News Summary (TWX, TGT, MDP)

Time Inc (NYSE: TWX) has pulled in Jack Griffin, an executive with Meredith (NYSE: MDP), to replace retiring Ann Moore as its CEO and eventually chairman. The changeover has come at a tough time when magazines are facing a downfall in readers and advertising and the Time’s competitor Newsweek has been sold to stereo tycoon Sidney Harman.

Target (NYSE: TGT) could see a sharp rise in its shares to up to $70 within a year if its merchandising and pricing promotions is successful in boosting its traffic and profits, according to Barron's. TGT’s new discount program is expected to drive the company’s same-store sales by one percentage point in Q4 and two points next year. Thus, these promotions can raise Target’s annual sales by $1 billion and EPS by $0.08.

According to FT, the Fed is set to downgrade its assessment of US economic prospects during the meeting tomorrow. However, the Fed may not agree to initiate new steps, such as major new round of asset purchases, to boost the nation’s growth. Meanwhile, the FOMC will ensure that its policy does not create a hindrance to the country’s growth and simply used its statement to signal its heightening concern about the country’s economy.

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