News

Ann Arbor, Mich. -- The Thomson Reuters/University of Michigan preliminary index of consumer sentiment, released Friday, showed that confidence among U.S. consumers unexpectedly declined in October, with Americans more pessimistic about current economic conditions.

The index decreased to 67.9, the lowest since July, from 68.2 in September.

Unemployment projected to remain above 9% through next year may keep weighing on sentiment and make Americans reluctant to ramp up their spending, which accounts for 70% of the economy.

Minneapolis -- Target announced that more than 55 of its stores in the Chicago area have been redesigned to further deliver one-stop shopping convenience for guests. The stores have been updated to feature the retailer’s open-market grocery layout, with an expanded selection of fresh produce, fresh meat and baked goods.

Plano, Texas -- J.C. Penney said Monday that it has adopted a shareholder rights plan, or so-called poison pill, in light of "recent rapid accumulations of a significant percentage of the company's outstanding common stock." The plan has a term of one year. The rights have a 10% trigger.

• The news follows the announcement that activist investor Bill Ackman's Pershing Square Capital Management and real estate firm Vornado Realty Trust recently disclosed a 16.5% and 9.9% stake each in the retailer.