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Stock Market & Financial Investment News

News Breaks
March 14, 2014
06:23 EDTTGTTarget did not follow up after hackers broke into system, WSJ reports
Target failed to follow-up after it was alerted of hackers who broken into its retailer's systems last holiday season, reports the Wall Street Journal. In an emailed statement Thursday, the company said it was investigating its response to the episode. Reference Link
News For TGT From The Last 14 Days
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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
August 19, 2015
19:48 EDTTGTTarget price target, estimates raised at Baird
Baird noted that Target's Q2 report was "positive" and said that Q3 seemed off to a "solid start," despite a softer comp outlook. The firm raised its price target to $78 from $77, its FY15 EPS estimates to $4.75 from $4.62, and its FY16 EPS estimates to $5.20 from $5.05. Baird, however, maintained its Neutral rating on Target shares.
16:58 EDTTGTOn The Fly: Top stock stories for Wednesday
The market opened deep in negative territory after a tumultuous trading session in China and a softer than expected U.S. consumer prices report. Sellers continued to push the averages lower throughout the morning, with the Dow tacking on losses of more than 200 points as investors waited for the release of the Fed minutes. The market rallied following an early leak of the minutes, which suggested officials are getting closer to raising rates but appear to be waiting for additional data. Despite the afternoon rally, the averages sold off once again heading into the close, leaving all three indices in the negatives for Wednesday. ECONOMIC EVENTS: In the U.S., the July consumer price index edged up 0.1% against expectations for 0.2% reading. The core reading, which excludes food and energy, also came in at 0.1% versus consensus estimates of 0.2%. There were no revisions to the 0.3% headline gain in June or the 0.2% growth in the ex-food and energy component. Component gains were muted across the board, with Energy prices up just 0.1% in July. Meanwhile, FOMC minutes showed no definitive indication of a September rate hike. Most committee members "judged that the conditions for policy firming had not yet been achieved, but they noted that conditions were approaching that point." Other members, however, believed that the inflation outlook "might not soon meet one of the conditions... for initiating a firming of policy." COMPANY NEWS: Shares of Dot Hill Systems (HILL) soared $4.50, or 86.87%, to $9.68 after Seagate Technology (STX) agreed to acquire the company for $9.75 per share, noting that it expects the deal to be non-GAAP EPS accretive in fiscal 2016. Shares of the hard drive giant fell 5.03% to $49.43 for the session... Lowe's (LOW) shares saw gains of $1.34, or 1.84%, to $74.36 following the company's earnings report this morning, while Target (TGT) rose $59c, or 0.73%, to $80.89 after beating on both top and bottom lines. On a subsequent conference call, Target executives forecast a "choppy" competitive environment in Q3, though they added that the company "will not get beat" on promotions in Q4. Separately, American Eagle (AEO) lost 7.42% to $16.92 after its quarterly numbers. MAJOR MOVERS: Among the notable gainers were Palatin (PTN) and Apricus (APRI), showing respective advances of 3.19% and 7.89% after the FDA approved Sprout's female sexual dysfunction drug Addyi, with the agency remarking that it "continues to encourage drug development in this area." Note that both Palatin and Apricus are developing their own treatments in the space, and Apricus reaffirmed this morning its intent to seek a global partner as it advances its Femprox sexual dysfunction medication. Also higher was Yum! Brands (YUM), which gained $1.90, or 2.26%, to $86.10 after appointing a new CEO of its China division, adding that its same-store sales in the region "have turned significantly positive." Among the noteworthy losers was Rayonier Advanced Materials (RYAM), plunging $6.01, or 44.09%, to $7.62 after disclosing a legal battle with its customer Eastman Chemical (EMN) over "meet or release" contract stipulations which may impact Eastman's purchase obligations. Also lower was Caesarstone (CSTE), which lost $3.43, or 7.14%, to $44.61 after short-selling hedge fund Spruce Point said the stock has up to 75% downside due to heightened raw material costs and competitive concerns, among other factors. Separately, EOG Resources (EOG), Baytex Energy (BTE), and Vanguard Natural (VNR) saw respective losses of 4.15%, 15.53%, and 13.83% after WTI crude fell 5.02% for the session. INDEXES: The Dow declined 162.61, or 0.93%, to 17,348.73, the Nasdaq fell 40.30, or 0.80%, to 5,019.05, and the S&P 500 lost 17.31, or 0.83%, to 2,079.61.
16:00 EDTTGTTarget shares driven higher after earnings, cool after hot open
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13:30 EDTTGTOn The Fly: Top stock stories at midday
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13:30 EDTTGTOptions with increasing put volume;
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13:23 EDTTGTOptions with increasing call volume
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13:09 EDTTGTTarget COO Mulligan says not worried about CEO leaving
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11:23 EDTTGTTarget says feels 'great' about Q4 plans
Says will be "very promotional" in Q4. Says "will not get beat" on promotions in Q4. Says will update guidance for Q4 at a later date.
11:17 EDTTGTTarget says seeing 'really positive response' to Cartwheel
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11:15 EDTTGTTarget sees Q3 adjusted EPS 79c-89c, consensus 86c
11:03 EDTTGTTarget says sees Q3 SSS up 1%-2%
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10:51 EDTTGTTarget CEO says supply chain being 'stretched beyond core capabilities'
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09:19 EDTTGTOn The Fly: Pre-market Movers
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08:02 EDTTGTTarget says SSS in signature categories grew 3x faster than company average
"We're very pleased with our second quarter financial results, as traffic growth, strong sales in our signature categories and continued expense discipline drove better-than-expected profitability," said Brian Cornell, chairman and CEO of Target. "While the momentum in our financial results is encouraging, we have much more to accomplish. Looking ahead, we are focused on making further progress against our strategic priorities and are committed to improving operations as we move through the important back-to-school, back-to-college and holiday seasons." Says comparable sales in signature categories -- Style, Baby, Kids and Wellness -- grew three times faster than the company average, resulting in comparable sales growth of four to five percent in both Home and Apparel.
08:01 EDTTGTTarget raises FY15 adjusted EPS view to $4.60-$4.75 from $4.50-$4.65
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08:01 EDTTGTTarget reports Q2 EPS $1.22, consensus $1.11
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