Target Stock Drops Nearly 7% After Weaker Q2 Results

(RTTNews) - Target Corp. (TGT) fell 6.92 percent to $98.07, down $7.29 on Wednesday, after reporting second-quarter results that showed lower profit and sales.

Net earnings dropped 21.5 percent to $935 million from $1.19 billion a year earlier, while earnings per share fell 20.2 percent to $2.05. Net sales slipped 0.9 percent to $25.21 billion, topping Wall Street expectations of $24.9 billion.

The stock opened at $94.40 and traded between $94.15 and $98.26, with volume surging to 23.6 million shares compared to the average of 6.3 million on the New York Stock Exchange. Target's 52-week range is $87.35 to $167.40.