Walmart shares at record. Comments from major US retailer gives heartbeat of the consumer

Walmart's latest earnings report exceeded expectations, showcasing growth in revenue and comparable sales. Key highlights include reduced Thanksgiving basket costs, increased online orders for faster delivery, and market share gains. With shares up 64.70% for the year, Walmart is on track for a new record close.

It is not thought to be a Mag 7 but it does show the heartbeat of the US consumer.

Walmart announced earnings today and beat on both EPS and Revenues. Below is a summary of the numbers:

Q3 2024 Adj. EPS: $0.58 (beat expectations of $0.53)
Q3 2024 Revenue: $169.50 billion (beat expectations of $167.68 billion)
Total US Comparable Sales (Excluding Gas): +5.5% (beat expectations of +3.8%)
FY 2024 Adj. EPS Guidance: $2.42-$2.47 (raised from $2.35-$2.43; expectations: $2.45)
Walmart-Only US Stores Comparable Sales (Excluding Gas): +5.35% (beat expectations of +3.73%)
Sam's Club US Comparable Sales (Excluding Gas): +7% (beat expectations of +4.22%)

CNBC is outlining comments from Walmart CFO John David Rainey. Some of the comments:

Thanksgiving basket costs reduced by 3% from last year.
75% of share gains are from households earning $100K+.
Convenience trend: 30% of online orders included extra payment for 1-3 hour faster delivery.
Feels similar to last year, with a positive outlook.
Halloween and back-to-school sales were good but not exceptional.
Gaining market share in categories; membership income and advertising are improving margins.
Food category experiencing low single-digit growth.
General merchandise and consumables prices are down.
Overall basket cost is flat.
Hurricane boosted revenue due to stocking up, offset by expense impacts.
Company provided 178 truckloads of supplies for hurricane relief.
2/3 of items are made, grown, and assembled in the U.S.
Tariffs have been inflationary for the past seven years.
Any additional tariffs will further drive inflation.

Overall, the market is pleased with shares trading up $2.27 or 2.69% at $86.34. The high price did extend to $87.88 before some profit-taking. Nevertheless, the shares are on pace for a new record close (above $85.50).

Shares for the year are up a whopping 64.70%. Technically, the closest support comes against an increasingly steeper trend line. That comes in at $84.51. Its 50-day moving average is lower at $81.57. It's 100-day moving average is down at $76.61. Ultimately, those levels would have to be broken to increase the bearish bias technically.

In six key