Goldman cuts Chipotle price target; Target launches $5B buyback; FedEx jumps on earnings beat

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Chipotle (CMG) – Goldman Sachs (GS) cuts its price target on Chipotle to $395 from $445 on signs of reduced benefit from Chiptopia, its loyalty program. The promotion began July 1 and runs through the end of the month.

Target (TGT) – The retail giant has launched a new $5 billion share buyback program. Target also declared a quarterly dividend of 60 cents per common share, unchanged from the third quarter.

FedEx (FDX) – The shipping giant topped Wall Street earnings estimates on both the top and bottom lines and raised its full-year EPS outlook. FedEx posted adjusted earnings per share of $2.90 on revenue of $14.7 billion.

Wal-Mart (WMT) – The retail giant is paying out bonuses totaling more than $200 million to 900,000 US workers for the second quarter. The quarterly bonuses are designed to motivate employees and reward them for their hard work.

Wells Fargo (WFC) – JPMorgan (JPM) downgraded Wells Fargo to neutral from buy, citing the fallout over fraudulent accounts. JPMorgan also trimmed its price target to $48 from $53.50.

AT&T (T) – The telecom giant is testing a new way to deliver high-speed broadband. AT&T has filed patents for technology to deliver broadband over electrical power lines and is looking to test it next year.

Adobe Systems (ADBE) – The company reported a better-than-expected 20% rise in quarterly revenue, driven by added subscribers for its Creative Cloud package of software tools. Adobe posted adjusted earnings per share of 75 cents. Analysts were expecting 72 cents.