Wal-Mart Shares Jump on Spending Plan

Updated from 11:25 a.m. EDT

Wal-Mart's(WMT Quote) struggling shares got a boost Friday as the world's largest retailer announced plans to cut capital spending and slow its store-opening pace.

The Bentonville, Ark., behemoth also said it would buy back $15 billion worth of stock with money freed up by the spending slowdown. Shares, which have been stuck in the mid-40s for much of the past year, were up $1.79, or 3.8%, to $49.39 in recent trading.

The steps come as Wal-Mart is facing stagnant growth amid tepid sales. The company also has also been embroiled in a very public legal battle with former marketing executive Julie Roehm, and it continues to face complaints about underpaid workers and overpaid corporate officers. ...