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18,000 Costco Workers Prepare for Strike Over Wages

1/20/2025

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Summary

Costco Workers Strike Vote

More than 18,000 Costco workers, backed by the Teamsters union, voted 85% in favor of a strike if no contract is reached by January 31.
Workers are seeking improved wages and benefits, referencing Costco's $7.4 billion profit and $254 billion revenue.
Teamsters President Sean O'Brien urged Costco executives to act swiftly to avoid repercussions.
Nationwide practice pickets have been organized in anticipation of potential strikes.
Final negotiations will commence on January 20, with a strike looming if an agreement isn't achieved.

Summary

Costco Stock Upgrades

UBS raised Costco's stock target from $840 to $1,040; TD Cowen increased it from $975 to $1,090.
The stock is rated a "Moderate Buy" with an average target price of $1,013.59.
Insider Richard A. Galanti sold 1,416 shares, lowering his ownership by 4.91%.
Institutional investors own 68.48% of Costco, showing strong interest.
Costco's stock recently traded at $943.19, up 2.5%.

History

Historical Context

More than 18,000 Costco workers, supported by the Teamsters union, voted overwhelmingly to strike if a contract isn't reached by January 31. This echoes past labor movements, such as the 1997 UPS strike, where Teamsters successfully negotiated better wages and conditions amid corporate profits. The current situation highlights ongoing tensions between labor rights and corporate interests, reminiscent of historical labor struggles for fair compensation.

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Costco Workers Strike Vote

More than 18,000 Costco workers, backed by the Teamsters union, voted 85% in favor of a strike if no contract is reached by January 31.
Workers are seeking improved wages and benefits, referencing Costco's $7.4 billion profit and $254 billion revenue.
Teamsters President Sean O'Brien urged Costco executives to act swiftly to avoid repercussions.
Nationwide practice pickets have been organized in anticipation of potential strikes.
Final negotiations will commence on January 20, with a strike looming if an agreement isn't achieved.

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