Is Target Headed Toward Its Biggest Plunge Since 1987?
On "Black Monday" -- October 19, 1987 -- shares of retail giant Target (NYSE: TGT) suffered their steepest one-day decline ever, falling 32.8% in a single day . So at least "Black Wednesday 2022" wasn't quite that bad for Target.
It was, however, more than bad enough. After reporting its fiscal Q1 2023 earnings Wednesday, Target shares tumbled 26% in just the first 15 minutes of trading -- just one day after a smaller earnings miss sent its much larger rival, Walmart (NYSE: WMT), spinning into a near-12% loss.
Expected to report a $3.06 per share profit, Target reported just $2.19 per share, pro forma, on Wednesday. Target did "beat" on sales, reporting $25.2 billion in revenue.
Source Fool.com
