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AutoZone downgraded to market perform from strong buy at Raymond James
Shares of car-parts retailers are tumbling in premarket trade Tuesday, after AutoZone Inc. reported fiscal third-quarter results that were "significantly" below expectations. Shares of Advance Auto Parts Inc. , which reports first-quarter results on Wednesday, sank 6.0% to put them on track to open at a 6 1/2-month low. O'Reilly Automotive Inc.'s stock dropped 5% toward a 15-month low ahead of the open, while Genuine Auto Parts Co. shares shed 3.7%. AutoZone's stock plunged 8%, to put it on course to open at the lowest level seen during regular trading hours since February 2015, after the company reported profit, revenue and same-store sales that missed expectations. The stock declines are bucking the trend in the broader stock market, as futures for the S&P 500 are rising 0.2% ahead of the open.
AutoZone's stock on track to open at lowest level seen since February 2015
AutoZone's stock extends slide, tumbles 8.3% premarket after Q3 results
Advance Auto Parts' stock sinks 5% premarket after disappointing results from rival AutoZone
AutoZone's stock drops 6.3% in light premarket trade after Q3 results
AutoZone Inc. reported Tuesday fiscal third-quarter net income that rose to $331.7 million, or $11.44 a share, from $327.5 million, or $10.77 a share, in the same period a year ago. The auto parts and accessories retailer missed the FactSet consensus for earnings per share of $11.99. Revenue increased to $2.62 billion from $2.59 billion, but was below the FactSet consensus of $2.71 billion. Domestic same-store sales declined 0.8%, missing the FactSet consensus for 2.7% growth. "Our sales performance for the first five weeks of our quarter was significantly below our expectations, challenged by the well-publicized timing delays in IRS tax refunds," said Chief Executive Bill Rhodes. "The last seven weeks of sales demonstrated improvement, but not enough to make up for our soft start." The stock, which was indicated down more than 2% in premarket trade, has tumbled 16.5% year to date through Monday, while the S&P 500 has gained 6.9%.
AutoZone Q3 inventory up 7.3%
AutoZone Q3 domestic same-store sales down 0.8%; FactSet consensus up 2.7%
AutoZone Q3 revenue $2.62 bln vs. $2.59 bln; FactSet consensus $2.71 bln
AutoZone Q3 FactSet EPS consensus $11.99
AutoZone Q3 EPS $11.44 vs. $10.77 a year ago
AutoZone stock price target cut to $870 from $930 at Raymond James
Shares of car makers and their suppliers were mostly lower Monday, after March U.S. car sales hit a two-year low, hit by factors including the widening price gap between new and used autos as well as rising interest rates and a slowing of the replacement cycle. Autodata reported that car sales ran at a seasonally adjusted annual rate of 16.62 million in the month, down from 17.58 million in February. O'Reilly Automotive Inc. led S&P 500 decliners, falling 4.5% in late trade. CarMax Inc. fell 4.2% and AutoNation Inc. was down 3.5%. General Motors Co. slid 3.2%, Delphi Automotive Plc. fell 2.8% and AutoZone Inc. was down 2.9%. Goodyear Tire & Rubber Co. fell 2.2%. The S&P 500 was down 0.2%.
Among the companies with shares expected to trade actively in Tuesday's session are AutoZone Inc., Toll Brothers Inc. and Sears Holdings Corp.
Anyone who owns an S&P 500 index fund holds an investment that's more than a fifth tech stocks. The so-called FANG stocks -- tech titans Facebook Inc., Amazon.com Inc., Netflix Inc., and Google parent Alphabet Inc. -- comprise 7.5% of the benchmark now, versus 3% five years ago, according to Bespoke Investment Group.
Delivering up-to-the minute news, analysis, interviews and explanatory journalism on logistics, supply-chain management, e-commerce and more
It’s outgrowing rivals and can fend off Amazon. The stock could rise 75% in three years.
The William Blair Small-Mid Cap Growth fund has outstripped peers over the past decade by finding durable franchises.
Shares of auto and auto-parts makers slumped on the heels of soft March reports for vehicle sales. Weak sales come as questions swirl about the health of auto-financing companies as used-car prices are in decline.
The news that Secretary of State Rex Tillerson used an email alias while he was chief executive of Exxon Mobil Corp. surprised much of the business world—if only for his moniker’s creativity.
