Walmart Drops, Alibaba ADRs, Coty Sinks After Fourth Quarter Results

On this episode of Stock Movers:

- Walmart (WMT) shares slide. Quarterly sales fell short of expectations, with sales at US stores open at least a year, excluding fuel, rising 2.6% in the second quarter. The company's pharmacy business was hindered by federal negotiations that led to lower drug prices, and shoppers spent less per trip during the quarter.
 
- Alibaba (BABA) ADRs rise. Alibaba Group Holding Ltd.’s profit plunged more than 75% after the company increased quarterly capital spending to almost $10 billion to safeguard its position in the global AI arena. The company reported a 9% jump in revenue, but net income tumbled to 10.5 billion yuan and it registered a free-cash outflow of $6.6 billion, reflecting the rising cost of AI projects and computing infrastructure.

-Coty (COTY) shares fall on Thursday after the beauty conglomerate refrained from providing full-year guidance, predicting a “transition” period in the current fiscal year. Net revenue increased 1% to $1.27 billion, but declined 1% on a like-for-like basis, including an estimated 1% headwind from the Middle East conflict.

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