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Wal-Mart's stock rallied 2% to $58.03, and was the leading percentage gainer among Dow industrials components. The shares were up as much as 2.2% at the intraday high of $58.14, the highest price seen since June 26.
Merrill Lynch added Wal-Mart to its US 1 list, saying earnings upside should continue to be driven by above-trend comparable-store sales resulting from rising customer traffic, the company's re-positioning plan and international market share gains.
"We believe Wal-Mart's superior [everyday low pricing] value proposition and more integrated marketing program -- "Save Money.Live Better" -- should gain momentum in the difficult consumer environment and drive customer traffic," Merrill analyst Robert Ohmes said in a research note. "As a result, U.S. same-store sales could exceed our +0-2% forecast for the balance of fiscal 2009."
Wal-Mart is expected to report June same-store sales on Thursday, as is the rest of the retail sector.
Piper Jaffray analyst Daniel Binder said he expects June sales results to be better than expected as tax rebates, compelling sales and favorable weather lead to "a relatively good month" for retailers.
Binder expects Wal-Mart to report 3.2% to 4.2% growth in June same-store sales, including a 3% to 4% rise for the Wal-Mart division and 4% to 5% growth at Sam's Club. Tomi Kilgore tk1
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