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Citigroup Inc. lowered its rating on Wal-Mart Stores Inc. to hold from buy on Tuesday, citing concern that legislation intended to make it easier for employees to unionize would raise the retail giant’s labor costs and hurt its competitiveness. Deborah Weinswig, a Citigroup analyst, cut her price target on the Bentonville, Ark.-based retailer to $48 from $53…
The proposed Employee Free Choice Act, a top priority for unions this year, was formally introduced Tuesday by Sen. Tom Harkin, D-Iowa., and Rep. George Miller, D-Calif.
Wal-Mart would be the “primary target” if any such bill were to be passed, especially because the U.S. food retail industry has historically been unionized with the exception of Wal-Mart, which is the largest food retailer, she said.
John Duncan writes, “Very interesting, considering Wal-Mart hasn’t been at 53 in a couple of months. So Citibank is lowering its “target” from something that wasn’t very achievable to something close to where Wal-Mart is currently running, claiming that it’s the scary unions that are causing the problem. I call BS.”
More from Ken Silverstein:
Commentary — November 17, 2015, 6:41 pm
The Clintons’ so-called charitable enterprise has served as a vehicle to launder money and to enrich family friends.
Number of Supreme Court justices in 1984 who voted against legalizing the recording of TV broadcasts by VCR:
A Spanish design student created a speech-recognition pillow into which the restive confide their worries, which are then printed out in the morning.
Greece evacuated 72,000 people from the town of Thessaloniki while an undetonated World War II–era bomb was excavated from beneath a gas station.
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"It is an interesting and somewhat macabre parlor game to play at a large gathering of one’s acquaintances: to speculate who in a showdown would go Nazi. By now, I think I know. I have gone through the experience many times—in Germany, in Austria, and in France. I have come to know the types: the born Nazis, the Nazis whom democracy itself has created, the certain-to-be fellow-travelers. And I also know those who never, under any conceivable circumstances, would become Nazis."