New User:

Forgot your password?

Stock Market & Financial Investment News

News Breaks
May 20, 2014
12:52 EDTTGTEarnings Preview: Target taking 'significant actions' to strengthen security
Target (TGT) is scheduled to report first quarter results before the market open on Wednesday, May 21, 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 71c on revenue of $17.01B, according to First Call. The consensus range for EPS is 57c-78c on revenue of $16.84B-$17.21B. LAST QUARTER: Target reported fourth quarter adjusted EPS of $1.30 on revenue of $21.52B, against estimates for 79c and $21.45B, respectively. GAAP EPS for the quarter was 81c. The company provided guidance for Q1 adjusted EPS of 60c-75c, which excludes approximately (2c) related to the expected reduction of the beneficial interest asset, as well as any net expenses related to the data breach. For fiscal year 2014, Target forecast adjusted EPS of $3.85-$4.15, excluding (7c) related to the expected reduction of the beneficial interest asset, as well as any net expenses related to the data breach. The consensus at the time of the Q4 earnings release was $4.15. Target was unable to estimate future expenses related to the data breach, but said costs may have a "material adverse effect" on Q1 and FY14 results. The company said results "meaningfully softened" following the announcement of the data breach. NEWS: On May 5, Chief Executive Officer Greg Steinhafel said he would step down, effective immediately. Chief Financial Officer John Mulligan was appointed as interim president and CEO. The company commented that "Now is the right time for new leadership at Target." Steinhafel will serve in advisory capacity during this transition. Roxanne Austin was appointed as non-interim chairman of the board. Rumored CEO candidates are said to include: HSN Inc. (HSNI) CEO Mindy Grossman, Bon-Ton Stores (BONT) CEO Brendan Hoffman, Gap's (GPS) leader Glenn Murphy and Victoriaís Secret (LB) CEO Sharen Turney. Mulligan, who does not intend to become the company's permanent CEO, said the retailer is working fast to fix issues that persisted under the former CEO Gregg Steinhafel, and stressed the need for speed to improve sales and online operations. Also during the quarter, Target appointed Bob DeRodes as Chief Information Officer, responsible for oversight of the Target technology team and operations, with responsibility for the ongoing data security enhancement efforts as well as the development of Targetís long-term information technology and digital roadmap. Target also shared that there has been an active investigation since the initial confirmation of the data breach, and the company said it has taken significant actions to strengthen security across the network. Target said that beginning in early 2015, the entire REDcard portfolio, including all Target-branded credit and debit cards, will be enabled with MasterCardís (MA) chip-and-PIN solution. The company is continuing its active search for a chief information security officer and a chief compliance officer. Target and Visa (V) said fraud has been limited following the data breach. Target's credit rating cut to A from A+ by S&P in March. Most recently, Target named Mark Schindele as president of Target Canada, replacing Tony Fisher to further the company's efforts to improve its Canadian operations. The timing of this change is unrelated to the Q1 results, the company said. STREET RESEARCH: Sterne Agee wrote that Steinhafel's departure would be positive for the company over the longer term., but Baird said that the change could be viewed as setting Target on course for an eventual recovery, the move probably increases the uncertainty facing the company. Wells Fargo said that the CEO's resignation suggests that the company's financial performance has come under pressure recently, partly due to the credit card breach and its weak performance in Canada. However, in the longer-term the move could help the company by bringing someone with a new perspective to the position. PRICE ACTION: Target shares are up fractionally over the past three months. In mid-day trading ahead of tomorrow's earnings report, shares are down over 2% at $56.90.
News For TGT From The Last 14 Days
Sign up for a free trial to see the rest of the stories you've been missing.
October 2, 2015
11:32 EDTTGTAnalyst sees Amazon becoming #2 player in $425B consumables market
