Walmart's stock rises into record territory, to outperform rivals by a wide margin
Shares of Walmart Inc. (WMT) rose 0.7% in afternoon trading Thursday, to put them on track to close at a record high well ahead of the discount retail behemoth's top rivals. The stock was trading 0.4% above the last record close of $165.25 seen on Sept. 14. Walmart is scheduled to report fiscal third-quarter results on Nov. 16; it has beaten adjusted earnings-per-share estimates the past five quarters, topped same-store sales expectations the past six quarters and surpassed total revenue forecasts the past 14 quarters, according to FactSet data. Meanwhile, key rival Target Corp.'s stock (TGT) tacked on 1.4% on Thursday. It has climbed 5.7% since closing at a 3 1/2-year low of $105.01 on Oct. 6, but was still 58.3% below the Nov. 16, 2021 record close of $111.04. Amazon.com Inc. shares (AMZN) were up 0.4% on Thursday, but were still 26.1% below their July 8, 2021 record close of $186.57. And shares of membership-based warehouse retailer Costco Wholesale Corp. (COST), which competes with Walmart's Sam's Club, hiked up 1.8% on Thursday but was 8.4% below the April 7, 2022 record close of $608.05. The Consumer Staples Select Sector SPDR ETF (XLP), of which Walmart's stock is a component, gained 1.4% on Thursday, but was 14.7% below its record close seen April 20, 2022, while the S&P 500 rallied 1.8% but was 10.1% below the record close reached on Jan. 3, 2022.
-Tomi Kilgore
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11-02-23 1500ET
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