Target Announces It Will Slash Prices on Thousands of Items, Sending Shares Tumbling

The price cuts will be on items including cereal, paper towels and baby formula

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Target shares dropped after the retailer posted a blog on Friday about lowering prices on thousands of items, CNBC reported.

The price cuts will be on items including cereal, paper towels, baby formula, razors and bath tissue, Target said. And the news comes just days after Amazon started cutting prices at Whole Foods' stores across America.

Target shares were trading around 3 percent lower Friday afternoon on the news.

"We want our guests to feel a sense of satisfaction every time they shop at Target," Mark Tritton, Target's chief merchandising officer, said in a statement.

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