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Mega-retailer Wal-Mart Stores (NYSE: WMT) announced today that it will add more than 22,000 jobs this year. The firm will add these jobs by adding positions to its current stores, building, or expanding. The 22,000 jobs will be in store management, pharmacies, human resources, customer service, cashiers, and sales staff. WMT says that its customer base is expanding thanks to the economic downturn, as shoppers are looking for lower prices during tough economic times. That said, the company has jettisoned 1,800 employees since the year began -- with 700 to 800 positions cut at its corporate headquarters, 400 when it closed a regional return center in Georgia, and 650 cut when WMT closed an eyewear facility in Ohio.
WMT has long drawn criticism from unionized groups because of the company's pay and benefits. However, the company says that 94% of its employees now have health coverage (which drew the greatest criticism). Vice Chairman Eduardo Castro-Wright stated, "At Wal-Mart, we offer competitive pay and benefits and real opportunities for our associates to advance and build careers . . . Job creation is just one way in which we're working hard every day to help people across this country live better."
It certainly appears that WMT is doing its part for those needing jobs, I wonder if this news will help the retailer's stock snap out of the rather pronounced trading range. Shares of the discount retailer have bounced between the $44 and $56 levels for the better part of the past 10 years. With WMT's 10- and 20-month moving averages bearing down on the stock, watch for the range-bound ways to continue.
It certainly appears that WMT is doing its part for those needing jobs, I wonder if this news will help the retailer's stock snap out of the rather pronounced trading range. Shares of the discount retailer have bounced between the $44 and $56 levels for the better part of the past 10 years. With WMT's 10- and 20-month moving averages bearing down on the stock, watch for the range-bound ways to continue.
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Reader Comments (Page 1 of 1)
6-05-2009 @ 2:15PM
roudy11z said...
I agree that WMT will continue to bounce. That being said, I plan to stick with them since I have been a a shareholder since 1981. Since that time I have seen the stock as low as $15 to $18 a share and bounce back.I have the patience to see this through as you can tell.I am giving some to my children along and we all seem to be doing very well. Of course we're not doing as well as "Robbie" Walton with his gold car but we're not complaining. Where would we be without Wal-Mart? RoudMan