Big-box retailer Wal-Mart can attribute its performance in part to the $3 billion acquisition of Jet.com, money manager and popular blogger Josh Brown told CNBC on Tuesday.
"How much market cap has Wal-Mart added since Jet.com?" asked Brown, CEO of Ritholtz Wealth Management.
"And please don't tell me you'd think they'd be talking about 40 percent year-over-year e-commerce comps if not for the Silicon Valleyesque type of talent they've been able to bring in," Brown added on "Halftime Report."
Last year, Wal-Mart acquired Jet.com. With the purchase came the website's founder Marc Lore, who would run the company's online operations and had offered to shake up the business.
In August, the retailer announcedit would make some items available for voice shopping on Google's voice assistant app.
Shares of Wal-Mart were more than 4 percent higher Tuesday, on pace for its best day in more than a year, after the retailer said it expects its U.S. e-commerce business to grow sales by roughly 40 percent in fiscal 2019.
The stock was leading the Consumer Staples Select Sector SPDR Fund (XLP) toward its best day since Jan. 17.
Ahead of its annual investor day, the company unveiled a $20 billion buyback and announced plans to add 1,000 online grocery pickup locations at its U.S. stores in fiscal 2019.
"The market sniffed this out before the news came," Brown said. "The $20 billion buyback might have been a surprise but everyone knew it was ... an energized company going into it."
— CNBC's Lauren Thomas contributed to this report.