Courtesy of Benzinga.
Costco Wholesale Corporation (NASDAQ: COST) shares are trading lower by $3.75 (2.3 percent) at $163.36 in Monday’s session.
The fallout from Amazon’s purchase of Whole Foods has investors heading for the exits for the second trading day in a row. Costco has shed nearly $17.00 from last Thursday’s close ($180.06) when it reached $163.18 earlier in today’s session.
After a flat open, Costco’s stock found resistance just above Friday’s close ($167.11) when it peaked at $167.38 and continued its move lower. So far, the ensuing decline has taken it to $163.18 and isn’t far off that level. That low comes in just above a trio of lows the stock made in mid-April from the $162.47 to $162.95 area.
Adding to the downside pressure is a downgrade from Deutsche Bank, which lowered its rating from Buy to Hold.
Posted-In: Technicals Intraday Update Movers Trading Ideas
