US open: Wal-Mart's outlook disappoints

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Date: Tuesday 13 May 2008

LONDON (ShareCast) - US stocks were slightly lower in early dealings as investors considered Wal-Mart's cautious outlook and key economic data.

The Commerce Department said April retail sales fell 0.2%, as expected, having risen 0.2% in March.

Elsewhere, the 1.8% rise in import prices in April was also largely in line with forecasts.

Ben Bernanke said that the financial markets have improved thanks to the Fed's recent liquidity measures, but added that the environment is still “far from normal.”

Across the markets, the Dow Jones is down 33 points to 12,842 with the Nasdaq Composite 3 points lower at 2485. The S&P 500 is down 2 points at 1401.

On the corporate front, Wal-Mart, the world’s largest retailer, surpassed analysts’ forecasts with its first quarter earnings, but sounded a note of caution on its prospects for the second quarter.

Computing products giant Hewlett Packard, which has confirmed it is to buy computer services company Electronic Data Systems, said all of its segments performed well in the second quarter and it remains strongly cash generative.

Staying on the M&A trail, Staples raised its hostile bid to acquire Dutch rival Corporate Express to $2.27bn.

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