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Date COST Adj Close TGT Adj Close AMZN Adj CloseS&P 500 Adj Clos COST Returns TGT Return AMZN ReturnsS&P 50

29-Feb-16 150.899994 81.129997 575.140015 1999.9900 0.0081507286 0.03442556 0.0358590777

22-Feb-16 149.679993 78.43 555.22998 1948.0500 0.0065904238 0.08448562 0.0380070202

16-Feb-16 148.699997 72.32 534.900024 1917.7800 0.0003363808 0.03388139 0.0548632123 8-Feb-16 148.649994 69.949997 507.079987 1864.7800 0.0351620935 0.0139507 0.009857969

1-Feb-16 143.600693 68.987572 502.130005 1880.0500 -0.0471809182 -0.03949185 -0.144582615

25-Jan-16 150.711395 71.824036 587 1940.2400 -0.0167220618 0.03872633 -0.0157282352

19-Jan-16 153.27446 69.146255 596.380005 1906.9000 0.0219429442 -0.00513704 0.0459504232

11-Jan-16 149.983383 69.503296 570.179993 1880.3300 -0.0113075897 -0.01821234 -0.0607363409

4-Jan-16 151.69873 70.792595 607.049988 1922.0300 -0.0581423995 -0.01693983 -0.1018509306

28-Dec-15 161.063339 72.012474 675.890015 2043.9399 -0.0015456257 -0.00765337 0.0197649896

21-Dec-15 161.312668 72.567863 662.789978 2060.9900 0.0256817601 0.02522056 -0.0020327596

14-Dec-15 157.273605 70.782684 664.140015 2005.5500 -0.0144982427 -0.00654223 0.0374755762

7-Dec-15 159.587341 71.24881 640.150024 2012.3700 -0.0406475087 -0.02787556 -0.0483021977 30-Nov-15 166.349014 73.291862 672.640015 2091.6899 0.0196846148 0.00626361 -0.0009208849

23-Nov-15 163.137711 72.835648 673.26001 2090.1101 0.0029429602 0.03684883 0.0071957482

16-Nov-15 162.659012 70.247124 668.450012 2089.1699 0.0613653168 -0.0070097 0.0406321117

9-Nov-15 153.254501 70.743011 642.349976 2023.0400 -0.0221061144 -0.06902352 -0.025812547

2-Nov-15 156.718948 75.987968 659.369995 2099.2000 -0.0036048106 0.00051825 0.0534749476

26-Oct-15 157.285934 75.948608 625.900024 2079.3601 0.0152817834 0.05812992 0.0448558398

19-Oct-15 154.918503 71.77626 599.030029 2075.1499 0.0242010427 -0.02811454 0.049530483

12-Oct-15 151.257904 73.852592 570.76001 2033.1100 -0.0124050655 -0.04855474 0.0573546178

5-Oct-15 153.157837 77.621483 539.799988 2014.8900 0.055601325 -0.00817306 0.0136327981

28-Sep-15 145.090607 78.261116 532.539978 1951.3600 0.0021297499 0.00607203 0.0158130243 21-Sep-15 144.782257 77.78878 524.25 1931.3400 0.0263733429 0.03171502 -0.0296338979

14-Sep-15 141.061981 75.397545 540.26001 1958.0300 0.0053882021 -0.01617866 0.0204367029

8-Sep-15 140.305984 76.637436 529.440002 1961.0500 0.0185586243 0.01910496 0.061002008

31-Aug-15 137.749542 75.200729 499 1921.2200 -0.0105036731 -0.02063318 -0.0366981518

24-Aug-15 139.211777 76.785049 518.01001 1988.8700 0.0069068982 -0.0047194 0.0476065463

17-Aug-15 138.256851 77.149147 494.470001 1970.8900 -0.0486001604 -0.00494982 -0.0697057827

10-Aug-15 145.319397 77.532921 531.52002 2091.5400 0.0084789895 0.00468473 0.0170296297

3-Aug-15 144.097595 77.171394 522.619995 2077.5701 -0.0002753486 -0.03506411 -0.0252355281

27-Jul-15 144.137283 79.97567 536.150024 2103.8401 0.0021380135 0.02044637 0.0127121023

