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Target discounts Q2 outlook

Shares of the big-box retailer dropped 4.4% to 58.03 after Target (TGT) slashed its earnings outlook to 78 cents a share vs. prior guidance for 85 cents to $1, plus estimated costs of $148 mil in gross expenses related to its Dec. '13 data breach. Analysts currently expect EPS of 89 cents. The data breach affected up to 70 mil customers. Target reports Aug. 20.