The retail giant closed the day up 2.21 percent, helping the Entrepreneur Index™ to a small gain on Tuesday.
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If consumer retail spending really did drop 1.2 percent in December, it didn’t affect the country’s biggest retailer.
Walmart crushed sales and earnings estimates with fourth quarter results reported this morning. The stock was up as much as four percent in the morning before drifting lower. It closed the day up 2.21 percent. Existing store sales at Walmart were up 4.2 percent versus a less than three percent expectation and, most impressive, ecommerce sales in the quarter were up 43 percent.
The broader market posted small gains on the day. The Dow and S&P 500 indexes were up 0.03 percent and 0.15 percent respectively while the Nasdaq Composite rose 0.19 percent. The Entrepreneur Index™ gained 0.23 percent today.
Investors cheered a decision by Ford to exit the commercial truck business in South America, sending the stock up 3.4 percent — the biggest gain on the Entrepreneur Index™ today. The company will take a $460 million charge from the move.
Wynn Resorts stock jumped 3.09 percent on more good news from the Macau gambling market. Analysts increased their estimates of February gaming revenue in the former Portuguese colony thanks to a strong Chinese New Year. One analyst projected a ten percent year over year rise for the month. Wynn shares, down sharply from last fall because of worries about the Chinese economy, are up 30 percent so far this year.
The technology sector was generally positive today. Facebook was the only FAANG stock on the index in the red, falling 0.13 percent. Netflix, (1.42 percent), and Amazon.com, (1.22 percent) posted good gains. Twitter was also up 1.34 percent. Analog Devices, (-1.44 percent) and TripAdvisor Inc. (-0.67 percent) had the biggest declines in the sector.
Only four stocks on the Entrepreneur Index™ were down more than one percent today. Along with Analog Devices, whiskey-maker Brown-Forman Corp. was down 1.16 percent, Chipotle Mexican Grill fell 1.06 percent and pest-control company Rollins Inc. lost 1.0 percent.
Trade issues will continue to move the markets. Yesterday, Ford and other U.S. automakers in the American Automotive Policy Council urged the administration not to impose tariffs on imported cars and parts from Japan and the EU, arguing that retaliatory tariffs would undermine their business.
Meanwhile, investors seem encouraged by President Trump’s suggestion that the Mar. one deadline for a U.S.-China trade deal might be extended. Negotiations between the two countries are continuing this week in Washington.
The Entrepreneur Index™ collects the top 60 publicly traded companies founded and run by entrepreneurs. The entrepreneurial spirit is a valuable asset for any business, and this index recognizes its importance, no matter how much a company has grown. These inspirational businesses can be tracked in real time on Entrepreneur.com.