Wal-Mart shares erase bribery probe declines

Shares of Wal-Mart Stores Inc (WMT.N) climbed as high as $62.48 on Thursday after the world's largest retailer posted strong earnings, erasing losses the shares suffered after a New York Times story on alleged bribery in Mexico.

Before the report was published on April 21, Wal-Mart traded at $62.45. The shares fell 8.2 percent during the first three full days of trading after the report, dipping as low as $57.18 on April 25. The decline wiped out billions of dollars of market capitalization.

Shares of Wal-Mart, a component of the Dow Jones industrial average finance/markets/index?symbol=us%21dji">.DJI, were up 5.3 percent at $62.34 in midday trading Thursday on the New York Stock Exchange. The company's quarterly profit and sales topped expectations, helped by a strong performance in the United States.

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- Posted: 2012-05-17 12:19:09

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