Shares of Walmart Inc. (WMT) sank 6.6% toward a 22-month low in midday trading Wednesday, as it fell in sympathy with the plunge in rival discount retailer Target Corp.'s stock (TGT) on the back of a big earnings miss. Walmart's stock drop follows an 11.4% tumbled on Tuesday, after the company's disappointing fiscal first-quarter report. The stock's two-day selloff of 17.3% would be the worst two-day performance since fell 19.0% in the two days ending Oct. 19, 1987. Keep in mind that after that two-day selloff, the stock bounced over the next month, but hit a lower low in early December. The next biggest two-day decline was 15.6% on Feb. 17, 2000; it continued to decline over the next week before bouncing, then fell to a lower low before the end of the year. Walmart shares have now shed 15.3% year to date, while the Dow Jones Industrial Average has lost 12.6%.
(END) Dow Jones Newswires
May 18, 2022 13:11 ET (17:11 GMT)
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