Wal-Mart Shares Hit Another All-time High
by July 11, 2012 12:53 am 83 views
Wal-Mart's stock closed trading Tuesday (July 10) at $72.11 a share after reaching an all-time high of $72.58 in intraday trading.
The Bentonville-based retail giant has been on a tear since its stock sunk in April after a Mexican bribery scandal surfaced.
Since then, shares of Wal-Mart have rebounded and stretched higher, particularly after first quarter results showed improving same-store sales.
Analysts on CNBC discussed the stock's performance.
Robert Carroll, a retail analyst at UB
S, said, “It’s really been that turn and their return to the core competency on price that leaves them well situated, but we just think right now it is still fairly valued until it can get a next leg of growth coming on top of that from either an uptick in square footage growth or even further expansion of some of the smaller format stores that they’ve been exploring.”
Deborah Weinswig, a retail analyst at Citi, characterized last quarter as a “perfect environment for spending.” Due to warm weather, many retailers spent heavily on technology, which impacted their bottom line.
Wal-Mart is set to report earnings on August 16.