US pre-market update: Walmart sales rise despite high inflation, Key things to know before market opens
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How will markets open today?
- Stock futures indicate a negative opening for the US stock market.
- Credit Suisse upgraded Apple to ‘Overweight’ from neutral, and raised the price target to $201 per share.
- Target, Nio, Lowe’s, Bath & Body Works to report quarterly results.
- Investors will also be watching for the minutes from the Fed’s July meeting.
Why did Walmart stock jump 5%?
- Revenue rose 8.4% to $153 billion & Net income up 20% to $5.15 billion beating analysts’ estimates.
- Walmart’s sales gains came from higher food prices amid rising inflation, school shopping and deep discounts on other items.
- Inventories rose to $59.9 billion, up 25% on-year due to higher levels of general merchandise.
- Flipkart advertising helped Walmart ad business grow 30% & PhonePe’s Payments volume rose to $830 bn. Walmart owns Flipkart & PhonePe.
- Walmart expects sales growth of 5% in Sept quarter & smaller drop of 8-10% in yearly profit than estimate.
Which companies will report earnings today?
Target, Nio, Lowe’s, Bath & Body Works to report quarterly results.
Why is Apple stock in news?
Credit Suisse upgraded Apple to ‘Overweight’ from neutral, and raised the price target to $201 per share.
How did Walmart perform in the June quarter?
Revenue rose 8.4% to $153 billion & Net income up 20% to $5.15 billion beating analysts’ estimates.
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