$WMT $SPY The ER today beat estimates, but after a significant guide down. And it beat because middle and upper income consumers traded down to drive up top line, looking for discounts. WMT is now within last year's trading range even though they are sticking to the 9-11% lower earnings guidance. In other words, they will make 10% less, but the market is rewarding them with 2021 valuations. Wait and see 🤔
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