Wal-Mart lifts Russell 2000
The Russell 2000 (NYSE: IWM) is posting solid gains following news that Wal-Mart reported a rise in its third-quarter financials.
At 10:20 a.m. ET, the small-cap index had added 9.28 points, or 1.21%, to 776.37. The Dow Jones Industrial Average (INDU) was up 121.93 points, or 0.94%, to 13,109.48.
The bulls are back in action following news before the start of trading that Wal-Mart Stores Inc. (NYSE: WMT) reported a 7.9% increase in third-quarter profit at its U.S. stores, while revenue rose 8.9%.
The Bentonville, Ark.-based company, the world’s largest retailer, had a profit of $2.86 billion, or $0.70 per share, compared with $2.65 billion, or $0.63 per share, a year ago. That’s above Wall Street’s expected earnings of $0.67 per share and on revenue of $91.67 billion.
Wal-Mart also improved its fiscal 2008 earnings guidance.
Meanwhile, home improvement retailer The Home Depot Inc. (NYSE: HD) announced a 27% drop in its third-quarter earnings, reflecting the ongoing stagnation in the U.S. housing market.
Overseas, London’s FTSE 100 index slipped 0.1%, while Tokyo’s Nikkei 225 index surrendered 0.5%.
No major economic releases are scheduled for today.
Here are the current biggest percentage gainers and losers among companies with a market cap between $100 million and $750 million:
Biggest percentage gainers:
• US BioEnergy Corp. (USBE), up 13% on news of a rise in third-quarter profit.
• BIDZ.com (BIDZ), up 15% on news of a rise in third-quarter profit.
• School Specialty Inc. (SCHS), up 12% on news of a rise in fiscal second-quarter profit.
Biggest percentage losers:
• TravelCenters of America LLC. (TA), down 17% on news it swung to a third-quarter loss.
• Regeneration Technologies Inc. (RTIX) down 12% on news it has purchased Tutogen Medical Inc. (TTG) for $263 million.
