If things keep up like this, Wal-Mart’s (NYSE:WMT) motto of everyday low prices is going to apply to its share price, too. The giant US retailer’s stock fell 5.5% after the company announced a quarterly profit below its expectations.
The whole housing-consumer nexus of the American economy was down, with Home Depot (NYSE:HD) (the Bunnings of the US), homebuilder Pulte, and mortgage lender Countrywide all down. The S&P lost 1.8% for the day and is down to a 0.6% gain for the year.
By the way, we took a peek in a local Wal-Mart on our recent trip back to the States. Boy, prices really were cheap. You could buy six t- shirts (made in China) for less than US$10. The asbestos lining makes you fire proof, even if it is a little itchy.
Markets and Money