The glass is definitely half empty for retail analyst Rob Wilson as he digests Wal-Mart's (WMT) earnings report and soft guidance. He notes FQ4 makes 9 out of 11 quarters the retailer has seen inventory growth outpace sales and wonders why the company is so quiet about its online business. Remember the Mexico affair? FCPA expenses in FY12 marched from $17M to $58M in Q4 without skipping a beat. In the big picture, is the big spend on marketing and pricing paying off in traffic and profits? WMT +1.3% premarket.