As of midday trading on Thursday, the Dow Jones Industrial Average is green to the tune of just over 1%, as Walmart and Cisco both outperformed analyst expectations. Meanwhile, the S&P 500 gained roughly 1.2% while the Nasdaq Composite climbed the most at nearly 1.4%. Both the S&P 500 and Nasdaq are currently positive on the week now.
Walmart shares rose 3.5% after the retail giant posted first-quarter earnings which beat analyst expectations. For the first quarter, Walmart delivered adjusted earnings per share of $1.13, outpacing Wall Street analysts’ expectations of $1.02. Revenue for the quarter came in at $123.9 billion, in contrast to estimates of $124.94 billion. The closely followed comp sales number came in at 3.4%, marking the best first quarter in 9 years, Walmart noted.
“We’re continuing our transformation to become more of a digital enterprise,” Walmart CEO Doug McMillon said Thursday in a statement, according to CNBC.
Sam’s Club, the American chain of membership-only retail warehouse clubs owned and operated by Walmart, also showed a mild uptick in sales as well. But that increased performance was tempered by lower tobacco sales, according to the retailer.
“We are pleased with the progress and members are responding favorably, but there’s more work to do,” CFO Brett Biggs said about Sam’s Club.
Cisco Systems also reported better-than-expected quarterly earnings, sending its stock up 5.4%. The company also issued stronger-than-forecast revenue guidance, according to CNBC.
Late Wednesday, Cisco reported fiscal third-quarter net income of $3.04 billion, or 69 cents a share, compared with a $2.69 billion, or 56 cents a share, in the past year time frame.