Why Target Stock Inched Higher Today

Modestly good news on a contract extension helped to lift shares of retail giant Target (NYSE: TGT) 2.1% through 12:30 p.m. ET on Wednesday. As Target announced, it has secured an extension of its deal to have Canada's Toronto Dominion Bank (NYSE: TD) issue its RedCard credit card and other private label cards for a multiyear period. Target didn't provide a lot of detail on the contract extension in its update, beyond noting that it has partnered with TD on this card for nearly a decade now.