Target's Net Income Fell 46%; Credit Suisse Admits Helping Americans Evade Taxes
After climbing during the morning trading session, the stocks reversed and ended with only small gains on the day. Target's (TGT) woes aren't over yet. After experiencing a massive security breach at the end of 2013 they are beginning to feel the financial consequences. Target's net income fell 46% in the fourth quarter, in comparison to the fourth quarter in 2012. Sales also fell 5.3% as customers were still worried about shopping at the retailer. The CEO of Credit Suisse (CS) admitted today that the banking giant helped U.S. clients evade paying taxes.Despite feeling regretful for their actions, the punishment that will be imposed on the bank has yet to be set.
Word on the Street
- Delta (DAL) makes major change to frequent flyer program.
- New home sales rise in the Northeast.
- Target's (TGT) profit falls after massive breach.
- Big businesses fight raising the minimum wage.
- 360 million stolen credentials were found on the black market.
- InterMune (ITMN) soars on lung disease treatment tests.
Published on Feb 26, 2014By InvestorGuide Staff