Target and Ulta Beauty stocks dropped after the companies said they were ending a partnership that saw Target open hundreds of Ulta outposts within its stores.

In a news release, the companies said the partnership — which also added some of Ulta's merchandise to Target's website — will end in August 2026. Target had added more than 600 Ulta Beauty shops to its stores, according to a company spokesperson. That's nearly a third of Target's 1,981 U.S. stores.