Air Liquide - Air Liquide reported full-year revenue of €26.94 billion, slightly missing analyst estimates of €27.07 billion [10] - The company achieved recurring operating income of €5.58 billion, just below the anticipated €5.60 billion, with a recurring operating margin of 20.7% [2] - A dividend of €3.70 per share was announced, up from €3.30 the previous year, indicating management's confidence in long-term cash flow stability [3] HSBC - HSBC downgraded Walmart (WMT) from Buy to Hold due to cautious guidance for the 2026 fiscal year, citing tariff uncertainty and moderating inflation as potential headwinds [4] - The bank raised its price target for Merck & Co (MRK) to $135 from $120, highlighting the company's credible oncology strategy and management of patent cliffs [5] - HSBC also increased the price target for Occidental Petroleum (OXY) to $59 from $54, reflecting a positive outlook on the company's operations in the Permian Basin [5] MOL - MOL has been granted preferential access to Hungary's strategic crude oil reserves following the cessation of Russian crude deliveries through the Druzhba pipeline [6] - To address the supply gap, MOL is transitioning to maritime imports via the Adriatic port of Omišalj in Croatia, with the release of approximately 250,000 tons of strategic reserves deemed essential for refinery operations in Hungary and Slovakia [7] APAC Markets - The Hang Seng index experienced a sharp decline after the Lunar New Year holidays, influenced by a negative sentiment from Wall Street and concerns regarding private credit funds [8] - Big tech companies led the decline in Hong Kong, with investors adjusting expectations post-holiday [9] - Market participants are monitoring for potential support measures from Beijing to address ongoing producer deflation and weak consumer sentiment [9]

Group 1 - Amazon has surpassed Walmart as the world's highest-grossing company with an annual revenue of $717 billion, ending Walmart's long-standing reign [2][3] - Walmart's Q4 revenue for fiscal year 2026 was reported at $190.66 billion, slightly above the expected $190.58 billion, but the company provided a lower-than-expected earnings guidance for fiscal year 2027 [3] - Walmart's adjusted earnings per share for Q4 were $0.74, exceeding the forecast of $0.73, but the guidance for Q1 and fiscal year 2027 was below analyst expectations [3] Group 2 - Amazon's growth is attributed to significant investments in AI technology, alongside revenue increases from its cloud computing and advertising businesses [4] - The U.S. retail landscape is shifting, with Amazon's rise indicating a potential change in consumer spending patterns and market dynamics [2][3]

Core Insights - New Walmart CEO John Furner presented a cautious outlook during his first earnings call, despite reporting better-than-expected same-store sales growth of 4.6% in the latest quarter [2] - Walmart's revenue for the fourth quarter rose 5.6% year over year to $190.7 billion, indicating a strong earnings performance [3] - The company is experiencing significant growth in its e-commerce sector, with US online sales increasing by 27%, marking the 15th consecutive quarter of double-digit growth [3] Financial Performance - Walmart's revenue for the fourth quarter reached $190.7 billion, reflecting a year-over-year increase of 5.6% [3] - The company reported a same-store sales increase of 4.6% for the latest quarter, surpassing expectations [2] - Walmart's stock fell by 1.4% following the earnings call, attributed to conservative guidance for fiscal 2027, which projected sales growth of 3.5% to 4.5% [4] Consumer Trends - The majority of sales gains were attributed to households earning over $100,000, indicating a trend of affluent consumers seeking value at discount retailers amid inflation [4] - Consumer uncertainty and economic factors such as elevated student loan delinquencies and a "hiring recession" were highlighted as reasons for caution in the company's outlook [4] Strategic Initiatives - Walmart is focusing on expanding its e-commerce presence, with initiatives like a partnership with OpenAI to facilitate purchases through ChatGPT [3] - The company plans to allocate $30 billion towards stock buybacks, reflecting confidence in its market position [4] - Analysts suggest that Walmart's conservative guidance is a strategy to set a "beatable bar," encouraging investors to view any weakness as a buying opportunity [4]

