Before founding Walmart in 1962, Sam Walton gained valuable retail experience working at J.C. Penney.
In 1940, Sam Walton started his career at J.C. Penney in Des Moines, Iowa, earning $75 a month. Though he was known for being friendly and hardworking, he wasn't especially organized—his boss once said he was the worst checker they'd ever had. Walton left the job after about 18 months to join the military during World War II.
His time at J.C. Penney, however brief, helped shape his views on customer service and retail efficiency. These early lessons laid the groundwork for what would eventually become one of the largest retail empires in the world—Walmart.
Market Wrap
Economic Indicators Show Mixed Signals Amid Market Rally
Trump Signals Tariff Reduction:
President Trump announced plans to "substantially" reduce the 145% tariffs on Chinese imports, indicating a potential de-escalation in trade tensions.
S&P Global Composite PMI Indicates Slowing Business Activity:
The S&P Global Composite PMI for April showed a slowdown in U.S. business activity to a 16-month low, as companies faced higher input costs and uncertainty due to tariffs.
Federal Reserve Reports Steady Economic Activity Amid Uncertainty:
In a newly released Beige Book report, the Federal Reserve noted that U.S. economic activity and employment have changed little since March, but highlighted pervasive uncertainty across most of the nation, reflecting cautious business sentiment.
New Home Sales Surge in March:
New single-family home sales rose 7.4% in March to a seasonally adjusted annual rate of 724,000 units—the highest since September 2024—driven by a dip in mortgage rates to 6.65%. However, the median price fell 7.5% year-over-year to $403,600, and inventory reached its highest level since 2007, signaling potential headwinds for the housing market.
Intuitive Surgical Inc. reported strong procedure growth and a beat on both earnings and revenue. Increased adoption of its da Vinci surgical systems helped drive the positive surprise.
Texas Instruments Inc. shares rose over 5% after the company reported better-than-expected first-quarter earnings and provided an optimistic outlook for Q2. The semiconductor firm projected revenue between $4.17 billion and $4.53 billion, surpassing analysts’ expectations, driven by a cyclical demand recovery and potential pre-tariff orders.
Boeing Co. shares rose after reporting a smaller-than-expected quarterly loss. The aerospace giant's improved performance was attributed to increased aircraft deliveries and cost-cutting measures, signaling a potential turnaround in its commercial aviation segment.
Amphenol Corp. shares gained 8.2% after the company reported first-quarter adjusted earnings per share of $0.63, beating the consensus estimate of $0.52. The company also provided a strong outlook for the second quarter.
Chipotle Mexican Grill Inc. shares fell over 3% in after-hours trading after reporting a 0.4% decline in same-store sales for Q1 2025 and lowering its full-year sales outlook. The company cited weakening consumer spending and inflationary pressures as key factors impacting performance.
Vistra Energy Corp. shares advanced 6.5% following the company's announcement of a strategic acquisition aimed at expanding its renewable energy portfolio, aligning with its long-term growth strategy.
Sonoma Pharmaceuticals Inc. shares rose 70% after the company announced the registration of its acne products in the United Kingdom and their launch in a leading U.K. pharmacy chain, marking a significant expansion into international markets.
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