New York City Wal-Mart Stores Inc. is temporarily suspending its stock-repurchase program, the Associated Press reported. The chain cited the economic environment and instability in the credit markets.
The retailer announced the move Tuesday in a quarterly statement filed with the Securities and Exchange Commission.
From time to time, the discounter had repurchased shares of its common stock under a $15 billion share-repurchase program authorized by the Board of Directors. As of Oct. 18, about $5.0 billion remained of the $15 billion authorized.