Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show.
AutoZone, Inc. AZO shares were trading higher by $5.00 at $654.53 in Tuesday's session. The good news and the catalyst for the rise is a Q2 EPS beat ($6.51 vs. $6.38 estimates) on better than expected sales ($2.14 billion vs. $2.12 billion). Comps were also up 3.6 percent.
The bad news for shareholders is that the issue has retreated over $20.00 since making its all-time high early in the session at $674.84. After reaching that elevated level, it came within $0.68 from reaching its former all-time high and close from Monday's session at $649.53, only reaching $650.21 before rebounding and finding intraday resistance at $656.99 and continuing lower.
Tuesday's action is taking place on higher than average volume, with 318,000 shares already changing hands compared with its 20-day average volume of 234,000.
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