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Walmart Inc WMT stock was trading lower by more than 5 percent early Wednesday morning after announcing it reached an agreement to acquire 77 percent of India-based Flipkart for $16 billion. The e-commerce giant cautioned the deal would result in a negative impact to its EPS of 25 to 30 cents in fiscal 2019 and a headwind of 60 cents per share in fiscal 2020.
Wolverine World Wide, Inc. WWW was trading flat after the apparel maker reported its first-quarter results. The company said it earned 50 cents per share in the quarter on revenue of $534.1 million versus expectations of 37 cents per share and $531.11 million. The company lifted its 2018 EPS outlook from a range of $1.95-$2.05 to a new range of $2.00-$2.10.
Office Depot Inc ODP gained more than 10 percent after reporting its first-quarter results. The retailer said it earned 8 cents per share in the first quarter on revenue of $2.83 billion versus expectations of $2.72 billion. The company lifted its 2018 sales guidance range from $10.6 billion to $10.8 billion and also lifted its operating income guidance from $350 million to $360 million.
Lipocine Inc LPCN plummeted more than 40 percent early Wednesday morning. The specialty pharmaceutical company said it received a Complete Response Letter from the FDA, which confirms its application for TLANDO in adult males with a deficiency of endogenous testosterone cannot be approved in its current form.
Energy Select Sector SPDR (ETF) XLE was trading higher by 1.3 percent early Wednesday. The ETF is designed to mostly track the performance of the Energy Select Sector Index and could see increased volatility after President Donald Trump's Tuesday announcement the U.S. will be pulling out of the Iran nuclear deal.
22 Stocks Moving In Wednesday's Pre-Market Session
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