The sharp fall of Target supermarkets’ stock (-24.87% to
The firm saw its quarterly profit halved, and its chairman,
“Target presented this horrible earnings outlook,” commented LBBW’s
“People are buying less and less the expensive products, and going to generic products,” noted Gregori Volokhine of
“Small-income (citizens with) small incomes shop at
“The reality is not too good for consumption. You have to be realistic,” he concluded.
Other brands also fell: electronics specialist Best Buy lost almost 11%, while dollar store
All sectors of the S&P; 500 went into negative territory.
The big tech names also fell, with Amazon losing 7.16% to
“The massive sell-off today (Wednesday) concerns the ability of companies to pass on higher costs. We were asking the question, and we had the answer in some form with the results” from Target in particular, summarized