Why Target, Costco, and Kohl's Stocks Got Pummeled This Week
The overall stock market has been struggling with the Dow Jones Industrial Average heading for its eighth straight losing week. For retail stocks including Target (NYSE: TGT), Costco Wholesale (NASDAQ: COST), and Kohl's (NYSE: KSS), this past week has been the worst of them all. As of Friday midmorning trading, Target shares had dropped a whopping 30% for the week. The stocks of Costco and Kohl's were both down about 16%, according to data provided by S&P Global Market Intelligence.
These moves came after both Target and Kohl's reported first-quarter results this week. Both retailers badly missed expectations for bottom line net income. That came from a combination of rising costs and supply chain disruptions, along with a changing consumer environment.
Source Fool.com
