Stock Market News
Midday Movers: Walmart, Shopify, General Motors and More
2022.07.26 21:34
Budrigannews.com – U.S. stocks fell on Tuesday after Walmart’s profit warning sent shockwaves through the retail sector. Here are the midday movers for July 26:
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Walmart Inc (NYSE:WMT) shares fell 7% after the biggest U.S. retailer said its profit would be lower than expected because higher food prices are forcing customers to make tradeoffs on purchases, buying necessities but holding back on buying other items such as clothing. Other retail stocks reacted negatively as well, including Target Corporation (NYSE:TGT), down 4%.
- Shopify Inc (NYSE:SHOP) shares tumbled nearly 15% after the company, which helps retailers set up their online presence, said it would layoff 10% of its workers amid a slowdown in e-commerce activity.
- General Motors Company (NYSE:GM) shares fell 2.7% after the automaker said it had parts shortages that prevented it from delivering vehicles in the quarter. It said it would slow spending and hiring to plan for the possibility of an economic downturn.
- Logitech International SA (NASDAQ:LOGI) shares rose 2% even after posting weaker than expected results amid a slowdown in consumer demand for electronics after a pandemic boom.
- 3M Company (NYSE:MMM) shares rose 6% after the company said it would spin off its healthcare business after second quarter results beat expectations. The company plans to keep a 20% stake in the healthcare operation.
