Walmart and Target Sell Off: What Does It Mean for Costco?
Retail giants Target (NYSE: TGT) and Walmart (NYSE: WMT) released first-quarter earnings last week, and what their investors saw in the reports led the markets into a further nosedive. The Dow Jones Industrial Average is now down about 12.2% year to date, and the S&P 500 is down about 16.7%. Target stock has plummeted about 28.5% since its report after trading roughly flat for the year, and Walmart stock is down 17.5% since its report, erasing what had been a positive 2022 for the stock.
Disillusioned investors are letting the disappointing results influence their view of Costco Wholesale (NASDAQ: COST), sending its stock price down about 13% last week as well. But while Target and Walmart's earnings updates may be a sign of what's going on in the general economy, Costco's results seem to reflect a slightly different story.
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Source Fool.com
