NEW: That Target Stock Plunge Has Gotten Even Worse
By Nick Arama | 3:15 PM on May 25, 2023
We’ve seen what has happened to Bud Light since they endorsed transgender influencer Dylan Mulvaney’s “365 Days of Being a Girl” as he mocked girls and women. As I reported earlier, they’ve now been reduced to trying to sell their beer for free (with rebates). Yet, their sales have plummeted by 28 percent, by volume, just as we go into Memorial Day weekend, and they still don’t seem to be able to offload the stuff. They’re even buying some back from distributors at this point if it’s gone past the expiration date. If they can’t recover over this weekend, the beer experts are saying they may have lost a permanent section of their customers who are just not going to come back.
Now, Target is feeling that same weight since outraged customers have turned the boycott on them. My colleague Bob Hoge reported on their plummeting stock over the past week up to Wednesday. But it’s gotten worse.
A week ago Wednesday before the controversy erupted, Target’s stock closed at $160.96 a share, giving the big-box chain a market capitalization of $74.3 billion.
As of early trading on Thursday, however, shares of the company were trading off 1% at $141.76 — capping a weeklong tumble that has shrunk the “cheap chic” discount retailer’s value to $65.3 billion.
That amounts to a 12% drop that has shaved a whopping $9 billion off the company’s market capitalization.
And it’s still going down on Thursday, it’s now at $139.15, according to Market Watch, at about 2:42 ET.
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https://redstate.com/nick-arama/2023/05/25/new-that-target-stock-plunge-has-gotten-even-worse-n751418