Walmart Stock Drops After Internal Emails Are Leaked
Concern from top executives worries share holders of the world's largest retailer.
01:52 | 02/16/2013
Transcript for Walmart Stock Drops After Internal Emails Are Leaked
what's being described as a failed disaster for walmart. Stocks of the world's largest retailer plunged. One corporate leader calling it the worst start to a month he's seen in seven years. What's... See More
what's being described as a failed disaster for walmart. Stocks of the world's largest retailer plunged. One corporate leader calling it the worst start to a month he's seen in seven years. What's going on? Let's bring in michael santoli. How alarming are these e-mails, given that walmart is the barometer for the u.S. Consumer? A concern. This is not companed communications. But shows they were panicking in early february about the pace of sales. It's a concern because of what's going on generally in the economy and with households. A bit of a cash squeeze.The payroll tax came back. And tax refunds have been slower this year than last. And walmart's core custome spends whatever cash comes in. And that seems like it might be squeezing things. Gasoline prices on the rise again. A lot of this is coming together. And a concern for the walmart customers. Is this a walmart problem? Or retail in general? It seems like walmart's on the front lines of this issue because of their customer base. It seems as if we have our alert pretty much sensitive right now to any weakness in the consumer because of the bigger picture factors that are beyd walmart. And the frustration coming up. That could put a damper on the economy. Walmart will be releasing their earnings next week for the last quarter. But what does this say about executives? Still not learning their lesson about what you can and can't say in e-mails? I'm not sure we're ever going to get around that. Basically business right now is constructed for rapid response, sharing lots of information. It obviously has to happen by e-mail. This is a global economy. To e mame, it's hard to understand how to construct a company like this without saying how things are going in e-mails. What walmart is concerned with is how they got out. Where do you draw the line? Michael, thanks so much. Great to see you. Speaking of retail, a wild story.
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