What is this? Is it Doomsday already?
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AP
Out of the Gate: Wal-Mart Cut to “Sell”
Thursday August 30, 10:25 am ET
Merrill Lynch Downgrades Wal-Mart Stores to “Sell” – Reports
NEW YORK (AP) — Shares of Wal-Mart Stores Inc. fell after the opening bell Thursday after Merrill Lynch reportedly downgraded the world’s largest retailer to “Sell.”
The Dow Jones industrial average component was down 87 cents, or 2 percent, to $43.33 in morning trading.
According to multiple media reports, the brokerage cut its rating on the shares from “Neutral,” citing concerns that profit margins are eroding at its U.S. stores as the economy slows. A Merrill spokeswoman would not confirm the rating change, and said they do not release their equity research to the media.
When it reported second-quarter results earlier this month, Bentonville, Ark.-based Wal-Mart cut its profit forecast for the full year. And when it released sales figures for July, the retailer posted a slim gain but warned that increased discounting is hurting profit margins.