Market Overview - Markets opened cautiously on February 20, with benchmark indices trading in a narrow range after a significant sell-off that resulted in a loss of nearly ₹6.79 lakh crore in market capitalization [1] - The Sensex opened at 82,272.49 and was trading at 82,591.30, up ₹93.16 or 0.11% [2] - The Nifty 50 opened around 25,400 and was trading at 25,503.60, up 49.25 points or 0.19% [2] Sector Performance - The sell-off on Thursday was broad-based, with reality and media indices losing nearly 2% each, marking the steepest sectoral declines [2] - Banking, auto, FMCG, metals, and aviation stocks were also significantly impacted [3] - Information technology stocks continued to drag the market, with Tech Mahindra falling 1.39% and Infosys dropping 1.34% [11] Investor Activity - Both foreign institutional investors (FIIs) and domestic institutional investors (DIIs) turned net sellers, offloading ₹459.90 crore and ₹1,082.15 crore, respectively, in the cash market [3] - Analysts suggest that investors optimistic about a potential deal can use the current market weakness to buy fairly valued high-quality stocks in various sectors [12] Geopolitical Influences - The primary trigger for the risk-off mood was escalating US–Iran geopolitical tensions, with President Trump warning of potential consequences if a deal is not reached [4] - Crude oil prices surged above $66 per barrel, climbing more than 7% over two days due to concerns over potential disruptions in the Strait of Hormuz [4] Global Market Impact - Wall Street closed lower, with the Dow Jones falling 267 points, the Nasdaq down 70 points, and the S&P 500 dipping 19 points [5] - The US Dollar Index rose to near 97.80, impacting emerging market assets, while gold remained above $5,000 per troy ounce due to safe-haven demand [9] Technical Analysis - The Nifty has slipped below its 20-, 50-, and 100-day exponential moving averages, indicating a bearish trend [12] - Immediate support for the Nifty lies at 25,400–25,300, with resistance at 25,600 [12] - The Bank Nifty is hovering above the crucial support zone of 60,500–60,300, with a breach below this level potentially dragging the index toward 60,000–59,800 [12]

Market Performance - On February 19, all three major U.S. stock indices closed lower, with the Dow Jones down 0.54% at 49,395.16 points, the S&P 500 down 0.28% at 6,861.89 points, and the Nasdaq down 0.31% at 22,682.73 points [1][4] Company Highlights - Walmart reported a fourth-quarter revenue of $190.66 billion for the fiscal year ending January 31, 2026, representing a year-on-year increase of 5.6%. The adjusted earnings per share were $0.74, slightly above the market estimate of $0.73. Walmart's total sales for the past 12 months reached $713.2 billion [4] - Amazon surpassed Walmart to become the world's highest-grossing company, with an annual sales figure of $717 billion [1][4] Sector Performance - The large-cap technology stocks showed mixed results, with the U.S. Technology Seven Index down 0.29%. Notable individual stock movements included Apple down over 1%, Google down 0.16%, and Meta up 0.24% [3] - Semiconductor stocks mostly declined, with the Philadelphia Semiconductor Index down 0.5%. Key stocks like Microchip Technology and Texas Instruments fell over 2% [3] Economic Data - Initial jobless claims in the U.S. for the week ending February 14 were reported at 206,000, lower than the expected 225,000, indicating a stronger job market [4] - Federal Reserve Governor Milan expressed that recent data showed better-than-expected employment conditions, leading to a reassessment of the need for significant interest rate cuts this year [4] Geopolitical Developments - Reports indicated that President Trump is considering a limited military strike against Iran to pressure the country into compliance with U.S. nuclear agreement demands. This potential action is seen as a first step, with targets likely to include military or government facilities [5]

观点网讯：2月20日，亚马逊正式超越沃尔玛百货，成为全球营收最高的公司。根据公开资料，沃尔玛 周四公布截至1月31日的12个月销售额为7132亿美元，而亚马逊本月早些时候公布的2025年销售额为 7170亿美元。 来源：观点地产网 此次超越标志着沃尔玛连续12年蝉联全球营收最高公司地位的终结。过去十年间，受消费重心转向线上 及AWS云业务高速扩张的推动。 免责声明：本文内容与数据由观点根据公开信息整理，不构成投资建议，使用前请核实。 ...

