Costco Wholesale (COST) NewsBite - COST Lower on Disappointing Sales

Posted on Wednesday, September 03, 2008 9:52 AM

Costco Wholesale (NasdaqNM: COST) opened at $67.00. So far today, the stock has hit a low of $66.52 and a high of $67.00. COST is now trading at $66.75, down $1.51 (-2.21%). Over the last 52 weeks the stock has ranged from a low of $56.09 to a high of $75.23. Shares of COST are declining this morning after the company reported fourth-quarter sales of $22.6 billion, below analysts' estimates of $22.94 billion. COST will report full fourth-quarter earnings on Monday. Technical indicators for the stock are neutral and S&P gives COST a neutral 3 STARS (out of 5) hold ranking. If you are looking for a hedged play on COST the stock seems like it could be a candidate for an October out-of-the-money bear-call credit spread above the 75 range. [ABR-Seven Summits Strategic Investments NewsBite]