Retail stocks including Costco (NASDAQ: COST) , Kohl's (NYSE: KSS) , and Five Below (NASDAQ: FIVE) were getting shocked today after retail giants including Walmart and Target badly missed bottom-line estimates and their first-quarter earnings reports. Both companies also cut their guidance for the year, warning that challenges from inflation and supply chain disruptions would persist.
Though there was no company-specific news out on Costco, Kohl's, and Five Below, all three companies will report earnings in the next two weeks, and investors seem to be fearful that they'll experience similar headwinds.
As of 11:05 a.m. ET, Costco stock was down 11.4%, while Kohl's had given up 10%, and Five Below was off 9.1%. Meanwhile, Target lost 24.4% after its earnings dud this morning, and Walmart was down 17% over the last two days since reporting earnings yesterday.
For further details see:
Why Costco, Kohl's, and Five Below Were All Sliding Today