Reverting the trend seen in the past three days, stocks are trading down on Wednesday on disappointing corporate results and a falling dollar – and in spite of recuperating oil prices driven by falling U.S. stockpiles. Among today’s big decliners are Wal-Mart Stores, Inc. (NYSE:WMT), Target Corporation (NYSE:TGT), Michael Kors Holdings Ltd (NYSE:KORS), Fossil Group Inc (NASDAQ:FOSL), and Laredo Petroleum Inc (NYSE:LPI). In this article, we will take a look into the events that have driven the fall of these stocks, and into how the iinvestors from our database feel about the companies in question.
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Wal-Mart Takes On Visa, Both Tumble
Back to the stocks that interest us, let’s start with Wal-Mart Stores, Inc. (NYSE:WMT), whose stock is down more than 3.5%, amid reports that the company filed of a lawsuit against Visa Inc (NYSE:V). On Tuesday afternoon, the famed retailer said it had started a litigation process against the payments company for the right to decide how its customers verify their debit-card transactions at the counter. Wal-Mart alleges that Visa is preventing it from letting clients enter a PIN number when using chip-enabled cards, making them ask for a signature instead – which results in a higher fee paid to the card company and a less secure transaction.
As of the end of the fourth quarter of 2015, Wal-Mart Stores, Inc. (NYSE:WMT) saw 49 funds from our database with long positions in our database. Among them, Berkshire Hathaway; Warren Buffett’s firm, last declared holding 56.18 million shares of the company, valued at more than $3.44 billion.
Target Targeted By Conservative Group
Target Corporation (NYSE:TGT) is also falling on Wednesday, and has lost roughly 5%. While some analysts have seen the decline as part of a wider trend – of weakness in the retail segment, others have attributed it to the “bathroom policy scandal.” The retailer recently adopted a new policy allowing both employees and customers to use bathrooms and fitting rooms that correspond to their gender identity, and this led several conservative groups to call for a boycott of the company. On Wednesday morning, Chairman and CEO Brian Cornell was on CNBC explaining what groups like the American Family Association are missing about Target’s inclusive restroom policy.
Among the funds tracked by Insider Monkey, Columbus Circle Investors disclosed ownership of 2.35 million shares of Target as of March 31, 2016.