On Thursday, the Embassy in Abu Dhabi too had announced several measures
Wal-Mart declined 6.3 per cent yesterday, the steepest drop since 2002, after it said sales in stores open at least a year may rise as little as 1 per cent, which would be the smallest gain in five months. The company said most shoppers had spent the US tax rebates that spurred sales.
“The stock has risen a lot, and the probability is pretty low that it keeps growing at that rate,” Don Yacktman, who oversees $900 million at Yacktman Asset Management Company, said in an interview. The Austin, Texas-based firm sold 80,000 Wal-Mart shares, or half of its holding in that stock, since April.
Wal-Mart had climbed 28 per cent this year before yesterday, compared with the 30-company Dow’s 14 per cent drop. After yesterday’s decline, Bentonville, Arkansas-based Wal-Mart had a gain of 20 per cent, just ahead of International Business Machines Corporation’s 19 per cent increase.
Wal-Mart advanced 45 cents to $57.41 at 9:44am in New York Stock Exchange trading.
Chief Executive Officer H. Lee Scott and Eduardo Castro- Wright, the US stores chief, weren’t available for interviews before quarterly earnings August 14, Wal-Mart spokesman John Simley said yesterday.
Spending of tax rebate checks, part of the government’s attempt to rejuvenate the economy, helped produce Wal-Mart’s biggest same-store sales gains of the year in May, with a 3.9 per cent increase, and June, with a 5.8 per cent jump.
Steep discounts: The company lured shoppers battered by soaring gasoline and food costs with $4 prescriptions and discounts on groceries and flat-screen televisions as steep as 30 per cent.
Total sales in the first half of the fiscal year that started February 1 climbed 9.6 per cent. Total sales in July increased 9.4 per cent.
“We are seeing the end of a catalyst,” Lauri Brunner, a Minneapolis-based analyst for Thrivent Asset Management, said yesterday in a Bloomberg Radio interview. Thrivent manages $73.2 billion in assets, with 1.5 million Wal-Mart shares through June.
“August represents even further deceleration,” Mark Miller, an analyst with William Blair & Company, wrote yesterday in a note to clients. Wal-Mart’s forecast of same-store sales growth of 1 per cent to 2 per cent this month trails his third-quarter estimate of 2.5 per cent.
Miller cut Wal-Mart to “market perform” from “outperform” yesterday on the view that the retailer’s sales and profit growth will slow.
On Thursday, the Embassy in Abu Dhabi too had announced several measures
The emirate's Roads and Transport Authority completed the construction of a network of main roads with a total length of 9.5 km
The institute aims to strengthen ties between Arab and Western civilisations
Social workers have strongly urged all overstayers to take immediate steps to regularise their status within the stipulated time frame
Some tickets were relisted on resale sites for as much as Dh38,581
Here's a list of the places you can go; entry is free to most of them
Some of the survivors were still recovering at hospitals while others were already in their homes
The vaccines will be flown to Democratic Republic of the Congo, Nigeria, South Africa, Ivory Coast and Cameroon