Target's stock plunges 7% as new CEO pick disappoints Wall Street: ‘There won't be change when change is needed'

Target shares tanked 7% after it tapped a longtime insider as its new chief executive – sorely disappointing investors who had hoped the struggling “cheap chic” retailer would lure a retail guru from outside.Michael Fiddelke, the 49-year-old chief operating officer of the “cheap chic” retailer, will take the helm Feb. 1 to replace CEO Brian Cornell who will step into the board’s executive chairman role, the company said Wednesday.Cornell, 66, who led the company for a decade, said: “There is no one better s ...