Target’s stock sinks toward worst day since Black Monday

Target's stock sinks toward worst day since Black Monday

Shares of Target Corp.
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
crashed 22.6%. Target’s bad day follows the 11.4% drop in rival Walmart Inc.’s stock
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
has eased 0.9%.

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