Overnight, WMT beat quarterly revenue and earnings estimates, which included e-commerce growth of +22%. The retailer now expects to hit the top end or slightly above previous guidance. CFO John David Rainey told CNBC that the gap between the price of cooking at home and eating out is helping Walmart’s grocery business. The stock closed up +7%, making it the backbone of the Dow’s advance above 40,000.
- We like the quality of WMT’s results, which saw newer businesses like advertising win over more high-end shoppers. Plus, for the first time, its delivery business surpassed its store pickup in terms of volume.
MM is bullish towards WMT
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