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2004-8-25
Wal-Mart Stores disappointing sales forecast sent its
stocks mostly lower on Monday with lurking investors fears
on rising oil prices, which dropped some what from last
week''s highs, would curb consumer spending and hurt
companies'' third-quarter earnings.
Wal-Mart''s warning about lower-than-expected August sales
squelched the market''s enthusiasm over falling oil prices.
With its wider reach among consumers, Wal-Mart is
considered as a barometer of an already struggling retail
sector, and even the economy as a whole.
"I think you can make the case that Wal-Mart is related to
oil, since oil prices have acted as a kind of tax on
consumers that has restricted their spending," said Joseph
Keating, Chief Investment Officer at AmSouth Asset
Management in Birmingham.
Lower back-to-schools sales and lost business due to
Hurricane Charley in Florida were the reasons cited for
Wal-Mart’s lowered August sales forecasts. Wal-Mart fell
85 cents, to $53.80.
Meanwhile, Kmart Holding completed the sale of 18 stores
to Home Depot for $271 million, allowing the discount
retailer to continue consolidating its stores while giving
the home improvement retailer room to grow. Kmart slipped
10 cents, to $76.45; Home Depot fell 36 cents, to $36.00.
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