The big theory after Wal-Mart (WMT) announced its June same-store sales was that the company was recession-proof. People were going from higher-priced retailers to Wal-Mart to save money because the economy was forcing them to do so.

Wal-Mart was to be the one large American company that stepped out of the way as the recession rolled on.

Analysts and investors were disabused of that theory. Wal-Mart same-store sales slowed to 3% in July, which was much less than Wall St. had hoped for.

Wal-Mart US revenue growth was a very modest 7%. If international sales had not moved up 17%, the report would have been truly awful.

The markets are now faced with the dilemma that the number of "safe" stocks is falling. GE (GE) went off the list some time ago, So did Microsoft (MSFT) and Apple (AAPL).

What is clear is the the recession is knocking off different companies at different rates of speed. Everyone is not getting crushed at once. The slowdown appears random now, not predictable by industry.

Wal-Mart may not have been the last man standing, but it was close.

Douglas A. McIntyre

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