Wal-Mart Steady, Other Retail Stocks Drop; Talbots Falls 25%
February 17 2009 - 11:06AM
Dow Jones News
By Matt Andrejczak
Shares of Wal-Mart Stores Inc. (WMT) advanced early Tuesday,
buoyed by its earnings report, while other retail stocks
stumbled.
Overall, the S&P Retail Index dropped 2.8% to 254 as
investors were in a selling mood. The Dow Jones Industrial Average
fell 250 points, while the S&P 500 lost 30 points.
Women's apparel retailer Talbots (TLB) was the hardest hit.
Shares plunged 25% to $2.07. Macy's Inc. (M) and Sears Holdings
Corp. (SHLD) both fell 4%.
Wal-Mart rose 2.5% to $47.73. The retail giant said
fourth-quarter profit fell 7.4%, hurt by higher expenses and a
stronger dollar even as its low-price position has helped it win
traffic and sales from budget-conscious shoppers.
-Matt Andrejczak; 415-439-6400; AskNewswires@dowjones.com