Costco’s May Sales Jump. E-Commerce Continues to Climb.

/ / Consumer Discretionary /

Costco Wholesale’s revenue growth continued to climb, up 8.1% in May from last year to $19.6 billion. That’s also an increase from April, when the company’s net sales rose 7.1% to $19.8 billion. E-commerce continues to show success, with online same-store sales up 15.3% year-over-year for May. In April, they rose 14.6%. Total company same-store sales rose 6.4% from a year ago. In April, they rose 5.6%. The stock was down 0.04% to $834 in after-hours trading. Shares are up 26.4% so far this year. On May 30, the wholesale retailer reported fiscal third quarter revenue of $57.4 billion, a 9.1% year-over-year rise. The company narrowly missed estimates calling for $58 billion. U.S. same-store sales rose by 6%, in line with expectations. Earnings for the quarter beat expectations, at $3.78 a share versus FactSet’s estimate of $3.70 a share. Costco is one of the only retailers to still report monthly […]

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Nvidia Joins the $3 Trillion Club — WSJ

/ / Technology /

By Heard Editors Another $3 trillion Big Tech company just got minted. On Wednesday it became Nvidia’s turn to join that rarefied club, which includes Apple and Microsoft, as its stock gained 5.2%. The chipmaker, which is set to execute a stock split after markets close on Friday, is up 147% so far this year. Big Tech companies keep blowing past enormous market capitalizations to power the stock market’s gains. The Nasdaq Composite hit another record Wednesday, advancing 1.96%, thanks to the tech giants. Besides Nvidia, shares of Meta Platforms, Microsoft, Alphabet, Apple and Amazon.com also advanced. The S&P 500 also rallied to a new high, adding 1.2%, while the Dow industrials edged up 0.3%, gaining 96 points. Easing borrowing conditions may have something to do with the recent stock market gains. The yield on the 10-year Treasury note fell for a fifth straight day to 4.289%. Treasury yields have

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Lululemon Starts Year Slow in the U.S., Wrong Leggings Focus

/ / Consumer Discretionary /

Lululemon’s performance in the U.S. dragged down the yoga maker’s results in the latest quarter, leading to what CEO Calvin McDonald calls a slower start to the year. Several internal factors hit Lululemon’s results, including a missed opportunity in women’s and bags, which the company’s actively addressing, McDonald says. Operating in a choppy U.S. consumer environment didn’t help, McDonald says. When looking at women’s, the company should have stopped focusing as much in leggings. These comments come as competitors Alo Yoga and Vuori focus on wide-leg bottoms that come with pockets. Shares rise 11% to $341.52 after hours.

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MongoDB, Inc. (MDB) 44th Annual William Blair Growth Stock Conference (Transcript)

/ / Technology /

MongoDB, Inc. (NASDAQ:MDB) 44th Annual William Blair Growth Stock Conference June 5, 2024 5:40 PM ET Company Participants Michael Gordon – CFO & COO Serge Tanjga – SVP Finance Conference Call Participants Jason Ader – William Blair Jason Ader With that said, I’m Jason Ader with William Blair. Very pleased to have Michael Gordon, COO and CFO of MongoDB; and Serge Tanjga, SVP of Finance. Regulars at this conference now. I appreciate it. Michael Gordon Yes. Great to be here. Thanks for having us. Jason Ader Before we begin, I’m required to inform you that a complete list of research disclosures, potential conflicts of interest is available on our website at williamblair.com. And we’re just going to do a fireside chat format here. And hopefully, we’ll have some time at the end for Q&A. But like I said, at 5:10, we’ll cut the webcast, and then, we’ll have a little

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How Apple Fell Behind in the AI Arms Race — WSJ

/ / Technology /

By Aaron Tilley For those who saw them, the demonstrations inside Apple earlier this decade of a revamped Siri offered a showcase of the amazing capabilities a powerful AI voice assistant could have. The famed assistant, one of the last projects Apple co-founder Steve Jobs worked on before his death, had been given a total overhaul. Capable of running on an iPhone and without an internet connection, the new Siri impressed people with its improved speed, conversational capabilities and the accuracy with which it understood user commands. Code-named Project Blackbird, the effort also imagined a Siri with capabilities built by third-party app developers, according to people familiar with the work. Yet a competing project won out in an internal contest ahead of the 10-year anniversary of Siri’s launch. Known as Siri X, the more-modest upgrade involved moving more existing Siri software onto iPhones from remote servers to improve the voice

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FactSet Research Systems’ Fiscal Q3 Annual Subscription Value Likely to Miss Consensus, Morgan Stanley Says

/ / Financials /

FactSet Research Systems (FDS) is likely to miss estimates by analysts for annual subscription value in fiscal Q3. potentially leading to lower ASV growth guidance in the full year, Morgan Stanley said Monday in a report. The company “continues to face challenging end market conditions with tight budgets, clients delaying sales and cost pressures leading to decelerating client headcount,” Morgan Stanley said. ASV growth decelerated in the past six quarters and headwinds to fiscal Q3 include the potential impact of the merger of UBS (UBS) and Credit Suisse (CS), the report said. For the full year, Morgan Stanley said its new ASV growth expectation for the company is 13% below consensus and 9% below FactSet’s guidance. FactSet is set to release its fiscal Q3 results on June 21. Morgan Stanley cut its price target on FactSet stock to $350 from $372 and reiterated its underweight rating. FactSet shares fell 2%

