Walmart warning sends stock price plunging, renews recession worries (yahoo.com)
Walmart just gave all the recession mongers on Wall Street a huge adrenaline shot in the collective arm.
The world's largest retailer slashed its second quarter and full-year profit outlooks late Monday owing to rampant inflation and a consumer retrenchment.
Here's where Walmart stands compared to its guidance offered in mid-May:
Second Quarter Net sales Growth: +7.5% (+5% previously)
Second Quarter Operating Income: -13% to -14% (flat to up slightly)
Second Quarter EPS: -8% to -9% (flat to up slightly)
Full Year EPS: -11% to -13% (-1%)
Walmart shares plunged 9% in after-hours trading.