The markets traded higher today, nearly marking new highs on news the Wal-Mart would be repurchasing $20 billion worth of stock. The Dow 30 was higher by 69, the S&P 500 added 5, and the Nasdaq 100 had a small gain of 7. Tomorrow afternoon investors will get a look at FOMC Meeting Minutes which tend to be a market mover.
Walmart (NYSE: WMT) was a big focus today sending shares higher by 4.47%, hitting new highs in the process. Bulls rushed in to buy the stock as the company announced a $20 billion stock buyback program to replace its current plan. Part of the rally was also attributed to comments of positive earnings outlook for the year. The company said it has expectations for its "U.S. e-commerce sales to grow by 40% in fiscal 2019." Shares are now higher by 24% on the year.
Pfizer (NYSE: PFE) popped to new highs as well today as the company announced it is "exploring a potential sale or spinoff of its consumer health care business." CEO Ian Read says that while there is a "strong connection between the consumer division and Pfizer's core business, the potential for it to grow by itself is huge." Shares of the bio-pharma company are higher by over 10% on the year.
Honeywell (NYSE: HON) had a wild day of trade today as the company officially announced it will spin off its "home and ADI global distribution business and transportation systems". Analysts totaled up the value of those businesses at $7.5 billion. The announcement stated that the companies are likely to become "two independent, publicly-traded companies by the end of 2018." Shares started the day sharply lower, but closed almost flat on the day, maintaining its multi-year uptrend.