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CrowdStrike Fiscal Q1 Non-GAAP EPS, Revenue Rise; Lifts Fiscal 2025 Guidance; Shares Advance Premarket

/ / Technology /

CrowdStrike (CRWD) shares were up 7% in premarket activity on Wednesday after the company reported a stronger-than-expected jump in fiscal Q1 earnings as sales surged more than forecast and raised its fiscal 2025 guidance. The company reported fiscal Q1 non-GAAP earnings late Tuesday of $0.93 per diluted share, up from $0.57 a year ago. Analysts polled by Capital IQ expected $0.89. Revenue for the quarter ended April 30 was $921.0 million, up from $692.6 million a year earlier. Analysts surveyed by Capital IQ expected $904.8 million. The company said it expects Q2 non-GAAP EPS of $0.98 to $0.99 and revenue of $958.3 million to $961.2 million. Analysts polled by Capital IQ expect 0.91 and $956.3 million, respectively. The company said it now expects fiscal 2025 non-GAAP EPS to be between $3.93 and $4.03 and revenue to be between $3.98 billion and $4.01 billion. Its previous guidance was for non-GAAP EPS

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CFRA Keeps Hold Opinion On Shares Of Costco Wholesale Corporation

/ / Consumer Discretionary /

We lift our target price to $846 from $770, 47x our FY 25 (Aug.) EPS of $18.01 (up from $17.32; FY 24 up to $16.42 from $16.04) vs. 38x five-year mean. COST posted a solid F3Q revenue/EPS beat, with traffic/average ticket up and renewal rates in U.S./Canada now at ~93%. COST saw positive comps in many nonfoods categories, a stark contrast to many other retailers, which we attribute to COST’s higher-income customer base and unmatched merchandising strategy. While we maintain a Hold on valuation concerns, we believe COST’s premium valuation can hold given 1) plenty of club unit growth (~25-30 per year; mostly in U.S., but also journey in China is just starting); 2) untapped opportunities in alternative revenue streams (e.g., retail media); and 3) a looming membership fee increase (likely within the next 12 months). With COST now with a new CEO and CFO, we think more focus will

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P&G Focuses on Each and Every Consumer, CEO Procter & Gamble Beauty Says

/ / Consumer Staples /

Understanding customers must be everyone’s responsibility in a company,” R. Alexandra Keith, Chief Executive at Procter & Gamble Beauty, says at the Shoptalk Europe conference in Barcelona. “Our core brands need to serve all and each consumers,” she says. When new consumer needs or desires emerge, the first thing to do is examine the company’s core brands and see if they can meet those demands. However, in some cases the portfolio needs to be extended through acquisitions in order to serve all consumers, she says. This is the case of Mielle, a brand that the company acquired in 2023 to strengthen its textured hair care offering.

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Snowflake CEO On the Hunt for AI Deals After Reka AI Deal Collapse

/ / Technology /

Snowflake’s (SNOW) Sridhar Ramaswamy is on the lookout for deals in artificial intelligence to gain an edge over competitors, Bloomberg reported Tuesday, citing an interview with the new chief executive. Ramaswamy, who took the reins of the company in February, told the publication that the company would look for acquisitions “opportunistically.” The company had previously tried to acquire Reka AI for over $1 billion but discussions collapsed last month.

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Moderna, Inc. (MRNA) Moderna Oncology Investor Event (Transcript)

/ / Health Care /

Moderna, Inc. (NASDAQ:MRNA) Moderna Oncology Investor Event June 3, 2024 7:15 PM ET Company Participants Stephen Hoge – PresidentKyle Holen – Head of Development, Therapeutics and OncologyMichelle Brown – Vice President, INT OncologyRose Loughlin – VP, R&D StrategyLavina Talukdar – SVP & Head of IR Conference Call Participants Luca Issi – RBC Capital MarketsGena Wang – BarclaysDina Elmonshed – JefferiesTerence Flynn – Morgan StanleyJess Fye – JPMorganMyles Minter – William BlairMani Foroohar – Leerink Partners Stephen Hoge We’re going to get started. Thank you, everybody, for taking some time out of ASCO and your time here to spend with us. I’m Stephen Hoge, I’m the President of Moderna. And I’m going to be providing a little bit of context upfront for the data we’re going to be viewing today, which will cover our full oncology pipeline. We’re incredibly excited to do that. Before I dive in, we will be making

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S&P Global Inc. (SPGI) Stifel 2024 Cross Sector Insight Conference (Transcript)

/ / Financials /

S&P Global Inc. (NYSE:SPGI) Stifel 2024 Cross Sector Insight Conference June 4, 2024 11:30 AM ET Company Participants Doug Peterson – President and Chief Executive Officer Conference Call Participants Shlomo Rosenbaum – Stifel Shlomo Rosenbaum I want to welcome all to Stifel’s 2024 Cross Sector Insight Conference. I’m here with the CEO, Doug, of S&P Global. I want to welcome you. Thank you very much for participating. Doug Peterson Appreciate it here. Thank you so much for hosting this. Shlomo Rosenbaum Yes, very welcome. Question-and-Answer Session Q – Shlomo Rosenbaum Just want to start off, S&P is a very multifaceted business right now. You’ve been here for a while, orchestrated a lot of the portfolio, and we certainly appreciate that. But I’m going to start asking you about the Ratings business for the simple reason, and that’s the first question that I always get from investors, no matter what is

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