Costco Higher After Raymond James Upgrade

Costco Wholesale Corporation COST shares are trading higher by $1.20 at $158.33 in Monday's session.

The stock is attempting to rebound from one of its worst seven-day stretches in years as it declined from its June 14 close ($181.67, its all-time closing high) to Friday's closing price of $157.13.

The stealth move to the downside was instigated by Amazon.com, Inc. AMZN's purchase of Whole Foods Market WFM on June 16.

The price reduction prompted Raymond James to upgrade the stock from Market Perform to Outperform.

After a higher open, Costco continued in that direction, but found sellers just ahead of Friday's high ($159.80) at $159.69 and has been drifting towards the low for the session of $158.10.