Here we are about to listen to Target's Q3 webcast. Target released earnings and financials before the market opened today. Here is the slim rundown of those numbers:

14% earnings rise to $506 million -- or $0.59 EPS on revenues of $13.57 billion. Analysts were expecting $0.55 EPS and $13.58 billion in revenue. Target also maintained estimates for November same-store-sales growth of 4% to 7%. TGT shares were up 2.5% at $59.25 in pre-market activity with the 52-week trading range is $44.70 to $60.34.

All times below are in EST, so with that said, let's hear what Target execs have to day along with what they *may* say about competitor Wal-Mart's moves into its higher-end territory -- as analysts are probably chomping at the bit to ask.

10:04am -- I'm on the webcast wating for it to start ... twiddles thumbs a bit....

10:07am -- CEO Bob Ulrich starts the conference call by saying he'll provide a competitive outlook for Target's next fiscal year. He states that TGT released excellent results this morning as he reads from the most marketing-laden script I've ever heard with robotic-like quality. Yeah!

10:09am -- Target's CFO starts to announce the results that I've wrapped up above -- nothing to see here really, except highlights like growth due to new stores and 2005's excellent growth as well, which fueled 2006's growth rate. Kool beans.

10:12am -- Credit card operations saw increased uptake with an 11% Y-o-Y growth -- meaning Target customers are signing up for an using Target-branded credit cards in increasing amounts. That's it -- put all your purchases on credit so you don't have to pay for them! That is, until later when that gallon of milk will cost you $15 due to finance charges. Heh.
10:15am -- Target's CFO says that receivables have grown inline with sales -- which is what Target expected and which has happened in the latest quarter. Target's natural seasonality will affect Q4 as the holiday shopping season bears on, but will normalize in 2007 even as Target's Q4 will be outstanding.

10:18am -- Next up is Target's merchandising chief (I think). He states that growth areas in the most recent quarter insofar as business trends were men's apparel, games, toys and infant apparel. Interesting. Interesting. He mentions that consumer electronics expansions as well as prepaid cellular from T-Mobile and Verizon Wireless all boosted Q3 merchandising results and brought more traffic into stores.

10:20am -- newer, no-preservative frozen foods, organic foods and a certified organic produce section as mentioned as a differentiator from Wal-Mart insofar as Target's food offerings. Very cool.

10:23am -- newer items like apparel and clothes selections with designer endorsements are now being offered -- things like 100% Italian Wool men's sweaters and similar items. In addition to this, Target will intro a "Limited Time Only" gift selection that will debut in the Black Friday circular -- and these items have not been offered at Target before. So far. Target's execs have sounded rather dull in reading from their scripts -- show some emotion, folks!

10:25am -- an analyst Q&A starts....

10:26am -- a Piper Jaffray analyst asks about sourcing within Target and where it is going with its global sourcing efforts. Target answers the global sourcing question by stating that this year, 30% of all Target products will be imported out of all Target merchandise.

10:28am -- next Q&A question comes in as a sales mix between regular Target stores and SuperTarget stores. SuperTarget stores -- insofar as square footage -- are growing at about double the rate as growth in square footage within Target's general stores (stores without groceries).

10:30am -- the next analyst question comes in from Bear Stearns. It involves credit card trend deterioration -- some banks are seeing slowdowns, so it Target? Target's CFO states that Target's credit card business remains very robust -- no further details really except for some filler statements about write-offs and defaults from customers.

10:35am -- the next analyst question details out an overlap with Wal-Mart in the toys and consumer electronics categories. This year, Target expects severe competition within the toys, electronics and small appliances sections in the next 45 days. To this point, the in-fighting continues with Wal-Mart and Target will continue to match the aggressive price cuts Target expects from Wal-Mart as soon as Wal-Mart makes its prices public.

10:37am -- the next question comes in regards to how soon Target can respond to competitors' price cuts and circulars -- and Target responds very quickly, sometimes before the "rollback" is even printed in a Wal-Mart ad. An additional question about Target being a certified organic retailer comes in -- and a very good analyst question about the viability of organic supplier to match Target's scale is asked. Target says that its "Archer Farms" brand sees issues now with organic supplies but the situation is constantly reviewed.

10:43am -- a question comes in regards to Target's response to Wal-Mart's recent generic prescription drug price drops -- and Target answers that it has matched Wal-Mart in this area in every way and will continue to do so. A sidenote about additional traffic coming into stores offsetting the price drops is offered. That is just what TGT investors need to hear :-)

10:45am -- a question comes in regards to the re-modeling of many Wal-Mart stores to "look" more like Target stores. Target responds in that they don't expect Wal-Mart store re-models to affect Target's business at all. Wow -- that's quite a statement and it should make 1) Wal-Mart scared of wasting capital on chasing a ghost or 2) Target seeing that it has a pretty confident head on its shoulders

10:48am -- another question comes in regards to incoming store traffic driving comp store sales -- or is it "ticket" increases. The answer comes in the form of traffic and ticket both driving comp store sales -- and it changes by season. Duh. Good general answer from Target here on a rather goofy analyst question on what drives comp store sales. It changes all the time and it's hard to pin down at any given time or quarter.

10:55am -- one of the last analyst questiona revolves around inventory levels around quarter-end and Target responds by saying that it can't be detailed at this time for this quarter due to the 53-week eyar this year. Target will most likely have more inventory on hand as a result just due to the structure of the year itself.

10:58am -- that's it -- Target's webcast on its Q3 results has ended. If I was to say anything of this webcast, it's that Target is extremely confident that it can continue to compete head-to-head with Wal-Mart and that it almost enjoys its placement in the retail marketplace in light of Wal-Mart's sheer size.