Li & Fung Falls After Wal-Mart Predicts Earnings Drop
- Wal-Mart sees annual loss; analysts had predicted a gain
- Wal-Mart CEO seeing `some pressure' on China consumer spending
Wal-Mart's Worrisome Stock Chart
Li & Fung Ltd., the global sourcing company, dropped the most in more than four months in Hong Kong trading after one of its customers, Wal-Mart Stores Inc., predicted a decline in annual earnings.
The Hong Kong-based company plunged as much as 7 percent to HK$5.86, the biggest intraday loss since May 26. The city’s Hang Seng Index gained 0.9 percent. Wal-Mart shares tumbled 10 percent at the close in New York Wednesday, the biggest one-day drop since January 1988.