The numbers looked really solid. Sales were up, membership fees grew, and they are even planning to give some tariff refunds back to customers. But the stock dropped about four percent the next day and has been drifting lower since. The problem is the valuation. Everyone knows Costco is a good business, but the stock was already priced like one before the report came out. The quarter did not really change that. Feels like the market is not rewarding good news anymore, just punishing anything that does not blow the doors off.
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