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TGT

Target

$100.58 /

+3.68 (+3.80%)

06:36
03/25/20
03/25
06:36
03/25/20
06:36

Target provides update due to COVID-19, withdraws Q1, FY20 guidance

Target announced business updates in response to the impact from novel coronavirus (COVID-19). As the COVID-19 crisis has evolved, the company has been experiencing unusually strong traffic and sales, particularly in its stores and same-day services, as guests rely on Target for essential items like food, medicine, cleaning products and pantry stock-up items. As a result, the company has adjusted the expected timing of some of its strategic initiatives, to support the team and minimize potential disruptions in their work to serve the needs of American consumers. Updated plans for Target's remodel program anticipate approximately 130 remodels in 2020, down from the previous expectation of approximately 300. This will allow remodel projects already underway to be completed, and move all other remodel projects into 2021. Similarly, the company now expects to open 15-20 new small format stores in 2020, rather than the 36 previously announced. This will allow projects already underway to be completed, but move the remaining new store projects into next year. In addition, the effort to incorporate fresh grocery and adult beverages into the company's Drive Up and Order Pickup services is temporarily on hold. Target also provided an update on trends in the Company's sales performance as well as the expected impacts of investments in team member pay & benefits and changes to in-store processes. For the first three weeks of the first quarter, which began on Feb. 2, total company comparable sales and category mix were in line with expectations and prior financial guidance. Beginning with the fourth week of February and into the first part of March, the retailer saw an increase in traffic and comparable sales across its multi-category portfolio. For the month of February, total company comparable sales increased 3.8 percent. Beginning in mid-March, the company experienced an even stronger surge in traffic and sales, with category mix heavily concentrated in the Essentials and Food & Beverage categories. Around that time, strength also emerged within the portions of Hardlines that support in-home activities, including Home Office and Entertainment, while performance softened meaningfully in Apparel & Accessories. Month-to-date in March, overall comparable sales are more than 20 percent above last year, with comparable sales in Essentials and Food & Beverage up more than 50 percent. During that same period, comparable sales in Apparel & Accessories are down more than 20 percent compared with last year. While Target has maintained its low everyday prices during this period, stronger-than-anticipated quarter-to-date sales have led to gross margin dollar growth ahead of prior expectations. However, continued sales declines in higher-margin discretionary categories could result in lower-than-expected gross margin dollar performance for the remainder of the quarter. In addition, certain first quarter costs are anticipated to be higher than prior expectations, driven by investments in pay and benefits, the spike in merchandise volume in stores and the supply chain, and the impact of additional hours dedicated to more rigorous cleaning routines in stores and distribution centers across the country. Collectively, these changes are expected to add more than $300 million of incremental costs to the company's prior outlook for the first quarter. Given the highly fluid and uncertain outlook for consumer shopping patterns and government policy related to COVID-19, there is an unusually wide range of potential outcomes for Target's first-quarter financial performance. As a result, the Company today withdrew its prior guidance for first quarter and full year 2020 sales, operating income and earnings per share. In addition, while Target will continue to invest in its business and team, the company is suspending share repurchase activity in the current environment.

TGT Target
$100.58 /

+3.68 (+3.80%)

03/18/20 Goldman Sachs
Target price target lowered to $105 from $125 at Goldman Sachs
03/17/20 KeyBanc
KeyBanc favors Walmart/Target/Amazon in midst of 'difficult retail conditions'
03/04/20 Wells Fargo
Target price target lowered to $130 from $140 at Wells Fargo
03/04/20 BMO Capital
Target price target lowered to $115 from $134 at BMO Capital

TODAY'S FREE FLY STORIES

Earnings
Notable companies reporting before tomorrow's open » 20:25
04/01/20
04/01
20:25
04/01/20
20:25
WBA

Walgreens Boots Alliance

$42.97 /

-2.75 (-6.01%)

, KMX

CarMax

$52.20 /

-1.53 (-2.85%)

, AYI

Acuity Brands

$80.68 /

-4.89 (-5.71%)

Notable companies…

Notable companies reporting before tomorrow's open, with earnings consensus, include Walgreens Boots Alliance (WBA), consensus $1.46... CarMax (KMX), consensus $1.13... Acuity Brands (AYI), consensus $1.92.

