Wal-Mart falls 9%, wiping out $20B in market cap, on sales guidance

Shares of Wal-Mart plunged on Wednesday after the company said its sales would be flat in fiscal 2016.

The retailer’s stock fell as much as 9 percent, touching a three-year low and on pace for its worst day in 15 years. It lost nearly $20 billion in market cap at its lows on the day.

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Wal-Mart added its operating expenses would top sales growth in fiscal 2016.

The company separately announced it has authorized a new $20 billion share repurchase plan.

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