Business
Wall Street Brunch: Walmart Weighs In As Q4 GDP Hits (undefined:WMT)
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Walmart features in a holiday-shortened week with 57 S&P 500 reports. (0:17) Economists expect Q4 GDP growth near 2.8%. (1:10) Supreme Court could rule soon on Trump tariffs. (1:37)
The following is an abridged transcript:
It’s a holiday-shortened week for Wall Street, with markets closed Monday for Presidents’ Day — officially Washington’s Birthday, and observed as such by the NYSE.
But in the four trading days, there’s still plenty on the calendar, with 57 S&P 500 (SP500) companies reporting results.
Walmart (WMT) is the marquee name. The retail giant is expected to report fiscal Q4 EPS of $0.73 on revenue of $188.54B when it reports Thursday. Same-store sales are forecast to rise about 4.2%. Walmart also joined the $1T market-cap club last week.
Seeking Alpha analyst Grassroots Trading says Walmart is aggressively integrating AI — including “Sparky” — to drive efficiency and profitability, narrowing the gap with Amazon (AMZN). But they rate the stock a Strong Sell, arguing the valuation looks extreme, with limited margin of safety if multiples revert.
Also on the earnings calendar:
Palo Alto Networks (PANW) and Medtronic (MDT) report Tuesday, followed by DoorDash (DASH) and Occidental (OXY) on Wednesday.
On the economic front, the first look at Q4 GDP is due Friday, with economists expecting 2.8% annualized growth.
Wells Fargo says the underlying fundamentals still look solid — but estimates growth could run closer to 1.6% if you factor in the government shutdown’s drag on headline activity.
Also due Friday are the December income and spending figures, which include the core PCE price index — the Fed’s preferred inflation gauge. Core PCE is forecast to tick up to 3% year over year.
In Washington, a Supreme Court ruling on President Trump’s tariffs could come as soon as Friday. The court has flagged three opinion days: Feb. 20, Feb. 24, and Feb. 25.
Prediction markets indicate SCOUTS will rule against the tariffs. Kalshi implies about a 27% chance the court rules in favor, while Polymarket is around 26% as of today.
In the news this weekend, Nvidia (NVDA) says CEO Jensen Huang won’t attend the India AI Impact Summit in New Delhi “due to unforeseen circumstances.” But Nvidia said it remains “deeply committed” to the summit and to India’s rapidly advancing AI ecosystem.
The event runs Feb. 16 through Feb. 20, and is expected to draw heads of state — including French President Emmanuel Macron — along with top tech leaders such as Sundar Pichai of Alphabet (GOOG) (GOOGL) and Sam Altman of OpenAI (OPENAI).
For income investors, Chevron (CVX) goes ex-dividend Tuesday, paying out March 10.
ConocoPhillips (COP) and Hasbro (HAS) go ex-dividend Wednesday — ConocoPhillips pays out March 2, and Hasbro pays March 4.
And Microsoft (MSFT) goes ex-dividend Thursday, with a March 12 payout date.
And in the Wall Street Research Corner, Goldman Sachs has launched a software pair-trade basket — going long on names it sees as more insulated from AI disruption, and short on those it sees as more vulnerable.
On the long side are names such as Cloudflare (NET), CrowdStrike (CRWD), Palo Alto Networks (PANW), Oracle (ORCL), and Microsoft (MSFT).
On the short side, Goldman flagged Monday.com (MNDY), Salesforce (CRM), DocuSign (DOCU), Accenture (ACN) and Duolingo (DUOL).
FBI confirms DNA recovered from glove found near Nancy Guthrie’s home
New Zealand’s a2 Milk posts 9.4% rise in interim earnings
Warner Bros weighs reopening sale talks with Paramount, Bloomberg News reports
PCE, Walmart, Palo Alto, Analog Devices, Deere, and More to Watch This Week
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Elon Musk’s Boring Company unveils underground tunnel
Elon Musk’s The Boring Company has been selected to begin negotiations for a proposed underground transit system connecting Universal Orlando’s parks, following a vote by the Shingle Creek Transit and Utility Community Development District Board.
During its Feb. 11 meeting, the board authorized staff to enter contract negotiations with The Boring Company after determining its proposal best met the district’s request for an “innovative, future-ready, point-to-point solution.”
The project is intended to support transportation infrastructure improvements, including the planned Sunshine Corridor and transit needs tied to expansion around Universal Orlando.
The decision does not finalize a contract.
PILOT PROGRAM AT MAJOR AIRPORT TRACKS MOVEMENT, APPROVES INTERNATIONAL FLYERS’ IDENTITY
An all-electric Tesla travels inside a tunnel 40 feet beneath the Las Vegas Convention Center. (Ethan Miller/Getty Images)
Any agreement would still require board approval, and officials said they will evaluate the project’s operational and financial feasibility before moving forward.
Fox 35 Orlando reported that the proposed underground transit system is intended to ease congestion along International Drive by linking Universal’s existing theme parks and CityWalk with Epic Universe, which opened last year.
The local station said the board’s vote comes after months of speculation and a competitive process that included proposals from other firms, such as Glydways.
The entrance portal welcomes guests during a preview day for Universal Epic Universe in Orlando on April 5, 2025. (Patrick Connolly/Orlando Sentinel/Tribune News Service via Getty Images)
While some competitors pitched elevated guideway systems designed to reduce construction time, the district ultimately opted to pursue an underground concept similar to The Boring Company’s “Vegas Loop” in Nevada.
TESLA ATTACK IN LAS VEGAS ‘CERTAINLY HAS SOME OF THE HALLMARKS’ OF TERRORISM, FBI OFFICIAL SAYS
A Tesla drives through the Las Vegas Convention Center Loop during a media preview on April 9, 2021. (Ethan Miller/Getty Images)
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“I think it would be a new opportunity to lessen traffic load and good for visitors as well,” said resident Scott Heinz, according to Fox 35.
Mary Walters-Clark, another resident, said the move could help ease congestion during peak hours by giving visitors an alternative to navigating heavy traffic and allowing them to better manage their time.
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