So far this year, Nvidia and Meta Platforms have delivered the biggest gains among the Magnificent Seven stocks. But one non-Mag 7 stock — Costco Wholesale — has outpaced Amazon.com, Tesla, Alphabet, Apple and Microsoft.
And now Costco stock looks to extend its lead as it breaks out into buy range. Since January, Costco has outpaced all the Magnificent Seven members, except Nvidia and Meta.
As of Friday's close, the retail giant is up 43% for the year. While not a flashy artificial intelligence play in the vein of Nvidia, Microsoft, Google, Apple and others, Costco's recurring membership fees help drive steady and reliable growth. That has been the secret sauce behind the retailer's great success in past bull markets.
A strong B+ Accumulation/Distribution Rating — which Tesla shares — points to clear demand for Costco stock. Only Amazon tops them with a grade of A-.
| Company | Symbol | % Gain YTD* | Comp Rating | EPS Rating | RS Rating | SMR Rating | A/D Rating |
|---|---|---|---|---|---|---|---|
| Nvidia | 198% | 97 | 99 | 97 | A | D | |
| Meta Platforms | 67 | 96 | 96 | 85 | A | B- | |
| Costco Wholesale | 43 | 85 | 86 | 82 | B | B+ | |
| Amazon.com | 37 | 94 | 79 | 80 | A | A- | |
| Tesla | 29 | 88 | 77 | 95 | B | B+ | |
| Alphabet | 28 | 94 | 97 | 67 | A | B | |
| Apple | 18 | 86 | 90 | 65 | A | D- | |
| Microsoft | 12 | 68 | 90 | 44 | A | C |
*Year-to-date gains as of Nov. 8, 2024
Costco Stock In Buy Range Near Record High
Continuing this year's impressive ascent, Costco stock has just cleared a 923.83 buy point in a second-stage flat base. It retreated 1% in light volume on Monday but remains within the buy zone, which extends to 970.02.
Strong upside volume kicked in as Costco stock prepared and launched its breakout, another sign of investor enthusiasm for the move.
Meanwhile, Nvidia and Meta trade near their all-time highs as both eased lower Monday. With its relative strength line soaring, Tesla is on the rise as it eyes the record high it reached in 2021. After spiking 29% last week, the electric vehicle maker rose over 8% on Monday.
Like Costco, Amazon is in buy range, while Google nears a buy point. Apple has retreated from its recent breakout, while Microsoft fights to hold support at its 10-week line. Both Apple and Microsoft now trade below their 50-day moving averages.
Follow Matthew Galgani on X (formerly Twitter) at @IBD_MGalgani.
