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Costco Stock Spikes 7% as Shoppers Stockpile on Coronavirus Fears

COST may suffer in the coming months

Costco (NASDAQ:COST) stock is heading higher on Monday following an increase in shoppers stockpiling supplies as fears concerning the coronavirus from China spread.

Costco Stock Spikes 7% as Shoppers Stockpile on Coronavirus Fears
Source: Helen89 / Shutterstock.com

Many shoppers that went out to Costco over the weekend had to deal with long lines, as well as a lack of supplies. Several posts on Twitter point out that the chain was out of many necessities, such as toilet paper and water.

The following quotes are the reactions from Twitter users attempting to go shopping at Costco over the weekend.

  • “I just talked with my mom and all of kirkland, Washington is freaking the fuck out about the Coronavirus deaths in the city. Apperently the lines in Costco went all the way across the store.”
  • “Two new possible cases of Coronavirus in SF Bay Area at 2 different Pali Alto schools. My son went to COSTCO to buy supplies and is having to stand in line for hours waiting to get in.”
  • “Local CostCo, toilet paper, EVERY BIT, GONE! SOLD OUT, NONE LEFT. ZERO. Damn, people, give other people a chance too.”

Costco stock is getting a nice boost from the coronavirus fears. The increase in traffic means that the company is definitely making more money from concerned customers. However, there is a potential downside to this. It’s possible that sales over the next couple of months will be weaker as these customers go through their supplies, reports The Motley Fool.

COST stock was up 7.31% as of Monday afternoon.

As of this writing, William White did not hold a position in any of the aforementioned securities.


Article printed from InvestorPlace Media, https://investorplace.com/2020/03/costco-stock-spikes-on-coronavirus-fears/.

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