One of the bigger signs that the economy is weakening came from Wal-Mart (WMT), which came out with their earnings on Tuesday and way below estimates. Not only were their profits down but their revenues were down. A really bad quarterly report. The stock was down 4 or 5 percent and it is now down 16 percent from its record high printed in January when everybody was so optimistic about this recovery and everybody thought that consumers were going to take their windfall from cheap gasoline prices and spend it on Wal-Mart (WMT).
Well, it did not happen. Wal-Mart (WMT) had a very, very bad quarter and it is probably only going to get worse for Wal-Mart (WMT) particularly now that they are raising their wages and so you are going to have rising costs as well as slowing revenues.
Peter Schiff is an American businessman, investment broker and financial commentator. Schiff is the CEO and chief global strategist of Euro Pacific Capital Inc.
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