Costco Shares Increase After Positive Sales Report
Shares of Costco experienced a rise of over 1% in premarket trading on Thursday, following the retailer’s announcement of a significant rise in net sales for September and early October year-on-year.
For the five-week period ending October 5, Costco reported net sales of $26.58 billion, marking an 8% increase from the previous year’s $24.62 billion.
Total comparable sales rose by 5.7%, with a 5.1% uptick in the U.S. and a 6.3% increase in Canada, while international markets recorded an 8.5% growth.
Baird Initiates Coverage of Oracle with Positive Outlook
Analysts at Oracle believe the company could capitalize on the artificial intelligence boom, leading to substantial returns for investors. Baird has assigned an outperform rating and set a price target of $365, implying a 27% potential increase from Wednesday’s closing price.
Analyst Rob Oliver emphasized Oracle’s strong position as an emerging AI growth leader, noting, “We see ORCL as ideally placed to benefit from increased spending on AI infrastructure.”
Delta Air Lines Shares Uptick After Earnings Surpass Expectations
Shares of Delta Air Lines rose over 5% following the release of robust third-quarter earnings that exceeded analyst forecasts.
The airline reported an adjusted earnings figure of $1.71 per share, accumulating $15.2 billion in revenue, surpassing the analyst consensus of $1.53 per share on revenues of $15.06 billion. Delta also provided a fourth-quarter earnings outlook that went beyond expectations.
Akero Therapeutics Stock Surges on Acquisition Announcement
Akero Therapeutics shares jumped nearly 20% after the biopharmaceutical company announced its acquisition by Novo Nordisk for $54 per share, totaling approximately $4.7 billion.
Akero specializes in developing drugs for metabolic dysfunction-associated steatohepatitis (MASH), and its efruxifermin drug is currently in phase 3 trials. Novo Nordisk’s CEO commented on the acquisition, emphasizing their commitment to leading in diabetes and obesity care.
PepsiCo Shares Rise Following Strong Q3 Earnings
Shares of PepsiCo increased in premarket trading after the company’s third-quarter earnings report surpassed expectations.
PepsiCo reported earnings of an adjusted $2.29 per share and revenues of $23.94 billion, exceeding analyst predictions of $2.26 per share on $23.83 billion in revenues. The stock was last seen up by approximately 1%.
Gold Market Faces Potential Macro Headwinds
BCA Research analysts suggest that while gold’s surge to record levels is impressive, it remains vulnerable to macroeconomic challenges.
They indicated that gold’s recent performance has been largely driven by strong central bank demand and fiscal concerns, despite its historical correlation with real yields and the dollar. “While the structural uptrend is robust, we may see tactical corrections associated with rising yields or a stronger dollar,” they noted.
Gold futures have seen a year-to-date increase exceeding 53%.
Bassett Furniture Shares Decline Despite Earnings Improvement
Bassett Furniture Industries shares dropped nearly 2% in extended trading on Wednesday, although the company reported better earnings compared to a year ago.
For the third quarter, Bassett posted earnings of 9 cents per share on $80.1 million in revenue, a significant improvement from a loss of 52 cents per share and $75.6 million in revenue during the same period last year. Despite the decline, the stock had seen a 5.7% increase on Wednesday prior to the report and is up over 21% this year.
Stock Futures Show Little Movement
Dow, S&P 500, and Nasdaq 100 futures remained relatively unchanged shortly after 6 p.m. ET.
