NEW YORK (TheStreet) -- Shares of Walmart Stores (WMT) are lower by 0.82% to $84.29 in late morning trading Thursday, as the retail giant changed its price-matchmaking policies after its customers scammed the company to obtain $400 PlayStation 4s for as low as $90, CNBC reported.
The updated policy says the company will not honor prices from marketplace vendors, third-party sellers, auction sites or sites that require memberships.
"We can't tolerate fraud or attempts to trick our cashiers. This kind of activity is unfair to the millions of customers who count on us every day for honest value," Walmart said in a statement.
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Walmart is closing the loophole on the scam after customers misused its price match promotion by using sellers including Amazon.com (AMZN) .
Any Amazon member with a registered selling account can create authentic looking pages and list items "for sale" online. Consumers only need to take a screen shot of the page, and show it to a cashier at checkout to request the price match.
Separately, TheStreet Ratings team rates WAL-MART STORES INC as a Buy with a ratings score of A-. TheStreet Ratings Team has this to say about their recommendation:
"We rate WAL-MART STORES INC (WMT) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its revenue growth, good cash flow from operations, increase in stock price during the past year, growth in earnings per share and reasonable valuation levels. We feel these strengths outweigh the fact that the company has had sub par growth in net income."