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Costco Higher After Raymond James Upgrade

Courtesy of Benzinga.

Costco Wholesale Corp (NASDAQ: COST) shares are trading higher by $1.20 at $158.33 in Monday’s session. The issue is attempting to rebound from one if worst seven day stretches in years as the issue declined from its June 14 close ($181.67-which as its all time closing high), to Friday’s closing price of $157.13.

The stealth move to the downside was instigated by Amazon.com (NASDAQ: AMZN) purchase of Whole Foods Market (NYSE: WFM) on June 16.

The price reduction has prompted Raymond James to upgrade the issue from Market Perform to Outperform. After a higher open, it continued in that direction, but found sellers just ahead of Friday’s high ($159.80) at $159.69 and has drifting towards the low for the session of $158.10.

Posted-In: Technicals Intraday Update Movers Trading Ideas


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