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Ahead of President Donald Trump’s speech to Congress, such companies like Ford, Fiat-Chrysler, General Motors, Sprint, Softbank, Lockheed, Intel, Walmart were mentioned after they previously cited an investment of billions of dollars and creating tens of thousands of new American jobs in the country.  

The stock market significantly rallied by almost three trillion dollars in value since the election, marking it as a record. Meanwhile, analysts claimed that taxpayers benefited with the  move, which saved over hundreds of millions of dollars after dropping the price of the new F-35 jet fighter.

It is anticipated that more billions of dollars will be saved on contracts all over the Government, in which they implemented a hiring freeze on non-military and non-essential Federal workers.       

Analysts’ Recommendation

Fagan Associates Inc. upgraded Wal-Mart Stores, Inc. stocks by about 5.3% during the third quarter, based on the most recent filing with the Securities and Exchange Commission (SEC).

Subsequently, several other institutional investors have also made changes on Wal-Mart shares. Bank of New York Mellon Corp. upgraded its position in shares of Wal-Mart Stores by about 1.7% during the third quarter.     

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Shares of Wal-Mart Stores, Inc. declined 0.20% during the course of the session on Friday, hitting $69.12 with shares traded reaching 6,889,488.

The retail giant company last announced its earnings report on November 17th, with an earnings per share (EPS) of $0.98 for the quarter, topping analysts’ consensus estimate of $0.96 by $0.02.

The company’s return on equity stood at 17.17%, while the net margin settled at 2.98%. Additionally, Wal-Mart posted earnings of $118.20 billion for the quarter, topping the consensus estimate of $118.69 billion.

The chart below illustrates the Wal-Mart Stores, Inc. stock’s movement after Fagan Associates Inc. upgraded its shares in the company.

Given a bullish tone on the company’s stock, the RSI suggests that the overbought level is haven’t been reached and is currently residing at 59.9469 level. It could signal that the stock could further rally.

Further, the stock is currently changing hands in a light trading volume and the RSI stood at 59.9469.

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Conclusion

As shares of Wal-Mart Stores, Inc. is currently showing bullish signs, it is anticipated that the stock could further rally if support 69.91 will not be tested in the next sessions.

So far, the stock is slightly away from its support yet far away from the resistance.

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