Target names longtime insider Michael Fiddelke its next CEO as it tries to break sales and stock slump

Target shares dropped as more details emerge about the retailer's profits.

The announcement was made Wednesday morning as the Minneapolis retailer announced 2nd quarter results that show it continues to struggle with slumping sales and in-store traffic.

Analysts say incoming CEO Michael Fiddelke “deserves a chance to prove himself,” though it could take time and more money for Target to get its charm back

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 Operat...

Cornell will become executive chairman of the board, the company said.