Nasdaq 100 Stocks SEC Filings — September 24, 2026

Q4 net sales grew 11.2% YoY to $93.9B, with full-year sales up 10.1% YoY to $297.2B. Net income per share rose 15% YoY to $6.75, including a $0.15 tariff refund benefit. Operating income expanded 13.8% YoY to $3.8B, demonstrating strong operational leverage

Full-year EPS of $20.76 grew 14% YoY from $18.21, with consistent margin performance despite inflationary pressures. The 9.4% total comparable sales growth signals sustained market share gains in retail

Board approved closure of ~180 underperforming North America stores (1% of footprint), with $300M in restructuring charges ($200M cash, $100M non-cash). This aggressive portfolio optimization could improve long-term unit economics and ROIC [BULLISH for long-term thesis]

Revised FY2026 net new store guidance down to ~440 from 600-650, a 27-32% cut. While international openings are expected to be higher, the North America closures signal near-term growth deceleration and execution risk

CEO Michael Intrator sold 87,341 shares at ~$86.41, totaling $7.55M in a single day across 10 transactions. This represents a significant liquidation by the top executive, potentially signaling peak valuation concerns in the AI infrastructure space

CFO Nitin Agrawal sold 25,772 shares at ~$86.44, totaling $2.23M across 5 transactions. Combined with CEO sales, total insider selling exceeds $9.78M in one day, a strong negative signal from the C-suite

SVP Jennifer Newstead sold 2,399 shares at $340.06 (~$816K) under a 10b5-1 plan. The sale is modest relative to her total holdings (44,391 shares remaining), representing only 5.4% of her position, suggesting routine portfolio diversification rather than a bearish signal [NEUTRAL to BULLISH]

Proxy filing reveals CEO Maria Black's compensation structure for FY2026, with two new board nominees (David W. Kenny and Nancy McKinstry) replacing retiring Carlos A. Rodriguez. Board refreshment signals governance improvements [NEUTRAL to BULLISH]

DEFA14A and DEF 14A filings confirm annual meeting on Nov 3, 2026, with board recommending AGAINST a stockholder proposal on special meetings. No financial guidance changes, but the proxy highlights continued governance stability

CEO and CFO sold combined ~$9.78M in shares on a single day, with CEO executing 10 separate transactions. This is the highest-conviction insider selling signal in this digest and raises questions about management's view of the company's valuation and near-term prospects

Net new store opening guidance slashed by 27-32% from 600-650 to ~440, with 180 store closures in North America. This represents a material downward revision to growth expectations and suggests the 'Back to Starbucks' strategy may face execution headwinds

$300M in charges ($200M cash) will weigh on FY2026 earnings. The cash component for lease exits and severance indicates real economic costs, not just accounting write-offs

Canada comparable sales grew only 5.0% in Q4 vs 9.4% total, and Other International grew 7.0%. When excluding gasoline and FX, these figures are even narrower, signaling potential market saturation or competitive pressure outside the US

All sales were executed under Rule 10b5-1 plans, which can be set up months in advance. However, the sheer volume and concentration of sales by both CEO and CFO on the same day is unusual and warrants close monitoring

While modest and plan-based, any insider sale by a C-suite executive at Apple is notable. The sale at $340.06 near all-time highs could indicate the stock is fully valued

The board is recommending AGAINST a stockholder proposal regarding special shareholder meetings. This could indicate governance friction and potential shareholder activism risk

With annual meeting on Nov 11, 2026, and virtual format, shareholder turnout may be lower. The board's recommendation on executive compensation could face scrutiny given CEO pay levels

With Q4 sales up 11.2% YoY and EPS up 15% YoY, Costco continues to demonstrate pricing power and membership stickiness. Trading at a premium but with consistent growth, it offers a defensive growth play in a volatile market

The aggressive store closure program and $300M restructuring could streamline operations and improve margins by FY2027. If the 'Back to Starbucks' strategy succeeds, the stock could re-rate as earnings recover

Despite North America closures, the company sees higher net new openings in international markets. This geographic diversification could offset domestic headwinds and drive long-term growth

If the insider sales are purely plan-driven and not based on new negative information, the stock could be oversold. The AI infrastructure theme remains strong, and CoreWeave is a key player

The modest insider sale by an SVP (not CEO Tim Cook) is likely routine. Apple's massive cash flow and buyback program remain intact, offering a safe haven in tech

The addition of two new independent directors (David W. Kenny and Nancy McKinstry) signals governance improvements. ADP's stable recurring revenue model and dividend growth make it a steady compounder

With proxy season underway and no negative financial surprises, Lam Research remains well-positioned for the next upcycle in semiconductor capital equipment. The Nov 3 annual meeting could provide forward-looking commentary

Costco (11.2% YoY sales growth) and Starbucks (store closures, guidance cut) represent opposite ends of the consumer spectrum. This suggests a 'K-shaped' recovery where discount/warehouse retail thrives while premium coffee faces demand normalization

CoreWeave's CEO and CFO selling ~$9.78M in a single day is a red flag for the AI/hyperscaler sector. Investors should monitor if this is company-specific or a broader trend among AI infrastructure plays

ADP and Lam Research both filed proxy materials with standard proposals and board recommendations. No activist campaigns or contentious votes are evident, suggesting governance calm in the large-cap tech space

Costco continues to generate strong cash flows and returns capital via dividends, while Starbucks is spending $200M in cash on restructuring. This highlights different phases of the corporate lifecycle (maturity vs. turnaround)

Despite macro headwinds, Costco's 9.4% comparable sales growth and 14% EPS growth demonstrate that essential/warehouse retail remains resilient. This contrasts with Starbucks' discretionary coffee consumption weakness

Monitor for additional insider sales or any 8-K filings. If CEO/CFO continue to sell, it could signal deeper issues. Next earnings call will be critical for forward guidance

Watch for the pace of store closures and restructuring charge recognition. The majority of closures are expected by end of FY2026, so quarterly updates on progress will be key

Monitor Canada and Other International comparable sales trends in Q1 FY2027. If deceleration continues, it could signal market saturation outside the US

Watch for any shareholder dissent on executive compensation or board elections. Virtual meeting format may impact turnout and voting outcomes

The stockholder proposal on special meetings could reveal activist sentiment. Watch for preliminary voting results and any follow-up filings

While the SVP sale was modest, monitor for any larger sales by CEO Tim Cook or other top executives, which could signal a change in sentiment

With North America closures, the pace of international net new openings will be critical to offset domestic shrinkage. Watch for any guidance changes on international markets