Costco Is Stronger Than You Think
Seemingly every time Amazon.com (NASDAQ: AMZN) makes a move in the grocery space, Costco (NASDAQ: COST) stock falls.
That happened again recently, when the online retailer announced that its deal to purchase Whole Foods would close on Aug. 28 and that some prices would be lowered immediately. That news sent Costco shares from $159.37 at market close on Aug. 23 to $152.45 at the close of trading Friday, Aug. 25, a 4% drop.
The warehouse club has seen its share price decline in general since June 16, when Amazon announced the $13.7 billion purchase of the grocery chain. Costco shares opened June 16 at $170.40 before dropping to $167.11 at market close that day, and falling to an Aug. 25 close of $152.45, a 10% drop since Amazon's purchase of Whole Foods become public.
Source: Fool.com
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