Welcome to See King Alpha's Wall Street breakfast, where we cover the top news for investors every morning.

Good morning. Today is Friday, December 15th. I'm Julie Morgan.

Costco declares a special dividend.

Tesla is getting incentives for its Mexico Gigafactory,

and the FDA is warning companies about drugs for animals that have not been approved.

Costco reported sales growth of 6.2% for its fiscal Q1.

The company beat estimates on the EPS line by 16 cents per share at $3.58.

Costco reported revenue of $57.8 billion, a 6.2% increase year over year and in line with expectations.

Membership fee income was 1.08 billion dollars versus the 1.09 billion dollar consensus

and 1 billion dollars a year ago.1 billion a year ago.

One of the questions on the earnings call was about a membership fee increase.

The company said there has not been a need to raise the membership fee, but it is a question of when, not if it's going to happen. But it is a question of when, not if it's going to happen.

Most notably, Costco announced a special cash dividend of $15 per share,

which will be doled out on January 12th of 2024.

The aggregate amount of the payment will be approximately $6.7 billion.

Pre-market, Costco is up 1.7%.

Tesla will receive incentives worth $152.8 million from the

Nuevo Leon government for the construction of its gigafactory in the Mexican state, amid concerns over repeated delays.

The incentives make up 3.4% of the investment that Tesla will make in the factory.

The government issued a statement that said the approved incentives will allow the creation

of basic infrastructure, such as drinking and treated water, roads, and new transportation routes.

They also include a reduction in payroll tax.

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