Spiking AutoZone shares roll completely over and tank on cost concerns raised on earnings call

Finance


Andrew Harrer | Bloomberg | Getty Images

William Rhodes III, chief executive officer of AutoZone Inc., waits to begin a listening session with U.S. President Donald Trump, not pictured, Retail Industry Leaders Association, and member company chief executive officers in the Roosevelt Room of the White House in Washington, D.C.

AutoZone’s Rhodes noted the changes to the company’s wages were designed to “attract and retain terrific knowledgeable AutoZoners and to make sure our wages are competitive.”

Before the call, AutoZone’s stock popped as much as 6.8 percent on the back of stronger-than-expected earnings. The company’s profit for fiscal third quarter totaled $13.42 per share, well above a Reuters forecast of $12.94.

But by 12:41 p.m. ET, it was on track to post its biggest one-day fall since Feb. 27, when it dropped more than 11 percent.



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