Wal-Mart shelves share repurchases
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Wal-Mart Stores Inc. said it had suspended its share-repurchase program, citing the economy and “instability in credit markets.”
The world’s largest retailer, based in Bentonville, Ark., said it had bought back about $10 billion of the $15 billion of shares authorized by the board May 31, 2007.
The regulatory filing comes after Wal-Mart Chief Financial Officer Thomas Schoewe told analysts Oct. 28 that the company had decided to “step back on share repurchases.”
Wal-Mart shares fell $1.75, or 3%, to $55.81.
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