Post by
Resilience19 on Jul 25, 2022 10:51pm
Retail dropping lead by Walmart -10% after hours
Granted, retail is not industrial but it goes to say the impact the current macro environment is having on even the sturdiest of businesses. "Top U.S. retailer Walmart Inc (WMT.N) 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 (TGT.N) and Amazon.com (AMZN.O) also tanked after Walmart's warning, which signaled a "proverbial train wreck" for retailers, Burt Flickinger, managing director at Strategic Resource Group, said. having on the sturdiest of businesses. " Source: https://www.reuters.com/business/retail-consumer/walmart-cuts-full-year-profit-forecast-2022-07-25/
Comment by
Resilience19 on Jul 26, 2022 7:20am
Walmart set to open down 9+%, nearing its 1-yr low with Amazon down 4% (roughly 15% from its 1-year low). Meanwhile the BMO Chief Economist warns Canadians to " Brace for three more rate hikes this year". Source:. https://financialpost.com/news/economy/brace-for-three-more-rate-hikes-this-year-says-bmo-chief-economist.