Target Stock Slumps 20% as Sales, Profit Fall Short of Estimates

Target (TGT) shares tumbled 20% in premarket trading Wednesday following the release of the retailer's third-quarter earnings report, as it missed estimates for sales and profit. The retailer reported $25.67 billion in revenue, up from$25.40 billion a year ago but below the $25.89 billion analysts expected, according to estimates compiled by Visible Alpha. Target also reported$854 million in net income, or $1.85 per share, down from$971 million and $2.10 per share a year ago. Analysts had expected$1.05 ...