Reportedly, Walmart Stores, Inc. (WMT) raised its annual sales and profit forecast as demand for groceries continued to remain strong despite higher prices. The retailer also raised its full-year net sales expectations ahead of the holiday season, announcing a new $20-billion share buyback plan.
Walmart expects holiday quarter sales for U.S. same-store sales, excluding fuel, to rise about 3%, below estimates of a 3.4% increase. For the full year, the retailer expects net sales to increase by 5.5%, above its previous forecast of a 4.5% increase.
“Customers that came to us less frequently in the past are now shopping with us more often, including higher-income customers”, stated Walmart’s Chief Executive Officer, Doug McMillon.
Average transactions at its Walmart U.S. business increased 2.1% in its third quarter ended October 31, compared with a 1% rise last quarter, while average bills rose 6%. Comparable sales at its Walmart U.S. business rose 8.2%.
Walmart hit a third-quarter loss of $1.8 billion due to $3.3 billion in legal settlements to resolve U.S. state and local lawsuits accusing it of mishandling opioid pain drugs.
Walmart Stores, Inc. (WMT) is a worldwide retailer that operates in various formats. The three segments of the company include Walmart U.S., Walmart International, and Sam’s Club. The company is comprised of discount stores, supermarkets, supercenters, hypermarkets, warehouse clubs, cash and carry stores, home improvement stores, specialty electronics stores, apparel stores, drug stores, convenience stores, membership-only warehouse clubs; and retail Websites. To learn more about Walmart (WMT) and to continue to track its progress please visit the Vista Partners Walmart Coverage Page.
Vista Partners LLC (”Vista”) is a California Registered Investment Advisor based in San Francisco. Vista delivers timely and relevant insights via the website: www.vistapglobal.com with daily stories, weekly market updates, monthly macroeconomic newsletters, podcasts, & Vista’s proprietary equity and market research to help you stay informed and stay competitive. Vista’s mission is to invest partner capital while arming investors with a comprehensive global financial perspective across all market sectors. Vista also seeks to provide select issuers with actionable advice regarding fundamental development, corporate governance, and capital market directives.
Shares of InMed Pharmaceuticals Inc. (INM), a leader in the research, development and manufacturing of rare cannabinoids, closed at $3.79 up 38.33% after trading as high as $4.75 today and trading 28,390,830 shares.
On Nov. 16, InMed announced the launch of its neurodegenerative disease program (INM-900 series), which will be investigating the effects of cannabinoid analogs in diseases such as Alzheimer’s, Huntington’s and Parkinson’s. In research conducted to date, InMed has identified two cannabinoid analogs demonstrating promising effects related to the treatment of neurodegenerative diseases, warranting further investigation in in vivo studies. InMed will be conducting studies using in vivo models in neurodegenerative disease to select the most appropriate candidate for clinical studies. Early preclinical efficacy readout is expected in 2Q 2023. In addition, Dr. Ujendra Kumar of the faculty of Pharmaceuticals Sciences at UBC has been awarded an Alliance grant from NSERC, with InMed as the named industry partner. The funding will support the research and development studies of InMed’s cannabinoid pharmaceutical candidates, investigating their potential therapeutic effects in neurodegenerative diseases. The collaboration project is entitled “Pharmacological characterization of phytocannabinoids and the endocannabinoid system.”
InMed’s Senior Vice President of Preclinical Research & Development, Eric Hsu, Ph.D., commented, “We are pleased that our efforts have led to the identification of two cannabinoid analog candidates to advance to in vivo studies. Our team will continue this important research in neurodegenerative diseases under the NSERC Alliance grant. Our early studies are showing promising neuroprotective effects as well as neurite outgrowth, signifying the potential to enhance neuronal function that may be important in the treatment of neurodegenerative diseases. This program, in conjunction with the work we are doing within glaucoma, increases our focus on, and expands our pipeline within, the neuroprotection space.”
InMed’s CEO Eric A. Adams and Eric Hsu, SVP of Preclinical Research and Development will present at Tribe Public’s Webinar Presentation and Q&A Event titled “Exploring the Neuroprotective Qualities of Rare Cannabinoids.” The Event is scheduled to begin at 8.30am Pacific/11.30am Eastern on November 17, 2022.
To register to join the complimentary, ZOOM webinar-based event, please visit Tribe Public LLC at INMNOV17.TribePublic.com.
Once registered, participants may begin forwarding their questions for InMed’s management to Tribe Public at firstname.lastname@example.org or share their questions via the ZOOM chat feature during the event. Tribe Public’s Managing Member, John F. Heerdink, Jr., will host the event and relay all questions to management.