Some Wal-Mart (WMT) investors are calling Day 1 of the current analyst meeting, a fiasco! The pressure is on now, as Chief Executive Lee Scott addresses a hostile crowd on Wednesday.
CNBC’s Margaret Brennan joined the panel for this conversation. Following are excerpts from what was said.
Wal-Mart lowered its capital spending forecast, but not as much as the Street had hoped, explained Brennan.
When Lee Scott speaks on Wednesday he will try to reassure investors and talk his stock higher, she added. Few, if any Wal-Mart watches expect Lee Scott to step down.
On a related note, Jeff Macke recommended buying Coach (COH) on Tuesday’s dip.
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Trader disclosure: On Oct 23, 2007, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Macke Owns (YHOO), (COH), (DIS), (EMC), Najarian Owns (SII), (C), (GOOG), (YHOO), Najarian Owns (AMZN) Options; Finerman Owns (C ), (GS), (BIIB), (BEAS), (MSFT); Finerman's Firm And Finerman Own (TGT); Finerman's Firm Owns (WMT), Finerman's Firm Owns Russell 2000 Puts; Finerman's Firm Owns S&P 500 Puts