Wal-Mart Shares Closing in on 52-week High (WMT)

Wal-Mart Stores Inc. (NYSE:WMT) New Logo

Wal-Mart Stores, Inc. (NYSE:WMT) shares are charging closer to a new 52-week high, today shares are up 2.5% and just $2 away from breaking yet another record.

Today Wal-Mart Stores (WMT) announced 10% profit growth first quarter 2010, that beat the Street and shares are moving higher.WMT

Wal-Mart's (WMT) Q2 EPS outlook of $0.93-0.98 fell just short of expectations at $0.98. In its press release, the company did not explain the mysterious delay of its quarterly report, but CEO Mike Duke did say customers, particularly in the U.S., "are still concerned about their personal finances and unemployment, as well as higher fuel prices."  

Wal-Mart The profits were driven by expense control and gains from across the world. The world's largest retailer gave Q2 outlook below Wall Street expectations due to "continuing challenging sales environment" in the US. Eduardo Castro-Wright, head of US Walmart, mentioned that, “there are also increased use of food stamps and other assistance-based funds while deflation remains a headwind.”

Congrats WMT longs.

SOURCES: BENZINGA.COM

 

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