Secret Service director touts changes as Congress presses him on Trump assassination attemptShares of retail giant Costco Wholesale ( COST -0.87% ) jumped 11.2% during November, according to data provided by S&P Global Market Intelligence . The company reported monthly sales results early in the month and that's all the encouragement that investors needed to send the stock to an all-time high approaching $1,000 per share. Costco's sales results for October were released on Nov. 6, showing a 7% increase from October 2023. Interestingly, management believes that sales would have been up by an even higher amount. But hurricane preparations in September pulled some sales forward. While a single-digit increase might not seem like much, Costco is one of the biggest businesses in the world with annual sales in excess of $250 billion . Therefore, gaining even a single percentage point translates to billions of dollars. Costco stock has been one of the best performing stocks of the past decade with shares up nearly 600%. And it's also been a great performer in 2024, considering the stock is up 49% year to date as of this writing. And with ongoing strong sales results, investors are reluctant to sell. More all-time highs than one Costco's stock price is hitting all-time highs but so is its valuation. The company went public nearly 40 years ago. But at a price-to-earnings (P/E) ratio of 60, Costco stock has never been more expensive than it is right now, as the chart below shows. COST PE Ratio data by YCharts. In fact, the P/E ratio for Costco stock is more than double its all-time average, which is definitely something that investors today need to take into account when making decisions to buy or sell shares. How should investors process this? In investing, there are various risks, including competition, new technologies, and changing regulations. But valuation can also present a risk. If investors today pay more than Costco is worth, they risk seeing little return on their investment even if the business performs well. This is the only pressing risk that I see with an investment in Costco stock today. And that provides a measure of comfort. Consider that the business uses a membership-based model. And right now, retention rates are high, new members are signing up, and the average age of its members is getting younger, which are all really good signs for the long-term health of the business. For this reason, I find it unlikely that Costco would post financial results bad enough to sink shares back down to more reasonable valuations. It's more likely that shares won't pull back unless there's a broad market decline. If I were a shareholder, I'd take comfort in knowing that the business is as solid as ever, and October financial results showed that. Moreover, the company just released its net sales for November, showing another 6% sales jump. So I wouldn't necessarily consider selling. That said, for those looking to buy Costco stock, it may be prudent to wait for a better price with the valuation now at unprecedented levels.
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NASSAU, Bahamas — Scottie Scheffler brought a new putting grip to the Hero World Challenge and felt enough improvement to be satisfied with the result, a 5-under 67 that left him three shots behind Cameron Young on Thursday. Young was playing for the first time since the BMW Championship more than three months ago and found great success on and around the greens of Albany Golf Club, chipping beautifully and holing four birdie putts from 15 feet or longer for his 64. He led by two shots over Justin Thomas in his first competition since his daughter was born a few weeks ago. Thomas ran off four straight birdies late in his round and was a fraction of an inch away with a fifth. The big surprise was Scheffler, the No. 1 player in golf who looked as good as he has all year in compiling eight victories, including an Olympic gold medal. His iron play has no equal. His putting at times has kept him from winning more or winning bigger. He decided to try to a "saw" putting grip from about 20 feet or closer — the putter rests between his right thumb and his fingers, with his left index finger pointed down the shaft. "I'm always looking for ways to improve," Scheffler said. Scheffler last year began working with renowned putting instructor Phil Kenyon, and he says Kenyon mentioned the alternative putting grip back then. "But it was really our first time working together and it's something that's different than what I've done in the past," Scheffler said. "This year I had thought about it from time to time, and it was something that we had just said let's table that for the end of the season, take a look at it. "Figured this is a good week to try stuff." He opened with a wedge to 2 feet and he missed a 7-foot birdie putt on the par-5 third. But he holed a birdie from about the same distance at the next par 5, No. 6, and holed a sliding 6-footer on the ninth to save par. His longest putt was his last hole, from 12 feet for a closing birdie. "I really enjoyed the way it felt," he said. "I felt like I'm seeing some improvements in my stroke." Young, regarded as the best active player without a PGA Tour victory, is treating this holiday tournament as the start of a new season. He worked on getting stronger and got back to the basics in his powerful golf swing. And on this day, he was dialed in with his short game. He only struggled to save par twice and kept piling up birdies in his bogey-free round on an ideal day in the Bahamas. "The wind wasn't blowing much so it was relatively stress-free," Young said. Patrick Cantlay, along with Scheffler playing for the first time since the Presidents Cup, also was at 67 with Ludvig Aberg, Akshay Bhatia and Sahith Theegala. Thomas also took this occasion to do a little experimenting against a 20-man field. He has using a 46-inch driver at home — a little more than an inch longer than his regular driver — in a bid to gain more speed. On a day with little wind, on a golf course with some room off the tee, he decided to put it in play. "Just with it being a little bit longer, I just kind of have to get the club out in front of me and get on top of it a little bit more," Thomas said. "I drove the hell out of it on the back, so that was nice to try something different and have it go a little bit better on the back." Thomas said the longer driver gives him 2 or 3 mph in ball speed and 10 extra yards in the air. "It's very specific for courses, but gave it a try," he said. Conditions were easy enough that only four players in field failed to break par, with Jason Day bringing up the rear with a 75.
