Nice rally today. Should last for a few more days.
Fez
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Wal-Mart shares lead Dow gainers
Meat cutters at Illinois store drop support for union
By Tomi Kilgore, CBS MarketWatch
Last Update: 3:40 PM ET Mar 29, 2000 NewsWatch
Bentonville, Ark. (CBS.MW) -- Shares of Wal-Mart rallied to pace gainers in the Dow Jones Industrial Average on Wednesday after meat cutters at an Illinois store decided to drop support for a petition to unionize.
Wal-Mart (WMT: news, msgs) climbed 3 7/16, or 6.3 percent, to 57 15/16. It was the leading percentage gainer among the components of the Dow Jones Industrials Average ($INDU: news, msgs).
A company spokesperson confirmed that the United Food and Commercial Worker Union withdrew a petition to unionize workers in the meat department at a Wal-Mart store in Normal, Ill., after the workers ended support.
"Our associates realized they were being misled by the union, and understand that the company stands by and supports them," said Jessica Moser, a spokesperson for Wal-Mart.
In February, meat cutters at a Jacksonville, Texas supercenter voted to unionize their department. Wal-Mart followed by announcing in early March that it would stop its meat-cutting operations there and in 179 other stores in 6 other states, after deciding to sell only pre-packaged meat. Following that announcement, the stock had fallen by 4 percent. See related story.
The stock's rally is helping to support its retail brethren, as the CBOE Retail Index ($RLX: news, msgs) climbed 3.2 percent. Among other stocks in the index, shares of Home Depot (HD: news, msgs) gained 3 11/16, or 5.8 percent, to 67 11/16. Home Depot is also a component of the Dow. |