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Pan American Silver reduces throughput by 10%-20% at Timmins, defers capex » 20:19
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PAAS

Pan American Silver

$14.58 /

+0.26 (+1.82%)

Pan American Silver…

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Hot Stocks
Wynn Resorts extends benefits for all North America employees » 19:55
04/01/20
04/01
19:55
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19:55
WYNN

Wynn Resorts

$54.07 /

-5.95 (-9.91%)

Wynn Resorts announced …

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Hot Stocks
Babcock & Wilcox to supply cooling towers for Belgium plant in $3M contract » 19:48
04/01/20
04/01
19:48
04/01/20
19:48
BW

Babcock & Wilcox

$0.97 /

-0.05 (-4.90%)

SPIG S.p.A., a subsidiary…

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Hot Stocks
SPDR Gold Shares holdings rise to 968.75MT from 967.00MT » 19:38
04/01/20
04/01
19:38
04/01/20
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GLD

SPDR Gold Shares

$149.47 /

+1.49 (+1.01%)

This is the highest level…

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Telefonica Brasil upgraded to Buy from Neutral at Goldman Sachs » 19:36
04/01/20
04/01
19:36
04/01/20
19:36
VIV

Telefonica Brasil

$9.75 /

+0.2565 (+2.70%)

Goldman Sachs analyst…

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Telefonica Brasil upgraded to Buy from Neutral at Goldman Sachs » 19:33
04/01/20
04/01
19:33
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19:33
VIV

Telefonica Brasil

$9.75 /

+0.2565 (+2.70%)

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Hot Stocks
Anthem to waive cost share for members in COVID-19 treatment » 19:32
04/01/20
04/01
19:32
04/01/20
19:32
ANTM

Anthem

$214.38 /

-12.62 (-5.56%)

As part of Anthem's…

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Recommendations
Jefferies says churn at Bill.com has not increased, interest in automation high » 19:29
04/01/20
04/01
19:29
04/01/20
19:29
BILL

Bill.com

$31.59 /

-2.65 (-7.74%)

Jefferies analyst Samad…

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Periodicals
Treasury taps Wall Street banks to advise on airline assistance, WSJ reports » 19:17
04/01/20
04/01
19:17
04/01/20
19:17
AAL

American Airlines

$10.69 /

-1.495 (-12.27%)

, SAVE

Spirit Airlines

$11.31 /

-1.66 (-12.80%)

, UAL

United Airlines

$25.65 /

-5.935 (-18.79%)

, JBLU

JetBlue

$8.11 /

-0.845 (-9.44%)

, DAL

Delta Air Lines

$23.95 /

-4.59 (-16.08%)

, LUV

Southwest

$32.03 /

-3.56 (-10.00%)

, ALK

Alaska Air

$26.36 /

-2.11 (-7.41%)

, MC

Moelis

$27.14 /

-0.92 (-3.28%)

, BA

Boeing

$130.24 /

-18.78 (-12.60%)

The U.S. Treasury…

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On The Fly
Fly Intel: After-Hours Movers » 19:13
04/01/20
04/01
19:13
04/01/20
19:13
PVH

PVH Corp.

$32.53 /

-5.08 (-13.51%)

, IO

ION Geophysical

$1.16 /

-0.13 (-10.08%)

, CRTO

Criteo

$7.55 /

-0.39 (-4.91%)

, FTI

TechnipFMC

$6.54 /

-0.21 (-3.11%)

, YTEN

Yield10 Bioscience

$4.02 /

+0.26 (+6.91%)

, AFMD

Affimed N.V.

