. >> here now with his outlook for bud bugash. your report out within the last couple of hours, you call walmart a market performed stock. i guess that means you're neutral on it, you're not urging people to go in and buy hand over fist, what do you see here? >> that's correct. >> we see a terrific retailer and certainly an important company for consumers and for investors alike. but we think the valuation is such that it will perform at a market level. the valuation today is around 15 times our estimate going-forward. and that's actually above the five-year median right in line with the ten-year median. on that basis we find the stock as a market perform. >> if you look at the earnings that came out today and also the outlook going-forward, what's the issue here for malwart, is it specific to walmart or something that has to do with the economy and what's going on in washington? >> well, i mean the old joke as mary thompson said, while retail is detail, there are only two problems in the quarter, revenues and expenses. when you l