Trump tariff refunds are flowing. The stocks of a retail shape-shifter, an online shopping giant and a delivery leader have surged since.

Walmart is investing its $2.9 billion return into price cuts, while Target plans for additional reimbursements and Home Depot and Lowe’s offset higher costs.

Tariff refunds are great news for the corporate balance sheets of big-box retailers, and less so for consumers squeezing their wallets.