U.S. Markets open in 8 hrs 16 mins

News Summary: Target's 1Q profit falls 29 pct.

The Associated Press

CHILLING: Target Corp. reported a 29 percent drop in its first-quarter profit and struggled with weak sales, particularly in clothing.

SPENDING RESTRAINT: Cool weather and economic pressures have limited spending among low- and middle-income shoppers in the early months of the year.

LOWERED EXPECTATIONS: For the full year, Target now expects $4.70 per share to $4.90 per share. That's down from its original guidance of $4.85 per share to $5.05 per share. Analysts had forecast $4.63 per share for the year.