Target Hits The Mark For Q3, But Stock Gets Punished

Target Corporation TGT shares are trading lower by $3 at $69.91 in Wednesday's session following its inline Q3 EPS and better sales. In a stunning reversal, the issue tanked from its pre-market high of $75.86 that was made when the earnings hit the tape around just after 8:00 a.m. ET. Within minutes it began to surrender those gains and was back down at the $72 level by the opening of the regular session. Off the open, it immediately peaked at $71.98 then began to crater. After surpassing its former low of the move ($70.80), the selling intensified, taking the issue to $68.15. That marked the lowest level for the issue since bottoming at $66.50 on November 14, 2014. Since making the low, it has rebounded to the $70 area. Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show.

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