Walmart and Cisco Drive Gains on Wall Street, Dow Rises by Triple Digits
Wall Street moved higher as positive earnings reports from Walmart Stores Inc. (WMT) - Get Report and Cisco Systems Inc. (CSCO) - Get Report drove gains in the retail and tech spaces. The Dow rose triple digits while the rest of stocks were on track to close higher for the first time in three days.
Walmart, the world's largest retailer, traded at records after reporting its ninth consecutive quarterly earnings beat. Revenue surged more than 4%, while U.S. e-commerce sales rocketed 50% higher.
Best Buy Co. Inc. (BBY) - Get Report was shut out of retail gains after missing third-quarter sales estimates and issuing a weak forecast. Domestic same-store sales increased 4.5%, coming in below targets.
Cisco was on a tear after topping first-quarter earnings estimates. Revenue over its recent three-month period was led by sales in its security segment. The company anticipates sales growth of 1% to 2% in its current quarter.
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