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Costco Wholesale’s stock is currently trading at 306.79-lower by 0.90% as compared to the previous closing price. In the pre-market trading session, the stock was trading lower by 1.82%. The stock has erased some of its earlier losses after the opening bell.
The company reported its third-quarter earnings after the market close on Thursday. Costco generated an EPS of $1.89 for the quarter ended 10th May. The EPS was below the market expectation of $1.95. The company brought in $37.27 billion in revenue for the third quarter. The revenue was, however, above the consensus estimates of $37.13 billion.
The Issaquah, Washington-based company reported a 7.5% drop in quarterly profit as it spent more on wages and sanitizing its warehouses and stopped the sales of some high-margin products due to the pandemic. Same-stores sales rose 4.8% for the third quarter below the market expectation of a 5.6% rise. Shares of Costco rallied more than 3% so far in 2020.
On the technical front, the current price is above the MA5. The current price is above the middle line of the Bollinger Bands but is heading downwards. The RSI is currently at 52.14% and suggests that the market can move in the downward direction.
Overall Bias is Negative and short-term trades can be initiated with below mentioned Stop Loss and Profit targets.
TRADE SUGGESTION-LIMIT SELL AT 307 TAKE PROFIT AT 305 STOP LOSS AT 308