Wal-Mart Stores Inc.’s stock was on track to suffer the biggest price drop in its 43-year history, after the discount retail giant provided a downbeat profit outlook at its analyst meeting. The stock tumbled $$5.93, or 8.9%, to $60.80 in midday trade, the lowest price seen since May 16, 2012. The price decline is shaving off about 40 points from the Dow Jones Industrial Average , which was down about 100 points in midday trade. The percentage decline in Wal-Mart’s stock is on course to be the biggest since Feb. 16, 2000. The second-biggest price decline of $5.25 was seen on Feb. 16, 2000.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
From:: Stock Market News