Target Canada to Undergo Cultural Judgment

The Canadian cabinet said it has ordered a review of Target Corp’s (NYSE:TGT) plan to move into Canada. The country’s leaders want to determine whether or not it would be a net cultural benefit to the country. Wow! Let the judgment begin.

The March 27 decision came on the recommendation of Heritage Minister James Moore, and the review–under the Investment Canada Act–would involve looking at whether the store’s “cultural” sales, like books, will contain enough Canadian content.

The retain giant plans on opening 125 to 135 stores in the country starting in March or April 2013, a move Wal-Mart (NYSE:WMT) is attempting to counter with its own expansion.┬áTarget Canada spokeswoman Lisa Gibson said a review like this “is standard when you want to sell cultural products such as DVDs, books, and music.”

Here’s how shares of Target and Wal-Mart closed the week:

Target Corp. (NYSE:TGT): TGT shares recently traded at $57.72, down $0.1, or 0.17%. They have traded in a 52-week range of $45.28 to $58.95. Volume today was 7,552,499 shares versus a 3-month average volume of 5,826,100 shares. The company’s trailing P/E is 13.49, while trailing earnings are $4.28 per share.

Wal-Mart Stores Inc. (NYSE:WMT): WMT shares recently traded at $60.67, up $0.41, or 0.68%. They have traded in a 52-week range of $48.31 to $62.63. Volume today was 6,528,712 shares versus a 3-month average volume of 8,669,150 shares. The company’s trailing P/E is 13.42, while trailing earnings are $4.52 per share.

To contact the reporter on this story: Patricia Lee at staff.writers@wallstcheatsheet.com

To contact the editor responsible for this story: Damien Hoffman at editors@wallstcheatsheet.com