Morning Beat: Costco Wholesale Corporation (COST), General Electric Company (GE), PayPal Holdings Inc (PYPL)
Costco Wholesale Corporation (NASDAQ:COST) delivered mixed results for the third quarter as comparable store sales remained flat and revenue rose 2.6%, to $26.77 billion. Analysts were expecting revenues of $27.07 billion. The retailer says profit in the quarter came in at $545 million, up from $516 million reported a year earlier.
Earnings could have been a little bit higher according to Costco Wholesale Corporation (NASDAQ:COST) had the effects of currency fluctuation and lower gasoline prices come into play. Total operating expenses, on the other hand, was up by 2.5% in the quarter, attributed to an increase in the minimum wage in March.
South Korea arms procurement agency has selected General Electric Company (NYSE:GE) as its supplier for engines to be used in a homegrown fighter jet project. Reuters reports that the deal could be worth $3.5 billion and could be signed in June.
Under the KF-X project, the country plans to start developing fighter jets for its own consumption as well as, for the export market. General Electric Company (NYSE:GE) is reported to have toppled a European consortium in the running for the preferred bidder status.
South Korea is hoping to use the project to reduce its reliance on US air defenses that many times tend to be expensive.
Starting June 30, Windows Phone and BlackBerry users will not be able to access PayPal Holdings Inc (NASDAQ:PYPL) mobile app on their devices. The payment giant says it plans to discontinue support for the two operating systems. The confirmation comes just days after the company launched a new version of the mobile app that is now available to iPhone and Android users only.
The announcement does not come as a surprise as the two operating systems have been losing market share an indication that people are no longer buying the devices. PayPal Holdings Inc (NASDAQ:PYPL), however insists that Windows Phone and BlackBerry users can still be able to access its services through mobile browsers such as Internet Explorer and Microsoft Edge.
HP Inc (NYSE:HPQ) has launched a new line of products dedicated to the gaming world. Dubbed Omen, the new line features laptops, desktops and other accessories targeting serious gamers on the high-end.
Two Omen Laptops are up for grabs with the smaller one coming with a 15.6-inch screen powered by Core i3 processors. The larger model comes with a 17.3-inch screen with an i5 processor. Pricing starts at $899.99 for the smaller model, with the larger model going for $979.99.
HP Inc (NYSE:HPQ) says the two models will hit the market on July 10. The company also plans to launch in August Omen Desktop that will feature a 32-inch Quad HD display.
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