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Dock Strike Won't Cause Shortage of Cheap Crap, Assures Wal-Mart
Long Beach, CA | As the longshoreman labor dispute goes on for yet another day, hundreds of millions of dollars worth of cargo remains stuck at West Coast shipping docks. But representatives of Wal-Mart insist the strike should not adversely affect its bottom line.
Wal-Mart shares [nyse: WAL] inched higher this morning after the retailer announced it would go ahead with plans to open approximately 100 new outlets in the coming quarter.
An extended dock shutdown could quickly imperil the already wobbly U.S. economy. But company managers say an increase in the unemployment rate has historically precipitated a boost in their sales.
With its warehouses stocked to capacity, the retailing giant expects projected earnings from Wal-Mart, Walgreen's, and Sam's Discount Club locations to meet or exceed street estimates.
Analysts say the company will continue its long tradition of putting "mom and pop" stores out of business and causing increased traffic congestion in neighborhoods throughout N. America and the rest of the world - as well as forcing employees to work overtime without pay and threatening termination if they try to unionize.
One insider assured, "Come Christmas, there'll be more cheap crap than you can shake a stick at."
Sales of sticks [nasdaq: STX] were up .08 at mid-day.
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