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Why Target (TGT) Stock Is Lower Today

NEW YORK (TheStreet) -- Target (TGT - Get Report) stock is tumbling by 5.17% to $75.91 on heavy trading volume this afternoon, as retailers are pressured by Macy's (M) weaker-than-expected 2016 first quarter revenue and downbeat outlook for 2016.

Macy's slashed its full year same-store sales guidance to a decline between 3% to 4%, compared to its previous estimate for a 1% drop. The largest U.S. department-store company now anticipates that full-year earnings will range between $3.15 and $3.40 per share, down from prior guidance for between $3.80 and $3.90 per share.

Investors view Macy's outlook as an indication that consumers aren't spending now and don't plan on spending any time soon, Ken Perkins, president of Retail Metrics, told Bloomberg.

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