Wal-Mart Profits Up

In some positive news, Wal-Mart's third quarter profits came in strong and the chain upped its estimates for the fourth quarter.

Wal-Mart Stores Inc. posted third-quarter profits Tuesday of $2.86 billion and upped its projected earnings for the year as it heads into the holiday shopping season.

The 8 percent rise in profits by the world's largest retailer beat Wall Street expectations and drew recognition from analysts.

Shares jumped 5.7 percent, or $2.46, to $45.78 in early trading.

The company earned 70 cents per share, up from 62 cents per share in the same period a year ago. The 70 cents includes an after-tax gain equal to 1 cent per share. Analysts surveyed by Thomson Financial had forecast earnings of 67 cents per share on revenue of $91.67 billion

Wal-Mart had revenue of $91.95 billion in the period ending Oct. 31, up 8.8 percent from $84.47 billion a year ago.