Costco Remains Firmly Negative After Seeing Initial Weakness

(RTTNews) - After gapping open notably lower, shares of Costco Wholesale Corp. (COST) remain firmly in negative territory in afternoon trading on Friday. Costco is currently down by 4.5 percent after hitting its lowest intraday level in well over a month.

The initial weakness by Costco came after the warehouse retailer reported fiscal fourth quarter earnings that met analyst estimates on better than expected revenues.

Traders seem to be reacting negatively to Costco saying it is still completing its assessment of the effectiveness of its internal control over financial reporting and that it expects to report a material weakness in internal control.