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Quartz

Target stock is plummets 16% to a 1-year-low after a huge earnings miss

Quartz
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Target stock drops more than 16% in pre-market trading after disappointing third-quarter results.

The retailer slashed prices on thousands of items and saw a slight uptick in customer traffic.

The weak results led Target to revise its full-year profit outlook, marking the retail giant’s biggest earnings miss in two years .

In May , Target announced plans to slash prices on 5,000 items.