周五，开市客(COST.US)股价走低，截至发稿，该股跌超2.8%，报917.83美元。尽管该公司最新公布的 财报结果超预期，有评论指出，开市客估值水平远超合理区间，需警惕股价修正。开市客截至8月底的 第四财季总营收为861.56亿美元，同比增长8%，好于市场预期;净利润为26.10亿美元，上年同期为23.54 亿美元;摊薄后每股收益为5.87美元，高于市场预期，上年同期为5.29美元。 ...

智通财经APP获悉，周五，开市客(COST.US)股价走低，截至发稿，该股跌超2.8%，报917.83美元。尽 管该公司最新公布的财报结果超预期，有评论指出，开市客估值水平远超合理区间，需警惕股价修正。 开市客截至8月底的第四财季总营收为861.56亿美元，同比增长8%，好于市场预期;净利润为26.10亿美 元，上年同期为23.54亿美元;摊薄后每股收益为5.87美元，高于市场预期，上年同期为5.29 美元。 ...

Intel - Intel is actively pursuing partnerships to recover from past losses and compete with rivals like Taiwan Semi and Nvidia, reaching out to companies such as Apple for potential collaborations [2][3] - Recent investments include a $2 billion investment from SoftBank in August and a $5 billion investment from Nvidia, indicating strong financial backing and government support for Intel's turnaround efforts [3][4] - Despite losing money in the first half of 2025, Intel's leadership insists that its manufacturing arm is crucial for national security, which aligns with the government's focus on supporting domestic chip production [5][8] - Intel's stock has seen significant movement, reaching new 52-week highs, although it has experienced a decline from $51 to just under $20 over the past three years, now trading around $35 [6][7] Microsoft - Morgan Stanley has raised its price target for Microsoft from $582 to $625, citing strong growth in Azure and AI adoption as key drivers for the company's performance [9][10] - More than 50% of CIOs expect Microsoft to capture the largest share of AI spending, positioning the company favorably against its competitors [11] - Microsoft is focusing on high-margin enterprise clients rather than large infrastructure deals, which is expected to enhance its leadership in the software sector [12] Costco - Costco reported earnings that beat expectations, but same-store sales growth was lower than anticipated at 5.7%, marking the second consecutive miss in this key metric [13][14] - Membership income increased by 14% year-over-year, partly due to a fee increase for regular memberships, indicating a positive trend in customer retention [15]

开市客（Costco）公布第四季度财报后，股价下跌3.1%。 来源：滚动播报 ...

Core Insights - Costco reported Q4 earnings of $5.87 per share, an 11% year-over-year increase, with revenue of $86.2 billion, up 8%, surpassing expectations [2] - U.S. comparable sales rose by 5.1%, outperforming Walmart's 4.6% and significantly exceeding Target's 1.9% decline, indicating strong member spending and traffic [2] - Digital sales grew by 13.6% in Q4, and membership income increased by 14% to $1.7 billion, showcasing the effectiveness of its subscription model [2] Financial Performance - Annual top-line growth averaged 7.3% over the last three years, with revenues increasing by 8.1% to $275 billion in the past twelve months [5] - Operating income was approximately $10 billion, with an operating margin of 3.8% and a cash flow margin of 4.6%, generating nearly $12 billion in operating cash flow [6] - Net income reached $8 billion, yielding a net margin of 2.9%, demonstrating Costco's ability to convert growth into profitability [6] Business Model and Strategy - Costco operates 914 warehouses globally, including 629 in the U.S., maintaining pricing advantages through low margins and the effectiveness of its private label brand, Kirkland Signature [7] - Shopping frequency increased by 3.7% in Q4, while the average ticket rose by 2.6%, indicating growth driven by traffic rather than price increases [7] - The flexible supply chain reduces risks from tariffs and global sourcing, with two-thirds of merchandise procured domestically [8] Valuation and Market Position - Costco is trading at 52x earnings and 57x free cash flow, indicating a low cash flow yield of 1.8%, which is high compared to competitors like Amazon [4] - The company's high valuation may not align with its fundamentals, as revenue growth is solid but not extraordinary, and the pace of store expansion is slowing [9] - If comparable sales continue to decelerate, investor confidence and Costco's valuation multiple could face pressure [9]

