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Shares of Wal-Mart Stores, Inc. (NYSE: WMT) opened lower on Tuesday as the company reported worse than expected second-quarter numbers and also lowered its full year guidance before markets opened for trade.
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Budd Bugatch from Raymond James, was on CNBC post Wal-Mart's result declaration to weigh in on the retailing giant's earnings.
The Good, The Bad And The Disappointing
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"We are seeing it on the sales line," Bugatch began. "We are seeing good sales, sales better than expected. Comps in the U.S. were up 1.5 percent with traffic driving that about 1.3 percent. So, that's the good news and, I think, his plan is to improve comps and improve sales particularly in the U.S., but elsewhere as well."
He continued, "We are seeing it in Sam's as well. And earnings will ultimately follow. They are pressured right now by expenses and the disappointing fact in the quarter is probably the guidance, taking that down by $0.30 to $0.35 from where it was in February."
Very Attractive At These Levels
Bugatch was asked if he will be a buyer of the stock at current levels. He replied, "Yes, that was the basis of our recommendation we have made a couple of months ago or couple of weeks ago. We think, the stock is very attractive here and I [am] rarely able to bottom-pick a stock recommendation, but for Wal-Mart the risk reward here [as] the stock seems to be overwhelmingly on the reward side versus the risk side."
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.