Walmart’s (NYSE: WMT) Q2 earnings result crushed Wall Street estimates as its online sales nearly doubled during the Covid-19 pandemic.
Walmart’s (NYSE: WMT) Q2 earnings result crushed Wall Street estimates as its online sales nearly doubled during the Covid-19 pandemic. The company’s same-store sales rose 9.3% vs 5.4% expected, while its e-commerce sales surged 97% due to increased home deliveries and curbside pickups. Revenue came to $137.74 billion vs $135.48 billion expected. Walmart is also planning to launch a membership service called Walmart+ that will compete with Amazon Prime, in providing speedy delivery to customers. Shares of the company reached a 52-week high of $137.63 after the results. Click here to read more
Home Depot (NYSE: HD), the largest home improvement retailer in the U.S., recorded a 23% growth in quarterly sales as Covid-19 lockdowns caused consumers to take up home repairs and renovations. The company posted revenue of $38.05 billion (its highest quarterly revenue yet) vs $34.53 billion and its profit rose 25% to $4.33 billion from $3.48 billion in Q2 2019. Home Depot, however, did not provide a forecast for the remainder of 2020 on the basis of the uncertainty related to the pandemic. Click here to read more
Last week, Citigroup (NYSE: C) erroneously repaid a loan of about $900 million made to Revlon (NYSE: REV), just one day after lenders sued the cosmetics company over its restructuring plans. Citigroup wired the payment from its own funds to Revlon’s lenders but the bank quickly caught the payment error and immediately took steps to recover the funds. Yesterday, a U.S. judge blocked a hedge fund from doing anything with its nearly $175 million part of the payout, while he considers a preliminary injunction that could eventually require the firm to repay Citigroup. Click here to read more
Here are the biggest movers in pre-market trading
1. Elon Musk’s SpaceX raises $1.9 billion in funding. Click here to read more
2. Bill Gates, Elon Musk, Jeff Bezos and the rest of the “Oligarchic Dozen” now have a combined net worth of over $1 trillion. Click here to read more
3. Big Tech drives S&P 500 to record high in Covid-19 rally. Click here to read more
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