Right now on fast, breaking news from Walmart shares plunging after the company slashed

its profit outlook for the current quarter in fiscal year.

The retailer saying operating income could drop double digits in Q2.

I'm Melissa Lee.

This is fast money life in the Nasak market side on the desk tonight.

Guy, Naomi Tim Seymour, Karen Feynerman, and Dan Nathan.

Let's get right to it.

Chairs of Walmart are down sharply at this hour, down about eight percent.

The company saying food inflation was double digits in Q2 and that currency headwinds

are taking a billion dollar bite out of net sales.

The other big box retailers, Target, Costco, dollar stores, they're all dropping in sympathy

in the after hour session.

What a bombshell guy.

And we should remind people that when they reported their first quarter, they took down

guidance for the second quarter.

So here we are again.

Yeah.

So what is that month and a half, two months later was at May 17th to now and they didn't

take it down.

That's, I would submit, that's slashing already slash guidance.

So we can try to trade Walmart around this, but I think the question is, and I'm sure

you're asked, what does it mean on a bigger picture?

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