Diamonds and Dogs
GE (GE) pops on earnings. Industrial conglomerate is jumping 5% on "standout" results driven by the Aerospace department. General Electric affirmed its earning guidance for the full year, but lowered its 2022 free cash flow outlook by $1 billion due to pressures on working capital. For once shareholders are looking past the bad news and focusing on the good.
Walmart (WMT) drops 7% after the retailing giant slashed its fiscal second-quarter and full-year profit guidance. Blame inflation, which is helping push up overall sales, but crimping shoppers' ability to spend on anything but essentials. The company noted that food inflation, while driving top-line growth, is weighing on customers' ability to spend elsewhere.
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