Wal-Mart Back Over $60 After Q3 Beat

Wal-Mart Stores, Inc. WMT shares are trading higher by $2.63 at $60.50 in Tuesday's session. The catalyst for the rally is a Q3 EPS beat of a penny. The Street is ignoring its revenue shortfall of $1 billion.

After a sharply higher open, it retreated only $0.14 to $59.20 before continuing to rally. So far, it has reached $60.65 and is not far from that level. This puts the issue in a vacuum area that was created when it swooned from $66.73 to $60.03, when it tumbled on October 14. On that day, the company announced weak sales and falling profits from increased wages.

Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show.

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