Wal-Mart Back Under $70 For The First Time Since February 2013

em>Joel Elconin is the co-host of

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Wal-Mart Stores

shares are trading lower by $2.16 at $69.75 in Tuesday's session. Along with Q2 miss for EPS ($1.08 vs. $1.12) on slightly better revenues ($120.2B vs. Est. $119.7B), the company drastically lowered Q3 EPS ($0.93 to $1,05 vs. Est. $1.08). In addition, the company lowered FY EPS to $4.40-$4.70 vs. Street Est. $4.77. Previously, the company had seen $4.70-$5.05). Wal-Mart reached its all time high in January ($90.97( and back to back misses have the issue traded 23 percent off that level. After a sharply lower open, ($70 vs, Monday's close ($71.91), it managed at brief pop to $70.50, before seller flooded the issue. So far, it has reached $69.55 and is not trading far from that level. It is now back at levels not seen since February 2013. If the decline continues there may not be any major support in the issue until a pair of lows at the $68.50 from late February 2013.