Shares of Walmart Inc.
WMT,
-6.75%

sank 6.6% toward a 22-month low in midday trading Wednesday, as it fell in sympathy with the plunge in rival discount retailer Target Corp.’s stock
TGT,
-26.44%

on the back of a big earnings miss. Walmart’s stock drop follows an 11.4% tumbled on Tuesday, after the company’s disappointing fiscal first-quarter report. The stock’s two-day selloff of 17.3% would be the worst two-day performance since fell 19.0% in the two days ending Oct. 19, 1987. Keep in mind that after that two-day selloff, the stock bounced over the next month, but hit a lower low in early December. The next biggest two-day decline was 15.6% on Feb. 17, 2000; it continued to decline over the next week before bouncing, then fell to a lower low before the end of the year. Walmart shares have now shed 15.3% year to date, while the Dow Jones Industrial Average
DJIA,
-2.94%

has lost 12.6%.

Read More