What's Going On With Costco Stock After Hours?
Portfolio Pulse from Adam Eckert
Costco Wholesale Corp (NASDAQ:COST) announced a CEO transition with Craig Jelinek stepping down at the end of the year. President and COO Ron Vachris will take over as president and CEO on Jan. 1, 2024. Jelinek will remain with Costco through April 2024 in an advisory role. The company also declared a quarterly cash dividend of $1.02 per share. Following the announcement, Costco shares were trading lower by 0.64%.
October 18, 2023 | 8:48 pm
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NEGATIVE IMPACT
Costco's announcement of a CEO transition and a quarterly cash dividend led to a slight decrease in its stock price.
CEO transitions can create uncertainty in the market, which can lead to a decrease in stock price. Additionally, while the announcement of a dividend is generally positive, it may not have been enough to offset the uncertainty caused by the CEO transition.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 100