Target Corporation's stock dip is more about politics than performance. Explore the potential opportunity under new leadership. Click for more on TGT earnings.

Target Corporation (NYSE:TGT) shares are trading lower in the premarket session on Wednesday. The company reported second-quarter adjusted earnings per share of $2.05, beating the analyst consensus estimate of $2.

After 11 years in the role, Cornell will leave his post at the beginning of next year, per CNN, CNBC and AP. He will be replaced by Michael Fiddelke, Target’s current chief operating officer, on Feb. 1, 2026. Fiddelke has been with the company for 20 years and started as an intern.

Target Corp. is leading the S&P 500 index’s decliners after the discount retailer announced that Chief Executive Brian Cornell is stepping down next year, to be replaced by the company’s Chief Operating Officer Michael Fiddelke.

Target announced it was replacing CEO Brian Cornell with 20-year company veteran Michael Fiddelke, and shares plunged.

Target Corporation shares fell over 10% premarket on Wednesday after the retailer its new CEO while also reporting second quarter earnings that narrowly beat estimates but showed continuing sales challenges.