Walmart Slumps on Earnings Miss, Slashes Outlook for 2015

Walmart (WMT) reported second quarter earnings on Tuesday that missed estimates. The retail giant took a hit from currency fluctuations and increased worker wages. The stock has been outperformed by competitors like Target (TGT) over the last year and Walmart shares dropped even lower on the news that the company will cut its full year outlook. The retailer reported earnings of $1.08 per share, missing Wall Street estimates of $1.12 per share. Revenue came in slightly stronger at $120.2 billion, only marginally higher than last year's $120.1 billion. Sales were up 1.5 percent at stores open over a year, beating estimates. Shares of Walmart have fallen 16 percent in the last 12 months and the stock was down on the earnings news.