According to an announcement by Walmart Inc (WMT) on Wednesday, it intends to team up with comedian and talk show host Ellen DeGeneres in order to launch a women’s fashion line. In case the partnership turns out to be a success, the retailer could further its effort to reach more affluent, younger, millennial clients who do not necessarily shop with Walmart.
Walmart shares closed lower for the third time in the past ten trading sessions in New York on Wednesday. The stock went down 0.69% ($0.63) to $90.22, with the intraday high and the intraday low being at $90.41 and $89.67 respectively.
Shares of Walmart Inc have retreated 8.64% so far in 2018 compared with a 5.41% 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.
Known as EV1, the fashion line is to encompass almost 60 items all at a price of $30 or less, Denise Incandela, head of fashion, Walmart US eCommerce, explained.
According to Walmart, the multi-year fashion tie-up with Ellen DeGeneres is to begin on September 10th when the fashion line will be made available in over 2 300 stores as well as on the retailers website, Walmart.com.
At the start of 2018, four private label clothing brands were also introduced by Walmart, as the company has been seeking to increase sales in its clothing and accessories business.
According to CNN Money, the 27 analysts, offering 12-month forecasts regarding Walmart Inc’s stock price, have a median target of $93.00, with a high estimate of $108.00 and a low estimate of $85.00. The median estimate represents a 3.08% upside compared to the closing price of $90.22 on August 15th.
The same media also reported that 18 out of 29 surveyed investment analysts had rated Walmart Inc’s stock as “Hold”, while 8 – as “Buy”.
Daily and Weekly Pivot Levels
With the help of the Camarilla calculation method, todays levels of importance for the Walmart stock are presented as follows:
R1 – $90.29
R2 – $90.36
R3 (Range Resistance – Sell) – $90.42
R4 (Long Breakout) – $90.63
R5 (Breakout Target 1) – $90.86
R6 (Breakout Target 2) – $90.96
S1 – $90.15
S2 – $90.08
S3 (Range Support – Buy) – $90.02
S4 (Short Breakout) – $89.81
S5 (Breakout Target 1) – $89.58
S6 (Breakout Target 2) – $89.48
By using the traditional method of calculation, the weekly levels of importance for Walmart Inc (WMT) are presented as follows:
Central Pivot Point – $89.73
R1 – $90.82
R2 – $91.45
R3 – $92.54
R4 – $93.62
S1 – $89.10
S2 – $88.01
S3 – $87.38
S4 – $86.74