Too big a bargain

Wal-Mart’s stock price has been dogged this year by fears of economic uncertainty and slowing sales growth. Investors have brought its shares down by almost 11% this year, despite the fact that Wal-Mart was practically the only large retailer posting strong November sales. Yet Wal-Mart’s woes are exaggerated. Its profit growth remains robust. And the shares, now trading in line with the S&P 500’s market multiple, represent as good a value as anything in its stores. The market has fretted over ...