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Target tumbles; Coach climbs; Gannett gains on spinoff plan

Hot Stock Minute
Target tumbles; Coach climbs; Gannett gains on spinoff plan

Here is a look at some of the stocks the Yahoo Finance team will be watching for you today.

Target (TGT) shares fell in the pre-market after the retailer cut its earnings outlook for the second quarter to $0.78 a share from $0.85 to $1 a share. The company blamed deep discounts, soft sales in Canada and charges related to last year's massive data breach.

Coach (COH) shares rose in early trading. The apparel retailer reported earnings that beat analysts' estimates by $0.06. Revenue also topped forecasts, but fell more than 6% from a year earlier. The company benefited from a 7% rise in sales in overseas markets such as China. However, sales in North America fell 16%. Costs and expenses also increased.

Avis Budget (CAR) stock raced ahead before the bell. The auto-rental company reported earnings and revenue that beat analysts' estimates. Revenue jumped 10% percent from a year earlier, driven largely by an 8% increase in rental days and pricing initiatives in North America. The company also raised its earnings and revenue outlook for the year.

American International Group (AIG) shares rose in the pre-market. The insurer reported better-than-expected second quarter earnings. Profit rose 12.5% from a year earlier, thanks to strong growth across all its major businesses and the sale of its aircraft leasing unit. Separately, AIG agreed to pay $960 million in cash to settle shareholder lawsuits that accused the company of misleading investors about its finances in the run-up to the financial crisis that led to a government bailout.

CVS Caremark (CVS) shares were slightly higher before the bell. The company reported earnings and revenue that topped analysts' estimates. Profits and revenue rose 11% percent from a year earlier thanks to growth in its services and retail businesses. CVS also lifted its earnings outlook for the year.

Gannett (GCI) soared in early trading. The company announced this morning that it will split its print operations, including USA Today and 81 other daily U.S. newspapers, from its broadcast and digital operations. Gannett also said it will acquire the remaining 73% stake of Classified Ventures, owner of Cars.com, that it doesn't already own for $1.8 billion. Classified Ventures will be a part of the broadcast and digital operations which will include CareerBuilder.com and 46 television stations.