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Published on Tuesday, Nov 18, 2008
Target profit falls for third quarter
Target Corp., the second-largest U.S. discount chain, said third-quarter profit fell as customers shunned higher-priced goods in favor of necessities. The company projected lower fourth-quarter earnings than some analysts had estimated.
Net income dropped 24 percent to $369 million, or 49 cents a share, in the quarter ended Nov. 1 from $483 million, or 56 cents, a year earlier, Minneapolis-based Target said. That beat 20 analysts' average estimate by 1 cent. The company also suspended its share buyback program and cut planned capital spending for 2009 by $1 billion.
Target plans to add more grocery items and offer ''sharper'' discounts to draw shoppers as they avoid purchases of jewelry, clothing and home goods, which account for more than 40 percent of the chain's revenue.
In the quarter, customers bought primarily groceries and drugstore items, categories that make up a larger proportion of sales at Wal-Mart Stores Inc.
GM to sell back stake in Suzuki
Cash-strapped General Motors will sell its entire stake in Suzuki Motor Corp. for $230 million, the automaker's latest move to stay afloat while awaiting a decision on government aid for the industry.
Suzuki said Monday it would buy back the 3.02 percent stake from the American auto giant.
The sale is indicative of GM's near-term liquidity challenges, but the proceeds are not very meaningful, Buckingham Research Group analyst Joseph C. Amaturo said in a note to investors.
The GM-Suzuki partnership dates to 1981 but GM sold a 17 percent stake in Suzuki in 2006, leaving it with 3 percent.
Putnam Investments to eliminate 47 jobs
Putnam Investments, which offers funds in Ohio's 529 college savings plan, said it will cut 47 jobs, or nearly 2 percent of the work force, and merge six of the company's stock mutual funds into larger funds as part of a broad restructuring under its new chief executive.
Robert Reynolds, a former Fidelity Investments executive named Putnam's president and chief executive in June, said he also will streamline fund management and reorganize bonuses for money managers and financial analysts to more closely align pay with performance.
Ohio's 529 college savings plan, called CollegeAdvantage and overseen by the Ohio Tuition Trust Authority, offers a mix of investment options, primarily mutual funds from Putnam, The Vanguard Group and Fifth Third Bank.
The Ohio authority sponsors two 529 plans. The first is a direct-sold plan that allows account owners to invest for college directly through the Ohio Tuition Trust Authority.
The second option is an adviser-sold plan that is managed by Putnam and sold through financial advisers. The Ohio plan is expanding the range of investing options for the adviser-sold plan later this year.
Target profit falls for third quarter
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