Traders will be listening for clues about possible tapering off of quantitative easing when two Fed presidents speak later on Tuesday.» Read More
AutoZone, the largest U.S. auto parts retail chain, said its board elected William Rhodes as its new chairman and authorized the repurchase of an additional $500 million of the company's shares.
Imagine you're a CEO or board member of a publicly traded company and you get this letter, signed by two very powerful, very successful hedge funds: Dearest Sir, We believe you should make a huge acquisition because the company as it stands won't deliver the returns we want (I.E. not BIG enough!). By the way, we own a huge stake in your company, and we WILL make it bigger. (Read between the lines: Do what we say, or else.) XOXO, SAC and Jana.
Stocks ended mixed and the S&P 500 failed to close at a new record for the second straight session. "We started out a little weak, and then we had a nice little rally, but the buyers were already in and there was no place for stocks to go but down," said Tom Schrader, head of listed trading at Stifel Nicolaus. "It's indicative of the late stages of a bull market."
AutoZone, the largest U.S. auto parts retail chain, posted a 5% rise in quarterly earnings Tuesday as sales at existing U.S. stores edged higher.
Shares Car parts chain Autozone jumped to a new record high after it reported fiscal first-quarter profit rose 8% on higher sales and improved gross margins.