Notably, Flipkart has already received government approval to shift its official domicile from Singapore to India. An IPO could occur later this year or early in 2027, depending on several factors.

Flipkart was founded in 2007 when Sachin Bansal and Binny Bansal, both former Amazon (AMZN) employees, started the company in Bengaluru as an online bookstore operating from a small apartment. It steadily broadened into a general merchandise marketplace, built its own logistics network, and added verticals such as fashion via Myntra and payments, becoming India’s leading homegrown e-commerce platform by the mid-2010s.

In 2018, Walmart (WMT) agreed to acquire a 77% controlling stake for about $16B, valuing Flipkart at nearly $21B. Since then, Walmart (WMT) has bought out several minority investors, including Tiger Global, lifting its stake above 80% and valuing Flipkart at roughly $35B in recent secondary deals.

Flipkart competes primarily with Amazon India, Myntra, AJIO, and Nykaa.

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The company does not operate retail stores under the Walmart (WMT) banner anywhere in

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This week insider transactions were seen across major companies like Boeing (BA), Coca-Cola (KO) and Palantir (PLTR). The following transactions occurred between February 23 and February 27.

• Palantir (PLTR) saw several insider sales this week at the same price point of $133.72 per share. Chief Financial Officer David Glazer sold 17,438 shares for a total value of $2.33M, leaving him with 392,370 shares post-transaction. Meanwhile, Chief Revenue Officer Ryan Taylor sold 19,988 shares for proceeds of $2.67M, retaining 219,421 shares.
• At Coca-Cola (KO), Executive Vice President Monica Douglas disposed of 20,000 shares at $80.16 per share for $1.60M. She retains 64,644 shares.
• Boeing (BA) recorded a smaller transaction, with EVP and Chief HR Officer Uma Amuluru selling 1,503 shares at $233.79 per share for $351,484, leaving her with 19,015 shares.
• Many transactions were also reported at Walmart (WMT). Latriece Watkins sold 10,000 shares at $121.46 per share for $1.21M, while Christopher Nicholas sold 34,082 shares at $122 per share, amounting to $4.16M. Their respective post-sale holdings stood at 109,958 and 533,466 shares.
• Wells Fargo (WFC) saw Sr. EVP and General Counsel Ellen Patterson sell 60,000 shares at $87.40 per share, realizing $5,244,000 in proceeds and retaining 170,787 shares.
• IBM (IBM) recorded two insider purchases by directors. Michelle Howard acquired 50 shares at $237.83 per share for $11,891, increasing her holdings to 194 shares, while Michael Miebach bought 434 shares at $233.33 per share, totaling $101,264, and now holds 434 shares.
• Uber’s (UBER) Chief Financial Officer Balaji Krishnamurthy purchased 22,453 shares at an average price of $71.25 per share, investing about $1.60M, with total holdings rising to 28,742 shares.
• IonQ (IONQ) also saw buying activity, with director William Teuber acquiring 3,000 shares at $38.38 per share for $115,155, bringing his total holdings to 9,413 shares.

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The FTC and 11 states accused the retail giant of misleading Spark delivery drivers as to the amount of money they would receive for deliveries, including tips, misrepresenting incentive pay drivers would receive for completing certain tasks, and deceiving customers that 100% of tips go directly to the driver.

The FTC claimed that these practices violated the FTC Act and the Gramm-Leach-Bliley Act—by obtaining drivers’ bank and other financial information while deceiving them about the amount of base pay and tips they will earn from Spark Driver deliveries—as well as laws of the agency’s state partners.

In addition to a $100M settlement, Walmart (WMT) is required to ensure drivers are paid the promised earnings and tips; prohibited from modifying an order for base pay, incentive pay, or tips after the initial order is placed unless undelivered or canceled by a customer; and banned from misrepresenting the earnings information included in the delivery order.

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In the fourth quarter, the company is expected to have earned an adjusted profit of $1.90 per share on $6.44B in sales, an increase of 6% and 9% from the same quarter last year, respectively, and further evidence of Ross Stores’ (ROST) resilience in cautious spending climates. Since the fourth quarter of 2023, ROST has only missed EPS expectations once.

Along with TJX Companies (TJX) and Walmart (WMT), Ross Stores (ROST) was one of the outperformers in the retail sector in 2025 thanks to its affordably priced apparel and home merchandise, increased traffic, and expansion efforts with a new location in New York City.

Under CEO James Conroy, Ross Stores (ROST) launched a new marketing campaign that drove broad-based growth across all major merchandising categories. In the company’s third quarter earnings call, Conroy said the increased emphasis on brands has further strengthened vendor relationships and increased closeout opportunities.

“These efforts not only drove higher sales but also helped us to partially offset tariff impacts, resulting in better-than-expected merchandise margins for the third quarter,” Conroy said on the call, adding that tariff-related costs in the fourth quarter are expected to be “negligible” thanks to “opportunistic buying” that positioned the company favorably for the crucial holiday season.

