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 Walmart Inc. said Mark Lore, chief executive of the retail giant's U.S. e-commerce division, will retire at the end of January after more than four years in the role. Walmart's stock fell 1.3% in premarket trading. Lore joined Walmart in September 2016, after the company acquired Jet.com e-commerce site, of which Lore was founder and CEO. Walmart said Lore will serve as a strategic advisor to Walmart through September 2021. In the fiscal third quarter, Walmart said e-commerce sales rose 79% above year-ago levels, while rival Target Corp. reported digital comparable-store sales growth of 155% during the same quarter. Walmart's stock has advanced 27.5% over the past 12 months through Thursday, while Target shares have run up 69.2% and the Dow Jones Industrial Average has gained 6.8%.
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Investors let the broader market take a break from recent gains -- but not these shell company stocks.
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U.S. stock-market benchmarks finished lower on Friday, booking weekly losses after a third straight drop in retail sales highlighted weakness in consumer spending at the turn of the year. The Dow Jones Industrial Average fell 177 points, or 0.6%, to 30,814, based on preliminary numbers. The S&P 500 slipped 0.7% to end around 3,768. The Nasdaq Composite slid 0.9% to finish near 12,999. For the week, the S&P 500 and Nasdaq both fell 1.5%, while the Dow shed 0.9%. The disappointing retail sales data added to the urgency of further fiscal support. President-elect Joe Biden unveiled a proposed $1.9 trillion stimulus package on Thursday evening, but the bill has drawn widespread skepticism among analysts who question the package's viability. Investors also watched the unofficial start to corporate earnings season, with JPMorgan Chase reporting profits that beat expectations. However, revenues for Citigroup and Wells Fargo fell short of analyst estimates.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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