20-Jul-15 143.829773 78.373222 529.419983 2079.6499 0.0021427061 -0.05289891 0.0960849093 13-Jul-15 143.522247 82.750641 483.01001 2126.6399 0.0137332142 0.00929567 0.0890622514

6- Jul-15 141.577927 81.988503 443.51001 2076.6201 0.0464110031 0.0199345 0.0132508262

29 Jun 15 135 298584 80 386047 437 709991 2076 7800 0 0120961513 0 02152725 0 0008902419

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29 Jun 15 135 298584 80 386047 437 709991 2076 7800 0 0120961513 0 02152725 0 0008902419

14-Jul-14 112.182571 56.898979 358.660004 1978.2200 -0.0022879438 0.00016662 0.0359907324

7-Jul-14 112.439827 56.8895 346.200012 1967.5699 0.0173420902 0.00823395 0.025808238

30-Jun-14 110.523125 56.4249 337.48999 1985.4399 0.0074464798 0.02391604 0.03980646

23-Jun-14 109.7062 55.10696 324.570007 1960.9600 0.0011269114 -0.00291651 0.0011412554 16-Jun-14 109.58271 55.26815 324.200012 1962.8700 0.0005203435 0.01852179 -0.0063443684

9- Jun-14 109.525719 54.2631 326.269989 1936.1600 -0.0247822029 -0.00780171 -0.010313416

2- Jun-14 112.308983 54.689774 329.670013 1949.4399 0.0190484852 0.01620862 0.0547753181

27-a!-14 110.209656 53.817467 312.549988 1923.5699 0.0093961788 0.01921351 0.0009928197

19-a!-14 109.183746 52.802937 312.23999 1900.5300 -0.0057953278 -0.04329158 0.0488410393

12-a!-14 109.82019 55.192299 297.700012 1877.8600 0.0049744778 -0.00828679 0.0186833499

5-a!-14 109.276596 55.653488 292.23999 1878.4800 0.0020841946 -0.0464441 -0.0511996996

28-Ap"-14 109.049316 58.364159 308.01001 1881.1400 0.0012172877 0.01224286 0.0137577697

21-Ap"-14 108.916733 57.658257 303.829987 1863.4000 0.0133039769 0.02100003 -0.0648795566

14-Ap"-14 107.486732 56.472336 324.910004 1864.8500 0.0126695607 0.01867568 0.0422801544 7-Ap"-14 106.14196 55.437012 311.730011 1815.6899 0.0129235841 -0.0366372 -0.0348916068

31-a"-14 104.787727 57.545311 323 1865.0900 -0.0090453173 0.01933975 -0.0451979325

24-a"-14 105.744217 56.453514 338.290009 1857.6200 -0.0190635003 0.00891507 -0.0619210979

17-a"-14 107.799248 55.954674 360.619995 1866.5200 0.0033495261 0.00151618 -0.0351046057

10-a"-14 107.439377 55.869965 373.73999 1841.1300 -0.000440566 -0.02288068 0.0045153793

3-a"-14 107.486732 57.178242 372.059998 1878.0400 -0.0282533904 -0.02862166 0.0275061912

24-Feb-14 110.611893 58.862999 362.100006 1859.4500 0.0318932684 0.11201984 0.0442380769

18-Feb-14 107.193153 52.933407 346.76001 1836.2500 -0.0250645538 0.00321088 -0.0296348001

10-Feb-14 109.948975 52.763988 357.350006 1838.6300 0.0208157838 0.00279034 -0.0103300685

3-Feb-14 107.70697 52.617168 361.079987 1797.0200 0.0149519032 -0.00547314 0.0066630934 27-Jan-14 106.12027 52.906734 358.690002 1782.5900 0.0020512348 -0.01871104 -0.0745872125

21-Jan-14 105.903038 53.91555 387.600006 1790.2900 -0.0357726814 -0.04183266 -0.0300542515

13-Jan-14 109.832024 56.269451 399.609985 1838.7000 -0.0132371398 -0.03800698 0.0049036387

6- Jan-14 111.305389 58.492577 397.660004 1842.3700 0.0047744788 -0.01370301 0.0030773938

