Why Target Stock Inched Higher Today
Modestly good news on a contract extension helped to lift shares of retail giant Target (NYSE: TGT) 2.1% through 12:30 p.m. ET on Wednesday.
As Target announced, it has secured an extension of its deal to have Canada's Toronto Dominion Bank (NYSE: TD) issue its RedCard credit card and other private label cards for a multiyear period.
Target didn't provide a lot of detail on the contract extension in its update, beyond noting that it has partnered with TD on this card for nearly a decade now. The company did not say, for example, whether the terms of its deal with TD have been altered at all, such as through raised (or lowered) fees paid to TD for its services. It also did not specify a duration for the contract extension.
Source Fool.com
