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Stock Market & Financial Investment News

News Breaks
March 5, 2014
10:01 EDTTGTTarget Chief Information Officer Beth Jacob resigns, AP reports
Beth Jacob, Target's Chief Information Officer, is resigning, effective today, according to a statement from Target Chairman and CEO Gregg Steinhafel to the Associated Press. The company is currently searching for an interim CIO, "who can help guide the company through the transformation". The retailer is also planning to look outside the company for a chief information security officer and a chief compliance officer. In addition, Target is working with Promontory Financial Group to help it evaluate its technology, structure, processes and talent. Reference Link
News For TGT From The Last 14 Days
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September 1, 2015
18:01 EDTTGTTarget to serve alcohol in Chicago store, Fortune says
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11:45 EDTTGTTarget cuts nearly 240 tech-related jobs in Twin Cities, Star Tribune says
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August 25, 2015
16:01 EDTTGTTarget sees $550M pretax gain after closing CVS transaction
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August 24, 2015
15:01 EDTTGTWyndham slips after FTC given go-ahead for data breach lawsuit
Shares of Wyndham (WYN) have slipped in afternoon trading after an appeals court ruled that the FTC can sue the company over its allegedly poor cybersecurity practices. WHAT'S NEW: According to a Reuters report of court proceedings, the 3rd U.S. Circuit Court of Appeals in Philadelphia has ruled that the FTC may proceed with its lawsuit against Wyndham over data breaches in 2008 and 2009, saying the hotel company failed to take reasonable steps to protect customer information. Wyndham's allegedly lackluster data protection policies constitute "unfair and deceptive trade practices," granting the Federal Trade Commission authority to step in, said Judge Thomas Ambro. FTC Chairwoman Edith Ramirez commented, "It is not only appropriate, but critical, that the FTC has the ability to take action on behalf of consumers when companies fail to take reasonable steps to secure sensitive consumer information," according to the report. WHAT'S NOTABLE: Today's ruling comes in the wake of numerous high-profile "hack attacks," with American Airlines (AAL), Anthem (ANTM), United Airlines (UAL) and Target (TGT) all reporting digital security breaches in recent years. Though no final verdict has been reached in the case between the FTC and Wyndham, Judge Ambro may have established the beginnings of a legal precedent potentially allowing the Commission to sue companies for not going far enough to protect consumer data and Chairwoman Ramirez appeared to share that broader tone. PRICE ACTION: Shares of Wyndham are down about 4% in intraday trading. Cybersecurity firms FireEye (FEYE) and Palo Alto Networks (PANW) are down roughly 2% and 2.7% for the afternoon.
13:17 EDTTGTTarget to pay $2.8M to resolve EEOC discrimination finding
Target has agreed to pay $2.8M to resolve a Commissioner's charge of discrimination which was investigated in the Minneapolis Area Office of the U.S. Equal Employment Opportunity Commission, or EEOC. Based on the investigation, EEOC found reasonable cause to believe that three employment assessments formerly used by Target disproportionately screened out applicants for exempt-level professional positions based on race and sex. The tests were not sufficiently job-related and consistent with business necessity, and thus violated Title VII of the Civil Rights Act of 1964, EEOC found. In addition, EEOC found that one of the assessments Target formerly used in its hiring process also violated the Americans with Disabilities Act. The EEOC determined that this particular assessment performed by psychologists on behalf of Target was a pre-employment medical examination. Employers are prohibited by the ADA from subjecting applicants to medical examinations prior to an offer of employment. EEOC found that Target also committed record-keeping violations by failing to maintain records sufficient to assess the impact of its hiring procedures. EEOC's investigation revealed that thousands were adversely affected when Target used these assessments in its hiring process. The monetary settlement will be divided among these individuals as appropriate. Target will pay for a claims administrator to distribute the funds.
August 20, 2015
19:53 EDTTGTRetailers, others question heightened fees at Port of Oakland, WSJ says
After the Port of Oakland said it is considering implementing additional fees, the Retail Industry Leaders Association told the Federal Maritime Commission that it is "troubled" due to the lack of details regarding the fees, according to the Wall Street Journal. The retailer group also questioned the general effectiveness of such a program, and the Agriculture Transportation Coalition echoed the criticism, said the report. Note that executives from Lowe's (LOW), Best Buy (BBY), Target (TGT), Coca-Cola (KO), J.C. Penney (JCP), Tyson Foods (TSN), SunOpta (STKL), and Whole Foods (WFM) serve on the boards of the aforementioned associations. Reference Link

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