NonePHOENIX--(BUSINESS WIRE)--Dec 12, 2024-- Pinnacle West Capital Corp. (NYSE: PNW) announced today that Pinnacle West and Arizona Public Service (APS) Chairman and CEO Jeff Guldner will retire as Chairman of the Board, CEO and board member on March 31, 2025, after 5 years of leading the company. APS President Ted Geisler will assume the roles of Chairman of the Board, President and CEO of Pinnacle West and APS effective April 1, 2025. Guldner will remain employed by Pinnacle West in a non-executive advisory capacity to support a smooth transition through the end of March 2026. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20241212666520/en/ Pinnacle West and Arizona Public Service (APS) Chairman and CEO Jeff Guldner will retire as Chairman of the Board, CEO and board member on March 31, 2025, after 5 years of leading the company. Guldner will remain employed by Pinnacle West in a non-executive advisory capacity to support a smooth transition through the end of March 2026. (Photo: Business Wire) “We’re incredibly grateful for Jeff’s leadership since joining APS in 2004 as Director of Federal Regulatory Affairs and Compliance through his tenure as CEO,” said Pinnacle West Lead Director Paula Sims. “He cast a strong vision for a carbon-free future, and he initiated efforts to improve our customers’ experience and the long-term financial health of the company - the impacts of which can’t be overstated. Jeff’s passion for APS’s people, customers and the community has left an indelible mark. “Following a thoughtful succession planning process, we are excited to announce Ted Geisler as our next Chairman and CEO,” Sims continued. “Ted brings a unique blend of operational and financial acumen and results-oriented leadership from his breadth of experience across our business. He is well-positioned to build on his success as President of APS, where he drove top-quartile rankings in reliability and customer satisfaction, achieved key regulatory outcomes and set the strategy that’s enabled us to expand and strengthen the grid.” “Over my tenure as CEO, Ted has been a trusted partner and deeply involved in crafting and executing the company’s long-term strategy,” Guldner said of his successor. “No one understands our priorities better, and I have full faith Ted and the team will lead APS and Arizona successfully through the new era of growth that’s upon us.” Geisler has been President of APS since 2022 and has held a series of leadership positions at the company during his 23-year career at APS. “It’s an honor to continue to serve in this new capacity,” Geisler said. “I do so with deep respect and appreciation for Jeff, and for our essential role in powering Arizona’s progress. We have a talented team and a strategy that has reliably delivered outstanding results for our customers, communities and shareholders. I look forward to continuing to work closely with Jeff during the transition and building on the plans in place that have set the stage for APS’s success.” About Ted Geisler Geisler began his career at APS in 2001 and has held positions on the executive team since 2018, including the past two years as President. His leadership journey includes critical roles such as Chief Financial Officer, Chief Information Officer, General Manager of Transmission and Distribution Operations and Director of Corporate Strategy, as well as other key positions across operations and corporate resources. A third-generation Arizonan, Geisler is deeply committed to the community and is currently Chairman of the Board of the Arizona Chamber of Commerce and on the board of the Greater Phoenix Economic Council (GPEC). He sits on the W.P. Carey Dean’s Council at Arizona State University and recently was chosen as the 56th Fighter Wing Command Honorary Commander at Luke Air Force Base. He has previously served on the boards of Chicanos por la Causa and Boys and Girls Club of the Valley. Geisler earned a Bachelor of Science degree from Colorado State University and an MBA from Arizona State University. He is a graduate of the Nuclear Reactor Technology Course at the Massachusetts Institute of Technology and the Strategic Financial Leadership Program at Stanford University’s Graduate School of Business. About Pinnacle West Capital Corp. Pinnacle West Capital Corp. , an energy holding company based in Phoenix, has consolidated assets of more than $26 billion, about 6,500 megawatts of generating capacity and approximately 6,100 employees in Arizona and New Mexico. Through its principal subsidiary, Arizona Public Service , the company provides retail electricity service to about 1.4 million Arizona homes and businesses. For more information about Pinnacle West, visit the company’s website at pinnaclewest.com . View source version on businesswire.com : https://www.businesswire.com/news/home/20241212666520/en/ CONTACT: Media Contact: Alan Bunnell (602) 250-3376 Media Hotline (602) 250-2277 Analyst Contact: Amanda Ho (602) 250-3334 Website:pinnaclewest.com KEYWORD: ARIZONA UNITED STATES NORTH AMERICA INDUSTRY KEYWORD: ENERGY PROFESSIONAL SERVICES UTILITIES FINANCE SOURCE: Pinnacle West Capital Corp. Copyright Business Wire 2024. PUB: 12/12/2024 05:15 PM/DISC: 12/12/2024 05:17 PM http://www.businesswire.com/news/home/20241212666520/en
