TARGET misses Target???
Target reported earnings this quarter of $0.74 vs. $0.75 last year. It beat analysts estimates by a bit but this point will probably be missed:
"outstanding shares have been reduced approximately 8 percent since the announcement of this share repurchase program six months ago."
WOW!!! Earnings negative and 8% of shares repurchased.
In addition, in its credit card portfolio, delinquincies have increased for 6.7%, to 8.7% in the last few months.
Is Target going subprime?
Further, Target just raised about $3.6 Billion selling about $4 Billion of credit card receivables.....Guess what they are going do to with that cash? Yup....buy more shares to hopefully sugarcoat any future earnings decrease?