Why did Costco stock plunge today? Target's earnings miss smacked all of retail
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Costco Wholesale Corporation (NASDAQ:COST) was one of the retail stocks hit hard when Target's earnings report and guidance cut created more ripples of worry from investors over the impact of high costs and a potential slowdown in consumer discretionary spending.
The decline for Costco (COST) was the largest in more than two years and pushed shares back to where they stood in July of last year. Trading volume on Costco (COST) was over 8M shares.
The selling pressure on Costco (COST) was already in overdrive before a fake story was posted online indicating that the retailer was raising the prices of its hot dogs by $1.
Costco (COST) steps into the earnings confessional on May 26 in what will be a highly-anticipated report.
Read more on Target's profitability concerns.