Walmart wants to impress its parents, and is earnestly investing for the long term. But the markets don’t buy this maturity from the Bentonville firm. On Walmart’s Q1 2016 earnings call, management informed the Street that the company would be substantially increasing technology capital expenditures to “win the future of retail.”50 This was the correct, and only, choice for Walmart. However, the strategy meant a reduction in projected earnings. Cue the withdrawals and vomiting. Within twenty minutes of the opening of trading the following day, Walmart’s market value shed the equivalent of 2.5
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