Wal-Mart shares slide on forecast of earnings drop next year

October 14, 2015 4:35 PM

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Wal-Mart shares slide on forecast of earnings drop next year

Wal-Mart Stores Inc said earnings per share would decline as much as 12 percent next fiscal year due to investment in technology, higher wages and lower prices, sending its shares down more than 8 percent.

Wal-Mart also announced a $20 billion share buyback but the drop in its share price wiped out close to the same amount in market value, and the intra-day low of $60.18 put the stock on track for its worst one-day performance in more than 17 years.

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