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Bank of America (BAC.N) shares fell 5.7% intraday, marking the biggest drop since April 2025.House Minority Leader Jeffreys: If Democrats win the House election, they will prioritize artificial intelligence regulation.On September 15th, Alphabets (GOOG.O) Waymo announced the launch of its paid robotaxi service in Las Vegas, becoming the 15th U.S. city to offer its ride-hailing service. The company stated that the service will begin on Monday and will be rolled out in phases, initially deploying dozens of vehicles and planning to expand to hundreds in the future. Waymo indicated that the Las Vegas robotaxi will not initially have highway access; airport transfers and highway services will be added in later phases. The fleet is managed by Moove, which also operates Waymos vehicles in Phoenix and Miami. Currently, Waymo has over 4,000 driverless taxis in the U.S., providing over 500,000 paid rides per week. The company previously stated its goal of reaching 20 cities globally and 1 million paid rides per week this year, and is preparing for testing in markets such as London and Tokyo.Sources say Northrop Grumman, a defense contractor, has partnered with the U.S. Air Force to assemble the first complete Sentinel intercontinental ballistic missile.On September 15th, according to a Senate aide and a lobbyist familiar with the negotiations, US Senate negotiators are discussing an artificial intelligence regulatory bill that could require AI companies to prove they have taken reasonable precautions to prevent their tools from causing harm. Senators are reportedly discussing whether to grant the US Secretary of Commerce the power to require AI developers to demonstrate they have taken reasonable steps to prevent harm, the so-called "duty of care." They indicated the Secretary of Commerce might also be granted the power to send government inspectors to test companies products. It is currently unclear what measures will be considered "reasonable." The bill is still under discussion, and even if Congress passes it, its eventual enactment as law remains highly uncertain.

Costco Margins Are Impacted by Growing Freight And Labor Expenses, And The Stock Price Falls

Charlie Brooks

May 27, 2022 09:50

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Costco Wholesale Corp (NASDAQ:COST) announced a decline in gross margins on Thursday, impacted by rising freight and labor expenses across the United States. The news sent shares of the membership-only retailer down 2% and overshadowed an otherwise positive quarterly report.


Fresh COVID-19 lockdowns in China and the Russia-Ukraine conflict have compounded the problem for U.S. businesses.


Costco announced that it would increase prices in certain food categories in order to battle inflation.


Retailers such as Walmart (NYSE:WMT) Inc and Target Corp (NYSE:TGT) have warned that decades-high inflation will have a negative impact on their earnings, as shoppers hesitate from purchasing non-essential and high-margin goods.


The average Costco buyer earns more than the average Walmart and Target shopper, allowing Costco to generate quarterly earnings and revenue that easily exceeds expectations.


Memberships and sales have been boosted by the company's efforts to keep gas prices several cents below the national average.


Costco, in contrast to Walmart, reported that there has not been a significant shift from branded products to its private label product, Kirkland Signature.


"We aren't really observing a decline in commerce. This year, more money is being spent on tickets, dining out, travel, tires, and gasoline "In a post-earnings conference call, Robert Nelson, senior vice president of finance and investor relations, said.


Costco's gross margins decreased by 99 basis points in the third quarter.


According to data from Refinitiv IBES, Costco's total sales for the quarter ending May 8 increased by 16 percent to $52.60 billion, surpassing analysts' projections of $51.71 billion.


Excluding adjustments, Costco's earnings per share were $3.17, exceeding analysts' expectations of $3.03.