Shares of Walmart Inc. WMT, -0.17% fell 0.5% in midday trading, a day before the discount retail giant is scheduled to report fiscal first-quarter results.
The stock was unable to sustain an earlier intraday gain of as much as 0.9%, that was initially fueled by a rise in rival Target Corp.’s stock TGT, +2.58% after its earnings report and a broader stock market rally. Walmart’s stock was one of just nine of the 30 Dow Jones Industrial Average DJIA, +1.24% components that was losing ground. Target shares rose 2.2% in midday trading while the Dow climbed 204 points, or 0.6%. Walmart’s stock was headed for a fourth-straight loss since the stock closed at a 5 1/2-month high of $153.12 on May 11; it has dropped TK% during that stretch. Walmart is slated to report quarterly results before Thursday’s open, with analysts surveyed by FactSet expecting, on average, adjusted earnings per share of $1.32, revenue of $148.94 billion and Walmart U.S. same-store sales growth of 5.2%. The stock has tacked on 5.1% year to date, while the Consumer Staples Select Sector SPDR exchange-traded fund XLP, -0.05% has edged up 1.7% and the Dow has gained 0.2%.