thanks to john david rainey, walmart's cfo. thank you for being with us on your earnings day. into it when it comes to what you're seeing for discretionary categories at walmart. this is an area that's been soft for competitors. admittedly soft for you as well. it seems like you're seeing improvement. would you say you're gaining market share in discretionary and is it a new shopper to walmart? >> courtney, it's a pleasure to be on the show, first of all yes, one of the exciting things about our performance this quarter is the share gains we had. it was broadly across all categories we've seen for four or five quarters here now that we've been gaining share in food and grocery but we expanded that into general merchandise and consumables. it demonstrates our val proposition is resonating with customers. we've always been known for everyday low prices but our customers are telling us they value us for convenience now that's an exciting part of the business. >> that's fascinating. you detailed tailwinds and headwinds for the consumer potentially to come including the resumption

thanks >>> a programming note on wall part don't miss an interview with walmart's cfo, john david rainey with mark cuban's online pharmacy they sell medications for 15% over wholesale pricing it's been around for less than two years and blue shield ceo telling cnbc he expects the switch will save $500 million a year cuban saying there are a lot of bad habits they need to break but payors realize they've made the prices transparent they will continue to use cvs for specialty drugs. take a look at the other big health care players this morning, all down. cvs taking it mostly on the chin there, the biggest loser at a little over 5% off right now. >> the existing pharma model has brought this upon itself to some extent looking around for defendants of the existing model and one of the arguments is if you did away with the pbms entirely, maybe the pharmas would be happy the lack of transparency, the rebate issues going on for years. >> and cvs bought them -- >> because they were supposed to get rid of -- >> investment bankers went wild. >> the idea is if the pbms are extracting something from

another thing that is interesting to me from the earnings call were comments by cfo john david raineyut private label. he said it is increasingly see consumers move to private label products of which walmart has a particularly large stable compared to other retailers. he also sees them buying more hand blenders, standing mixers, things you need in order to cook at home. the question for the rest of the retail slate is is walmart's success, can they replicate it? walmart has been dragging business away from grocery stores and others. we will see over the coming days and weeks as the remainder of those results for the quarter role in. in you are, i'm simone foxman, bloomberg news. lizzy: sticking with the retail theme at the top of the hour, we will get the latest u.k. retail sales data. more interesting than usual perhaps given the mixed eco-date that we have already had this week. on the one hand, you have wage growth finally outstripping inflation, the rising on appointment suggesting the labor market is loosening and inflation falling though not by as much as economists expected. th

up 1% ahead of the report coming up here on cnbc, you don't want to miss the interview with john david rainey at 11:30 a.m. eastern i saw you working both cameras doing it like a pro. great to have you here. >> thank you >>> turning our attention now to sectornomics from airline to defense contractors and heavy equipment makers it is home to a wide range of stocks we're looking under the hood for this month's report. >> cyclical. economically sensitive and many of the names that we're going to talk about have been beneficiaries of a broader economic narrative that is shift ago way from recession and more -- shifting away from recession and forget about a soft landing, maybe even growth. if you look at the industrial sector overall versus the s&p 500, the white line, the s&p 500, the industrials though, the orange line. underperformers so far it was fairly close from the beginning of the year and widened out a little bit more since just about the spring. about april, or may or so. keep an eye on that underperformance we've seen things to the upside. we've seen general electric do the heavy lif

the cfo john david rainey told cnbc there was modest improvement in sales of big ticket and discretionary items nonetheless shares are down 2.5% right now. >>> hawaiian electric is falling as the utility company is in talks with restructuring firms over its potential liability in the maui wildfires the stock is trading at the lowest level since march of 1985, heading for its worst week ever, down 65 -- over 65 percent. today it's down 21%. >> see you soon. >>> we're just getting started here on "closing bell. up next, betting on a bull market chris hyzy from merrill and bank of america private bank is back breaking down his strategy as we wrap up the summer and look towards the end of the year. we're live from the new york stock exchange you're watching "closing bell" on cnbc. the dow jones industrial average is down near 300 points. back after this. i was born on the south side of chicago. it has been a long road, but now i'm working for schwab. i love to help people understand the world through their lens and invest accordingly. you can call us christmas eve at four o'clock in the morni

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