AutoZone (AZO) NewsBite - Competitor Downgrade Pulls Down AZO

Posted: Monday, August 03, 2009 11:41 AM EDT

AutoZone (NYSE: AZO) opened at $152.70. So far today, the stock has hit a low of $149.38 and a high of $153.17. AZO is now trading at $150.87, down $2.70 (-1.76%). Over the last 52 weeks the stock has ranged from a low of $84.66 to a high of $169.99. Shares of AZO are declining with other discount auto parts stores today after analysts at FBR Capital Markets downgraded O'Reilly Automotive Inc. (ORLY) to Underperform from Market Perform. This could be a bad sign for AZO. Technical indicators for the stock are bullish and S&P gives AZO a positive 4 STARS (out of 5) buy ranking. If you are looking for a hedged play on AZO the stock seems like it could be a candidate for a December out-of-the-money bull-put credit spread below the 180 range. [ABR-Seven Summits Strategic Investments NewsBite]

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