Weak Wal-Mart Profits Turn Smiles Upside-Down

CEO says customers 'running out of money'

(NEWSER) - Walmart shoppers are running out of cash, pinched by high gas prices and unemployment, the company’s CEO said this week. “We’re seeing core consumers under a lot of pressure,” Mike Duke said at a retail industry gathering, according to CNN . “There’s no doubt that rising fuel prices are having an impact. … Purchases are really dropping off by the end of the month even more than last year.” More»

(NEWSER) - Stocks slid at the open today, following yet more negative numbers from retailers and the Labor Department, the Wall Street Journal reports. The Dow dropped 52 points, while the S&P fell 1%. The Nasdaq dropped 1.2%, weighed down by sub-par earnings from Cisco. New jobless claims ripped past the 600,000 mark last week, marking their highest level since 1982, while every retailer save Wal-Mart reported weak same-store sales. More»

Retailers not doing so hot

(NEWSER) - Stocks tumbled at the open today after Wal-Mart slashed its earnings estimates, driving fear in the retail sector. The Dow dropped 62, while the Nasdaq and S&P fell 0.5% and 0.7% respectively. There was more bad news on the job front, with unemployment claims climbing to their highest level since November 1992. Economists expect tomorrow’s nonfarm payroll report will show a contraction of at least 500,000 jobs. More»

With firm grasp on US consumers, snapshot of giant's sales is a self-portrait

(NEWSER) - Wal-Mart knows a lot about Americans, courtesy of the 208 million US consumers who shop there every year. ABC News takes a look at the superstore's sales figures and finds a portrait of the nation's changing face and taste. Some highlights: Boxers are tied with briefs; Ohio buys the most TVs; and the top-selling Wal-Mart item? Bananas. More»

Bernanke comment, retail profit warnings contribute to slump

(NEWSER) - The Dow fell 80.86 points today, closing at 13,595.46 after companies in the retail sector issued warnings of reduced profits and Fed chairman Ben Bernanke commented that inflation risks are still high. "There are a lot of little things out there that are scaring the market," a trader told the Wall Street Journal. More»