Money Minute: Backlash Hurts Target Sales; Apple Scores Big China Deal

Target reportedly suffers a consumer backlash and Apple makes a breakthrough in China.

Shoppers may have punished Target (TGT) after the retailer revealed last week that 40 million people had personal information compromised in a data security breach. Analysts estimate the number of transactions at Target stores over this key weekend fell compared to a year ago. Many customers are angry it took Target several weeks to inform the public of the hacking incident.

Reuters reports that other retailers also struggled this weekend.

CHINA-US-IT-TELECOM-APPLE
Rita Qian, AFP/Getty Images
After weeks of rumors, Apple (AAPL) says China Mobile will start taking pre-orders for the iPhone this week, and start selling the devices Jan. 17. That opens the door for Apple to expand its presence in China and reach China Mobile's 700 million customers.

A Dutch arbitration panel has ruled the luxury retailer Tiffany (TIF) must pay $450 million in damages to Swatch. The Swiss watchmaker had accused Tiffany of breach of contract. As a result of the ruling, Tiffany will take a big fourth-quarter charge.

Here on Wall Street, the Dow Jones industrial average (^DJI) and the Standard & Poor's 500 index (^GPSC) start the week at all-time highs, after the major averages rallied last week.

Friday's record for the Dow was its 47th this year, but this one was different from all of the others. This is the first inflation-adjusted record for the Dow since January of 2000.

The Chrysler IPO plan is on hold. Fiat Chairman Sergio Marchionne has reportedly restarted talks with a trust run the by the United Auto Workers about buying the 41 percent stake it holds in Chrysler. Fiat doesn't want the union to sell its shares in a public offering. That would make it more difficult for the Italian automaker to take total control of Chrysler.

Lastly, Michaels Stores, the national chain of arts and craft stores, also had planned to go public -- but the company has withdrawn its IPO filing. Michaels is owned by a pair of large investment firms.

-Produced by Drew Trachtenberg.

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militiaman2013

Target admits minimum wage employee loading porn onto store computers caused data breach and JP Morgan now limiting customers form withdrawing their own money at Christmas.

This is a massive Bank fraud perpetrated on the American people.

TAKE YOUR MONEY OUT OF THE BANKS WHILE YOU STILL CAN.

December 23 2013 at 3:12 PM Report abuse +1 rate up rate down Reply
1 reply to militiaman2013's comment
rgkarasiewicz

Better take your money out of the credit unions too while you still can as you can be sure that they will follow suit with strict capital controls as well.

December 23 2013 at 4:32 PM Report abuse rate up rate down Reply
Iselin007

So you replaced that regular light bulb with the new type and fired all those coal miners but your products end up in the dumpster because they were crap. Proud of yourself?

December 23 2013 at 2:01 PM Report abuse rate up rate down Reply
1 reply to Iselin007's comment
rgkarasiewicz

Why blame us? It was the frickin\' politicians who forced those crappy CFL\'s down our throats!

December 23 2013 at 4:26 PM Report abuse rate up rate down Reply
Iselin007

What you missed was the returns that will be coming back filling up empty trailers with cheaply made crap from low wage countries by cheap unskilled labo that displaced the American workers who knew what they were doing. And so ends another year of crap shrinked wrapped to pallets made on the cheap only to return to vendors or be tossed into the compacter making going green a bigger joke than you\'ll ever know!

December 23 2013 at 1:57 PM Report abuse rate up rate down Reply
militiaman2013

Having a credit card in you pocket means your paying the 1% interest to hold their device which tracks everything you do and put it in a database the 1% use to make stealing from you more efficient for them.

And...the minimum wage genius' who handle your data at the store don't care what happens to the data or who gets their hands on it because they make minimum wage and they think it's a joke when they allow your personal information to enter the public highway.

December 23 2013 at 1:52 PM Report abuse +1 rate up rate down Reply
rgkarasiewicz

What\'s wrong with the Chrysler IPO? Why not put some of the controlling interest into the hands of Americans? It sure makes a good deal of sense to me.

December 23 2013 at 12:52 PM Report abuse +1 rate up rate down Reply
rgkarasiewicz

You would do best by avoiding Target altogether. What a crap store!

December 23 2013 at 12:48 PM Report abuse rate up rate down Reply
fakeconomics1

Target wants to cash in with our private information by selling it other agencies. Marketing Lists!! Screw the c9nsumers? Now they are liable for any loss or identity theft problems.

December 23 2013 at 11:43 AM Report abuse +2 rate up rate down Reply
jimmy_branch

Wake up sheep Target is just the most recent player to allow your data to be stolen and you can be sure it's the White House stealing it with Target getting compensated under the table and next month it will be the same story but a different company. If you don't have cash you shouldn't be in the store anyway - stop being a slave to credit and the debit card which is the government in your pocket tracking everything you do.

December 23 2013 at 10:38 AM Report abuse +1 rate up rate down Reply
2 replies to jimmy_branch's comment
Ron

Sad about what you just said, people will actually believe what you just said.

December 23 2013 at 12:57 PM Report abuse +2 rate up rate down Reply
1 reply to Ron's comment
petey

Yes, idiots will believe that. The same idiots who believe the president is not American, They can not be helped so don't worry about them.

December 23 2013 at 1:03 PM Report abuse rate up rate down
petey

Jimmy, go take your meds. The voices seem to be making their way back.

December 23 2013 at 1:02 PM Report abuse -1 rate up rate down Reply
jimmy_branch

Steve jobs is dead Apple is dead - you can only remake and re-color Steve Jobs innovations so many times and even sheep who buy this garbage will stop.

December 23 2013 at 10:34 AM Report abuse +1 rate up rate down Reply
tmlbtb

They should be hurting. These corporations are sitting on record profits, instead of giving raises, or hiring, they invest it in Wallstreet. They prey on people who can\'t afford what they buy, and then apologize to the customer after letting their credit card get ripped off.

December 23 2013 at 10:28 AM Report abuse rate up rate down Reply