Target Surrenders Some Pre-Market Gains After Q1 Beat

Target Corporation TGT shares are trading higher by $1.14 (3.3 percent) at $55.67 in Wednesday's session. That is a far cry from its pre-market high of $59.19, which was made after its Q1 report was released.

For the quarter, the company posted an EPS beat of 30 cents along with a sales beat of $400 million.

After a higher open, it went only a penny higher to $56.97 before sellers engulfed the issue. So far, the ensuing decline has taken the stock to $55.43, which is just under the upper range of Tuesday's session ($55.56).

If the decline continues, there may be additional support at Tuesday's close of $54.53.