30-Dec-13 110.776489 59.305237 396.440002 1831.3700 -0.0104614547 0.02156076 -0.0041197374

23-Dec-13 111.947624 58.053558 398.079987 1841.4000 0 -0.00544086 -0.0102437217

16-Dec-13 111.947624 58.371147 402.200012 1818.3199 0.0052581911 0.00208463 0.0467416783

9-Dec-13 111.362061 58.249718 384.23999 1775.3199 -0.0339996343 -0.01609341 -0.0070035455

2-Dec-13 115.281593 59.202488 386.950012 1805.0900 -0.0268675884 -0.00860309 -0.0169452342

25-Nov-13 118.464447 59.716232 393.619995 1805.8101 0.001757085 0.0036106 0.0572372408 18-Nov-13 118.25666 59.501396 372.309998 1804.7600 0.0074019986 -0.04152869 0.0085055256

11-Nov-13 117.387756 62.079475 369.170013 1798.1801 0.0148677115 0.0273383 0.0538380723

4 Nov 13 115 668037 60 42749 350 309998 1770 6100 0 0264169893 0 0075828 0 0242061337

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SA/ O))

Regression Statistics

ult+ple / 0.4865652

/ Sua"e 0.23674569A,ute, / S 0.2317895

Stan,a", "" 0.03850407

Obe"vat+on 156

ANO%A

df SS MS F ignicance F  

/eg"e+on 1 0.07081851 0.07081851 47.7676133 1.1948-010

/e+,ual 154 0.22831474 0.00148256

 )otal 155 0.29913325

Coecients tandard Erro t Stat P-value Lower 95% !!er 95% Lower 95"#%!!er 95"#%

$nte"cept 0.00351307 0.00309913 1.13356554 0.25873843 -0.00260923 0.00963537 -0.00260923 0.00963537

AN 1.2337209 0.1785049 6.91141182 1.1948-010 0.88108659 1.58635521 0.88108659 1.58635521

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()

Adj. Close –71.2459

Ending Price of share [3-Mar-14]

Adj. Close –68.0!4

"eginning Price of share [4-Mar-13]

#P$    4.63

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OS) )) AN

107.486732 57.178242 372.059998

96.550201 60.876335 274.190002

11.33 -6.07 35.69

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SA/ O))

Regression Statistics

ult+ple / 0.47272036

/ Sua"e 0.22346454A,ute, / S 0.2184221

Stan,a", "" 0.02321357

Obe"vat+on 156

ANO%A

df SS MS F ignicance F  

/eg"e+on 1 0.02388097 0.02388097 44.3167647 4.6355-010

/e+,ual 154 0.08298598 0.00053887

 )otal 155 0.10686695

Coecients tandard Erro t Stat P-value Lower 95% !!er 95% Lower 95"#%!!er 95"#%

$nte"cept 0.00090674 0.00186842 0.48529531 0.62815655 -0.00278431 0.00459779 -0.00278431 0.00459779

 )) 0.71642306 0.10761815 6.6570838 4.6355-010 0.50382469 0.92902144 0.50382469 0.92902144

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:;< = 0.0385766531; > 69.0800598706

WMT Historical Sare Prices

() A,ute, lo+ng

"+ce

?+nea" :() A,ute,

lo+ng "+ce<

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:;< = - 3.0696623286; > 2147.3695195577

S&P 500 Historical Sare Prices

S@ 500 A,ute, lo+ng "+ce

?+nea" :S@ 500 A,ute, lo+ng "+ce<

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a"c 2013 - a"c 2016 BCeel!E

() S@ 500 /etu"n

Date A, loe A, loe () S@ 500

29-Feb-16 66.7800 1999.9900 0.0041 0.026722-Feb-16 66.5100 1948.0500 0.0286 0.0158

