be a boon to its valuation. MAJOR MOVERS: Among the notable gainers was Aramark (ARMK), which rallied 8% after it reported upbeat quarterly earnings and guided for fiscal 2016. Also higher was Fairchild Semicondcutor (FCS), which gained 8.5% after it agreed to be acquired for approximately $2.4B by ON Semiconductor (ON), which fell 8% following the deal announcement. Another noteworthy losers was Qualcomm (QCOM), which fell nearly 10% after it said that allegations from Korea's FTC that the company did not properly negotiate "aspects" of its licenses are "not supported by the facts." Also lower was Staples (SPLS), which was down 4% after it reported Q3 earnings and provided an earnings outlook for Q4. INDEXES: Near midday, the Dow was up 132.98, or 0.76%, to 17,622.48, the Nasdaq was up 43.00, or 0.86%, to 5,029.01, and the S&P 500 was up 15.62, or 0.76%, to 2,066.06.
12:20 EDTTGTTarget CEO says 'feels really good' about plan for holidays
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11:10 EDTTGTTarget sees FY15 SSS 'firmly' in 1.5%-2.5% growth range
Says will continue repurchasing shares in Q4. Sees Q4 effective tax rate 34%. Says on track to meet 5%-10% dividend growth this year. Says does not expect to reach 40% digital sales goal this year. Says channel mix of sales has been "different" than expectations.
11:04 EDTTGTTarget sees Q4 SSS up 1%-2%
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11:01 EDTTGTTarget says working with CVS team to secure regulatory approval for deal
Target (TGT) says "pleased" with progress to date of CVS (CVS) deal.
11:00 EDTTGTTarget sees industry's move to EMV restoring confidence to U.S. payment system
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10:47 EDTTGTTarget sees Apple Watch to be top gift in wearable category in holiday season
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10:43 EDTTGTTarget says wearable devices bright spot in electronics in Q3
CEO Brian Cornell says "strategy working." Says consumers spending cautiously, but says "confident" heading into the holiday season. says sales in signature categories growing much faster than overall sales. Notes that traffic has turned positive over last four quarters. Reports continued softness in tablets in Q3, says wearable devices a bright spot in electronics. Says Q3 softness in electronics "particularly impactful" online. Comments taken from the Q3 earnings conference call. Target is down 6.03% to $68.51 in morning trading.
09:43 EDTTGTTarget drops after earnings
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08:05 EDTTGTTarget reports Q3 SSS up 1.9%
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08:04 EDTTGTTarget says returned $1.3B to shareholders in Q3
08:04 EDTTGTTarget narrows FY15 adjusted EPS view to $4.65-$4.75 from $4.60-$4.75
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08:03 EDTTGTTarget sees Q4 adjusted EPS $1.48-$1.58, consensus $1.54
08:02 EDTTGTTarget narrows FY15 adjusted EPS view to $4.65-$4.75 from $4.60-$4.75
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08:00 EDTTGTTarget reports Q3 adjusted EPS 86c, consensus 86c
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November 17, 2015
15:17 EDTTGTTarget November 73 straddle priced for 6% movement into Q3
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15:13 EDTTGTNotable companies reporting before tomorrow's open
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12:53 EDTTGTEarnings Watch: Analysts bullish on Target's Q3 comps ahead of earnings report
Target (TGT) is scheduled to report third quarter results before the market open on Wednesday, November 18, with a conference call scheduled for 10:30 am ET. Target offers merchandise at discounted prices through its retail stores and online business. EXPECTATIONS: Analysts are looking for earnings per share of 86c on revenue of $17.57B, according to First Call. The consensus range for EPS is 81c-89c on revenue of $17.42B-$17.76B. In its last earnings report, Target forecast Q3 adjusted EPS 79c-89c Q3 comparable sales up 1%-2%. LAST QUARTER: Target reported second quarter adjusted EPS of $1.22, beating analysts' estimates for $1.11, on revenue of $17.43B, generally in line with analysts' $17.4B consensus. The company said comparable sales increased 2.4% in Q2. Looking ahead, Target raised its fiscal year 2015 adjusted EPS view to $4.60-$4.75 from $4.50-$4.65 against estimates at that time for $4.62. On its earnings conference call, Target said it felt "great" about its fourth quarter plans