Visalia companies Costco, UPS and Joann see Santa Claus rally
Major companies with facilities in Visalia are enjoying a Santa Claus rally in their stocks this month.
Big names such as Amazon with two big employment centers in Visalia, clothing company VF Corp., which distributes North Face, package giant UPS, Costco, Joann Fabric stores, International Paper and Macy's on Mooney, all celebrating an uptick in their stock price a week before Christmas.
If Visalia companies are doing well this holiday season because of investor optimism fueled by the holiday spirit, it bodes well looking forward to 2024 for the Visalia economy.
The Wall Street Journal this weekend added their voice to reports of a Santa Claus rally among US consumers.
“This year’s holiday season is giving retailers reason to be jolly. Retail sales rose 0.3% in November from the month before, bucking a 0.1% decline expected by economists polled by The Wall Street Journal."
The WSJ’s Justin Lahart added in Heard on the Street that "the ringing of cash registers in the run-up to Christmas is drowning out gloomy consumer polls. Americans still have plenty of money to spend, the jobs market remains strong and there are more deals to be had this year as inflation cools and prices for toys, sporting goods and computers are coming down.
The National Retail Federation said a record 200.4 million people shopped in person and online from Thanksgiving Day through Cyber Monday. Economists note that higher interest rates and the resumption of student debt repayments still threaten to crimp spending. But consumers probably won’t be able to tell by looking at the pile of gifts under this year’s tree.”
Costco members buy over $100 million in gold bars, stock rises after earnings call
Fort Knox may have a competitor.
Retail giant Costco announced Thursday that it had sold over $100 million in gold bars in the first fiscal quarter of 2024, according to CNBC.
The announcement came in the company's earnings call where the company said that they had a 6.1% increase in sales compared to the first quarter of 2023 and declared a $15 per share special dividend.
The wholesaler has the one ounce bars listed for sale online but they are available only to members with a limit of two bars per person. The one-ounce PAMP Suisse Lady Fortuna Veriscan and Rand Refinery bars are made of 24-karat gold and sell on Costco's website for $2,069.99, according to CNBC.
The product is non-refundable and is shipped to customers via UPS. According to the product descriptions, the bars are brand new and come registered with certificates of authenticity and proof of lab analysis.
Gold prices have been on a roller coaster in 2023, with the prices falling below $1900 in both February and September but also breaking the $2,000 threshold six times.
The price currently stands at $2,018.19 as of Friday afternoon.
The precious metal has seen a rise in value over the past five years as it has climbed from a spot price of roughly $1,200 an ounce in 2019.
Costco's stock (COST) hit record high Friday topping out at $661.88 and closing at $658.82, a 4.45% gain on the day.
The wholesale monolith has seen an impressive climb in the market over the course of the past year, climbing over 47% from its January 3 low of $447.90 per share.
USA Today contributed to this report.
This article originally appeared on Visalia Times-Delta: Visalia companies Costco, UPS and Joann see Santa Claus rally
