From Michelle Malkin:
Threat of card check legislation sends Wal-Mart stock rating down
“Citigroup downgraded Wal-Mart Stores Inc (WMT) to “hold” from “buy” saying the proposed card check legislation would increase labor costs and could be a significant drag to earnings for the world’s largest retailer.
“We believe that WMT would be the primary target if EFCA/card check were to be passed,” analyst Deborah Weinswig wrote in a note to clients.
If the unions are successful, the company would have to concede higher wages formore seasoned employees, increase employee benefits significantly, and would experience diminished workforce flexibility, the analyst said.
She cut her price target on the stock to $48 from $53.”
Michelle says:
“Way to go, Democrats and President Obama: Carrying Big Labor’s water caused Wal-Mart’s stock to be downgraded.”
And the Quote of The Day:
“Saving” the economy by strangling it. It’s the Obama way!
March 12, 2009 at 10:44 pm |
Why should I care if Walmart’s stock goes down?
March 13, 2009 at 7:49 am |
Nunya:
You’re right – I don’t care either, I hate Walmart.
I posted it as a potential barometer of unintended consequences and what could happen to other “blue chip” companies and their stocks if we keep using legislation and tax codes to conduct social engineering.