Joel Elconin – A Strong Market Rebound, It’s A Story Of The Haves and Have Nots

November 17, 2023

Joel Elconin, Co-Host of the Benzinga PreMakret Prep Show and Editor of the PreMarket Prep website joins us to discuss the 2 week long rebound for a wide range of sectors. We ask his thoughts on the sustainability of the rally, if the broad averages could reach all time highs and some individual lagging sectors that have bounced. We also ask about the health of the consumer touching on Walmart’s earnings announcement and outlook.


Click here to visit Joel’s PreMarket Prep website.

    Nov 17, 2023 17:54 PM

    Walmart Hits the Wall, and That’s Ominous for Retail

    Ed Ponsi – The Street – Nov 17, 2023

    “Were traders caught off guard by the plunge in shares of Walmart (WMT) on Thursday? That would be an understatement.”

    “If investors, retail or institutional, had any inkling that bad news was coming, the stock wouldn’t have closed at an all-time high on Wednesday before plunging nearly 8% on Thursday.”

    “Yet that’s exactly what happened. Walmart went from hero to zero in a matter of hours as the company sounded the alarm on a pullback in consumer spending.”

    “We are more cautious on the consumer than we were 90 days ago,” said CFO John Rainey during Walmart’s post-earnings conference call. “Broadly, there is some stress on the consumer.”

      Nov 17, 2023 17:09 PM

      Walmart recently was providing free delivery on items ordered from their stores. Walmart has locations everywhere, that is a smart move because on the products that they sell in their stores Amazon could not compete. If big brick and mortar stores start to get their act together, they could give online retailers a run for their money. Even smaller chains could thwart Amazon by offering free delivery and pick-up of returns within a certain radius. Walmart could just ask the purchaser to bring the refunded items back to their closest outlet, most people would favor this because they like to shop anyway and Walmart is so convenient. DT