Walmart stock turns toward a 4th straight drop before earnings, to buck gains in rival Target shares and the broader stock market

Shares of Walmart Inc.
WMT,
+0.06%
fell 0.5% in midday trading, a day before the discount retail giant is scheduled to report fiscal first-quarter results. The stock was unable to sustain an earlier intraday gain of as much as 0.9%, that was initially fueled by a rise in rival Target Corp.’s stock
TGT,
+2.42%
after its earnings report and a broader stock market rally. Walmart’s stock was one of just nine of the 30 Dow Jones Industrial Average
DJIA,
+1.14%
components that was losing ground. Target shares rose 2.2% in midday trading while the Dow climbed 204 points, or 0.6%. Walmart’s stock was headed for a fourth-straight loss since the stock closed at a 5 1/2-month high of $153.12 on May 11; it has dropped TK% during that stretch. Walmart is slated to report quarterly results before Thursday’s open, with analysts surveyed by FactSet expecting, on average, adjusted earnings per share of $1.32, revenue of $148.94 billion and Walmart U.S. same-store sales growth of 5.2%. The stock has tacked on 5.1% year to date, while the Consumer Staples Select Sector SPDR exchange-traded fund
XLP,
-0.23%
has edged up 1.7% and the Dow has gained 0.2%.