Target's Stock Set To Suffer Biggest Price Decline Since It Went Public 45 Years Ago

By Tomi KilgoreMarketsMarketWatch Pulse

Target Corp.'s stock plunged 14% in active premarket trade Tuesday, in the wake of a disappointing fiscal fourth-quarter report, putting it on track to open at a 2 1/2-year low. Current volume of about 276,000 shares made the stock the most actively traded before the open. The stock's $9.41, or 14.1%, drop to $57.50 ahead of the open would put it on track to open at the lowest level seen since Aug. 7, 2014. The stock would suffer the biggest one-day price drop since it went public in January 1972, and the third-biggest-ever percentage decline, and the biggest since Aug. 31, 1998. Earlier,Target missed fiscal fourth-quarter profit expectations, and provided first-quarter and full-year outlooks that were well below analyst projections. The stock has tumbled 15% over the past 12 months, while the SPDR S&P Retail ETF has gained 1.6% and the S&P 500 has climbed 22%.

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