Today’s Research Reports on Stocks to Watch: Target Corporation and Nordstrom, Inc.
NEW YORK, NY / ACCESSWIRE / March 7, 2018 / It was a rough day for Target on Tuesday after the company reported disappointing fourth quarter results. The retailer did however announce $12 an hour for minimum wage this year and that it was committed to offering $15 an hour by the end of 2020. Shares of Nordstrom closed up after reports indicated that the company had rejected the Nordstrom family’s bid to take the company private.
RDI Initiates Coverage on:
Target Corporation
https://rdinvesting.com/news/?ticker=TGT
Nordstrom, Inc.
https://rdinvesting.com/news/?ticker=JWN
Target Corporation shares closed down nearly 4.5% on Tuesday with losses extending into the after-hours session. The retailer traded on significant volume yesterday at around 20 million shares traded compared to an average of almost 7 million shares. The company reported earnings that were shy of estimates and also offered dismal guidance moving forward. For the fourth quarter Target reported EPS of $1.37 with revenue of $22.77 billion. Analysts had been waiting for EPS of $1.38 and revenue of $22.5 billion. Comparable sales however did rise 3.6%. The company also announced the next step of it heading to offering a minimum wage of $15 an hour by the end of 2020. CEO Brian Cornell spoke more about raising the minimum wage and said that the commitment towards it "establishes Target as an employer of choice." Last fall when the company raised its hourly wage, it resulted in a 30% spike in seasonal job applicants that Cornell described as "a much stronger pool of talent to hire from." The company will raise its minimum wage to $12 an hour this year.
Access RDI's Target Corporation Research Report at:
https://rdinvesting.com/news/?ticker=TGT
Nordstrom, Inc. shares closed up 1.14% on about 3.2 million shares traded on Tuesday but were trailing in after-hours trading. The retailer has rejected the Nordstrom family's takeover offer and reportedly has threatened to end talks. The Nordstrom family made an offer to take the publicly traded retailer private but according to a committee that was representing the board, it was not enough. The special committee of Nordstrom's board of directors has been in consultation with its financial advisor Centerview Partners LLC as well as legal counsel Sidley Austin LLP and have suspended talks on the matter until an improved bid is put forth by the Group. The bid was lower than the closing price of $51.90 on Mar 5.
Access RDI's Nordstrom, Inc. Research Report at:
https://rdinvesting.com/news/?ticker=JWN
Our Actionable Research on Target Corporation (NYSE: TGT) and Nordstrom, Inc. (NYSE: JWN) can be downloaded free of charge at Research Driven Investing.
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