Wal-Mart (WMT) Stock Affected By European Horse Meat Scandal
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Reports say traces of horse DNA were found in beef bolognese sauce made by Irish company Greencore Group. UK retailer Asda, owned by Wal-Mart, pulled Greencore products from its shelf fearing contamination.
Testing of Greencore products are ongoing, and final results have not been determined, but investors wasted little time punishing Greencore stock, which trades on the FTSE. It collapsed 22 percent. In the U.S. shares of Wal-Mart may open lower by approximately 1.7 percent.
Today's news is the latest in a massive horse meat scandal that has rocked Europe.
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Testing of Greencore products are ongoing, and final results have not been determined, but investors wasted little time punishing Greencore stock, which trades on the FTSE. It collapsed 22 percent. In the U.S. shares of Wal-Mart may open lower by approximately 1.7 percent.
Today's news is the latest in a massive horse meat scandal that has rocked Europe.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
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