Retail stocks rise amid Walmart earnings beat
Yahoo Finance Live anchor Seana Smith looks at how some of the biggest retail stocks are faring after Walmart's earnings beat estimates.
Video Transcript
DAVE BRIGGS: It's the nation's largest retailer leading things off by beating expectations in the second quarter despite a pullback in apparel. Walmart largely echoed its profit warning late last month. One interesting takeaway from the report I saw, 3/4 of Walmart's market share gains came from middle and high income customers. Those that make more than $100,000 a year.
Seana, that was interesting here. They say when Walmart sneezes, though, the country reaches for a KN95 mask. But at this point, Walmart is very healthy. So what did we see as a result?
SEANA SMITH: Walmart's healthy. And look, we're seeing a lot of green on the screen here. We just pulled up a heat map here of some of the biggest retail players. You can see Walmart, that stock up just around 5 and 1/2%, the leader in the Dow today. Costco not far behind. Amazon moving to the upside.
Some of these slightly smaller players, TJX for example, that stock up just about 2.3%. We're even seeing gains from Target. Now, remember, we'll get Target before the bell tomorrow. But today, you can see the reaction in the stock on the heels of that better-than-expected report from Walmart on lowered expectations. But still target, Dave, up just around 4 and 1/2%.
DAVE BRIGGS: Surprising to see Macy's up because--
SEANA SMITH: Yeah.
DAVE BRIGGS: --we saw a pullback, as I mentioned, in apparel from Walmart. Thought that might impact them a little bit, did not to the downside.
