Walmart: $1 trillion, duty refunds, and +28.1%

For the first time in the history of traditional retail, Walmart’s market capitalization exceeded $1 trillion. In less than a year, the company replaced its CEO, moved its listing to Nasdaq, and received a $2.9 billion refund of import duties. Meanwhile, according to our initial report, the gold trade yielded a 28.1% return. We’ll examine what lies behind the 10% plunge in the stock price following a formally strong earnings report and how recent events are affecting our assessment of the company.