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.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.