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Target’s stock sinks toward worst day since Black Monday

Target's stock sinks toward worst day since Black Monday

Shares of Target Corp.
TGT,
-1.41%
are suffering a black Wednesday, as they are plunging toward their worst one-day performance in 35 years. The stock is shedding 21.6% in premarket trading, after the discount retailer reported a big fiscal first-quarter profit miss. If the stock ends the regular session down that much, it would be the biggest percentage decline since it plummeted 32.96% on Oct. 19, 1987, which is known on Wall Street at Black Monday because the Dow Jones Industrial Average’s
DJIA,
+1.34%
crashed 22.6%. Target’s bad day follows the 11.4% drop in rival Walmart Inc.’s stock
WMT,
-11.38%
on Tuesday, which was the biggest selloff since Oct. 16, 1987, also in the wake of disappointing earnings. Over the past 12 months, Target’s stock has gained 4.3% through Tuesday, while Walmart shares have shed 7.4% and the S&P 500
SPX,
+2.02%
has eased 0.9%.

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