Hot Stock Minute

Investors wait for latest Fed minutes; Target's slight miss; Tiffany shines

Markets will be closely watching comments from a number of Fed officials hitting the speakers circuit today and the Fed minutes released this afternoon to get some clues on when the central bank may hike interest rates.

Target (TGT) is on everyone's radar this morning. The retailer's earnings came in a penny short of estimates at $0.70 a share. Revenue increased to $17.05 billion, slightly beating expectations of $17.01 billion. The data breach continues to take a toll on the company as fewer shoppers visited its stores. Traffic fell for the sixth straight quarter.

Tiffany (TIF) shares were higher in early trading. The luxury retailer smashed earnings estimates coming in at $0.97 a share, while evenue of $1.01 billion also topped forecasts. The company boosted its profit outlook for the year by $0.10 to $4.25 per share.

Google (GOOGL) is looking at foreign acquisitions which could be worth $30 billion. In a letter to the Securities and Exchange Commission the company revealed it had $20 billion to $30 billion overseas set aside for acquisition of foreign companies. Google also stated in the letter that it may spend about $4 billion buying office space and data centers. It has been criticized for keeping money overseas to avoid paying U.S. taxes. Google maintains it complies with tax laws.

 

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