Core Insights - Costco Wholesale Corporation reported fourth-quarter fiscal 2025 results with revenues slightly below estimates but earnings exceeding expectations, driven by membership growth, increased traffic, e-commerce gains, and margin expansion [1][2][3] Financial Performance - Quarterly earnings were $5.87 per share, surpassing the Zacks Consensus Estimate of $5.81, and up from $5.15 in the prior year [2] - Total revenues reached $86,156 million, an 8.1% increase year over year, but fell short of the Zacks Consensus Estimate of $86,179 million [3] - Comparable sales rose 5.7% year over year, with U.S. comparable sales growing 5.1% and international markets seeing increases of 6.3% and 8.6% [3][6] Membership and Traffic Growth - Membership fees increased by 14% to $1,724 million, with total paid members reaching 81 million, a 6.3% increase from the previous year [5] - The membership renewal rate was 92.3% in the U.S. and Canada, and 89.8% worldwide [4][8] E-commerce and Margin Expansion - E-commerce comparable sales grew 13.6% year over year, with gross margin expanding by 13 basis points to 11.1% [7] - Operating income increased by 9.8% to $3,341 million, with operating margin improving by 10 basis points to 3.9% [7] Store Operations and Expansion Plans - Costco operates 914 warehouses globally, with plans to open 35 new warehouses in fiscal 2026 [8][9] - The company added 24 net new warehouses in fiscal 2025, including various international locations [9] Financial Health - As of the end of the quarter, Costco had cash and cash equivalents of $14,161 million and long-term debt of $5,713 million [10] - Capital expenditures for the quarter were approximately $1.97 billion, totaling just under $5.5 billion for the year [10]

When I last looked at Costco Wholesale Corporation (NASDAQ: COST ) in June, I called it a Hold at about $999 a share. My main concern was the high price, not the company itself. Since then, the stock has slipped to around $943, down about 5.6 percent, even asWith over 15 years of experience in the markets and a degree in economics, I focus on breaking down companies with clarity and discipline. My goal is to give individual investors a straightforward, honest view—what’s working, what isn’t, and where the r ...

Core Viewpoint - Costco Wholesale Corporation's stock has decreased from approximately $999 to around $943, reflecting a decline of about 5.6% since June [1]. Company Analysis - The primary concern regarding Costco is its high stock price rather than the company's fundamentals [1]. - The analysis emphasizes a disciplined approach to evaluating companies, focusing on numerical data and underlying business performance rather than market narratives [1].

Market Overview - US stock index futures are all up ahead of the market opening, with Dow futures rising by 0.22%, S&P 500 futures up by 0.15%, and Nasdaq futures increasing by 0.09% [1] - European indices also show positive movement, with Germany's DAX up by 0.67%, UK's FTSE 100 up by 0.53%, France's CAC 40 up by 0.74%, and the Euro Stoxx 50 up by 0.72% [1] Commodity Prices - WTI crude oil has decreased by 0.15%, trading at $64.88 per barrel, while Brent crude oil has fallen by 0.14%, priced at $69.66 per barrel [2] Economic Indicators - The PCE inflation report, a key indicator favored by the Federal Reserve, is set to be released, with expectations for an annual rate of 2.7% for August, up from 2.6% in July, and a monthly increase of 0.3%, compared to 0.2% the previous month [3] - Core PCE, excluding food and energy, is anticipated to remain at 2.9% year-over-year, with a slight monthly decrease to 0.2% from 0.3% [3] Trade Policies - President Trump announced significant tariffs on various imported goods effective October 1, including a 50% tariff on cabinets and bathroom vanities, a 30% tariff on imported furniture, a 25% tariff on heavy trucks, and a 100% tariff on patented and branded pharmaceuticals [4] - The imposition of these tariffs has already led to a 4.7% increase in furniture prices compared to August 2024 [4] Banking Sector - The US banking system's reserves have dropped below $3 trillion for the first time since January, with a decrease of approximately $21 billion reported, indicating ongoing liquidity issues [5] - This decline in reserves is linked to increased bond issuance by the Treasury to rebuild cash balances following the raising of the debt ceiling [5] Market Volatility - Goldman Sachs warns of heightened volatility in October, historically showing about 20% higher price fluctuations in the S&P 500 compared to other months, influenced by upcoming earnings reports and potential government shutdown risks [6] Company Performance - Costco's Q4 earnings exceeded expectations, with total revenue reaching $86.156 billion, an 8% year-over-year increase, and net profit of $2.610 billion, up from $2.354 billion the previous year [8] - Intel has seen a significant increase in investor interest, with a 37% rise in stock price since September 17, leading to a surge in call options as investors bet on continued upward momentum [9] Regulatory Developments - Google may face additional fines from the EU for violating tech regulations, following a recent $3.45 billion penalty related to online advertising practices [11] - The new potential fine is connected to allegations of preferential treatment for its own search services over competitors [11]

Like him or hate him, it's a fact that Jim Cramer is one of the personalities in the financial media that investors can certainly talk about. ...