Wal-Mart Stock Slides on Bribery Allegations
Shares of Wal-mart took a dive after news reports alleging executives of the company in Mexico used a vast bribery scheme to build new stores and covered it up. Wal-Mart stocked dropped nearly 5 percent during trading, at one point. This weekend, the New York Times reported Wal-Mart used millions in bribes to get stores built faster in Mexico. Wal-Mart has some 2,000 locations there now. Analysts say it could lead to a management shake-up or keep the stock under pressure. The company says the behavior is not what Wal-Mart is all about.