16-Feb-16 64.6600 1917.7800 -0.0230 0.0284

8-Feb-16 66.1800 1864.7800 -0.0122 -0.0081

1-Feb-16 67.0000 1880.0500 0.0096 -0.0310

25-Jan-16 66.3600 1940.2400 0.0585 0.0175

19-Jan-16 62.6900 1906.9000 0.0123 0.0141

11-Jan-16 61.9300 1880.3300 -0.0253 -0.0217

4-Jan-16 63.5400 1922.0300 0.0365 -0.0596

28-Dec-15 61.3000 2043.9399 0.0077 -0.0083

21-Dec-15 60.8300 2060.9900 0.0336 0.0276

14-Dec-15 58.8500 2005.5500 -0.0086 -0.0034

7-Dec-15 59.3600 2012.3700 -0.0050 -0.0379

30-Nov-15 59.6600 2091.6899 0.0045 0.000823-Nov-15 59.3925 2090.1101 -0.0030 0.0005

16-Nov-15 59.5710 2089.1699 0.0647 0.0327

9-Nov-15 55.9513 2023.0400 -0.0401 -0.0363

2-Nov-15 58.2917 2099.2000 0.0269 0.0095

26-Oct-15 56.7645 2079.3601 -0.0182 0.0020

19-Oct-15 57.8157 2075.1499 -0.0100 0.0207

12-Oct-15 58.4008 2033.1100 -0.1170 0.00905-Oct-15 66.1360 2014.8900 0.0263 0.0326

28 Sep 15 64 4402 1951 3600 0 0188 0 0104

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1-Jun-15 71.9617 2092.8301 -0.0163 -0.0069

26-a!-15 73.1536 2107.3899 -0.0210 -0.0088

18-a!-15 74.7197 2126.0601 -0.0427 0.0016

11-a!-15 78.0489 2122.7300 0.0090 0.00314-a!-15 77.3495 2116.1001 0.0054 0.0037

27-Ap"-15 76.9329 2108.2900 -0.0155 -0.0044

20-Ap"-15 78.1466 2117.6899 0.0252 0.0175

13-Ap"-15 76.2282 2081.1799 -0.0343 -0.0099

6-Ap"-15 78.9395 2102.0601 -0.0010 0.0170

30-a"-15 79.0178 2066.9600 -0.0076 0.0029

23-a"-15 79.6246 2061.0200 -0.0227 -0.0223

16-a"-15 81.4745 2108.1001 0.0164 0.0266

9-a"-15 80.1629 2053.3999 -0.0024 -0.0086

2-a"-15 80.3557 2071.2600 -0.0160 -0.0158

23-Feb-15 81.6594 2104.5000 -0.0044 -0.0027

17-Feb-15 82.0194 2110.3000 -0.0176 0.0063

9-Feb-15 83.4885 2096.9900 -0.0174 0.02022-Feb-15 84.9674 2055.4700 0.0277 0.0303

26-Jan-15 82.6810 1994.9900 -0.0399 -0.0277

20-Jan-15 86.1155 2051.8201 0.0201 0.0160

12-Jan-15 84.4226 2019.4200 -0.0289 -0.0124

5-Jan-15 86.9328 2044.8101 0.0402 -0.0065

29-Dec-14 83.5761 2058.2000 -0.0116 -0.0146

22-Dec-14 84.5588 2088.7700 0.0205 0.008815-Dec-14 82.8561 2070.6499 0.0161 0.0341

8 Dec 14 81 5427 2002 3300 0 0037 0 0352

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11-Aug-14 71.5013 1955.0601 -0.0103 0.0122

4-Aug-14 72.2463 1931.5900 0.0221 0.0033

28-Jul-14 70.6873 1925.1500 -0.0320 -0.0269

21-Jul-14 73.0230 1978.3400 -0.0145 0.000114-Jul-14 74.0996 1978.2200 0.0035 0.0054

7-Jul-14 73.8401 1967.5699 0.0141 -0.0090

30-Jun-14 72.8116 1985.4399 0.0054 0.0125

23-Jun-14 72.4175 1960.9600 -0.0045 -0.0010

16-Jun-14 72.7443 1962.8700 0.0053 0.0138

9-Jun-14 72.3598 1936.1600 -0.0250 -0.0068

2-Jun-14 74.2149 1949.4399 0.0057 0.0134

27-a!-14 73.7920 1923.5699 0.0153 0.0121

19-a!-14 72.6770 1900.5300 -0.0182 0.0121

12-a!-14 74.0227 1877.8600 -0.0277 -0.0003

5-a!-14 76.1277 1878.4800 0.0072 -0.0014

28-Ap"-14 75.5829 1881.1400 0.0064 0.0095

21-Ap"-14 75.1053 1863.4000 0.0124 -0.000814-Ap"-14 74.1882 1864.8500 0.0152 0.0271

