Walmart reported better-than-expected earnings in their latest financial report. However, their shares were slightly lower in premarket trading. The discount retailer posted an adjusted profit of 61 cents per share, surpassing estimates of 58 cents per share. Revenue came in at $165.61 billion, aligning closely with the consensus forecast of $165.84 billion.
In another development, Dick’s Sporting Goods and Foot Locker made headlines as Dick’s agreed to acquire Foot Locker for $2.4 billion. This move caused shares of Dick’s Sporting Goods to slide nearly 11%, while Foot Locker shares surged approximately 83% on the news. The deal offered $24 per share for Foot Locker, representing an 86% upside to the stock’s price.
UnitedHealth Group faced a setback as its shares retreated more than 6% following reports of a Department of Justice investigation into possible Medicare fraud. On a positive note, Cisco Systems saw a rise of over 2% after exceeding Wall Street’s expectations in their latest quarterly results. The networking technology company reported earnings of 96 cents per share and revenue of $14.15 billion, surpassing estimates of 92 cents per share and $14.08 billion in revenue.
Alibaba, the Chinese e-commerce giant, experienced a drop of nearly 4% in U.S.-listed shares after missing analysts’ estimates in their fiscal fourth-quarter results. Meanwhile, Boot Barn’s shares rallied 13% despite weaker-than-expected earnings and a soft revenue forecast for the full year. The Western retailer announced plans to repurchase $200 million of its stock.
CoreWeave, an artificial intelligence infrastructure company, saw a 4% decline in shares after reporting a widening loss in the first quarter. Although revenue of $982 million exceeded analyst expectations of $853 million, the stock has still risen more than 60% since its initial public offering.
Apple faced a slight dip of about 1% in its shares after President Donald Trump expressed his preference for the company not to build products in India. DXC Technology, an IT services stock, plummeted over 13% due to disappointing guidance for the fiscal first quarter. The company’s adjusted earnings are projected to fall between 55 cents and 65 cents per share, lower than analysts’ estimates of 77 cents per share.
As companies navigate through various challenges and opportunities, the market continues to react to their performance and strategic decisions. Stay tuned for more updates on these developments.