Wal-Mart shares plunge 8.7% as it cuts outlook
Disappointing forecast from Wal-Mart and weakness in oil stocks pushed the Dow lower
New York - Arab Today
Shares of US retail giant Wal-Mart Stores plunged nearly nine percent as the company cut its near-term profit and sales outlook due to heavy employee wage and store investment.
Wal-Mart trimmed its current fiscal 2016 sales outlook to "relatively flat" from a prior projection for a gain of one-two percent, citing the strong dollar. It said earnings per share will fall between six and 12 percent in fiscal 2017, which will be its "heaviest" period of investment.
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