Target's stock plunges 7% as new CEO pick disappoints Wall Street: ‘There won't be change when change is needed'
1. Target stock dropped 7% after naming insider CEO Michael Fiddelke. 2. Investors preferred an external candidate due to poor recent performance. 3. Sales have declined, exacerbated by controversies and retail competition. 4. Target ended its partnership with Ulta due to shoplifting issues. 5. Despite earnings beating estimates, traffic and sales still fell.