Market Minute: Walmart Can't Keep Its Shelves Stocked
Walmart (WMT) is reportedly losing customers because it doesn't have enough employees to keep the shelves stocked. According to Bloomberg, the company has added nearly 100 new stores a year over the past five years, but its total employment has declined. Target (TGT), Costco (COST) and other retailers are picking up some of the customers defecting from Walmart.
J.C. Penney (JCP) is stepping away from its ill-fated strategy of everyday low prices. In a bid to recapture budget-conscious shoppers, it's marking up store brands so that it can offer big discounts on those same items.
The federal bankruptcy court overseeing the case of American Airlines parent company (AAMRQ) holds a hearing today about the company's planned $11-billion merger with USAirways (LCC). If the deal gets the go-ahead, it will create the world's largest carrier.
Another big bank has been hit by a denial of service attack. Wells Fargo (WFC) says its website experienced unusually high traffic, but that client information was not compromised.
Toyota (TM) has raised its forecast for U.S, auto sales, citing improvements in consumer confidence and the overall economy. It says demand for the Camry and the Prius is strong. And General Motors (GM) today rolls out the new version of its pricey Cadillac CTS, which has been losing ground to German and Japanese rivals. The new model is expected to offer GM's first-ever eight-speed transmission.
Shares of Mattress Firm (MFRM) are firming. The company's earnings were a bit soft, but its forecast for the full year topped expectations.