Morning Movers: Wal-Mart and Sears Shine Bright, JPMorgan Stumbles
Shares of Wal-Mart Stores Inc. (NYSE:WMT) jumped over 5 percent this morning. The world’s largest retailer reported first-quarter earnings of $3.74 billion ($1.09 per share), compared to $3.4 billion (97 cents per share) a year earlier. Analysts expected the company to earn $1.04 per share. “Our strategy is clear. Our merchants are focused on increasing sales through the right assortment at the right time and for the lowest price,” said Bill Simon, Wal-Mart U.S. president and chief executive officer. “We will continue to invest in price to lower costs for our customers by enhancing leverage initiatives and managing expenses.”
GameStop Corp. (NYSE:GME) shares are selling off more than 8 percent in early trading. The video game retailer said its first-quarter earnings fell to $72.5 million (54 cents per share), compared to $80.4 million (56 cents per share) a year earlier. Sales also decreased to $2 billion from $2.3 billion.
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Dollar Tree Inc. (NASDAQ:DLTR) shares dropped 4.94 percent in morning trading. The company announced first-quarter earnings of $116.1 million ($1 per share), compared to $101 million (82 cents per share) a year earlier. However, Dollar Tree provided a lower-than-expected outlook for the second-quarter.
JPMorgan Chase and Co. (NYSE:JPM) shares fell more than 2 percent in trading action. The New York Times (NYSE:NYT) reported that the trade which cost JPMorgan an estimated $2 billion will likely increase to at least a $3 billion loss.
Shares of Sears Holdings Corp. (NASDAQ:SHLD) shares climbed over 9 percent higher this morning. The company saw a profit in its fiscal first quarter thanks to an increase from getting rid of real estate assets. The company also plans to sell a large amount of its Sears Canada Inc. business. Sears’ sales and earnings were were better-than-expected as the company has been trying to add customers with more attractive stores and a loyalty program called, Shop Your Way Rewards.
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