Walmart ‘train wreck’ profit warning sends shares down 10%

Top U.S. retailer Walmart Inc on Monday slashed its profit forecast as surging prices for food and fuel prompted customers to cut back on discretionary purchases, and its shares slid 10% in trading after the bell.

Shares of rivals including Target and Amazon.com also tanked after Walmart’s warning, which signaled a “proverbial train wreck” for retailers, Burt Flickinger, managing director at Strategic Resource Group, said.