Morning Money Memo…

Target says it will eliminate thousands of positions over the next two years amid restructuring at its Minneapolis headquarters, part of cost-cutting measures that it hopes will help the company save $2 billion over the next two years, the company announced.

"While we're in the early days and there's no doubt that transformation can be challenging," Target CEO Brian Cornell said in a statement Tuesday, "we're taking the steps necessary to unleash the potential of this incredible brand."

Several media outlets reported that the elimination of positions will involve layoffs.

The efforts are part of a larger measure to boost business operations, including opening more small stores and creating products to appeal to younger audiences.

Markets Await Employment Data

U.S. markets were lower this morning, as investors looked forward to Friday's employment data. The Dow was down triple digits on the heels of a lower trading day Tuesday. Early reports from payroll processing firm ADP showed jobs growth at about expectations, a positive sign for markets that U.S. economic growth will continue as employers add more jobs. World markets were mixed this morning, with European shares gaining while Asian markets dropped. Crude oil prices have recovered slightly this morning.

Car Sales Hit the Brakes

Rough weather is being blamed for lower-than-expected car sales. U.S. car buying rose 5.3 percent in February from the same time last year, according to Autodata research. Analysts had been expected a sales increase of more than 7 percent for the month, with poor winter weather being blamed for fewer purchases.

iPhone Back on Top

The iPhone reigns supreme once again. Apple bested chief rival Samsung in global smartphone sales for the first time since 2011, selling nearly 75 million units in the fourth quarter of 2014, according to research firm Gartner. The larger-screened iPhone 6 and iPhone 6 Plus have fueled Apple's surge to top phone-maker, now commanding 20.4 percent of the smartphone market. Sales of Samsung phones lost 10 percent of the total market share from last year, to just below 20 percent of all smartphones.