Another Tough Day for Target, Best Buy Investors
Undated (KROC AM News) - Two of Minnesota’s largest and most visible businesses are getting beat up on Wall Street.
Shares in Target fell sharply Tuesday after the retailer reported a slow 4th quarter and a weak outlook for 2017. At the end of the trading day, Target stock had fallen by more than $8 a share - the largest price drop since the company went public in 1972. The huge selloff resulted in a $4 1/2 billion drop in Target's market cap.
In early trading Wednesday, Target’s stock rebounded after an opening drop of $1 per share and rose into positive territory for a short while before slipping back into the red. At noon Wednesday, shares were back to session lows.
Best Buy also saw its stock price fall Tuesday, ending down about $2 a share. Shares fell by another $2 Wednesday morning after Best Buy reported lower than expected sales during its important 4th quarter. The company’s stock hit $49 in mid-December but shares were trading in the low 40’s Wednesday morning.