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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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February 12, 2016
09:10 EDTTGTAlibaba names Target's Jodee Kozlak as Global SVP of Human Resources
Alibaba (BABA) announced the appointment of Jodee Kozlak as Global Senior Vice President of Human Resources. Kozlak will be responsible for helping to build Alibaba Group's international leadership team as the company continues to expand globally. Jodee will jointly report to Alibaba Group Deputy Chief People Officer, Jane Jiang and to Alibaba Group President, Michael Evans. Kozlak previously served as Executive Vice President and Chief Human Resources Officer for Target (TGT).
09:01 EDTTGTTarget names Stephanie Lundquist as Chief Human Resources Officer
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February 9, 2016
12:36 EDTTGTWarner Bros. Consumer Products, Mattel announce partnership with Target
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08:34 EDTTGTCVS Health expects Target Pharmacy integration to be completed by end of summer
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