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Costco's New Membership Fees
Shares of Costco (Nasdaq: COST) dropped 2.35% in after-hours trading on Thursday after the retail giant posted positive financial earnings results.
Financials: Costco reported earnings of $4.20 per share, which was expected. The revenue of $72.09 billion was better than expected.
Growth: Net sales increased 15.2% in the quarter and 16% for the year. U.S. sales grew 9.6% year-over-year in the quarter. E-commerce sales jumped 8.4%.
Members Only: Costco surprised investors by not announcing that it will increase membership fees. Given its increased operating costs and the fact that other competitors have already increased membership prices, it didn’t make sense for Costco to avoid this.
Stock Price: Costco’s stock is down 14% this year as the retail industry struggles to survive against rising inflation.
Final Thoughts: Costco has good fundamentals, but inflation concerns loom. Will the company finally increase membership fees?
Notable Earnings Today: InMed Pharmaceuticals (Nasdaq: INM).
Notable IPOs Today: N/A.
Notable Equity Crowdfunding Campaigns Ending Today: Highclere Castle Gin (Wefunder), Catalillies Play Cafe (Mainvest), M Aerospace (SeedInvest), Legal Graffiti (StartEngine), Lucky Buns (Mainvest), PUPS Pet Club (Mainvest), Capsule Social (Republic).
Notable Economic Events Today: Manufacturing PMI (9:45 a.m ET), S&P Global Composite PMI (9:45 a.m. ET), Services PMI (9:45 a.m. ET).
Qualcomm’s $30B Win Pipeline
Shares of Qualcomm (Nasdaq: QCOM) slipped 0.81% in after-hours trading on Thursday after the tech company said that its automotive design-win pipeline has grown to $30 billion.
Details: Qualcomm made the announcement during its Automotive Investor Day event on Thursday. The expanded pipeline is a result of design wins with automakers and suppliers, according to the company.
Quote: “We are winning the digital future of automotive.” - Cristiano Amon, President and CEO of Qualcomm.
Data: The company also said that its automotive revenue grew from $975 million last year to around $1.3 billion this year. Qualcomm also announced a partnership with Mercedes-Benz (OTCMKTS: MBGYY) to use its technology in vehicles.
Stock price: Qualcomm’s stock is down 33% this year, including 12% in the last 30 days.
Final Thoughts: It’s tough time for the tech sector now, so it’s good that Qualcomm is exploring automotive revenue.
Equity Crowdfunding Spotlight: Hangobi
Briefly describe your business. Hangobi is a delicious-tasting, recovery-focused plant-based daily multivitamin in a can. Our vision is to be the one-stop shop for recovery during or after a workout.
What are the terms of the investment for your campaign? Campaign page here, common equity offering at an attractive valuation! It's a great time to invest in our company as we begin to hit more accelerated sales growth.
What makes your startup special? We are a differentiated product that doesn't exist in the market today. Currently, functional beverages offer just one beneficial ingredient and have a proven poor taste. Our partnerships with Foye Oluokun (NFL) and Rob Pannell (PLL) set us apart.
Trends to Watch
That’s a Wrapped Token: Celsius Network Might Be Planning to Turn Its Debt Into Crypto ‘IOU’ Tokens (CoinDesk)
No Pain, No Financial Gain: Central Banks Accept Pain Now, Fearing Worse Later (The New York Times)
Let’s Make a Deal: Humana, CVS Circle Cano Health as Potential Buyers (The Wall Street Journal)
Ship My Pants: FedEx hikes package rates, details cost cutting as demand weakens globally (CNBC)
With Great Power Comes Great Electricity: Tesla’s giant ‘safety recall’ of 1 million vehicles is just another software update (Electrek)
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