WESTCHESTER COUNTY, N.Y. -- Big box retailer Wal-Mart saw its stock tumble to its lowest level in 15 years Wednesday after the company reported a predicted drop in earnings, according to Bloomberg
The stock dipped 9.9 percent after the company announced it is expecting a drop of between 6 and 12 percent in earnings. Analysts had been forecasting a modest 4 percent gain, Bloomberg reported.
Wal-Mart has taken on a lot of additional expenses, including a $20 billion stock buyback the next two years and approximately $1 billion more to raise employee wages, Bloomberg said.
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