According to a report by Reuters, citing a person familiar with the matter, Walmart Inc (WMT) intends to invest as much as $250 million in a joint venture with interactive video content developer Eko, as the retailer seeks to lure shoppers and improve customer engagement.
Walmart shares closed lower for a second consecutive trading session in New York on Thursday. It has also been the steepest daily loss since July 2nd. The stock went down 1.92% ($1.84) to $93.92, after touching an intraday low at $93.60, or a price level not seen since October 8th ($93.02).
Shares of Walmart Inc have retreated 4.89% so far in 2018 compared with a 2.05% gain for the underlying index, S&P 500 (SPX).
In 2017, Walmart’s stock surged 42.87%, thus, it outperformed the S&P 500, which registered a 19.42% return.
Under the name of W*E Interactive Ventures, the joint enterprise is to focus on development of interactive content ranging from toy catalogs to cooking shows, Scott McCall, senior vice president for entertainment, toys and seasonal products for Walmart U.S., said.
The joint venture will be headed by Yoni Bloch, Ekos Chief Executive Officer, Walmart said.
Meanwhile, Jane Rosenthal, the producer of movies such as Analyze This, Meet The Fockers and Meet The Parents, has been appointed as a strategic adviser of the venture.
Additionally, Nancy Tellem, who currently serves as chief media officer and executive chairman at Eko, will have a seat on the ventures board of directors.
According to CNN Money, the 32 analysts, offering 12-month forecasts regarding Walmart Inc’s stock price, have a median target of $102.00, with a high estimate of $115.00 and a low estimate of $89.00. The median estimate represents an 8.60% upside compared to the closing price of $93.92 on October 11th.
The same media also reported that 21 out of 36 surveyed investment analysts had rated Walmart Inc’s stock as “Hold”, while 11 – as “Buy”.
Weekly Pivot Levels
By using the traditional method of calculation, the weekly levels of importance for Walmart Inc (WMT) are presented as follows:
Central Pivot Point – $93.94
R1 – $94.98
R2 – $96.66
R3 – $97.70
R4 – $98.75
S1 – $92.26
S2 – $91.22
S3 – $89.54
S4 – $87.87