Coinspeaker
Walmart (WMT) Stock Hits New Record, Adds 2.78% While the Whole Market Is in Red

While the whole market is in the red because of coronavirus, Walmart Inc (NYSE: WMT) stock maintains its position. Moreover, it has managed to jump and reach a new high.

On Wednesday, Walmart (WMT) stock got a second upgrade this week and cleared the 125.48 buy point. It closed at $122.58, having gained 2.78%. Today, it was $124.70 during the pre-market sale. At the moment of writing, the retail corporation’s shares are trading at $122.45.

Meanwhile, the other stocks are dropping. Tesla Inc (NASDAQ: TSLA) stock is 16.03% down, which resulted from the order of Bay Area’s local sheriffs’ department to close the factory in Fremont. Apple Inc (NASDAQ: AAPL) stock is 2.45% down, even after the company released a new MacBook Air and iPad Pro. Facebook Inc (NASDAQ: FB) stock has slightly plunged by 1.65%. Shares of transport companies are also suffering losses. For instance, Uber Technologies Inc (NYSE: UBER) stock was as much as 14% down yesterday.

For Walmart, the coronavirus outbreak has taken a beneficial turn, albeit temporary. As the demand for some categories of goods and the number of deliveries have notably increased, Walmart and other retailing chains benefit from consumer stock-up activities.

Analysts at Credit Suisse said:

“We see this unfortunate period accelerating structural changes in consumer shopping, possibly by five-plus years, as they are introduced to new retailers and new shopping methods including online grocery and delivery, and further consolidate purchases at multi-category, multi-channel retailers.”

Walmart US CEO John Furner said:

“We’ve got a lot of categories that have seen extraordinary growth levels in the past few weeks. This started in over-the-counter pharmaceuticals, then food and consumables, and now it’s moving into our food businesses.”

Last week, Walmart decided to change operating hours in its stores. Now they are from 6 a.m. to 11 p.m. Some Walmart stores are open 24 hours.

Some believe that Walmart shares are quite risky to buy now, as this growth effect is temporary. At the beginning of 2020, before coronavirus enthralled the world, they showed not a very good performance. Walmart’s earnings for the 2019 fourth quarter disappointed the market and fell short of expectations. But the trust in the company seemed to rebound after it announced working on a new service Walmart+ that may surpass Amazon Prime.

Strategic Wealth Partners chief Mark Tepper believes that Walmart stock is worth buying. According to Tepper, Walmart is a part of the so-called DAWN strategy offered by the analyst. Other companies to invest in are Domino’s Pizza Inc (NYSE: DPZ), Activision Blizzard Inc (NASDAQ: ATVI), and Netflix Inc (NASDAQ: NFLX).

Notably, Walmart is one of the best-performing Dow stocks this month. It’s up to you to decide whether to buy its stock or not. In the short-run, it is definitely a good investment.

Walmart (WMT) Stock Hits New Record, Adds 2.78% While the Whole Market Is in Red

Similar to Notcoin - Blum - Airdrops In 2024

origin »

148 +