Walmart rebounds

Walmart had its best day in more than two years after the retail giant posted strong third-quarter profit and revenue and agreed to pay $3.1 billion to settle opioid lawsuits.

The opioid settlement — which still needs to be approved by 43 states to take effect — dragged Arkansas-based Walmart to a $1.79 billion loss in the period. But adjusted for the expected payout, Walmart earned $1.50 per share in the quarter, ahead of analysts’ target of $1.32. Sales rose 8.7% to $152.8 billion, above estimates of $147.7 billion.

Walmart benefited in the early days of the pandemic as shoppers spent heavily, but the nation’s largest retailer dialed back expectations twice this year as decades-high inflation forced many Americans to tighten their budgets.