Senior Russian diplomat condemns IAEA's anti-Iran resolutionNone
As we are about to enter the year 2025 in a few days, it is time to look back at some of the most prominent milestones, losses and controversies that shaped the business world in 2024. In the year 2024, there was a series of controversies that shook India Inc., raising concerns about governance, employee wellness, ethics, and accountability. Additionally, Allegations of financial mismanagement, lapses in corporate governance, and issues related to data privacy were also brought to light. We also lost some of the most loved business leaders this year. Continues below advertisement window.addEventListener("load", function() { let ad_unit_fire_time = 1000; if(ad_delay_time_abp > 0){ ad_unit_fire_time = parseInt(ad_delay_time_abp) + 500; } setTimeout(function () { googletag.cmd.push(function() { googletag.display("div-gpt-ad-9167143-2"); }); },ad_unit_fire_time) }); Here Are Some Of The Major Headlines From The Year 2024 Paytm Payments Bank Controversy Early this year, the Reserve Bank of India directed Paytm payment bank to stop accepting new deposits in its accounts and popular digital wallets. Concerns over money laundering and questionable transactions involving hundreds of crores of rupees between Paytm's popular wallet and its lesser-known banking arm led the RBI to take this action. Hindenburg’s Allegations On SEBI Charperson Madhabi Puri Buch Hindenburg Research accused Securities and Exchange Board of India (SEBI) Chairperson Madhabi Puri Buch of financial misconduct, claiming she held a stake in offshore funds linked to the Adani group, which is under investigation by the market watchdog. Amid these allegations, internal turmoil erupted within SEBI as employees criticized the leadership for promoting a toxic work environment. Continues below advertisement window.addEventListener("load", function() { let ad_unit_fire_time = 1000; if(ad_delay_time_abp > 0){ ad_unit_fire_time = parseInt(ad_delay_time_abp) + 500; } setTimeout(function () { googletag.cmd.push(function() { googletag.display("div-gpt-ad-1253031-3"); }); },ad_unit_fire_time) }); Ola Electric Gets Central Agency's Notice In October this year, The Union government stepped in to address growing consumer complaints against e-scooter maker Ola Electric. The Central Consumer Protection Authority (CCPA) acknowledged thousands of grievances regarding service issues and issued a showcause notice to the company. Hyundai Motor India IPO Hyundai Motor India made headlines in 2024 with its historic initial public offering (IPO), which became the largest ever in the country. The company successfully raised Rs 27,870 crore from investors. However, despite the high expectations surrounding the IPO, its stock debut was less than stellar, opening at a 1.32 per cent discount on the market. Death Of One Of The Most Loved Business Leaders Ratan Tata One of the biggest losses we had in 2024 was the passing of Indian industry’s titan, Ratan Tata, the chairman emeritus of Tata Sons on October 9 in Mumbai due to age-related health issues at the age of 86. Tributes poured in globally for the visionary leader whose stewardship transformed the Tata Group from one of India's largest conglomerates into a renowned global brand. Following his passing, his half-brother, Noel Tata, was appointed chairman of Tata Trusts. Adani Group Controversy In November this year, the US Securities and Exchange Commission (SEC) filed charges against billionaire Gautam Adani, founder and chairman of the Adani Group, accusing him of defrauding American investors and bribing officials to secure large solar energy contracts from the Indian government. However, later reports confirmed that neither Gautam Adani nor senior executives, such as Sagar Adani and Vneet Jaain, were implicated in any bribery accusations. Legal experts, including former Attorney General Mukul Rohatgi, clarified that the allegations were directed at third parties, not the Adani Group. Merger Of Air India And Vistara Vistara made its final flight on November 11, 2024, just before merging with Air India the following day. This marked the second major merger for the Tata Group, after the integration of Air India Express and AIX Connect on October 1. Meanwhile, Jet Airways' prolonged struggle ended with the Supreme Court's decision to order its liquidation. The year also saw a surge in hoax bomb threats, with over 700 such incidents disrupting flight operations across the country. RBI’s Change In Leadership This year one of the most notable moves was the appointment of Sanjay Malhotra, the Revenue Secretary, as the new Governor of the Reserve Bank of India (RBI). Malhotra succeeded Shaktikanta Das, whose tenure ended on December 10, 2024, after six years of shaping monetary policy.