7-Ap"-14 73.0800 1815.6899 -0.0105 -0.0265

31-a"-14 73.8538 1865.0900 0.0171 0.0040

24-a"-14 72.6119 1857.6200 -0.0012 -0.0048

17-a"-14 72.6979 1866.5200 0.0245 0.0138

10-a"-14 70.9593 1841.1300 -0.0040 -0.0197

3-a"-14 71.2459 1878.0400 0.0048 0.010024-Feb-14 70.9031 1859.4500 0.0216 0.0126

18 Feb 14 69 4034 1836 2500 0 0352 0 0013

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21-Oct-13 71.7950 1759.7700 0.0049 0.0088

14-Oct-13 71.4458 1744.5000 0.0119 0.0242

7-Oct-13 70.6060 1703.2000 0.0277 0.0075

30-Sep-13 68.6997 1690.5000 -0.0210 -0.000723-Sep-13 70.1719 1691.7500 -0.0194 -0.0106

16-Sep-13 71.5591 1709.9100 0.0198 0.0130

9-Sep-13 70.1719 1687.9900 0.0244 0.0198

3-Sep-13 68.5016 1655.1700 -0.0053 0.0136

26-Aug-13 68.8696 1632.9700 -0.0063 -0.0184

19-Aug-13 69.3037 1663.5000 -0.0090 0.0046

12-Aug-13 69.9360 1655.8300 -0.0363 -0.0210

5-Aug-13 72.5688 1691.4200 -0.0176 -0.0107

29-Jul-13 73.8661 1709.6700 0.0096 0.0107

22-Jul-13 73.1626 1691.6500 -0.0010 -0.0003

15-Jul-13 73.2376 1692.0900 0.0058 0.0071

8-Jul-13 72.8155 1680.1899 0.0322 0.0296

1-Jul-13 70.5456 1631.8900 0.0097 0.015924-Jun-13 69.8703 1606.2800 0.0133 0.0087

17-Jun-13 68.9511 1592.4301 -0.0182 -0.0211

10-Jun-13 70.2267 1626.7300 -0.0191 -0.0101

3-Jun-13 71.5962 1643.3800 0.0199 0.0078

28-a!-13 70.1986 1630.7400 -0.0319 -0.0114

20-a!-13 72.5154 1649.6000 -0.0072 -0.0107

13-a!-13 73.0406 1667.4700 -0.0129 0.02076-a!-13 73.9974 1633.7000 0.0014 0.0119

29 Ap" 13 73 8919 1614 4200 0 0027 0 0203

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ova"v+ance :() /etu"n S@ 500 /etu"n< 0.00017972GH2 S@ 500 0.00029826

Ieta 0.60258221

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Ieta

S@ 500 ()

1.000 0.60258221

/elat+on+p betCeen te () an, S@ "etu"n

 = a > b

  = (eel! "etu"n o ()

= (eel! "etu"n o S@ 500

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SA/ O))

Regression Statisticsult+ple / 0.4427263704

/ Sua"e 0.196006639

A,ute, / Sua"e 0.1907859029

Stan,a", ""o" 0.0212130565

Obe"vat+on 156

ANO%A

df SS

/eg"e+on 1 0.0168945076

/e+,ual 154 0.0692990402

 )otal 155 0.0861935478

Coecients Standard Error 

$nte"cept -0.0009171257 0.0017074052

S@ 500 0.6025822099 0.0983437548

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MS F Signicance F  

0.0168945076 37.543870226 7.161753-009

0.0004499938

t Stat P-value Lower 95% !!er 95% Lower 95"#%

-0.5371459123 0.5919 -0.0042900843 0.0024558329 -0.0042900843

6.1273052989 0.0000 0.4083052967 0.7968591231 0.4083052967

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!!er 95"#%

0.0024558329

0.7968591231

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:;< = 0.6025822099; - 0.0009171257

/K = 0.196006639

Relationsi! "et#een WMT and S&P Returns