Walmart’s shares rallied Thursday after the company released its latest quarterly results. The company topped expectations for second-quarter earnings and revenue and raised its earnings forecast for 2019.
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The company’s U.S. comparable-store sales experienced their strongest growth in more than 10 years while its U.S. e-commerce sales posted a 40 percent rise.
Walmart is on track to close at its highest price since Feb. 16, 2018, when it closed at $104.78.
Shares are on pace of their largest percent increase since Nov. 16, 2017, when it rose 10.9 percent, and could possibly even post their largest intraday percent increase since Oct. 28, 2008, when it rose 12.18 percent.
Thursday’s gains could move the stock into positive territory for the year, with shares fractionally lower year-to-date. But the company has a bit of a ways to go to surpass its all-time closing high of $109.55 on Jan. 29, 2018. The stock needs to gain about another 10 percent.
According to Reuters, Walmart was on track to add $24 billion to its market capitalization on Thursday.