Other Notable News:
Target (TGT) announced a somewhat disappointing increase in November same store sales of 1.8%, falling short of expectations of 2.8%. The good news is that competitor Kohl's (KSS) looked even worse, with sales dropping 6.2% versus expectations of +2%. While Black Friday sales were reported to be brisk, the remainder of November was somewhat sluggish. Food and household sales increases hit the mid-teens, while apparel, toys, music, movies and book sales were flat. All signs point to the retailer likely getting squeezed by Wal-Mart (WMT) , who was the most aggressive of all the retailers over Black Friday. Initiatives such as P-Fresh (Target's grocery concept) and its 5% Red Card Rewards should help to offset other weakness in sales. Maintaining position, but will be watching closely to see how the remainder of the year unfolds.
Portfolio Returns (Nov 10th to Nov 30th):
Deere (DE): +7.71%
Intel Corp (INTC): +3.53%
PepsiCo (PEP): +2.47%
Target (TGT): +2.38%
Norfolk Southern (NSC): +2.37%
Exxon Mobil (XOM): +2.21%
Procter & Gamble (PG): +2.10%
Mattel (MAT): +1.89%
Honeywell (HON): +1.81%
McGraw Hill (MHP): +1.57%
Chubb (CB): +0.55%
Novartis (NVS): -0.95%
Microsoft (MSFT): -1.94%
If you have any questions, comments or suggestions, feel free to message me on Twitter at @bostoncfa
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