In hiding?

January 5, 2004

Normally, when a company files a disclosure on a Friday of a holiday week as Costco (COST) did on Friday, your first instinct should be to wonder what they’re trying to hide. But after looking at Costco’s Q, I really didn’t notice anything all that unusual. The only thing that really jumped out at me was the big increase in short-term investing activities — $110.1 million as of Nov. 23 — compared with zip the previous year and quarter. The bulk of that was in government securities and corporate notes. What’s Costco plan to do with this money? They certainly don’t give any hints in their filing and the footnote on short-term investments is a mere recitation of the facts. Guess we’ll just have to wait and see.

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