Wal-Mart halts sales of certain guns

Walmart officials Wednesday said the retail giant will no longer sell assault rifles, semi-automatic shotguns or high-capacity firearms.

The announcement came on the same day two television journalists were shot and killed in Virginia in an incident that is likely to further stoke a growing debate about gun violence in the U.S.

“In order to expand our offerings of traditional guns we had to make more space and discontinue guns that were not selling”.

Wal-Mart Stores (NYSE:WMT) last issued its quarterly earnings data on Tuesday, August 18th. Even though “this happens to get more attention because of what the product is, the decision was completely based on what customers are buying and what they want”, Walmart spokesman Kory Lundberg said.

Wal-Mart will continue to sell shotguns and other hunting weapons, Lundberg said.

“Our focus in terms of firearms should be hunters and people who shoot sporting clays, and things like that”, said McMillon in June. BMO Capital Markets reaffirmed an underperform rating and set a $72.00 target price (down from $78.00) on shares of Wal-Mart Stores in a research report on Saturday, May 23rd.

Wal-Mart surprised some critics and supporters this year by taking a public stand in support of gay rights. Earlier this year, it vowed to remove merchandise from its stores that depicted the Confederate battle flag.

Military-style weapons have been criticized by gun-control advocates for their use in mass shootings. The company says the move was not made in response to political clashes about gun violence but rather is a reflection of waning customer interest in these products.

Video of Wednesday’s attack showed a man firing a handgun at a TV reporter, Alison Parker, and a cameraman, Adam Ward, during a live broadcast.