Just a few months ago, there were likely few – if any – Wal-Mart observers who would have guessed share prices of the world’s largest retailer would push past the upper $60-range and flirt with $75 by late July.
On Friday, Wal-Mart Stores Inc. shares (NYSE: WMT) closed at $74.54, up 87 cents, or more than 54% from its 52-week low. Also on Friday, the shares hit a new 52-week intraday trading high of $74.80. Prior to Friday, the share price ranged from a $48.31 low to a $73.95 high.
Revelations of the bribery scandal first hit April 21 when the New York Times reported a “campaign of bribery” that was allegedly managed by former Wal-Mart de Mexico CEO Eduardo Castro Wright. The bribery schemes allowed Wal-Mart to obtain construction and other permits quicker than its competitors. Click here to read the full story from our partners at TheCityWire.com.