Wal-Mart takes hit in trading

BENTONVILLE, Ark. — Shares in Wal-Mart Stores took an $11 billion dive on Friday after the company announced earnings will decline by up to 12% in the fiscal year 2017. The surprise announcement contradicted the forecasts of analysts, who anticipated a slight gain, and prompted an exodus of stockholders. The drop meant a loss of $370 million on paper for Warren Buffett, the U.S.’s second-richest man, whose Berkshire Hathaway group holds a stake of more than 2% in the retail giant. The four members of the Walton family who own a controlling share of the company are among the worst-performing billionaires of the year.