Amazon (AMZN) will advance to the number two position in the $425B U.S. consumables market, excluding food and beverages, by 2018, research firm Cowen predicted in a note to investors today. WHAT'S NEW: Amazon's "multi platform approach around Prime" is enabling it to gain share in the U.S. market for goods including personal care, household, pet and baby products, Cowen analyst John Blackledge stated. Specifically, the e-commerce giant is effectively using its Amazon Prime, Amazon Prime Now, Amazon Pantry and Amazon Fresh offerings to sell consumables and it has significantly increased the number of fulfillment centers it operates, lowering its delivery times, according to Blackledge. The company's delivery times are now "well ahead of (the) competition," the analyst reported. The e-commerce giant's strategy in the consumables market appears to be working, as Cowen's proprietary data indicates that the company is gaining share in the category, Blackledge wrote. Additionally, Amazon is beginning to attract more customers from Wal-Mart (WMT) and Target (TGT), he believes. PRICE ACTION: In late morning trading, Amazon slipped 0.4% to $518.70.
10:03 EDTTGTTarget to begin selling Apple Watch at stores this week
Target (TGT) announced that the Apple (AAPL) Watch is coming to Target stores this week and all stores by October 25. At, Apple Watch will be available beginning Oct. 18. Reference Link
08:21 EDTTGTAmazon to be number two player in U.S. consumables by 2018, says Cowen
John Blackledge and the research team at Cowen project that (AMZN) will grow to be the number two player in the $425B market for U.S. consumables - which they define as personal care, household, pet and baby products - by 2018. The firm expects Amazon to use its multi-platform approach, centered around Prime, to help the e-commerce giant gain share in consumables at the expense of Wal-Mart (WMT), Target (TGT), Walgreens (WBA) and CVS Health (CVS). Cowen has Outperform ratings on Amazon and Target and a Market Perform rating on shares of Wal-Mart.
September 30, 2015
12:00 EDTTGTTarget management to meet with Jefferies
Meeting to be held in New York on October 5 hosted by Jefferies.
11:13 EDTTGTTarget announces expansion of price matching policy
Subscribe for More Information
September 29, 2015
07:11 EDTTGTWal-Mart expands pick-up service to new markets, Fortune says
Subscribe for More Information
September 28, 2015
19:57 EDTTGTRetailers urge courts to reject Visa, MasterCard settlement, Reuters says
Subscribe for More Information
06:42 EDTTGTPerfume makers look to Wal-Mart, Target, WSJ reports
Subscribe for More Information
September 23, 2015
20:08 EDTTGTChinese president visits U.S. amid cybersecurity, copyright worries
As part of his first official U.S. visit, Chinese president Xi Jinping held a meeting with American business leaders on Wednesday to address concerns of copyright infringement and cybersecurity, among numerous topics. In attendance were corporate giants from both nations, including Microsoft (MSFT), Apple (AAPL), Amazon (AMZN), Cisco (CSCO), Alibaba (BABA), Tencent (TCEHY), and Baidu (BIDU), according to media reports. COPYRIGHT CONCERNS: Responding to oft-cited concerns of copyright infringement by Chinese companies, Xi said China will "stand firm to protect" the intellectual property rights of American companies, according to Wall Street Journal coverage of the event. Note that in late 2014, China began establishing specialized courts to deliberate on intellectual property rights cases, and Xi commented Wednesday that "the newly established IPR courts are working smoothly. This means there will be much stronger IPR protection which will serve the interests of foreign businesses as well as Chinese companies." Chinese consumer electronics company Xiaomi is perhaps the most talked-about firm when it comes to the matter, with media outlets frequently criticizing its alleged "copying" of Apple design sensibilities. In mid-July, Xiaomi VP of global operations Hugo Barra told Bloomberg that the company is preparing to enter U.S. markets, though he cautioned that the launch could be "much more" than a year away as it seeks to build up its patent portfolio. CYBERSECURITY TENSIONS: Wednesday's meeting comes in the wake of numerous high-profile "hack attacks," with Sony (SNE), American Airlines (AAL), Anthem (ANTM), United Airlines (UAL), and Target (TGT) all reporting digital security breaches in recent years. Xi has consistently denied the involvement of state-backed hackers, but tensions have nevertheless arisen as cybersecurity firms such as FireEye (FEYE) and Palo Alto Networks (PANW) backtrace connections to the country. Cybersecurity intrusions originating from China have recently slowed ahead of Xi's visit, according to Reuters, with Kevin Mandia of security firm Mandiant telling the publication, "In my gut, I feel like the Chinese and the U.S. over the next couple of years are going to figure this out."
September 21, 2015
12:08 EDTTGTTarget to test robot workers at concept store, Fortune reports
Subscribe for More Information

Sign up for a free trial to see the rest of the stories you've been missing.
I agree to the disclaimer & terms of use