Walmart Stock Helps Pull up Low Stock Market
On Tuesday, the Dow Jones Industrial fell 0.1%, similarly to other stock market indexes.
The Nasdaq Composite is also down 1.4%, with S&P 500 close behind with a 0.7% drop. While many stocks are falling today, pulling the market into a dip, Walmart and a few other key stocks are helping prop up the market on their end.
A strong earnings report is keeping Walmart (WMT) stock high today. The retailer is up 3.46% for the day after already enjoying a high stock price. The retailer posted its earnings for the previous quarter, which were positive and higher than expected.
On the back of the sales report, Walmart announced that it would be increasing the stock shares given to employees. Today marks the highest the stock has been since 2022, as sales came in at $173.4 billion for the quarter. The company also announced that it would be buying up television manufacturer Vizio, which would likely make Walmart the sole retailer for the brand.
Walmart reigns as the highest American business by revenue, and it pulled in $648 billion in sales for all of 2023. That places it above even Amazon with its $575 billion.
Home Depot Stock News
Walmart was not the only stock moving after a sales report on Tuesday. Home Depot (HD) is up 0.33% after releasing a report with better than expected earnings results. While sales were slightly down for the retailer, earnings and revenue estimates were higher than anticipated. There is less demand for Home depot products, with a 3% year over year decline. However, the company beat Wall Street predictions with its sales.
Home Depot is expecting to grow from year to year, with an estimated 12 new stores being added around the country each year. Home Depot’s earnings per share was estimated at $2.77 but was actually $2.82. Revenue was up slightly from expectations, which were anticipated to be $34.64 and were actually $34.79.
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