Ticker Shock: Smackdown for FedEx; Yahoo Eyes Vodafone Vet
Tuesday's top stories and stocks with potential to move.
The market seems to be getting back some of its mojo. Let's see if we can do it again today.
Asian markets were a mixed bag overnight. The Hang Seng was off just under 2%. Meanwhile the Nikkei was up just under 1%. Europe was showing me some green earlier this morning. And here in the States, the Dow is currently trading lower.
This morning the Tennessee based auto parts retailer offered up its first quarter numbers. In the period it put up $2.23 a share. At first blush that looks pretty decent because analysts were apparently looking for $2.18 a share. On the sales front, the company generated about $1.48 billion, whereas analysts were a smidge higher at $1.49 billion.
One sentence that caught my eye: "Under its share repurchase program, AutoZone repurchased 2.2 million shares of its common stock for $272 million during the first quarter, at an average price of $122 per share."
Folks, you know how smitten I get with buybacks, right?
Overall, I think these were some decent numbers, and that the stock will fare well today. But do I think there are better opportunities out there? In honor of former Vice Presidential candidate Sarah Palin: "You betcha." Sorry, Autozone bulls.
Citing the Wall Street Journal, Reuters reported that the Internet company is getting a bit closer to naming Jerry Yang's replacement as chief executive. Obviously, who the top banana is going to be isn't known. However, one name that is being tossed around is Arun Sarin, the former head of Vodafone (VOD).
In any case, I think it'll be viewed as good news when a new head is named – perhaps a perceived fresh start if you will. I'm just hoping that whoever the company picks is someone with Street cred. In other words, someone who will have a rapport with analysts and institutional players rather than just tech people. I think that could help jazz the stock.
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