By Dan Ferris in the S&A Digest:

Headlines say so little about their subject and so much more about the folks writing them. The Wall Street Journal says, "Wal-Mart Misses Sales Forecast." But the Toronto Globe & Mail insisted that, "Wal-Mart Beats Expectations." Both are true, but the sentiments are polar opposites. One says Wal-Mart did poorly. One says Wal-Mart did well… and both are views of the same results.

The market seems to agree with the positive spin from Toronto, as Wal-Mart shares rose more than 2% today… a big one-day move for Wal-Mart.

What really happened? Wal-Mart same-store sales fell 1.2% in the second quarter. Overall, Wal-Mart sales fell prior to currency adjustments, but rose after them.

Wal-Mart's CFO, Tom Schoewe, says customers are running out of money at the end of the month. But they're being smart, using more cash than credit, buying more basics and less of what they don't really need. They're also trying to spend less by buying smaller package sizes.

This morning, Egan-Jones ratings agency upgraded Wal-Mart from "A" to "A+," calling it a "financial powerhouse." I've been saying things like that about Wal-Mart for a couple of years now. CEO Mike Duke says Wal-Mart could use its financial strength "to take advantages of opportunities that present themselves." Perhaps Wal-Mart is going to make an acquisition soon?

Crux note: Wal-Mart is among the best companies in the world, or what Dan Ferris calls "World Dominators" in his newsletter, Extreme Value. To access Dan's full portfolio of World Dominators - the only stocks you'll ever need to own - click here...

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