And Evercore reiterates its Buy and $100 price target.
AutoZone shares hit a 52-week low in Tuesday's session after the company reported its fiscal third-quarter financial results.
3 Big Stock Charts for Tuesday: AutoZone, Inc. (AZO), ArcelorMittal SA (ADR) (MT) and Agilent Technologies Inc (A)
AutoZone, Inc. (AZO) Stalls Out With Q3 Underperformance
Auto parts stocks reeling after AutoZone results
Intuit And Autozone Buy/Sell Signals Before Earnings
7 S&P 500 Stocks That Will Drop by Double Digits
Here's your Investing Action Plan for Tuesday: what you need to know as an investor for the coming day. Luxury homebuilder Toll Bros. (TOL) reports quarterly results as fellow builders Lennar (LEN), D.R. Horton (DHI) and Beazer Homes (BZH) near buy range. Momo (MOMO) could be the next hot Chinese stock to take off on results, while Take-Two Interactive Software (TTWO) will follow blockbuster reports from rivals Electronic Arts (EA) and Activision
Costco Wholesale (COST) is expected to post fiscal 3Q17 revenue of ~$28.5 billion, which would represent a YoY growth of 6.5%.
Game Plan For The Week - Cramer's Mad Money (5/19/17)
AutoZone: Fast Becoming One Of The Cheapest Stocks In The Market
Since the start of 2017, more than 3,200 store closures have been announced, and many are from some of the biggest names in the retail industry. There are, however, some corners of the retail industry that are expanding their store count instead of shrinking it.
Blue Rock Advisors, LLC Buys AutoZone Inc, The Estee Lauder Inc, PepsiCo Inc, Sells TPI Composites Inc
Ford and General Motors' first-quarter earnings as well as revenues surpassed estimates. Meanwhile, Penske Automotive's earnings came in line with the Zacks Consensus Estimate while revenues beat the same. Tesla's first-quarter loss was wider than expected. Honda's fourth-quarter and full-year fiscal 2017 earnings and revenues beat estimates.
Retailers fading the U.S. store closing trend
Of the 15 highest priced stocks, almost all have market caps well over $1 billion. Some are very well-known companies, while others may be unfamiliar.
AutoZone 3rd Quarter Same Store Sales Decline 0.8%; EPS Increases 6.2% to $11.44
ALLDATA Signs Reseller Agreement with CAB Group AB in Sweden
AutoZone to Attend Upcoming International Council of Shopping Centers' 2017 RECon - The Global Real Estate Convention
AutoZone to Release Third Quarter Earnings May 23, 2017
AutoZone Authorizes Additional Stock Repurchase
Automotive E-tailing Market by Vehicle Type, Vendor, Product Label, Components, Technology, and Region - Global Forecast to 2021
AutoZone Introduces New Duralast GT(SM) Brake Pads with Team Penske Driver Joey Logano at the Wheel
AutoZone Introduces New Duralast GT(SM) Brake Pads with Team Penske Driver Joey Logano at the Wheel
ALLDATA Signs Reseller Agreement with Rhiag Group in Italy
AutoZone 2nd Quarter Same Store Sales Flat for Q2; EPS Increases 8.8% to $8.08
AutoZone, Inc. engages in the provision of retail and a distribution of automotive replacement parts and accessories. It operates in the following segments: Auto Parts Locations and Others. The Auto Parts Locations segment is a retailer and distributor of automotive parts and accessories through the company's stores in the United States, Puerto Rico, Mexico and Brazil. The Others segment includes ALLDATA, which produces, sells and maintains diagnostic and repair information software used in the automotive repair industry; E-commerce, which includes direct sales to customers through www.autozone.com; and AutoAnything, which includes direct sales to customers through www.autoanything.com. The company was founded by Joseph R. Hyde, III on July 4, 1979 and is headquartered in Memphis, TN. (See Full Profile)
| Name | Chg % | Market Cap |
|---|---|---|
| Monro Muffler Brake Inc. | $1.68B | |
| U.S. Auto Parts Network Inc. | $107M | |
| MarineMax Inc. | $478.5M | |
| Advance Auto Parts Inc. | $10.88B | |
| O'Reilly Automotive Inc. | $22.61B |
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