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Target suffers record stock price plunge

Target Corp. shares were suffering their biggest-ever price drop in active trade Tuesday, as the discount retail giant struggles to cope with the “rapidly changing” behavior of consumers.

Target reported before the open bell fiscal fourth-quarter profit that missed expectations, and provided first-quarter and full-year guidance that was well below analyst projections. The company said that investments it would make as it transitions to a new financial model will weigh on results in the short term.

That drove the stock TGT, -12.17% down $8.14, or 12.2%, to the lowest price seen since Aug. 20, 2014. Recent volume of over 37 million shares was nearly six-times the full-day average.

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