$1.60 /

+0.02 (+1.27%)

, RRTS

Roadrunner

$2.55 /

+ (+0.00%)

, ETH

Ethan Allen

$9.45 /

-0.77 (-7.53%)

, MUR

Murphy Oil

$5.60 /

-0.52 (-8.50%)

, ARNC

Arconic

$6.83 /

+ (+0.00%)

, DHT

DHT Holdings

$7.77 /

+0.09 (+1.17%)

, GMLP

Golar LNG Partners

$3.17 /

-0.2 (-5.93%)

, NVTA

Invitae

$11.72 /

-1.945 (-14.24%)

, SHOP

Shopify

$384.67 /

-33.65 (-8.04%)

, NVRO

Nevro

$89.51 /

-10.42 (-10.43%)

, PCAR

Paccar

$60.17 /

-1.05 (-1.72%)

, CSII

Cardiovascular Systems

$35.13 /

+0.03 (+0.09%)

Check out this…

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Periodicals
Tesla to completely redesign Cybertruck, Carbuzz says » 19:10
04/01/20
04/01
19:10
04/01/20
19:10
TSLA

Tesla

$481.60 /

-42.4 (-8.09%)

Tesla's Cybertruck,…

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Periodicals
Panasonic employee at Tesla's NY plant tests positive for COVID-19, Verge says » 19:00
04/01/20
04/01
19:00
04/01/20
19:00
PCRFY

Panasonic

$0.00 /

+ (+0.00%)

, TSLA

Tesla

$481.60 /

-42.4 (-8.09%)

A Panasonic (PCRFY)…

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Ethan Allen evaluating quarterly dividend and to delay capex » 19:00
04/01/20
04/01
19:00
04/01/20
19:00
ETH

Ethan Allen

$9.45 /

-0.77 (-7.53%)

In light of the temporary…

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Ethan Allen furloughs about 70% of global workforce » 18:57
04/01/20
04/01
18:57
04/01/20
18:57
ETH

Ethan Allen

$9.45 /

-0.77 (-7.53%)

Ethan Allen announced its…

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Recommendations
Shopify suspending guidance 'not a surprise,' says Baird » 18:56
04/01/20
04/01
18:56
04/01/20
18:56
SHOP

Shopify

$384.67 /

-33.65 (-8.04%)

Baird analyst Colin…

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PVH Corp. CEO Manny Chirico tests positive for COVID-19 » 18:46
04/01/20
04/01
18:46
04/01/20
18:46
PVH

PVH Corp.

$32.53 /

-5.08 (-13.51%)

In an interview on…

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Hot Stocks
NY lawmakers, unions call on Bezos to close Amazon warehouses hit by COVID-19 » 18:45
04/01/20
04/01
18:45
04/01/20
18:45
AMZN

Amazon.com

$1,909.45 /

-36.55 (-1.88%)

45 New York lawmakers,…

45 New York lawmakers, advocacy group Amazon Employees for Climate Justice and several unions, including AFL-CIO, the Service Employees International Union, and the Retail, Wholesale and Department Store Union, wrote a letter to Amazon CEO Jeff Bezos and other executives at the company calling on management to provide greater protections for warehouse workers who continue to work during the COVID-19 outbreak. "We write to you today shocked at reports that Amazon warehouses are not practicing the protocols necessary to protect the well-being of your workers and of the public," the letter reads. "And we are outraged to hear that not only did Amazon executives NOT promptly address the concerns being articulated by your own workers, but you actually fired one of the lead whistleblowers immediately following his courageous action Monday. We call for the swift reinstatement of Chris Smalls to reassure all workers and observers that speaking out about improvements needed to health and safety practices right now is not only tolerated, but WELCOMED as critically important to all of our well-being. You claim to have adopted a number of practices to sanitize worksites and protect workers. But a compelling number of workers have come forward - and even run the incredible personal risk of walking off the job - to report that the actual situation in warehouses does not match Amazon's public relations statements. They report that the circumstances of their work make it impossible to comply with public health protocols - reporting crowded spaces, a required rate of work that does not allow for proper sanitizing of work spaces, and empty containers meant to hold sanitizing wipes. Your workers deserve to have full protections and to be confident that they are not carrying COVID-19 home to their families. And the safety of your workers also impacts the safety of everyone who touches or receives packages once they leave your warehouses. We write in support of your own workers calling for you to CLOSE Amazon warehouses until you put into place real solutions - with independent monitors - to protect your workers and the public in this moment of public health crisis." The letter said it supports workers calling for warehouse closures with full pay for all workers who depend on such warehouses for their income until the company puts into place the following protocols: Independent health and safety inspection and ongoing monitoring to ensure compliance with CDC and other governing health guidelines; 100% pay for all employees during sanitation closures; Cancel all rate and productivity requirements which limit employee time for proper sanitation, including "Time Off Task" for all workers; Stricter protocols for six foot distancing measures; Cover childcare expenses for employees given district wide school closures; Full pay for all workers who cannot return to work because of their own or family member illness or out of need to self-quarantine - for themselves or loved ones; Retroactive pay for workers who have needed to take unpaid time off over the past month due to COVID-19 and its effects on communities; Issue a public statement of improved protocols - for the safety of Amazon's workers and the public.

