Afternoon Market Roundup

BT Group Plc BT is all geared up to face a national strike from its staff as it has ignored the union’s demand for a 5% pay raise. The strike, which would be the first faced by the company in 23 years, could leave thousands of households and businesses without phone lines and internet access. The Communication Workers Union (CWU), which represents more 55,000 BT employees, gave BT time until this afternoon today to improve the 2% pay rise offer. The cause of union’s ire is that BT’s chief executive Ian Livingston has received a £1.2 million bonus payment and a £50,000 pay hike. At 12:38 pm, BT was down 3.23% to $18.86. The Board of Directors of Wal-Mart Stores Inc WMT has approved a latest share repurchase program that will allow the company to repurchase $15 billion worth of its shares. The announcement was made today at its 40th annual shareholders meeting. The executive vice president and chief financial officer of WMT Tom Schoewe said, "Share repurchase and dividends represent great ways to return value to our shareholders. In fact, in the first quarter of fiscal 2011, our $3 billion purchase representing 55.6 million shares, was a record for Walmart. During the past three years, our commitment to share repurchase was reflected in the company buying $18.5 billion of shares. In addition to share repurchase, Walmart will pay shareholders more than $4.5 billion in dividends during fiscal year 2011." WMT shares had slipped 1.78% to $50.80 by 12:38 pm today. Today the Federal Trade Commission (FTC) blamed Kellogg Company K for violating a prior agreement over false advertising as the company claimed that by eating its cereal, Rice Krispies, a child's immunity can be improved. This is the second time in a year when Kellogg has made a false health claim on its cereals. FTC chairman Jon Leibowitz said, "We expect more from a great American company than making dubious claims—not once but twice—that its cereals improve children's health." K was trading 2.70% lower to $53.66 by 12:38 pm today. Read more from Benzinga's Markets.