Target Tumbles After Lowered Guidance

Target Corporation TGT shares are trading lower by $3.44 (5 percent) at $67.50 in Wednesday's session.

The issue is one of several retailers that has lowered guidance over the last few weeks. Before the open, the company reported 2016 sales were down 1.5-1 percent, which will lower Q4 and FY 2016 EPS.

Its much lower opening trade of $68.00 has turned out to be the high for the session. After a quick drop to $67.02, the issue has rebounded to mid-range for the session.

If the decline continues, based on the daily charts, there may not be any major support until its November 9 low ($66.01).