Core Viewpoint - Walmart demonstrated resilience amid a challenging market environment, with its shares rising 6.46% following strong quarterly sales and earnings, despite broader market losses [1][3]. Company Performance - In Q3 fiscal 2026, Walmart reported total revenues of $179.5 billion, a 6.2% increase compared to the previous year, with adjusted earnings per share rising 6.9% to $0.62 [7]. - Global commerce sales and global advertising revenue saw significant growth, increasing by 27% and 53% year-over-year, respectively [7]. - For the full fiscal year 2026, Walmart projects net sales growth between 4.8% and 5.1% and adjusted operating income growth of 4.8% to 5.5%, both in constant currency [9]. Strategic Moves - Walmart plans to transfer its stock listing to Nasdaq, which is expected to be the largest exchange transfer on record, starting on 9 December 2025 [2]. - The move aligns with Walmart's long-term strategy of becoming a tech-powered enterprise, leveraging advanced analytics and AI in its operations [4][10]. - The shift to Nasdaq is not merely symbolic, as Walmart is well-positioned to join the Nasdaq-100 Index, benefiting from a lower maximum annual listing fee and access to a growth-focused investor base [6]. Leadership Insights - Walmart's CFO expressed gratitude to the NYSE and excitement for the partnership with Nasdaq, indicating a positive outlook for the company's growth trajectory [5]. - The CEO highlighted strong performance across the business, particularly in eCommerce, and noted an increase in "value-seeking" customers across all income levels [8].

Market Movements - As of November 21, U.S. stock index futures showed mixed results, with Dow futures up 0.44% and S&P 500 futures up 0.13%, while Nasdaq futures were down 0.07% [1] - European indices also experienced declines, with Germany's DAX down 0.60%, UK's FTSE 100 down 0.28%, and France's CAC40 down 0.03% [2][3] - WTI crude oil fell by 2.03% to $57.80 per barrel, and Brent crude oil decreased by 1.69% to $62.31 per barrel [3][4] Cryptocurrency Insights - Bitcoin saw a significant drop, falling below $82,000 and reaching a low of $81,111, marking its lowest point since April 7, with a decline of over 9% [5] Stock Market Predictions - Castle Securities predicts that the S&P 500 could reach 7,000 points by year-end, driven by market positioning and favorable seasonal factors [6] - Bridgewater's Dalio warns that the market shows signs of a bubble similar to 1929 and 2000, but advises against hasty selling [7] - Goldman Sachs indicates that Nvidia's strong earnings did not alleviate risk concerns, leading to a protective stance among investors [8] Federal Reserve Outlook - Morgan Stanley has retracted its prediction for a December rate cut, citing strong employment data that suggests economic resilience [9] - Hassett, a candidate for Fed chair, warns that pausing rate cuts now would be ill-timed due to potential GDP impacts from government shutdowns [10] Company News - Ross Stores reported a 7% increase in same-store sales for Q3, exceeding expectations, and raised its annual earnings guidance [11] - Walmart highlighted a widening gap between low-income and high-income consumers, indicating increasing financial strain on the former [12] - GE Healthcare announced a $2.3 billion acquisition of Intelerad to enhance its cloud and AI capabilities in medical imaging [13] - Joby Aviation has filed a lawsuit against Archer Aviation for alleged trade secret theft by a former employee [14] - Miniso reported a 28.17% increase in revenue for Q3, with adjusted net profit rising by 11.7% [15]

Walmart International revenues were "positively affected by timing of Flipkart's BBD event", the US-based retail giant said in an earnings statement on Thursday. Moreover, Walmart Inc., which reported a global revenue of $179.5 billion in Q3, said its "gross margin rate was up 2 bps, led by Walmart US", however, it was "partially offset by International due to the timing of Flipkart's Big Billion Days (BBD) event". Walmart's International business, which operates in 18 countries outside the US, has reporte ...

Thanks to a scarcity of government data on how much (or little) consumers are spending, Wall Street is analyzing this quarter’s retail earnings reports even more closely than usual. And those numbers have made one thing clear: Walmart is still the retail king. The country’s largest retailer not only beat earnings and revenue estimates during its third quarter but also bumped its full-year sales and earnings outlook higher. That’s the second quarter in a row Walmart has increased its forecast for the year, ...

