Back to school stocks are soaring, as hoped.
Just yesterday, we noted, “After bottoming out around $120, the WMT stock is now up to $133.47. From here, if it can break above triple top resistance, it could challenge $137 next. Long-term, we’d like to see WMT refill its bearish gap around $150 a share.”
This morning, the WMT stock is up to $140.41 after solid earnings.
The retailer posted adjusted EPS of $1.77, beating expectations for $1.63. Revenue came in at $152.9 billion, which was above estimates for $150.9 billion. A year earlier, WMT posted EPS of $1.78 on sales of $141 billion.
And, according to Barron’s, “For the fiscal year, Walmart said it now expects adjusted earnings per share to decline between 9% and 11% in fiscal 2023, better than previous guidance that called for a drop of 11% to 13%, helped by the upbeat second quarter. The retailer is maintaining its guidance for the second half of the year.”
With Target, we noted, “We’d like to see it refill its bearish gap around $210, near-term.”
Today, thanks to WMT earnings, TGT is up to $182.30, and could still race well above $200.