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

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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Michaels Stores, the national chain of arts and craft stores, also had planned to go public -- but the company has withdrawn its IPO filing.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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20 Comments

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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
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
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
crazy ray

Apple makes a breakthrough in China? You mean besides slave labor of children?

December 23 2013 at 10:04 AM Report abuse rate up rate down Reply
2 replies to crazy ray's comment
Iselin007

People were warned about Eve and the apple but they don't listen.

December 23 2013 at 1:29 PM Report abuse rate up rate down Reply
Iselin007

You can't get through the golden gates lowballing labor but then again there is no Internet connection below to here rebuttals!

December 23 2013 at 1:36 PM Report abuse rate up rate down Reply
James

Down with Target, customers. If Target didn't have the decency to notify its customers of the breach of credit card data when it knew it, she should suffer during this Christmas season. DO NOT SHOP AT TARGET.....NO TARGET. Let Target and Jamie Dimon, CEO of Chase bank, both share the title of SCROOGE of Christmas 2013. Dimon has put a limit on the amount of money one can spend or withdraw from their accounts. If that isn't SCROOGE then what is. Jamie caused the bank to have to pay a fine of $13 billion and now he wants to punish the customers of Chase because he got caught with his "crooked" ways. Down with Jamie Dimon the SCROOGE of 2013.....

December 23 2013 at 9:47 AM Report abuse +2 rate up rate down Reply
1 reply to James's comment
theycallmeroy3

I take it you didn't receive his family Christmas card in the mail? Had to do with balls. A lot of balls. Putting customers balls on the line. Good.

December 23 2013 at 9:55 AM Report abuse rate up rate down Reply
djiacono

Why did it take Target almost three weeks to report the breach in security of credit card data? This should have been picked up quickly and reported to the public promptly. Another big box store that could care less about their customers.

December 23 2013 at 9:00 AM Report abuse +3 rate up rate down Reply
1 reply to djiacono's comment
Iselin007

It might of taken so long to report this because their Red Phones are Dial up?

December 23 2013 at 1:31 PM Report abuse rate up rate down Reply