（原标题：沃尔玛Q3中国市场业绩领跑 净销售额达61亿美元） 21世纪经济报道记者 唐唯珂 报道 2025年11月20日，全球零售巨头沃尔玛正式披露2026财年第三季度业绩报告。 在全球经济环境复杂多变的背景下，数据显示，总营收同比增长5.8%至1795亿美元，剔除汇率波动影 响后增幅进一步扩大至6.0%；调整后营业利润达72亿美元，同比增长8.0%。 尤为值得关注的是，中国市场以21.8%的净销售额同比增幅领跑全球，电商业务增速更是高达32%，成 为集团业务增长的核心动力。同时，沃尔玛宣布管理层换届，现年51岁的John Furner将于2026年2月1日 接替59岁的董明伦，出任公司总裁兼首席执行官。 华南某商超供应商向21世纪经济报道记者表示，对于沃尔玛而言，中国市场的持续高增与管理层的平稳 过渡，将为其在全球零售变革浪潮中的竞争增添重要砝码。未来竞争必定会集中在零售整个上下游层 面。 中国市场成关键突破口 财报显示，沃尔玛第三季度的增长得益于各业务板块的协同发力。全球电商业务的净销售额同比增长 27%，所有业务板块电商增速均超20%，数字化转型成效显著；会员经济持续贡献增量，会员及其他收 入同比增长9 ...

同时，山姆大力推行绿色能源，昌平店引进了"极低碳"二氧化碳（TCO2）跨临界制冷系统，该CO2制冷剂几乎不产生碳排放，还可进行热回收再利用，制 冷系统在压缩制冷剂过程中所产生的大量的热，经水循环回收后，可以用于门店营运及员工生活用水。 而在11月20日晚间，沃尔玛中国发布第三季度业绩线上，本季度实现净销售额61亿美元，同比增长21.8%。其中，山姆保持强劲的增长势头，交易单量呈双 位数增长，在过去12个月内新开了8家门店。 北京商报讯（记者 刘卓澜）11月21日，山姆会员商店北京昌平店正式开业。自2003年至今，山姆已在北京开出5家门店，昌平店也是山姆在全国的第61家门 店。 据悉，昌平店位于北七家镇东北199号院1号楼。该门店在试吃、试玩、试用以及眼镜中心的屈光度、视功能等检查基础上，还配备了针对青少年的生物测量 仪等专业设备。除了线下门店，会员还可通过极速达、全城配、全国配等多种线上配送服务购买到喜爱的商品。最快一小时"极速达"涵盖千余种会员日常高 频采买的商品，满足会员对高品质商品的即时需求。 ...

Core Insights - Walmart is transferring its stock listing from the New York Stock Exchange (NYSE) to the Nasdaq Stock Market, effective December 9, which includes the transfer of its WMT ticker symbol and nine bonds [2][3] - This strategic move is seen as aligning Walmart with a technology-focused exchange, potentially positioning the company for inclusion in the Nasdaq 100, which could attract passive inflows from index-tracking funds [3] - J. Jill has appointed Viv Rettke as its first chief growth officer, who will oversee direct-to-consumer performance and lead AI initiatives, reporting directly to the CEO [4][5] Company Developments - Walmart's transition to Nasdaq is intended to reflect shared values with the exchange, emphasizing a technology-forward approach [2] - J. Jill's new chief growth officer has a background in strategy and transformation, previously serving at Cole Haan, and is expected to drive business growth and market opportunities [4][5] Industry Trends - The luxury fashion market is showcasing high-priced items, such as Prada's Crochet Safety Pin Brooch retailing for $775, which may be perceived as insensitive in the current economic climate [5][6] - The fashion industry continues to navigate challenges such as tariffs, inflation, and layoffs, impacting consumer sentiment and spending [6]

