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Actionable news in COST: Costco Wholesale Corporation,

The End Isn't Near for Costco Because of What Amazon Has Done

Members-only bulk big box retailer Costco (COST) reported on Wednesday evening that their July net sales rose by 8.8% from the year-ago period. The stock is poised for a modest bounce at the open this morning on these strong same store sales numbers. Here's how to trade it based upon its weekly chart and key technical levels. There was a pre-market trade of $162.49.

Costco was riding high until June 16, when the stock was blind-sided by Amazon's (AMZN) deal to buy Whole Foods Market (WFM) . Particularly hurting was a downgrade to "neutral" from "buy" by Goldman Sachs (GS) . The stock plunged by 17% from...