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Tuesday A.M. Report

Target earnings up 53% in Q4: Stronger than expected holiday sales, and good inventory and expense controls, boosted Target Corp. profits more than 53 percent in the retail giant’s fourth quarter. Minneapolis-based Target reported net earnings of $936 million, or $1.24 per share, for the quarter ended Jan. 30, versus $609 million, or 81 cents per share, for the same quarter a year before. Read full story

Timberwolves halving season ticket prices: The Minnesota Timberwolves are slashing season-ticket prices to get more fans into the Target Center. To boost attendance next year, the Timberwolves in March are cutting season ticket prices in half for 2010-11. David Kahn, the NBA team’s president of basketball operations, told fans in a letter that the team is facing a “proverbial chicken-and-egg problem”: The Timberwolves need big Target Center crowds to win, but it needs to start winning to attract the crowds. Read full story

TCF Financial makes $150M stock offering: TCF Financial Corp. has commenced a public offering of $150 million of its common stock. Wayzata-based TCF said the offering, announced shortly after the close of markets on Monday, is meant to enhance TCF’s capital ratios and therefore TCF’s ability to pursue growth and acquisition opportunities. The company said it expects to use the proceeds for “general corporate purposes.” Read full story

Macy’s beats expectations for 4Q: Macy’s Inc. matched Wall Street’s expectations for fourth-quarter sales and beat the street on profits, excluding charges. The department store chain posted fourth-quarter net income of $466 million, or $1.10 per share, compared to a net loss of $4.8 billion, or $11.33 per share, in the year-ago quarter. The fourth quarter of 2008 included a $5 billion charge for goodwill impairment. Read full story 

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