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Stock Market & Financial Investment News

News Breaks
May 27, 2014
11:40 EDTAAP, PRTS, PBY, ORLY, AZOAutoZone stalls after Q3 results in-line with expectations
Shares of automotive replacement part and accessory retailer AutoZone (AZO) are slipping after the company reported third quarter earnings per share and revenue which were mainly in-line with analysts' consensus. WHAT'S NEW: AutoZone reported third quarter earnings per share of $8.46, which narrowly beat analysts' expectation by one cent. The company reported third quarter revenues of $2.34B, which mirrored what analysts were anticipating. The retailer also noted that its same-store-sales for the quarter rose 4%. WHAT'S NOTABLE: During the company's third quarter earnings conference call, Autozone said it was "well positioned" to grow overall company sales in the fourth quarter. It is planning to open a "modest" number of new company hubs in the upcoming quarters. AutoZone said that it has some concerns about its consumers due to the economy and gas costs in the fourth quarter, but still says it remains committed to its long-term growth strategy, noting that it is planning to grow new store square footage at a low-single digit rate. The retailer explained that its profit growth is in-line with expectations in its Mexico stores and also expects to open five more locations in Brazil next year. AutoZone continues to believe that there is opportunity for gross margin expansion and feels confident in its position to manage cost structure in response to the upcoming sales environment. ANALYST OPINION: On Thursday, May 22, Cleveland Research said it felt that Autozone's third quarter comparable sales trends were tracking ahead of consensus, driven by Do-It-Yourself momentum and its commercial business. As a result of this projection, the firm increased its third quarter earnings per share estimate to $8.50 and its FY14 earnings per share estimate to $31.58, which were both close to other analyst's expectations. OTHERS TO WATCH: Other publicly traded companies in this space include Pep Boys (PBY), Advanced Auto Parts (AAP), O'Reily Automotive (ORLY) and U.S. Auto Parts (PRTS). PRICE ACTION: During morning trading, shares of AutoZone fell $8.67 or $1.6%, to $532.14. Over the last year, the stock is up about 28%.
News For AZO;PBY;AAP;ORLY;PRTS From The Last 14 Days
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August 28, 2015
10:03 EDTPBYOn The Fly: Analyst Initiation Summary
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08:56 EDTPBYPep Boys initiated with a Buy at Northcoast
Target $15.
August 27, 2015
07:19 EDTAZOAutoZone added to US 1 List at BofA/Merrill
BofA/Merrill added AutoZone to the US 1 List and maintained its Buy rating and $865 price target on shares. Analyst Denise Chai said AutoZone is a domestic, secular domestic growth story which will continue to benefit from accelerating miles driven, a record old fleet, and distribution initiatives that support faster growth.
August 25, 2015
08:05 EDTAZOAutoZone identified as defensive name at Citi
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August 24, 2015
09:45 EDTAZOOn The Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: Bank of America (BAC) upgraded to Outperform from Market Perform at Keefe Bruyette... Bristol-Myers (BMY) upgraded to Neutral from Underweight at Piper Jaffray... Chevron (CVX) upgraded to Neutral from Underperform at BofA/Merrill... Abercrombie & Fitch (ANF) upgraded to Overweight from Neutral... Nike (NKE) upgraded to Outperform from Market Perform at Telsey Advisory... DreamWorks (DWA) upgraded to Buy from Neutral at B. Riley... Caesarstone (CSTE) upgraded to Overweight from Equal Weight at Barclays... TransAlta (TAC) upgraded to Outperform from Market Perform at BMO Capital... Sarepta (SRPT) upgraded to Overweight from Neutral at Piper Jaffray... AutoZone (AZO) upgraded to Buy from Neutral at BofA/Merrill... Royal Dutch Shell (RDS.A) upgraded to Buy from Hold at Jefferies... Allscripts (MDRX) upgraded to Buy from Hold at Argus... China Unicom (CHU) upgraded to Buy from Hold at Jefferies... Ross Stores (ROST) upgraded to Buy from Neutral at Buckingham.
08:56 EDTAZOAutoZone upgraded to Buy on comp outlook, strong industry trends at BofA/Merrill
As previously reported, BofA/Merrill upgraded AutoZone to Buy from Neutral with an $865 price target. The firm raised estimates on a higher comp outlook, saying it expects strength in miles driven due to lower fuel prices and increased employment. BofA/Merrill expects distribution initiatives to increase parts availability, especially in commercial, where the company is under-penetrated. The firm sees strong industry trends ahead and comp growth of 3.3% over the next few years, which should narrow the valuation gap versus peers.
07:25 EDTAZOAutoZone upgraded to Buy from Neutral at BofA/Merrill
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August 19, 2015
10:39 EDTORLYO'Reilly Automotive management to meet with Sterne Agee CRT
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