Retail Stocks Move Higher on Ackman/Target (TGT) News
Tweet
Share
E-mail
Get Alerts TGT Hot Sheet
Up)Join SI Premium – FREE
Retail stocks are surging today despite consumer confidence which set an all-time low earlier (reading of 38, compared to the Street estimate of 52).
Traders seem to be bidding up the sector today on the back of news that Bill Ackman's Pershing Square Capital will host a presentation tomorrow addressing possible ideas that could increase shareholder value at Target (NYSE: TGT), Ackman's largest holding at Pershing Square. Since Pershing Square made the announcement, Target has also released a note confirming that the hedge fund has shared various ideas for an alternative ownership structure related to Target's real estate. Target also said that it has been evaluating these ideas with the assistance of outside advisors, but that it has not yet made any conclusions on these possibilities.
Shares of Target are currently up 8.2% to $35.36. Elsewhere in the sector: Sears (Nasdaq: SHLD), Ackman's second largest position (at the quarter ended June 30, 2008), is up 7.2%, Costco (Nasdaq: COST) up 4.3%, Best Buy (NYSE: BBY) up 7%, and Home Depot (NYSE: HD) is up 2.2%.
Traders seem to be bidding up the sector today on the back of news that Bill Ackman's Pershing Square Capital will host a presentation tomorrow addressing possible ideas that could increase shareholder value at Target (NYSE: TGT), Ackman's largest holding at Pershing Square. Since Pershing Square made the announcement, Target has also released a note confirming that the hedge fund has shared various ideas for an alternative ownership structure related to Target's real estate. Target also said that it has been evaluating these ideas with the assistance of outside advisors, but that it has not yet made any conclusions on these possibilities.
Shares of Target are currently up 8.2% to $35.36. Elsewhere in the sector: Sears (Nasdaq: SHLD), Ackman's second largest position (at the quarter ended June 30, 2008), is up 7.2%, Costco (Nasdaq: COST) up 4.3%, Best Buy (NYSE: BBY) up 7%, and Home Depot (NYSE: HD) is up 2.2%.
You May Also Be Interested In
- Super Micro Computer (SMCI) Falls 6%
- Midday top small-cap gainers
- Primerica (PRI) Mentioned Cautiously at Bear Cave
Create E-mail Alert Related Categories
Insiders' Blog, Trader TalkRelated Entities
William Ackman, Pershing Square Capital, Hedge FundsSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
