Autozone Inc
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Consumer Discretionary : Specialty Retail | Mid Cap Blend
Company profile

AutoZone, Inc. is a retailer and distributor of automotive replacement parts and accessories in the United States. The Company operates through the Auto Parts Locations segment. The Auto Parts Locations segment is a retailer and distributor of automotive parts and accessories. As of February 10, 2018, the Company operated through 6,088 locations in the United States, Puerto Rico, Mexico and Brazil. The Company's stores carry product lines for cars, sport utility vehicles, vans and light trucks, including new and remanufactured automotive hard parts, maintenance items, accessories and non-automotive products. The Company's other operating segments include ALLDATA, which produces, sells and maintains diagnostic and repair information software used in the automotive repair industry, and E-commerce, which includes direct sales to customers through www.autozone.com.

Closing Price
$1,248.33
Day's Change
0.31 (0.02%)
Bid
--
Ask
--
B/A Size
--
Day's High
1,249.36
Day's Low
1,238.13
Volume
(Above Average)
Volume:
257,431

10-day average volume:
217,947
257,431

UPDATE: Li Auto stock sinks to 7th straight loss, after public share offering prices at 10% discount

10:49 am ET December 5, 2020 (MarketWatch)
Print

Tomi Kilgore

Shares have plunged 31% amid a 7-day losing streak; Nio and XPeng stocks also extend selloffs

Shares of Li Auto Inc. sank Friday to suffer a seventh-straight decline, after the China-based electric vehicle maker's public share offering priced at a discount of more than 10%.

The company said the 47 million share secondary offering of its U.S.-listed stock, which it disclosed before Wednesday's open (https://www.marketwatch.com/story/li-autos-stock-erases-gains-after-delivery-data-as-other-china-based-ev-makers-keep-falling-11606910719), had priced at $29.00 per American depositary share (ADS). That was 10.3% below Thursday's stock closing price of $32.31.

The stock (LI) dropped 5.5% to close at $30.53, as trading volume of 52.0 million shares was well above the full-day average of 36.7 million shares. It has now plunged 30.6% amid a seven-day losing streak, which started after the stock closed at a record $43.96 on Nov. 24. That's the longest losing streak since the stock went public on July 30.

Li Auto raised $1.36 billion from the share offering, and could raise about another $204.5 million if the underwriters exercise all of the options to buy additional shares, granted to cover overallotments.

The company plans to use the proceeds for research and development of next-generation electric vehicle technologies, including ultrafast charging, future car models, autonomous driving technologies and general corporate purposes.

In the two days since the offering was announced, the stock fell 7.3%. If the offering had priced at a 10.3% discount to the Dec. 1 closing price of $34.86, the 47 million ADS offering could have raised $1.47 billion.

Among other China-based EV makers, shares of Nio Inc. (NIO) dropped 5.1% Friday to $43.04, and shed 20.3% last week. XPeng Inc.'s stock (XPEV) declined 5.5% to $30.53 on Friday and tumbled 23.2% for the week.

Also read: XPeng downgraded at UBS, as stock has run up too much to keep buying (https://www.marketwatch.com/story/xpeng-downgraded-at-ubs-as-stock-has-run-up-too-much-to-keep-buying-11607004263).

The pullback in the stocks Friday cames as the iShares MSCI China exchange-traded fund (MCHI) slipped 2.1% last week and the S&P 500 index tacked on 1.7%.

Elsewhere, shares of Kandi Technologies Group Inc. (KNDI) eased 0.9%, and plummeted 41.3% this week (https://www.marketwatch.com/story/kandi-stock-plunges-after-short-seller-alleges-brazen-scheme-to-falsify-revenue-11606768688); Geely Automobile Holdings Ltd. (0175.HK) gained 3.4% Friday and BYD Co. tacked on 2.7%.

-Tomi Kilgore; 415-439-6400; AskNewswires@dowjones.com

	

(END) Dow Jones Newswires

December 05, 2020 10:49 ET (15:49 GMT)

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