Diamonds and Dogs
Wal-Mart (WMT) leading the Dow higher. The largest box store retailer is up 3% to a new 52 week high following earnings. The company beat earnings estimates by 3 cents while revenue was in line. Revenues rose 1.3% to $116.53 billion for the quarter. For Walmart stock, the two biggest growth drivers are e-commerce and grocery. Online sales rose 63% in the first quarter, which was higher than the 29% growth in the fourth quarter.
One tech is going in the wrong direction. Cisco Systems (CSCO) is down 7% to a four month low following earnings. The company beat estimates on in-line revenue. Revenue fell 0.5% year over year to $11.94 billion. The company issued in line earnings guidance while sales will come in below expectations. Revenue is expected to drop 4-6% missing estimates by half a billion. The company announced additional restructuring, including 1,100 more layoffs.
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