Retail read: Global e-commerce names rally while Walmart slides
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A retail sales report that came in slightly ahead of expectations and a strong earnings report from Chinese firm JD.com (JD
+2.7%) seem to be giving a lift to e-commerce stocks in general.
The beat-up sector saw gains in mid-day trading on Tuesday from Fiverr International (FVRR
+10.4%), Pinduoduo (PDD
+5.6%), Boxed (BOXD
+6.5%), Overstock.com (OSTK
+6.0%), Wayfair (NYSE:W
+3.3%), Farfetch (FTCH
+3.1%) and MercadoLibre (MELI
+3.2%).
Retail giant Amazon.com (AMZN) moved up 1.85%, which stands in contrast to the big drop for Walmart (WMT
-10.7%) following weak guidance.
Walmart's (WMT) lowered full-year EPS guidance could be an indication that the company is not passing on all its inflation costs to consumers even with sales demand strong.
"April retail sales demonstrate consumer strength and willingness to spend despite persistent inflation, supply chain constraints, market volatility and global unrest," noted National Retail Federation CEO Matthew Shay on today's print.
"Despite already tight margins, retailers remain committed to their customers and are doing everything they can to absorb these costs to keep products affordable," he added.
Read more about Walmart's Q1 earnings report.