Target to Sell Card Portfolio to TD Bank and 3 Morning Hot Stocks Trading Today
UPS (NYSE:UPS) reports a decline in its third-quarter earnings to $469 million ($.48 a share) from $1.07 billion ($1.09 a share) in the year ago period. On an adjusted basis, EPS was $1.06 and in line. Revenues, at $13.07 billion, were up marginally, down from $13.17 billion last year, missing expectations of $13.3 billion. Volumes were up 2.9% year-on-year to 15.5 million packages despite a global slowdown.
Target (NYSE:TGT) enters an agreement to sell its entire consumer credit card portfolio worth $5.9 billion to TD Bank (NYSE:TD). The latter also becomes the exclusive issuer of Target-branded consumer credit cards to the retailer’s US customers for the next seven years. However, Target will continue to earn a substantial portion of the profits from the Target Credit Card and Target Visa portfolios.
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Third-quarter earnings at Xerox (NYSE:XRX) fell 12% to $282 million ($.21 a share) from $320 billion ($.22) in the year ago period. The company has faced problems in Europe and an increasing trend for consumers to view documents on a mobile device rather than printing them. Revenues were down 2.9% to $5.4 billion and also impacted by adverse currency movements. However, services revenue was higher by 4.8% to $2.8 billion.
Harley-Davidson (NYSE:HOG) reports third-quarter EPS of $0.59, which is ahead of expectations by $0.01, and revenues of $1.09 billion which miss by $30 million and are down 11.6% on a year-on-year basis. Net income was down 27% to $134 million and affected by a slowdown in motorcycle shipments due to the installation of new production systems at the company’s main assembly plant. On an overall basis, motorcycle sales were down 1.3% as sales in the US fell 5.2%. International sales, however, rose 7.6%.