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Finance
Why AutoZone Stock Plunged by More Than 6% Today
One of its rivals is apparently a suitor for a major auto retailing and distribution business.
A media report that hit the headlines just before the stock market took a break for Independence Day was weighing on investor sentiment toward AutoZone(NYSE: AZO) shares on Monday. The prominent auto retailer's stock fell by more than 6% after a financial news agency reported that two rivals might soon combine.
That report, published in Bloomberg and citing unidentified "people familiar with the matter" as sources, said O'Reilly Automotive made a buyout offer for Genuine Parts' auto parts distribution arm. The deal could be valued at $10 billion or more; those sources were not more specific about the financials. They did say it was an all-cash bid.
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Disclaimer: This article is for informational purposes only and does not constitute investment advice. Data may be delayed up to 15 minutes. Past performance is not indicative of future results. Consult a licensed financial advisor before making investment decisions.
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