Why Wal-Mart Stores Inc. Stock Popped Today

Shares of Wal-Mart Stores Inc. (NYSE: WMT) climbed 4.5% on Tuesday after the retail giant announced encouraging progress on its strategic initiatives, preliminary guidance for the coming fiscal year, and a big new share repurchase authorization.

More specifically, ahead of its annual investment community meeting today, Wal-Mart reiterated its guidance for fiscal 2018 GAAP earnings per share in the range of $4.18 to $4.28 and for adjusted (non-GAAP) earnings per share of $4.30 to $4.40. Wal-Mart also offered guidance for adjusted earnings per share in fiscal 2019 to climb roughly 5% year over year, equating to an approximate range of $4.52 to $4.62. In addition, Wal-Mart unveiled a new two-year, $20 billion share repurchase program to replace its existing authorization.

IMAGE SOURCE: WAL-MART.

Source: Fool.com