Three of the biggest fallers have been defence and engineering firm Meggitt (LSE: MGGT), motor insurer Admiral Group (LSE: ADM) and supermarket giant Tesco (LSE: TSCO) (NASDAQOTH: TSCDY.US), whose share price recently touched a ten-year low.
tesco2 I hate shopping in my local Tesco (LSE: TSCO). Despite a major makeover, the aisles seem too close together, the staff are often surly and disinterested, and the items I want are regularly out of stock.
My somewhat arbitrary 10% cut in sales is based on two assumptions: firstly, that Tesco's UK sales will fall again this year, and secondly, that the firm may scale back operations in selected overseas markets.
L ike the rest of the mid-tier supermarket space, Tesco is facing the double hammer-blow of steady market share concessions to discount and premium chains such as Lidl and Waitrose, as well as the subsequent effect of pricing wars on the top line ...