周四股市开局强劲：英伟达财报表现惊艳，美国失业率上升引发市场对美联储下月可能降息的预期。然 而市场情绪骤然逆转，股价暴跌，日内波动率飙升至四月以来最高水平，英伟达股价下跌3%。当前股 市正朝着创下特朗普关税计划四月冲击市场以来最差周表现的方向发展。 Junomarkets：技术信号显露疲态 VIX恐慌指数飙升，技术指标同样值得关注以判断股市走向。标普500指数本周早些时候跌破50日均 线，表明短期动能已转向下行。周四标普500指数下跌1.5%后，目前正测试100日均线，若跌破该位可 能预示更深幅度的下行——讽刺的是，这反而可能迫使美联储下月降息。 沃尔玛：风暴中的避风港 标普500成分股的涨跌幅榜映射出市场情绪：沃尔玛凭借强劲财报成为美股领头羊，涨幅逾6%，成为市 场风暴中的安全港湾。 更多迹象表明，英国消费者在预算案公布前已出现强烈负面反应。GfK报告显示消费者信心进一步跌入 负值区间，10月零售总额暴跌1.1%。这是包括超市、服装店和网购平台在内的销售额自5月以来首次下 滑。部分下滑或因黑色星期五促销提前消费所致，但更令人担忧的是消费者正陷入长期萎缩状态——他 们试图保护自己免受将企业和工人视为储钱罐的政 ...

Core Viewpoint - Walmart's CFO John David Rainey highlighted the widening gap between those who can afford daily necessities and those who cannot, reaching the highest level in nearly a decade as of October's wage growth data [1] Financial Performance - In Q3, Walmart reported revenue of $179.5 billion, a 5.8% year-over-year increase, surpassing the expected $177.6 billion; adjusted EPS was $0.62, slightly above the anticipated $0.60 [2] - Walmart raised its full-year guidance, expecting net sales growth to increase from a previous range of 3.75%-4.75% to 4.8%-5.1%; adjusted EPS forecast was revised from $2.52-$2.62 to $2.58-$2.63 [2] Consumer Behavior - Rainey noted that many shoppers are shifting towards cheaper products, extending their purchasing cycles, and focusing more on value due to ongoing financial challenges, with food prices still approximately 25% higher than pre-pandemic levels [1] - The company experienced a strong quarter with U.S. same-store sales growth of 4.5%, driven by grocery, health products, and general merchandise; transaction frequency increased by 1.8%, and average basket size grew by 2.7% [1] Cost Management - Despite strong performance, Walmart faces challenges with high tariff-related costs and is cautiously managing the impact of these costs on consumers, particularly for imported goods like bananas and avocados [2] - Rainey acknowledged the limitations of Walmart's "Everyday Low Price" strategy amid rising costs from tariffs, supply chain shifts, and labor expenses, indicating a delicate balance between protecting consumer interests and maintaining profit margins [2] Competitive Strategy - Walmart's pricing strategy remains competitive, exemplified by a $128 Vizio TV, which attracts customers while relying on long-term monetization through advertising revenue from its operating system [3] - Rainey emphasized Walmart's dual focus on providing value and convenience, suggesting that the historical belief in a trade-off between the two is a misconception, as Walmart is proving it can deliver both effectively [3]

Market Sentiment - The CNN Money Fear and Greed index increased, remaining in the "Extreme Fear" zone with a current reading of 6.5, down from a prior reading of 14.9 [1][6][7] Stock Performance - U.S. stocks closed lower, with the Dow Jones down approximately 387 points to 45,752.26, the S&P 500 declining 1.56% to 6,538.76, and the Nasdaq Composite falling 2.15% to 22,078.05 [4] - Walmart Inc. shares rose over 6% after exceeding earnings expectations and raising guidance [3] - Palo Alto Networks Inc. shares fell more than 7% following its first-quarter financial results and the announcement of acquiring Chronosphere [3] Economic Indicators - A stronger-than-expected U.S. jobs report showed non-farm payrolls increased by 119,000 in September, significantly higher than the forecast of 50,000, impacting expectations for a December rate cut [2] - Markets now estimate a 64% probability that the Federal Reserve will maintain current rates in December [2] Sector Performance - Most sectors in the S&P 500 ended negatively, with information technology, consumer discretionary, and industrials experiencing the largest losses, while consumer staples stocks closed higher [4]