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COSTCO WHOLESALE CORPORATION

(COST)
  Report
Delayed Nasdaq  -  04:00:00 2023-01-27 pm EST
503.29 USD   +1.00%
01/25Costco Wholesale Corp /new : Submission of Matters to a Vote of Security Holders (form 8-K)
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01/25Declaration of Voting Results by Costco Wholesale Corporation
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01/24Walmart to raise minimum wage for U.S. hourly workers to $14
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Wall Street ends mixed; Salesforce selloff pressures Dow

12/01/2022 | 04:10pm EST

(For a Reuters live blog on U.S., UK and European stock markets, click or type LIVE/ in a news window)

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Salesforce drops on co-CEO exit plan

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Dollar General falls on slashing annual profit view

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U.S. manufacturing shrinks for first time in 2-1/2 years in Nov

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Indexes end: S&P 500 -0.08%, Nasdaq +0.13%, Dow -0.56%

Dec 1 (Reuters) - Wall Street ended mixed on Thursday as a selloff in Salesforce weighed on the Dow, while traders digested U.S. data that suggested the Federal Reserve's interest rate hikes are working.

On Wednesday, the S&P 500 surged over 3% on optimism the Fed might moderate its campaign of interest rate hikes.

U.S. manufacturing activity shrank in November for the first time in 2-1/2 years as higher borrowing costs weighed on demand for goods, data showed, evidence the Fed's rate hikes have cooled the economy.

The personal consumption expenditures (PCE) price index rose 0.3%, the same as in September, and over the 12 months through October the index increased 6.0% after advancing 6.3% the prior month.

Excluding the volatile food and energy components, the PCE price index rose 0.2%, one-tenth less than expected, after gaining 0.5% in September.

"On a normal day, the package of data this morning would be pretty risk-on, but after the rally yesterday, I think it's not quite good enough to push another leg higher," said Ross Mayfield, an investment strategy analyst at Baird.

Wednesday's rally drove the S&P 500 index above its 200-day moving average for the first time since April after Fed Chair Jerome Powell said it was time to slow the pace of interest rate hikes.

Traders now see a 79% chance the Fed will increase its key benchmark rate by 50 basis points in December and a 21% chance it will hike rates by 75 basis points.

Salesforce Inc tumbled 8.3% after the software maker said Bret Taylor would step down as co-chief executive officer in January.

Dollar General Corp fell 7.5% after the discount retailer cut its annual profit forecast, while Costco Wholesale Corp dropped 6.6% after the membership-only retail chain reported slower sales growth in November.

The S&P 500 declined 0.08% to end the session at 4,076.79 points.

The Nasdaq gained 0.13% to 11,482.45 points, lifted by gains of over 1% each in Nvidia and Facebook-owner Meta Platforms.

Dow Jones Industrial Average declined 0.56% to 34,396.53 points, pulled lower by Salesforce.

Of the 11 S&P 500 sector indexes, seven declined, led lower by financials, down 0.71%, followed by a 0.47% loss in consumer staples.

A U.S. Labor Department report on Thursday showed initial claims for state unemployment benefits dropped 16,000 to a seasonally adjusted 225,000 for the week ended Nov. 26.

Investors now await nonfarm payrolls data on Friday for clues about how rate hikes have affected the labor market.

With a month left in 2022, the S&P 500 is down about 14% year to date, and the Nasdaq has lost about 27%.

Advancing issues outnumbered falling ones within the S&P 500 by a 1.1-to-one ratio.

The S&P 500 posted 32 new highs and no new lows; the Nasdaq recorded 118 new highs and 91 new lows.

Volume on U.S. exchanges was relatively heavy, with 11.7 billion shares traded, compared to an average of 11.3 billion shares over the previous 20 sessions. (Reporting by Ankika Biswas and Shreyashi Sanyal in Bengaluru, and by Noel Randewich in Oakland, Calif.; Editing by Shounak Dasgupta and David Gregorio)


ę Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
AUSTRALIAN DOLLAR / US DOLLAR (AUD/USD) 0.00% 0.7103 Delayed Quote.4.40%
BRITISH POUND / US DOLLAR (GBP/USD) 0.00% 1.2397 Delayed Quote.2.63%
CANADIAN DOLLAR / US DOLLAR (CAD/USD) -0.01% 0.7507 Delayed Quote.1.73%
COSTCO WHOLESALE CORPORATION 1.00% 503.29 Delayed Quote.10.25%
DOLLAR GENERAL CORPORATION -0.43% 236.11 Delayed Quote.-4.12%
DOW JONES INDUSTRIAL 0.08% 33978.08 Real-time Quote.2.51%
EURO / US DOLLAR (EUR/USD) 0.01% 1.0866 Delayed Quote.1.78%
INDIAN RUPEE / US DOLLAR (INR/USD) -0.11% 0.012271 Delayed Quote.1.60%
META PLATFORMS, INC. 3.01% 151.74 Delayed Quote.22.40%
NASDAQ COMPOSITE 0.95% 11621.71 Real-time Quote.11.04%
NEW ZEALAND DOLLAR / US DOLLAR (NZD/USD) 0.00% 0.6492 Delayed Quote.2.23%
NVIDIA CORPORATION 2.84% 203.65 Delayed Quote.39.35%
SALESFORCE.COM, INC. -0.35% 164.52 Delayed Quote.24.08%
All news about COSTCO WHOLESALE CORPORATION
01/25Costco Wholesale Corp /new : Submission of Matters to a Vote of Security Holders (form 8-K..
AQ
01/25Declaration of Voting Results by Costco Wholesale Corporation
CI
01/24Walmart to raise minimum wage for U.S. hourly workers to $14
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01/23Cowen Adjusts Price Target on Costco Wholesale to $600 From $650, Maintains Outperform ..
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01/23Taipei Fubon Commercial Bank, Costco Wholesale Taiwan to Jointly Launch Credit Cards
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01/19Costco Reauthorizes $4 Billion Stock Buyback Program; Keeps Dividend at $0.90 a Share
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01/19Costco Wholesale Reauthorizes $4 Billion Stock Buyback Program
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01/19Costco Wholesale Corp /new : Other Events, Financial Statements and Exhibits (form 8-K)
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01/19Tranche Update on Costco Wholesale Corporation's Equity Buyback Plan announced on April..
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01/19Costco Wholesale Corporation announces an Equity Buyback for $4,000 million worth of it..
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Analyst Recommendations on COSTCO WHOLESALE CORPORATION
More recommendations
Financials (USD)
Sales 2023 244 B - -
Net income 2023 6 418 M - -
Net cash 2023 5 715 M - -
P/E ratio 2023 34,7x
Yield 2023 0,71%
Capitalization 223 B 223 B -
EV / Sales 2023 0,89x
EV / Sales 2024 0,83x
Nbr of Employees 304 000
Free-Float 99,5%
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Technical analysis trends COSTCO WHOLESALE CORPORATION
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Income Statement Evolution
Consensus
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Mean consensus BUY
Number of Analysts 36
Last Close Price 503,29 $
Average target price 549,07 $
Spread / Average Target 9,10%
EPS Revisions
Managers and Directors
Walter Craig Jelinek Chief Executive Officer & Director
Roland M. Vachris President, Chief Operating Officer & Director
Richard A. Galanti Chief Financial Officer, Director & Executive VP
Hamilton Evans James Independent Non-Executive Director
Paul G. Moulton Chief Information Officer & Executive VP
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