Costco’s longtime CFO, Rich Galanti, will be stepping down on March 15, and will be replaced by Gary Millerchip, CFO of Kroger. Despite this change, Jim Cramer believes Costco is in good hands and that Rich will stay on to teach Millerchip the ropes. Costco is set to report its January sales on Wednesday evening, which will be an important event for investors to watch.
JPMorgan reinstated coverage on Broadcom, giving it a buy-equivalent rating and a price target of $1,550 per share. Although this call was initially seen as a good opportunity for investors, the stock did not react positively on Tuesday. On the other hand, shares of Spotify surged after the company announced a stronger first-quarter outlook, with improved gross margins and signups. Meanwhile, Palantir experienced a significant increase in stock value after reporting 20% year-over-year revenue growth, driven by strength in AI and government contracts.
In contrast, DocuSign shares were down after the announcement of layoffs, despite previous buyout rumors that had lifted the stock last month. Jim Cramer described the company’s current state as having a “bad business,” highlighting the challenges it faces in the market. Overall, it’s apparent that the tech and retail sectors are experiencing a range of fluctuations and developments that are impacting the stock market.