When Walmart announced its $20 billion share repurchase plan, the world's largest retailer saw its market value drop nearly the same amount — putting the company's stock "on track for its worst one-day performance in more than 17 years," Reuters reported Tuesday. In total, the retailer's shares fell nearly 9 percent — "the equivalent of the entire market value of department-store chain Macy's," Quartz reports.
The plummet followed Walmart's revelation that "earnings per share would decline as much as 12 percent next fiscal year due to investment in technology, higher wages, and lower prices." The company had previously forecasted modest sales growth for 2016.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
-
July 6 editorial cartoonsCartoons Sunday’s political cartoons include paying for school lunch by enlisting, and the banality of evil
-
5 biting editorial cartoons about 'Alligator Alcatraz'Cartoons Artists take on dangerous green things, historical precedent, and more
-
A journey into the deep past on beautiful ArranThe Week Recommends New Unesco Global Geopark played a 'key role' in the birth of modern geological science
-
Dollar faces historic slump as stocks hit new highSpeed Read While stocks have recovered post-Trump tariffs, the dollar has weakened more than 10% this year
-
Economists fear US inflation data less reliablespeed read The Labor Department is collecting less data for its consumer price index due to staffing shortages
-
Crypto firm Coinbase hacked, faces SEC scrutinySpeed Read The Securities and Exchange Commission has also been investigating whether Coinbase misstated its user numbers in past disclosures
-
Starbucks baristas strike over dress codespeed read The new uniform 'puts the burden on baristas' to buy new clothes, said a Starbucks Workers United union delegate
-
Warren Buffet announces surprise retirementspeed read At the annual meeting of Berkshire Hathaway, the billionaire investor named Vice Chairman Greg Abel his replacement
-
Trump calls Amazon's Bezos over tariff displaySpeed Read The president was not happy with reports that Amazon would list the added cost from tariffs alongside product prices
-
Markets notch worst quarter in years as new tariffs loomSpeed Read The S&P 500 is on track for its worst month since 2022 as investors brace for Trump's tariffs
-
Tesla Cybertrucks recalled over dislodging panelsSpeed Read Almost every Cybertruck in the US has been recalled over a stainless steel panel that could fall off
