Walmart stock hits all-time high

TheStreet’s Conway Gittens brings you the biggest news of the day, including what investors are watching and what sent shares of Walmart soaring.

Transcript

00:00 I'm Conway Gittens reporting from the New York Stock Exchange.

00:02 Here's what we're watching on the street today.

00:04 Wall Street touched record highs on Thursday, but failed to hold onto all the gains, with

00:09 the Dow crossing the 40,000 mark for the first time.

00:13 Investors digested a drop in weekly jobless claims, which points to a healthy labor market

00:18 with a recent slowdown in inflation.

00:21 In other business headlines, Walmart took in more than $161 billion in sales during

00:27 its quarter that ended in April.

00:29 Revenues and profits topped forecasts, sending the stock to an all-time high.

00:34 Business was solid across the board.

00:37 Walmart pointed to a particular bump from households earning more than $100,000 a year.

00:42 That income bracket helped drive a 22 percent surge in online sales, which was even stronger

00:47 than the growth seen during the December holidays.

00:50 Analysts say America's largest retailer is stealing market share as inflation pushes

00:55 shoppers of all incomes to its lower prices.

00:58 Walmart CEO Doug McMillan said it all boils down to pricing, in-store and online flexibility,

01:05 and improved customer service, saying, "We're people-led and tech-powered, and that combination

01:10 is propelling our business."

01:12 An industry-wide shift shows shoppers who spent the pandemic buying online have decided

01:17 that's the best way to go, and so Walmart is offering more pickup and delivery options.

01:21 As an economic bellwether, Walmart's results could indicate what's to come.

01:26 We'll get quarterly results from Target next week.

01:29 And that'll do it for your daily briefing from the New York Stock Exchange.

01:32 I'm Conway Gittins with the Street.

01:33 Thanks for watching.

01:34 Have a great day.

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