Wal-Mart (NYSE:WMT) has been upgraded by Goldman Sachs in a late afternoon research call today. The bulge bracket firm raised Wal-Mart’s rating from a Neutral to Buy. Barron’s also ran an article mid-day with a note citing "Wal-Mart Will Rise Again." Interestingly enough, the company issued a release noting that the head of Wal-Mart’s outreach to environmental groups was leaving the company.
Shares ticked up on this news late in the day. Shares had been down around $45.75 and then popped up to $46.35 before settling into the $46.00 area right at 4:00 PM EST for an unofficial close. Wal-Mart’s 200-day simple moving average of $46.73 looks to be adding some resistance.
Jon C. Ogg
October 17, 2007