Reuters ahead on Wal-Mart profit warning; stocks, dollar hit

Clients got a big advantage when Reuters beat Bloomberg and Dow Jones with headlines on Wal-Mart shocking markets with a profit warning on January 8. Wal-Mart’s shares plunged immediately and eventually closed down almost 10 percent. That not only dragged down the entire stock market but pushed the dollar lower and triggered a rally in treasury bonds. Wal-Mart is a huge benchmark for consumer spending and the warning was taken as a signal that the U.S. recession may be even deeper than thought. Reuters followed up with a very strong same-store sales story and an analysis explaining why Wal-Mart missed and why the market took it so badly.