Target Corp's shares dipped over 9% in premarket trading on Tuesday after noting problems in supply and demand that would affect the company's revenues. The trend was also followed by other competitors in the US market, such as Walmart Inc. and Costco Wholesale Corp.

Target Corp. stated on Tuesday that profits would drop because it needs to cancel orders or offer discounts to liquidate unwanted products, a sign of the sudden mismatch between supply and demand at stores. "While these decisions will result in additional costs in the second quarter, we're confident this rapid response will pay off for our business and our shareholders," said Brian Cornell, Chairman and Chief Executive Officer of Target Corporation.

Target shares plunged 9.38% at 7:47 am ET to sell for $144.70, while Walmart Inc was down by 3.50%, and Costco Wholesale Corp fell by 3.29%.