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Costco (COST) reports a 7.4% rise in June net sales, hikes membership fees. (00:29) HubSpot (HUBS) sinks after report Google shelved acquisition plans. (01:30) NBA sets up deals with NBC, Amazon, ESPN — but TNT can still match: Athletic. (02:20)
Costco (NASDAQ:COST) announced that it is raising the membership fee for its nearly 52 million customers, a first since 2017.
The company said it will increase annual membership fees by $5 for U.S. and Canada Gold Star, Business, and Business add-on members, resulting in an annual fee of $65.
Annual fees for executive memberships in the U.S. and Canada will be hiked to $130 from $120. But with that increase the company is also increasing the maximum annual 2% reward associated with the executive membership to $1,250 from $1,000.
All changes are effective September 1.
Additionally, the company declared a $1.16 per share quarterly dividend, which is in line with the previous distribution.
COST is up nearly 3% in premarket action.
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HubSpot (NYSE:HUBS) fell 12% after a report that Alphabet (GOOGL) has abandoned plans to purchase the company.
According to a Bloomberg report on Wednesday, which cited people familiar with the matter, Google and HubSpot (HUBS) never reached a point of detailed talks around due diligence.
Bloomberg reported in May that Google was progressing in discussions to purchase HubSpot (HUBS) and there have been reports that there could be an all-stock deal or a combination of stock and cash.
Reuters first reported in April that Alphabet (GOOGL) considered a potential takeover of HubSpot. Shares of HubSpot (HUBS) had dropped 14% through Tuesday since April 18, the day before the first report was published on a potential deal.
Betaville also reported last month that Amazon (AMZN) and a third potential party may be interested in HubSpot (HUBS).
Another decade of National Basketball Association media rights talks is nearing its endgame, with NBC (NASDAQ:CMCSA) and Amazon (NASDAQ:AMZN) reportedly set to become new partners alongside ESPN (NYSE:DIS).
The Athletic reported that NBA and network executives have wrapped up contracts that would cover 11 seasons at a total value of $76B. And the package would feature national NBA telecasts almost every day of the week.
NBC (CMCSA) would return to a key pro basketball role, broadcasting games throughout the season on Tuesdays (simulcast on streaming service Peacock), with Peacock also showing exclusive telecasts on Mondays.
Amazon Prime Video (AMZN) is expected to have its regular-season games streamed mainly on Friday nights and Saturdays, according to the report.
And ESPN (DIS) would cut down on regular-season games (to about 80 from a current 100), but keep its spot as the home of the NBA Finals.
The focus would then shift to TNT, run by Warner Bros. Discovery (WBD) and its chief David Zaslav, who has been threatening to exercise a right to match new deals. The Athletic reported that if Zaslav follows through, he’s expected to target Amazon’s (AMZN) deal.
The NBA’s board of governors is set to meet Tuesday in Las Vegas, and after they approve the deals, the finished contracts would go to TNT Sports, which would have five days to make a move.
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Catalyst watch:
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Tyson Foods (TSN) will hold its Demo Day 2024. The event offers startups an exclusive platform for potential partnership opportunities with Tyson. Selected startups could receive mentorship from Tyson Foods executives, access to pilot and testing programs, possible proof of concepts, and the potential for commercial partnerships.
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Notable investor events include Chewy’s (CHWY) annual meeting and Axcelis Technologies’ (ACLS) Investor Day.
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McGrath RentCorp (MGRC) will hold a special shareholder meeting to vote on the previously announced proposed acquisition by WillScot Mobile Mini (WSC) and other related proposals.
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Blue Bird Corporation (BLBD) will participate in the STN West Conference. Shares of Blue Bird have rallied in the past after showing off electric school bus advancements at similar events.
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Delta Air Lines (DAL) will hold its earnings conference call at 10am. Options trading implies a 6% share price swing after the report is dropped. United Airlines (UAL), Copa Holdings (CPA), and Alaska Air (ALK) are the three airline stocks that correlate the closest to Delta after its earnings report is released.
Now let’s take a look at the markets as of 6 am. Ahead of the opening bell today, Dow, S&P and Nasdaq futures are in the red. Crude oil is up 0.2% at $82 per barrel. Bitcoin is down 0.6% at $58,000.
In the world markets, the FTSE 100 is up 0.3% and the DAX is up 0.2%.
The biggest movers for the day premarket: WD-40 (NASDAQ:WDFC) is up 12% following upbeat FQ3 results, improved margins, and a reaffirmed FY2024 outlook.
On today’s economic calendar:
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8:30 a.m. Consumer Price Index- Analysts expect month-over-month inflation to rise by just 0.1%, with core inflation up 0.2%. Year-over-year, the increases are expected to be 3.1%, and 3.4%, respectively.
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8:30 a.m. Initial Jobless Claims
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