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PVH Corp. CEO: We have a conservative capital structure » 18:43
04/01/20
04/01
18:43
04/01/20
18:43
PVH

PVH Corp.

$32.53 /

-5.08 (-13.51%)

In an interview on…

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Hot Stocks
Nissan says U.S. manufacturing sites to remain closed through late April » 18:37
04/01/20
04/01
18:37
04/01/20
18:37
NSANY

Nissan

$0.00 /

+ (+0.00%)

Nissan said that its…

Nissan said that its manufacturing facilities in the U.S. will remain closed through late April as a measure to help protect employees and reduce the spread of COVID-19 coronavirus. Some business-essential work that must be done on site will continue with enhanced safety measures.

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Nissan says employee at Kyushu assembly line tests positive for COVID-19 » 18:36
04/01/20
04/01
18:36
04/01/20
18:36
NSANY

Nissan

$0.00 /

+ (+0.00%)

Nissan said that, on…

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Hot Stocks
FTC sues to unwind Altria's $12.8B investment in Juul » 18:30
04/01/20
04/01
18:30
04/01/20
18:30
MO

Altria Group

$37.70 /

-1 (-2.58%)

The Federal Trade…

The Federal Trade Commission filed an administrative complaint alleging that Altria Group, Inc. and JUUL Labs, Inc. entered a series of agreements, including Altria's acquisition of a 35% stake in JUUL, that eliminated competition in violation of federal antitrust laws. The FTC alleged that as competitors, Altria and JUUL monitored each other's e-cigarette prices closely and raced to innovate. Altria also leveraged its ownership of leading brands across tobacco categories to secure favorable shelf space at retailers throughout the United States, the complaint alleges. Although early competition resulted in Altria's MarkTen e-cigarette becoming the second most popular brand by market share, by late 2018, JUUL vaulted past the industry leaders Altria and Reynolds to become the leading e-cigarette company in the country. The Commission alleges that Altria dealt with this competitive threat by agreeing not to compete in return for a substantial ownership interest in JUUL. Weeks after Altria declared its intention to wind down its e-cigarette business, Altria and JUUL announced an agreement that made Altria JUUL's largest shareholder, allowed Altria to appoint an observer to JUUL's Board of Directors, and would have permitted Altria to appoint three members of JUUL's Board after converting its shares to voting securities. JUUL received over $12B, an agreement that Altria would not compete with JUUL for six years, and a range of support services. Reference Link

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Periodicals
Starbucks to extend COVID-19 provisions to May 3, Reuters reports » 18:24
04/01/20
04/01
18:24
04/01/20
18:24
SBUX

Starbucks

$62.63 /

-3.1 (-4.72%)

Starbucks said it intends…

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Periodicals
FTC files suit to unwind Altria's $12.8B Juul investment, Bloomberg says  18:23
04/01/20
04/01
18:23
04/01/20
18:23
MO

Altria Group

$37.70 /

-1 (-2.58%)

 
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Syndicate
Carnival 62.5M share Secondary priced at $8.00 » 18:18
04/01/20
04/01
18:18
04/01/20
18:18
CCL

Carnival

$8.79 /

-4.365 (-33.18%)

The deal size was lowered…

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