🌎 World & Economics

IBM Reaches New 52-Week High of $203.54

Market Beat

International Business Machines Co. recently reached a new 52-week high, trading at $203.54, as analysts revised their ratings upward, with Royal Bank of Canada setting a price target of $211 and BMO Capital Markets adjusting theirs to $210. The company reported earnings of $2.43 per share, surpassing estimates and showing year-over-year revenue growth of 1.9% to $15.77 billion. A quarterly dividend of $1.67 has been declared, set to be paid on September 10, with a 3.29% yield. Institutional ownership remains significant, with nearly 59% held by various investors, indicating strong interest in the stock.

Costco Membership Prices Rise for First Time Since 2017

USA Today

Costco has implemented a membership price increase for the first time since 2017, raising annual Gold Star membership fees from $60 to $65 and executive membership fees from $120 to $130. The executive membership will also see a change in the maximum annual reward, increasing from $1,000 to $1,250. Approximately 52 million memberships will be affected by these changes, which Costco states are necessary to help offset costs and enhance member value. The decision follows a period of strong sales growth, with net sales reaching $210.55 billion in the first 44 weeks of 2024, reflecting a 6.9% increase from the previous year.

Central Banks Increase Gold Reserves by 37 Tonnes Amid High Prices

Jpost.com

In July, central banks increased their gold holdings by a net 37 tonnes, marking the highest monthly gain since January, despite the metal's all-time high prices. The National Bank of Poland was the most active purchaser, boosting its reserves by 33 tonnes over four months to a total of 392 tonnes. Other notable contributors included the Reserve Bank of India, which added 43 tonnes, raising its total to 846 tonnes, while Kazakhstan was the only net seller, offloading 4 tonnes. The World Gold Council anticipates sustained central bank demand for gold, driven by its established role as a stable asset and its resilience during crises, indicating a robust outlook for continued purchases.

 📈 Stocks / Finance

Allbirds Announces Reverse Stock Split to Meet Nasdaq Requirements

Retail Dive

Allbirds will execute a 1-for-20 reverse stock split on Wednesday, trading every 20 shares of its common stock for one, following approval from the board in August. This move aims to meet Nasdaq’s minimum bid price requirement, as the company was notified in April of its failure to comply and needs its stock to trade above $1.00 for 10 consecutive days by the end of September. The retailer has faced significant challenges this year, leading to a new CEO appointment, store closures, and cost-cutting measures including job reductions. Amid these efforts, Allbirds continues to pivot its strategy with a focus on its core consumers and improving cash management to recover from declining sales.

Hong Kong Real Estate's Opportunity in EV Charging Infrastructure

Retalkasia.como

As Hong Kong's electric vehicle (EV) market experiences rapid growth, with the number of EVs increasing by 376% since 2021, there is a significant opportunity for the real estate sector to capitalize on the rising demand for EV charging infrastructure. JLL's report highlights that the existing charging infrastructure is insufficient to meet the projected demand, particularly for commercial EVs like e-taxis, leading to potential power shortages by 2027. Property owners can achieve yields of up to 20% by retrofitting existing assets, such as car parks, to accommodate EV charging needs. The report emphasizes that upgrading parking facilities to include EV chargers can significantly enhance property values and generate new revenue streams. Furthermore, the anticipated influx of Chinese EV manufacturers into Hong Kong presents additional opportunities for real estate investments in showrooms and logistics centers. As landlords collaborate with charge point operators (CPOs) and embrace innovative charging technologies, they can secure a competitive edge in the evolving EV market.