Stock gains are short lived

Last week’s cost-cutting move to eliminate jobs at Target headquarters and close a distribution center gave the company’s share price a quick boost, but the upward movement didn’t last long.

Target announced the elimination of more than 1,000 jobs after the market closed on Jan. 27, and its share price stood at $33.34. The next morning, Target shares opened sharply higher at $34.42 and closed that day at $34.92. However, by the end of the week, the market took back the gain, and shares closed Friday at $31.20. The downward trend continued on Monday, as shares opened at $30.25, their lowest level of the year, before ending the day at $30.20.