The TJX Companies
TJX disclosed an intrusion into systems processing customer transactions after investigators found that payment-card data had been stolen.
-4.4% TJX vs +1.9% 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 sessionJan 16, 2007
Normalized to 100 for both TJX and SPY.
- 02Public disclosureJan 17, 2007 · time unknown
Publication time is not documented; lower timing precision.
- 03First reaction closeJan 17, 2007
-0.7% company total return versus +0.0% for SPY; -0.8 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 | TJX | SPY | Market-relative | Signal |
|---|---|---|---|---|---|
| First reaction | Jan 17, 2007 | -0.7% | +0.0% | -0.8 pp | Below SPY |
| +7 days | Jan 24, 2007 | +0.6% | +0.7% | -0.1 pp | Below SPY |
| +1 month | Feb 16, 2007 | -4.4% | +1.9% | -6.3 pp | Below SPY |
| +3 months | Apr 17, 2007 | -4.9% | +3.3% | -8.2 pp | Below SPY |
| +6 months | Jul 17, 2007 | -0.2% | +9.1% | -9.3 pp | Below SPY |
| +12 months | Jan 17, 2008 | -1.5% | -4.9% | +3.4 pp | Above SPY |
Compare with current catalog aggregates
| Window | This case | Catalog median | Catalog mean | n |
|---|---|---|---|---|
| First reaction | -0.8 pp | -0.8 pp | -1.5 pp | 30 |
| +7 days | -0.1 pp | -2.0 pp | -4.0 pp | 30 |
| +1 month | -6.3 pp | -6.6 pp | -6.8 pp | 30 |
| +3 months | -8.2 pp | -5.1 pp | -6.6 pp | 30 |
| +6 months | -9.3 pp | -5.6 pp | -7.5 pp | 30 |
| +12 months | +3.4 pp | -3.7 pp | -10.1 pp | 30 |
Normalized total return
TJX compared with SPY
Baseline session = 100. Adjusted close reflects splits and reinvested distributions.
The TJX Companies had -1.5% company total return versus -4.9% for SPY; +3.4 pp market-relative return. The chart shows normalized adjusted-close performance for up to 24 months.
View tabular chart fallback
| Date | TJX | SPY |
|---|---|---|
| Jan 16, 2007 | 100.0 | 100.0 |
| Feb 14, 2007 | 96.1 | 101.9 |
| Mar 16, 2007 | 87.7 | 97.3 |
| Apr 17, 2007 | 95.1 | 103.3 |
| May 16, 2007 | 93.1 | 106.5 |
| Jun 15, 2007 | 96.6 | 108.0 |
| Jul 17, 2007 | 99.8 | 109.1 |
| Aug 15, 2007 | 96.3 | 99.5 |
| Sep 14, 2007 | 104.2 | 105.0 |
| Oct 15, 2007 | 101.3 | 109.8 |
| Nov 13, 2007 | 103.2 | 104.9 |
| Dec 13, 2007 | 100.7 | 105.6 |
| Jan 15, 2008 | 96.1 | 98.4 |
| Feb 14, 2008 | 101.7 | 96.3 |
| Mar 17, 2008 | 108.5 | 91.4 |
| Apr 16, 2008 | 106.2 | 98.0 |
| May 15, 2008 | 109.3 | 102.0 |
| Jun 16, 2008 | 114.0 | 97.5 |
| Jul 16, 2008 | 116.5 | 89.2 |
| Aug 14, 2008 | 123.4 | 93.2 |
| Sep 15, 2008 | 113.8 | 86.4 |
| Oct 14, 2008 | 92.9 | 72.3 |
| Nov 12, 2008 | 74.8 | 62.1 |
| Dec 12, 2008 | 68.1 | 64.4 |
| Jan 14, 2009 | 67.3 | 61.6 |
| Jan 16, 2009 | 71.0 | 62.1 |
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
- -1.2% on Jan 18, 2007
- Recovery close
- Jan 19, 2007
- Calendar days
- 2
- Observation cap
- 24 months after disclosure
Hypothetical $1,000
What would $1,000 have looked like?
Compare $1,000 in TJX with $1,000 in SPY, bought and measured on the same dates.
Entry Jan 22, 2007 Exit Jul 20, 2007
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
TJX said it had found unauthorized access to systems that processed and stored customer transaction information. Its investigation concluded that customer data had been stolen over an extended period, with activity dating back to 2005.
The case enters the sample because it was a direct issuer breach with a documented public-disclosure date, large consumer exposure and material legal and regulatory follow-up. The analysis begins with the last market close before the date-only disclosure.
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 Mar 28, 2007TJX fiscal 2007 Form 10-K — Computer Intrusion The TJX Companies / U.S. SEC Supports: Disclosure, Listing, Impact, Description
- Listing evidenceChecked Jul 20, 2026TJX fiscal 2007 Form 10-K U.S. Securities and Exchange Commission The event-period filing identifies TJX as the listed issuer and documents its January 17 public announcement.
Why it is included. The issuer directly suffered a large payment-data intrusion, publicly documented the disclosure date, and described regulatory, litigation and consumer consequences before any market-return review. Reviewed Jul 20, 2026.