As seen in fourth quarter results from TJX Companies (TJX), consumers are prioritizing value, positioning TJ Maxx and Ross Stores (ROST) more competitively than traditional retailers and setting up ROST for another EPS beat. Last quarter, Ross (ROST) beat EPS estimates by 17 cents despite a 5-cent headwind from tariff-related expenses.

Ross Stores (ROST) reports Q4 results before the market open on Tuesday, March 3.

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A Dunnhumby study attributed Walmart (WMT) hitting the milestone in part to deep and persistent financial insecurity among adults ages 18 to 54, with about 70% reporting difficulty covering a $400 unexpected expense, which is pushing households to prioritize affordability over other store attributes. Notably, Walmart’s (WMT) grocery penetration rose 6 percentage points year over year, the largest gain of any retailer tracked. Remarkably, the retail giant chain now reaches beyond 190 million Americans each month, which is around 2.5X the reach of second-place Dollar General (DG).

Dunnhumby highlighted that consumer concern about pricing has outlasted the peak of inflation, and shoppers are increasingly deliberate in how they use coupons, loyalty programs, and promotions to stretch budgets, suggesting that Walmart’s (WMT) elevated grocery reach is underpinned by durable behavior changes rather than a temporary response to periodic price spikes.

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Analyst Edward Kelly and his team think the Supreme Court ruling is likely to bring less volatility moving forward because any tariff decisions in the future are likely to come over a longer time frame. “Under IEEPA, Trump levied tariffs on countries w/little public vetting or notice period. Separately, today’s decision could also delay/eliminate future price increases related to tariffs that haven’t already been pushed through,”

Kelly noted that China tariffs are a big wild card. “Given prior effective tariff rates above 10% for China, it remains to be seen how additional Section 301 tariffs affect the calculus. We’ll likely get additional color at next week’s State of the Union,” he wrote. However, the firm’s initial analysis is that more specific Section 301 tariffs could have some exclusions similar to Trump’s 2018-2019 tariffs. The takeaway is that it seems possible that the rates paid on China imports by retailers could be somewhat lower than the tariff in place before the SCOTUS ruling.

“Given low fixed price points and high China exposure, DLTR and FIVE could see the biggest earnings benefits. The companies could use any upside to enhance value/quality or support margins,” reasoned Kelly.

While the giants of retail such as Target (TGT), Walmart (WMT), and Costco (COST) are also seen benefiting from a net lower tariff on Chinese imports, the near-term impact on the bottom line for Dollar Tree (DLTR) and Five Below (FIVE) is expected to be more significant.

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Meanwhile, the decision opened discussion about potential corporate refunds from the tariffs already collected. Analysts provided estimates ranging from $133B to $175B in possible refunds, which will now become the subject of litigation. As a result, markets are recalibrating expectations for both corporate margins and Treasury funding needs.

Analyst sentiment following the decision remained mixed. While bulls pointed to immediate margin relief for import-dependent companies, bears highlighted the messy refund process and increased Treasury borrowing requirements.

Meanwhile, experts also pointed to Trump administration’s intention to pursue alternative tariff mechanisms under a potential Plan B. Within hours of the announcement of the Supreme Court ruling, Trump revealed that he would impose a new 10% global tariff.

What Do Seeking Alpha Analysts Say About The Future of Tariffs?

Following the Supreme Court ruling, optimists argued for a significant tailwind for import-heavy retailers and consumer discretionary stocks. Analysts specifically highlighted companies like Costco (COST), Walmart (WMT) and Amazon (AMZN), which could be in line to receive massive refunds. This could potentially fund special dividends, aggressive discounting or capital expenditure boosts.

Meanwhile, the disinflationary environment created by tariff removal could give the Federal Reserve more optionality to cut rates, further supporting equities. Companies such as Nike (NKE) and lululemon (LULU) are expected to see relief from input costs, while logistics firms should also benefit, the bulls contended. However, these potential benefits could be blunted by the replacement tariff regime that the president has already announced.

On the bearish side, experts highlighted the significant structural risks that accompany the ruling. The potential $170B in refunds creates an immediate funding burden for the U.S. Treasury, likely requiring increased debt issuance and putting upward pressure on long-term yields.

These analysts also pointed to Justice Kavanaugh’s dissent, which warned of a “messy” refund process that could generate uncertainty for months. More critically, bears noted that committed foreign direct investments totaling $9.6T, including $1T from Japan alone, could be delayed or canceled as trading partners seek to renegotiate deals, raising the specter of a recessionary bear market.

The rating agencies’ previous statements linking tariff revenue to sustaining the U.S. AA+ credit rating add further fiscal concern, the bears added.

