Dow Jones futures were little changed ahead of Wednesday's Fed decision. Walmart dived late Monday after lowering its profit guidance. Read More...
Reuters
Walmart ‘train wreck’ profit warning sends shares down 10%
NEW YORK (Reuters) -Top U.S. retailer Walmart Inc on Monday slashed its profit forecast as surging prices for food and fuel prompted customers to cut back on discretionary purchases, and its shares slid 10% in trading after the bell. Shares of rivals including Target and Amazon.com also tanked after Walmart’s warning, which signaled a “proverbial train wreck” for retailers, Burt Flickinger, managing director at Strategic Resource Group, said. Walmart, a bellwether for the retail sector that caters to cost-conscious shoppers, said its full-year profit would decline 11% to 13%, compared to the 1% fall it previously forecast.
