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Canaccord Genuity on JC Penney (NYSE:JCP), Norfolk Southern (NYSE:NSC), and Wal-Mart (NYSE:WMT)

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JC Penney and Norfolk Southern shares tumble while Wal-Mart rejects Amazon's Kindle.

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Fuel surcharge revenues are also anticipated to be approximately $80 million below the same period last year. Third-quarter 2011 fuel surcharge revenues included a favorable lag-effect of $52 million, whereas results for the current quarter are expected to be impacted by an unfavorable lag-effect in the range of $25-30 million. Shares of other railways, such as CSX (NYSE:CSX) and Canadian National Railway (TSE:CNR) also traded down in sympathy.

Wal-Mart (NYSE:WMT): Putting Out the Fire.

Wal-Mart will no longer sell Amazon's (NASDAQ:AMZN) Kindle products, making the world's largest retailer the second major chain to stop selling Amazon's devices, according to a source familiar with the situation. "We have recently made the business decision to not carry Amazon tablets and eReaders beyond our existing inventory and purchase commitments," Wal-Mart said in a memo sent to store managers on Wednesday. "This includes all Amazon Kindle models current and recently announced."

Wal-Mart said the decision was consistent with its overall merchandising strategy. While Wal-Mart dwarfs other retailers in overall sales, it trails Amazon and others online and has been stepping up efforts to increase its presence there. Consumers who buy Kindle tablets such as the new Kindle Fire HD can shop on the devices for more than just digital books, pushing Amazon into further competition with stores. That has come to an end.

Editor's note: For more information on Canaccord Genuity, click here.
No positions in stocks mentioned.
Canaccord Financial and its affiliated companies may have a Corporate Finance or other relationship with the companies mentioned and may trade in any of the Designated  Investments mentioned herein either for their own account or the accounts of their customers, in good faith and in the normal course of market making. The authors have not received, and will not receive, compensation that is directly based upon or linked to one or more specific Corporate Finance activities, or to coverage herein.
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