and said it will be "very promotional" in that quarter. NEWS: On August 25, Target said it expects to record a pretax gain of approximately $550M after closing the transaction with CVS Pharmacy (CVS) to sell its pharmacy and clinic businesses for cash consideration of approximately $1.9B. Target also entered into a development agreement with CVS, through which it may jointly develop small-format stores, Target said. The transaction is expected to be accretive to EPS after closing. On September 10, Cherokee (CHKE) announced that Target elected not to renew the license of the Cherokee brand in the U.S., which will expire at the end of its current term on January 31, 2017. Target said on September 30 that it will update its Price Match Policy by expanding digitally and extending its timeframe to 14 days compared to 7 days. The retailer later announced plans to bring back free shipping and returns through the holiday season. STREET RESEARCH: Ahead of the company's earnings report, Piper Jaffray analyst Sean Naughton acknowledged that while sentiment is challenging on Target's stock amid the weakness being reported by a number of retailers this week, he believes Target's Q3 SSS are within the company's guidance of up 1%-2%. The analyst believes Target's fundamentals may be holding up better than some expected. He has an Overweight rating and $88 price target on the stock. Stifel also believes Target will report an above Street comp of 2% versus consensus of 1.7% and inline earnings of 86c. Analyst David A. Schick checks indicate strong merchandising and customer response to key holidays and said PCE trends suggest there is still room for comp upside. Last week, Citi analyst Kate McShane said that in a head-to-head comparison between Costco Wholesale (COST), Target and Wal-Mart Stores (WMT), three of the biggest broadlines retailers in the world, Target is the "surprising" winner. McShane said that Target "wins" on potential for EPS growth, operating margin and valuation. PRICE ACTION: Target shares are down over 7% over the past three months. In early afternoon trading ahead of Wednesday's earnings report, shares are up about 1.7% to $73.54.
09:02 EDTTGTAnalyst pans competing products, says buy Fitbit
Shares of previous high-flier Fitbit (FIT) have dropped about 30% in the last two weeks following the company's third quarter earnings report, but an analyst at Bank of America upgraded his view of the fitness tracker maker this morning, saying that now is the time to buy ahead of fourth quarter results that may be boosted by the "underwhelming" new products being launched by its competitors. UNDERWHELMING COMPETITION: Fitbit's sales guidance for this holiday quarter looks conservative, contends Bank of America analyst Nat Schindler, who notes that the company only had the launch of one new product last December but will have the Charge, Charge HR and Surge to drive sales this season. Schindler also notes that the company's international advertising has expanded into more countries ahead of the holidays this year. Key, however, may be the "underwhelming" lineup of new or updated fitness trackers launched by competitors, such as the Microsoft's (MSFT) Band 2, Jawbone's UP4 and Sony's (SNE) Smartband 2, many of which have only minor improvements and no "must have" features to pull consumers away from Fitbit, Schindler told investors in his research note. PLATFORM PICKING UP STEAM: The analyst also pointed out that Fitbit now has more than 20 companies signed onto its health and wellness platform, including big names like Target (TGT) and Barclays (BCS), which he believes should help drive revenue beats in the upcoming fiscal year due to increased device sales. Also, the additional dashboard data should help Fitbit maintain long-term user engagement, said Schindler. APPLE WATCH: Apple's (AAPL) Apple Watch is largely viewed as the biggest potential competitive threat to Fitbit's offerings, but on the fitness tracker maker's last earnings call CEO James Park said Fitbit's products differ from those of its competitors in several key aspects, including pricing, cross-platform compatibility, brand awareness and product line breadth. Other wearables makers include Garmin (GRMN) and Samsung. PRICE ACTION: Since the day after Fitbit's last earnings report after the market close on November 2, its shares have fallen about 29.5% to close yesterday at $28.80. In pre-market trading this morning, Fitbit shares rose 2% to $29.40.
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