The shares of the largest retailer on the planet just tanked and that may be terrible news for stocks overall, according to research firm Asbury Research.
Wal-Mart Stores Inc. WMT, -9.91% nose-dived by about 10% Wednesday, shaving more than 40 points from the Dow Jones Industrial Average DJIA, -0.81% as the company slashed its growth outlook and forged a plan to bolster its growth.
Wednesday’s harrowing slide in Wal-Mart shares marks the company’s largest-ever one-day decline, erasing around $20 billion in market capitalization from the $213-billion retailer. But the plunge may also pressure the broader stock market, notes John Kosar, chief market strategist at Asbury.
Click the title above to view the entire column on MarketWatch.com.
Asbury Research subscribers can view the entire report this column was based on by logging into our Research Center.