Target
Target confirmed unauthorized access to payment-card data from US stores during the peak holiday shopping period.
-5.2% TGT vs +1.6% SPY
This site shows how share prices moved after an incident became public. It does not prove that the incident caused the move. Company news, sector moves and the wider market can affect every result. Educational only — not investment advice.
Disclosure timing
When could the market react?
The baseline is the last adjusted close before the news was public. The reaction session is the first close afterward.
- 01Baseline sessionDec 18, 2013
Normalized to 100 for both TGT and SPY.
- 02Public disclosureDec 19, 2013 · time unknown
Publication time is not documented; lower timing precision.
- 03First reaction closeDec 19, 2013
-2.2% company total return versus -0.1% for SPY; -2.1 pp market-relative return.
Disclosure time is unknown; the previous session close is used as baseline.
Time windows
Company vs SPY
Each row uses the last trading session on or before its target date. “Market-relative” is the company return minus the SPY return, in percentage points.
| Window | Endpoint | TGT | SPY | Market-relative | Signal |
|---|---|---|---|---|---|
| First reaction | Dec 19, 2013 | -2.2% | -0.1% | -2.1 pp | Below SPY |
| +7 days | Dec 26, 2013 | -1.7% | +1.7% | -3.4 pp | Below SPY |
| +1 month | Jan 17, 2014 | -5.2% | +1.6% | -6.8 pp | Below SPY |
| +3 months | Mar 19, 2014 | -5.7% | +3.3% | -9.0 pp | Below SPY |
| +6 months | Jun 19, 2014 | -6.2% | +9.2% | -15.4 pp | Below SPY |
| +12 months | Dec 19, 2014 | +20.1% | +16.5% | +3.6 pp | Above SPY |
Compare with current catalog aggregates
| Window | This case | Catalog median | Catalog mean | n |
|---|---|---|---|---|
| First reaction | -2.1 pp | -0.8 pp | -1.5 pp | 30 |
| +7 days | -3.4 pp | -2.0 pp | -4.0 pp | 30 |
| +1 month | -6.8 pp | -6.6 pp | -6.8 pp | 30 |
| +3 months | -9.0 pp | -5.1 pp | -6.6 pp | 30 |
| +6 months | -15.4 pp | -5.6 pp | -7.5 pp | 30 |
| +12 months | +3.6 pp | -3.7 pp | -10.1 pp | 30 |
Normalized total return
TGT compared with SPY
Baseline session = 100. Adjusted close reflects splits and reinvested distributions.
Target had +20.1% company total return versus +16.5% for SPY; +3.6 pp market-relative return. The chart shows normalized adjusted-close performance for up to 24 months.
View tabular chart fallback
| Date | TGT | SPY |
|---|---|---|
| Dec 18, 2013 | 100.0 | 100.0 |
| Jan 21, 2014 | 93.2 | 101.9 |
| Feb 20, 2014 | 89.8 | 101.9 |
| Mar 21, 2014 | 94.3 | 103.5 |
| Apr 22, 2014 | 95.6 | 104.4 |
| May 21, 2014 | 91.4 | 105.1 |
| Jun 20, 2014 | 93.1 | 109.4 |
| Jul 22, 2014 | 94.8 | 110.7 |
| Aug 20, 2014 | 97.2 | 111.1 |
| Sep 19, 2014 | 102.8 | 112.6 |
| Oct 20, 2014 | 97.2 | 106.8 |
| Nov 18, 2014 | 109.6 | 115.3 |
| Dec 18, 2014 | 121.2 | 116.0 |
| Jan 21, 2015 | 120.1 | 114.6 |
| Feb 20, 2015 | 125.7 | 119.2 |
| Mar 23, 2015 | 132.8 | 119.0 |
| Apr 22, 2015 | 133.0 | 119.4 |
| May 21, 2015 | 130.7 | 121.0 |
| Jun 22, 2015 | 138.6 | 120.7 |
| Jul 22, 2015 | 136.3 | 120.4 |
| Aug 20, 2015 | 133.7 | 116.1 |
| Sep 21, 2015 | 129.7 | 112.5 |
| Oct 20, 2015 | 123.3 | 116.3 |
| Nov 18, 2015 | 116.6 | 119.5 |
| Dec 18, 2015 | 119.2 | 115.2 |
Price recovery
Recovered
Here, recovery only means that adjusted close reached the baseline again. It does not mean every effect of the incident ended.
- State
- Recovered
- Initial trough
- -2.9% on Dec 24, 2013
- Recovery close
- Sep 11, 2014
- Calendar days
- 266
- Observation cap
- 24 months after disclosure
Hypothetical $1,000
What would $1,000 have looked like?
Compare $1,000 in TGT with $1,000 in SPY, bought and measured on the same dates.
Entry Dec 23, 2013 Exit Jun 23, 2014
Uses fractional shares and adjusted close. Leaves out taxes, fees and slippage. The holding period starts on the purchase date. This is a historical illustration, not an investment strategy.
Case note
Target confirmed that attackers had obtained payment-card data used in its US stores. The incident covered transactions made during the holiday season and led the company to notify customers, work with law enforcement and offer protective services.
This observation measures Target from the previous trading session because the source documents the day, but not a sufficiently precise release time. Later settlement and operating effects are context, not evidence that every subsequent price move was caused by the breach.
Evidence
Sources and case review
We qualify each case before checking its price results. These links support the disclosure date, listing, incident and business impact.
- primary Dec 19, 2013Target confirms unauthorized access to payment card data in U.S. stores Target Corporation Supports: Disclosure, Impact, Description
- primary Mar 14, 2014Target 2013 Form 10-K Target Corporation / U.S. SEC Supports: Listing, Impact
- Listing evidenceChecked Jul 20, 2026Target confirms unauthorized access to payment card data Target Corporation The issuer announcement and event-period filings identify Target and its NYSE-listed common stock.
Why it is included. Target was the direct victim, the issuer announcement fixes the public-disclosure date, and the payment-card exposure and subsequent response provide a clear consumer-impact signal. Reviewed Jul 20, 2026.