Costco Reverses Drop, Gap Slips, Day One Soars
Today's biggest winners and losers in the stock market. On this episode of Stock Movers: - Costco (COST) shares are up, erasing an earlier decline, after the club chain reported strong second-quarter results. While bears point out that paid membership growth rates slowed during the quarter, Morgan Stanley attributes the deceleration to fewer new warehouse openings. Costco’s premium valuation is also a point of contention, as it trades at about 47 times forward earnings, which is ahead of Walmart and well above peer BJ’s Wholesale. Shares are up 16% year-to-date while the S&P 500…
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