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Stock Market & Financial Investment News

News Breaks
August 5, 2014
12:06 EDTTGTTarget slides after cutting Q2 profit view citing breach, discounts
Shares of Target (TGT) are falling after the company pre-announced second quarter profits that were far below its previous guidance. The retailer estimated that the after-effects of its December 2013 data breach cost it $110M in the second quarter. WHAT'S NEW: Target announced that it now expects its earnings per share in the second quarter, excluding some items, to come in at 78c, versus its previous guidance of 85c-$1.00. Analysts' consensus estimate was 91c. The company expects its comparable sales in the U.S. to be "essentially flat," and it believes the profit margin on its earnings before interest taxes depreciation and amoritzation were lower than expected in Q2. Discounts weighed on the company's margins, as consumers continued to spend cautiously at the company's stores and focus on value, Target reported. Meanwhile, the retailer estimated that its December 2013 data breach cost it $148M in Q2, adding that the expenses would be offset by $38M in insurance payments. ANALYST REACTION: In a note to investors, Wells Fargo wrote that the costs related to the data breach are on track to come in well below the $1B that some had initially feared. Wells kept an Outperform rating on the shares. RW Baird calculated that the company has recognized $145M in net data breach costs in total, which the firm also believes is below what many investors had initially feared. Baird thinks that Target may see better results later in 2014 and could restart its share buybacks at some point in the second half of the year, but sees stiff competition in Target's space. The firm maintains its Neutral rating on the stock. PRICE ACTION: Near noon, Target dropped $1.74, or 2.9% to $58.95.
News For TGT From The Last 14 Days
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April 24, 2015
10:00 EDTTGTOn The Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: AT&T (T) upgraded to Outperform from Neutral at Macquarie... Alaska Air (ALK) upgraded to Buy from Neutral at Buckingham... Amazon.com (AMZN) upgraded at Raymond James... American Electric (AEP) upgraded to Buy from Hold at Deutsche Bank... Broadridge (BR) upgraded to Buy from Hold at Evercore ISI... Cablevision (CVC) upgraded to Hold from Sell at Brean Capital... Cisco (CSCO) upgraded to Conviction Buy from Buy at Goldman... Core Laboratories (CLB) upgraded to Outperform from Sector Perform at Iberia... Crown Castle (CCI) upgraded to Outperform from Market Perform at Raymond James... Encore Wire (WIRE) upgraded to Buy from Neutral at Sidoti... Gigamon (GIMO) upgraded to Buy from Neutral at DA Davidson... Juniper (JNPR) upgraded on improved outlook at RBC Capital... KPN (KKPNY) upgraded to Buy from Neutral at Goldman... Knight Transportation (KNX) upgraded to Outperform from Market Perform at Avondale... Mattel (MAT) upgraded to Buy from Neutral at Goldman... Microsoft (MSFT) upgraded to Buy from Neutral at Nomura... Premiere Global (PGI) upgraded to Outperform from Market Perform at Raymond James... Quintiles (Q) upgraded to Buy from Hold at Jefferies... Southwestern Energy (SWN) upgraded to Market Perform at Raymond James... TE Connectivity (TEL) upgraded on positive catalysts at SunTrust... Target (TGT) upgraded to Buy from Neutral at BofA/Merrill... TriState Capital (TSC) upgraded to Overweight from Equal Weight at Stephens... United Continental (UAL) upgraded to Buy from Hold at Evercore ISI... Vipshop (VIPS) upgraded to Buy from Hold at HSBC... Vocera (VCRA) upgraded to Buy from Hold at Craig-Hallum.
08:12 EDTTGTTarget upgraded on improving initiatives and consumer at BofA/Merrill
As previously reported, BofA/Merrill upgraded Target to Buy from Neutral. The firm believes Target is well positioned to benefit from an improving middle-income core customer base. BofA/Merrill said customers are responding well to improved assortment and merchandising and expects Target to continue to see increased spending at stores and online as customers trade-up to more expensive items. Price target increased to $92 from $86.
08:03 EDTTGTTarget upgraded to Buy from Neutral at BofA/Merrill
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April 21, 2015
06:18 EDTTGTUS merchants struggle to meet deadline for accepting chip cards, WSJ reports
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April 19, 2015
17:28 EDTTGTTarget website overwhelmed by rush from Lilly Pulitzer shoppers, WSJ says
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April 15, 2015
17:32 EDTTGTMasterCard reaches agreement with Target to resolve claims
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April 14, 2015
18:41 EDTTGTTarget close to $20M settlement with MasterCard over data breach, WSJ says
According to people familiar with the negotiations, Target (TGT) is approaching a settlement with MasterCard (MA) to reimburse financial institutions roughly $20M for costs they incurred from the retailerís massive data breach in 2013, The Wall Street Journal reports. Target is negotiating a separate settlement with Visa (V), according to sources, WSJ added. Reference Link
18:17 EDTTGTTarget close to $20M settlement with MasterCard over data breach, DJ says
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April 13, 2015
14:18 EDTTGTTarget names Anne Dament as SVP, Merchandising
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06:22 EDTTGTGap, Target, others scrutinized by NY AG over staffing practices, WSJ says
Several major retailer including Gap (GPS) and Target (TGT) are under investigation by New York Attorney General Eric Schneiderman over their staffing practices and whether they require workers to show up or stay home with little notice, The Wall Street Journal reports. Schneiderman sent letters warning Abercrombie & Fitch (ANF), JC Penney (JCP), Urban Outfitters (URBN), TJX Cos (TJX), Ann Inc (ANN), L Brands (LB), Burlington Stores (BURL), Sears Holdings (SHLD), Williams-Sonoma (WSM) and J Crew Group that he believes the chains are using on-call scheduling and that such practices may be in violation of New York laws. Reference Link

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