Here’s a breakdown of what some analysts had to say:

• Luca Socci: “The Supreme Court’s 6-3 ruling invalidates Trump’s tariffs… removal is bullish for import-heavy retailers… driving margin expansion and likely special dividends, aggressive discounting, or capex boosts.” – Trump’s Tariffs Are Gone. A Zero-Interest Loan To The Treasury Appears

• Multiplo Invest: “Many companies will see relief in their cash flows, which could be positive for their shares. Additionally… the United States economy remains resilient, with falling inflation, and there is no reason for me to change my constructive view of the American market.” – Trump Administration Loses Tariff Case, But Still Has Tricks Up Its Sleeve

• Jack Bowman: “The revocation of the powers to unilaterally tariff whole nations is one that was considered a positive by the market… Replacement tariffs are likely to target specific industries and products rather than blanket tariffs on the whole country.” – The Supreme Court Nullifies Tariffs

• James Foord: “Policy risk doesn’t disappear because one legal mechanism failed. Tariffs could come back, and this renewed drama may very well shake markets again.” – Tariff Drama Isn’t Over Yet

• Damir Tokic: “The SCOTUS decision is negative for the US economy and increases the chance of a recessionary bear market… committed investments are likely to be permanently delayed if not canceled—and this would be a blow to Trump’s economic agenda.” – Trump’s Agenda Under Threat: The SCOTUS Strikes Down Tariffs

• Agar Capital: “Equities are underestimating the second- and third-order implications of the rulings from a fiscal perspective. If the removal of tariffs results in large refund checks to importers… the U.S. Treasury Department may face a large and immediate increase in its funding requirements.” – Tariffs Cancelled: Risk Eliminated Or A Death Trap?

• Eugenio Catone: “President Trump lost an important ally to support his plans: the strategy of using tariffs as negotiating leverage is no longer so feasible.” – The U.S. Supreme Court Blocks Trump’s Plans: What Now?

• Chris Turner: “We view the greater risk as focused on the fiscal deficit, in turn placing upside risks to yields… The impact reaction for Treasuries is higher in yield.” – Tariff Slapdown: What The Markets Say

What’s the Latest News on Tariffs?

The Supreme Court ruled in Learning Resources, Inc. v. Trump that the IEEPA does not authorize the President to impose tariffs. Chief Justice Roberts delivered the majority opinion, stating that the President’s assertion of “the independent power to impose tariffs on imports from any country, of any product, at any rate, for any amount of time” could not be supported by the statute’s language.

Justices Thomas, Alito, and Kavanaugh dissented, with Kavanaugh warning that the refund process would likely be a “mess” and could generate uncertainty regarding existing trade agreements worth trillions of dollars.

The fiscal implications are substantial. Approximately $170B in collected IEEPA tariffs are now subject to potential refund claims, with over 1,500 cases already filed in the U.S. Court of International Trade by importers including Costco (COST) and Goodyear (GT).

The Treasury may face immediate liquidity needs, likely requiring additional T-bill issuance and potentially steepening the yield curve. Some analysts project the 10-year yield could move toward 4.25% as markets price in higher debt supply.

Meanwhile, the Trump administration has signaled its intention to pursue a “Plan B” using alternative statutory tools. National Economic Council Director Kevin Hassett stated the administration has “lots of other options,” with Section 232 (national security) and Section 301 (unfair trade practices) emerging as the most likely avenues for reinstating targeted tariffs. Companies with significant import exposure, including Walmart (WMT), Amazon (AMZN), Advanced Auto Parts (AAP) and Wayfair (W), were seen as potential winners. However, analysts cautioned that policy risk remains elevated as the administration prepares its response.

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Management View

• CEO John Furner highlighted, “revenue was up 4.9% in constant currency, including growth in eCommerce of 24%. Adjusted operating income grew even faster at 10.5%. All 3 segments grew profits faster than sales for the

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Walmart (WMT) flipped into positive territory in early trading on Thursday after highlighting on the earnings conference call that spending continues to be resilient in the U.S. Interestingly, Walmart said that growth at its U.S. stores was led by upper-income households, while it noted pressure on households below the $50K annual earnings level.

New CEO John Furner noted on the call that the retail giant is gaining market share with momentum in growth areas like Marketplace, advertising, and membership. He also noted that Walmart+ membership income was up double-digits during the key holiday quarter. Notably, Walmart (WMT) is continuing to add market share in the grocery business, as well as surprising categories such as fashion.

Furner said Walmart’s (WMT) goal is to outperform guidance, but the company thinks it is prudent to start the year with a cautious outlook due to the various macroeconomic factors in play.

On Wall Street, Jefferies analyst Corey Tarlowe thinks Walmart (WMG) will continue to beat and raise throughout the year. Importantly, Walmart’s (WMT) order volume and transaction count continued to trend positively, reinforcing its value proposition across income cohorts. He also pointed to the announced new $30B share repurchase authorization as supportive of the stock. Morgan Stanley analyst Simeon Gutman highlighted that the “flywheel/retailer of the future” story on Walmart (WMT) is intact and continuing to progress. “Our constructive view on WMT is underpinned by the company growing sales faster than the market and its own prevailing run rate – suggesting share gains as the big-get-bigger dynamic continues via scale and technology,” he wrote.

Shares of Walmart (WMT) were up 2.1% in Thursday morning trading.

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