Can you believe this guy?

Discussion in 'Wall St. News' started by rateesquad, Nov 27, 2006.

  1. Dont you guys believe that those explanations on why stocks market goes up ad down by newspapers get more and more ridiculous? Get at this guy beliving that walmart single handlely brough the markets down? No it couldnt be the overextensive rally which needed a not at all.

    Stocks Fall After Wal-Mart's Sales
    Monday November 27, 11:31 am ET
    By Tim Paradis, AP Business Writer
    Stocks Fall As Wal-Mart Posts Same-Store Sales Decline

    NEW YORK (AP) -- Wall Street suffered a sharp pullback Monday as investors returned from the Thanksgiving weekend with questions about the strength of the retail sector following a rare sales decline at Wal-Mart Stores Inc.

    Investors were uneasy after news that Wal-Mart, the world's largest retailer, suffered a 0.1 percent drop in same-store sales, those from stores open at least a year. Same-store sales are the industry standard for assessing a retailer's strength, and while retail sales overall were strong last weekend, Wal-Mart's deficit raised concerns about the strength of consumer spending during the holiday season.

    "There is now significant concern that the holiday retail season is going to underperform," said Gregory Miller, chief economist at SunTrust Banks. "Traffic doesn't necessarily translate into profits," he said, referring to reports of crowded stores over the weekend.

    In late morning trading, the Dow Jones industrial average fell 118.65, or 0.97 percent, to 12,161.52. Recently, 26 of the 30 components that make up the Dow were trading lower.

    Broader stock indicators also declined. The Standard & Poor's 500 index was down 12.57, or 0.90 percent, at 1,388.38, and the Nasdaq composite index fell 40.31, or 1.64 percent, or 2,419.95.
  2. dac8555


    you have a point....but most of the time you need a trigger of some kind. I do find it strange that Wal-mart may be considered a trigger after they warned earlier.
  3. news moves the market, news is the trigger I agree.

    people might be bearish or bullish but news triggers it
  4. jllm03


    After such a long Bull run in the market, people are waiting for any negitive sign to sell and lock in profits early.
    This market will be more skitish than ever untill the end of the year.
  5. S2007S


    dont agree with this guy either, wmt has warned numerous times of slowing sales.
  6. I think here is an example where you spin to justify something. Many technical trading indicators the last week were pointing to a break or pull back here. I believe overall, black friday sales were up huge. Why dont they also look at or mention same store sales for like Target, Best Buy, Circuit City, etc.

    Its all relative.