Today in business: 5 things you need to know

1. TARGET MISSES FIRST QUARTER GOALS

Target Corporation saw a 29 percent drop in first quarter earnings, causing the mega-retailer to adjust its full year earnings outlook to $4.70 to $4.90 a share, from $4.85 to $5.05. CEO Gregg Steinhafel blamed the cooler weather, noting that spring apparel and other weather-contingent items saw the largest drop. The company, which opened 24 stores in Canada during the quarter, and another 24 this month, has not lowered its goal of 124 new Canadian stores by the end of the year. [Wall Street Journal]

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2. BERNANKE WARNS CONGRESS AGAINST SLOWING STIMULUS

"A premature tightening of monetary policy could lead interest rates to rise temporarily," Fed Chairman Ben Bernanke told Congress today, "but also would carry a substantial risk of slowing or ending the economic recovery." He conceded, however, that if the labor market improves, the Fed could feasibly start tapering its buying of government bonds (the strategy it uses to stimulate the economy). Asked if he would start slowing down by Labor Day, Bernanke responded, "I don't know." [New York Times]

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3. SAKS STOCK SOARS ON NY POST REPORT

Tuesday afternoon, the New York Post reported that Saks Fifth Avenue had hired Goldman Sachs to explore a possible sale, sending shares up nearly 20 percent today. The department store just reported a strong first quarter with same-store sales jumping 6 percent. Just the Fifth Avenue flagship in Manhattan may be worth as much as $1 billion, says the Post, which also cited large equity firms KKR and Leonard Green & Partners as "likely" bidders. [CNN]

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4. FLIGHT ATTENDANTS FAVOR WELL-DRESSED, 30-SOMETHING MEN FOR CABIN UPGRADES

Sorry, ladies. A new survey of 700 flight attendants around the world reveals the type of passenger most likely to get an upgrade: well-dressed, 30-something men who are flying alone. One-third of flight attendants say they also give special upgrade favors to passengers with broken limbs. Teenage girls, those wearing revealing clothing, and those traveling in groups are least likely to win better seats. [News.com.au]

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5. TUMBLR'S DAVID KARP IS WORTH $200 MILLION

David Karp is not, we repeat, not, a billionaire. Forbes estimates that Karp will be merely one-fifth of a billionaire after selling his company, Tumblr, to Yahoo for $1.1 billion. Karp owns a 25 percent stake in Tumblr, and the deal scored him $250 million plus "a small amount" of Yahoo sales. The 26-year-old will pay a 33 percent tax rate, landing him with a net worth of about $200 million. We expect he'll be just fine. [Forbes]