Core Point - Walmart has maintained its position as the largest company by annual revenue since 2009 [1] Company Overview - Walmart's title as the biggest company by annual revenue has been consistent for over a decade, indicating its strong market presence and operational scale [1]

Core Insights - Amazon has officially surpassed Walmart to become the highest-grossing company globally in terms of annual revenue [1] Revenue Comparison - For the fiscal year ending January 31, 2026, Walmart reported sales of $713.2 billion, while Amazon disclosed its total sales for 2025 to be $717 billion, marking a $3.8 billion lead over Walmart [1] - Walmart had maintained its position as the revenue leader for 13 consecutive years prior to this change [1] Growth Trends - Over the past 20 years, Walmart's revenue has more than doubled [1] - Walmart is actively enhancing its online business, with its U.S. e-commerce sales growing by 27% year-over-year in the latest quarter, achieving double-digit growth for 15 consecutive quarters [1]

【环球网财经综合报道】受金融板块全面回落及零售巨头沃尔玛发布谨慎年度指引的拖累，美股三大指数周四（2月19日）震荡收跌，未能延续此前两个交 易日的连涨势头。另一方面，美伊紧张局势的升级推动国际油价延续涨势，而黄金价格则在多空拉锯中艰难试探5000美元关口。 三大指数全线回落 截至收盘，道琼斯工业平均指数下跌267.50点，跌幅为0.54%，报49395.16点；标准普尔500种股票指数下跌19.42点，跌幅为0.28%，报6861.89点；纳斯达克 综合指数下跌70.91点，跌幅为0.31%，报22682.73点。 科技股方面表现分化，大型科技股多数收跌。苹果（Apple） 股价下跌超1%，英特尔（Intel）跌近1.9%，而英伟达（NVIDIA）微幅下跌0.04%。亚马逊 （Amazon）则微涨0.03%，市值正式超越沃尔玛，成为全球营收最高的公司。 沃尔玛指引逊色，空客欧洲大跌 零售巨头沃尔玛（Walmart） 股价收跌逾1%。尽管公司此前公布的四季度业绩超预期，但其针对新财年发布的全年盈利预测仅为每股2.75至2.85美元，远低 于市场分析师预期的2.97美元。公司在财报中指出，贸易政策和劳动力市场状况 ...

Market Overview - The three major US stock indices closed lower on Thursday, with the Dow Jones down 267.50 points (0.54%) at 49,395.16, the Nasdaq down 70.91 points (0.31%) at 22,682.73, and the S&P 500 down 19.42 points (0.28%) at 6,861.89 [2] - Concerns over risks in the private credit sector led investors to withdraw from financial stocks, while escalating tensions between the US and Iran put additional pressure on the market [2] - The S&P 500 index nearly erased all its gains for the year, and the Nasdaq has seen a year-to-date decline of 2.41% [2] Technology Sector Performance - Major tech stocks showed weak performance, with Apple down 1.43%, Netflix down 1.27%, Microsoft down 0.29%, Alphabet down 0.16%, and Nvidia down 0.04% [2] - In contrast, Meta rose 0.24% and Tesla increased by 0.12% [2] Company Highlights - Amazon officially surpassed Walmart to become the world's highest-grossing company, with Amazon's revenue at $716.9 billion for the fiscal year ending in December, compared to Walmart's $713.2 billion for the fiscal year ending in January [2] - Walmart's annual sales fell below Amazon's for the first time [2] Chinese Concept Stocks - The Nasdaq Golden Dragon China Index fell by 0.35%, with notable declines in Alibaba (down 0.96%), Pinduoduo (down 0.94%), and Baidu (down 0.55%) [3] - However, some stocks like Niu Technologies rose by 2.08% and Zhihu increased by 0.86% [3] Financial Sector Developments - Blue Owl Capital announced the sale of $1.4 billion in loan assets and tightened liquidity arrangements for investors, leading to a sell-off in private credit stocks [4] - Blue Owl Capital's stock fell by 5.93%, while Blackstone and Apollo Global Management also experienced declines of 5.37% and 5.21%, respectively [5] - The tightening of liquidity arrangements raised concerns about the liquidity risks associated with private credit funds [5] Software Sector Challenges - The software sector faced pressure, with Salesforce down 1.30%, Intuit down 2.06%, and Cadence Design Systems down 2.76% [5] - Concerns about AI potentially disrupting the industry have contributed to the sector's challenges, with a statement from Mistral AI's CEO suggesting that over 50% of enterprise software could be replaced by AI [6] Oil Market Dynamics - International oil prices continued to rise, with WTI crude oil futures up 1.90% at $66.43 per barrel and Brent crude oil futures up 1.86% at $71.66 per barrel [7] - Geopolitical risks in the Middle East, particularly regarding Iran, have been a driving factor behind the rising oil prices [7] - Additionally, a surprise decline in US crude oil inventories reported by the EIA further supported the increase in oil prices [8] Gold Market Update - Spot gold rose by 0.42% to $4,998.50 per ounce, while COMEX gold futures increased by 0.09% to $5,014 per ounce [9]