On this episode of Stock Movers:
- Walmart (WMT) is lower this morning as profit missed expectations due to a rise in insurance claims, legal charges, and restructuring costs. The company raised its full-year sales guidance, expecting net sales to rise 3.75% to 4.75% this year, and lifted its adjusted earnings guidance for the year. CFO John David Rainey said "the consumer is resilient" and that Walmart continues to gain market share across all income levels, especially wealthier shoppers.
- Palantir (PLTR) shares are rebounding after reading a tech decline this week following a run of selling in big tech as traders remain guarded ahead of the Federal Reserve’s gathering at Jackson Hole. The shares are down approximately 14% in the past five days and rose 4.4% in the past 30 days. Its six-session losing streak has wiped out $73 billion in market value.
- Coty Inc (COTY) is lower as the compnay forecasts steep sales declines will continue as retailers clear out existing inventory and consumer demand remains tepid. The company expects like-for-like sales to fall between 6% and 8% in the current quarter, and further declines of as much as 5% in the second fiscal quarter. Coty sees "gradual improvements" in sales trends for both high- and low-end divisions beginning in the January-to-June period, driven by "major" product launches and geographic expansion.
- Boeing (BA) is spiking on news it is heading closer to finalizing a deal with China to sell as many as 500 aircraft, according to people familiar with the matter. The mega sale to China is contingent on the two nations diffusing the trade hostilities that hark back to US President Donald Trump’s first term in office — and could still fall apart, they said.
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