US Stock Market Move | Target Corporation (TGT.US) falls more than 7% as "CEO internal succession" plan disappoints the market.

On Wednesday, Target Corporation (TGT.US) fell more than 7% to $97.41. In terms of news, Target Corporation appointed senior executive Michael Fiddelke as the next CEO, but this decision did not excite Wall Street analysts, as they were hoping for an external candidate to help the struggling retailer get back on track. Fiddelke currently serves as Chief Operating Officer. Additionally, he will join the board of directors of Target Corporation. Meanwhile, current CEO Brian Cornell will focus on his duties as Executive Chairman, having led the large retailer since 2014.