Wal-Mart suspends stock buyback programme
Wal-Mart has confirmed in a government filing that it is temporarily suspending its stock buyback programme. It said that that it has been caused by the economic environment and instability in the credit markets. It announced the move in a quarterly statement filed with the Securities and Exchange Commission. Wal-Mart Chief Financial Officer Tom Schoewe told investors at the company’s analyst meeting that it did step back on its share repurchase programme in mid-October. He said: "It's not that we don't have confidence in our stock, and in fact I like the value today, better today, than I did a month ago, but we just thought to be consistent, to be conservative ... we did step back."
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