Consumer stocks were hit hard on May 18 as disappointing earnings reports from Target Corp. and Walmart Inc. led to double-digit declines for many retailers.
Shares of Target TGT fell 25% after the company reported... Consumer stocks were hit hard on May 18 as disappointing earnings reports from Target Corp. and Walmart Inc. led to double-digit declines for many retailers. Shares of Target TGT fell 25% after the company reported a 48% decline in earnings per share for its first fiscal quarter from the year-earlier quarter.Target’s disappointment came after Walmart reported a 24% decline in quarterly profit. Shares of the largest U.S. retailer fell 7% on May 18, following an 11% decline the previous day.
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