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AutoZone beats Q4 earnings estimates, disappoints on U.S. growth

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Auto supplier AutoZone (AZO) topped its fourth-quarter earnings expectations, reporting $5.69 billion in revenue and gains of $46.46 per share. Seth Basham, Wedbush Securities Managing Director of Equity Research, joins Yahoo Finance Live to discuss AutoZone's disappointments on same-store sales growth. 'This is the second quarter in a row that we've seen disappointment for that commercial business which is one of the key drivers for AutoZone,' Basham says. 'So our initial take is that they still have work to do to improve the trends in that business. The overall business, however, is relatively healthy compared to the hard-line retail segment.' Touching on major headlines, Basham quickly notes the UAW strikes and rising gas prices' ripple effects on auto suppliers like AutoZone. For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.

Kokeile Lectinect Vatsaa ilmaiseksi* 30 päivän ajan!The Canadian dollar strengthened to a one-month high against its U.S. counterpart on Monday as investors grew more optimistic about the global economy and ahead of inflation data that could sway the Bank of Canada's interest rate outlook. The loonie was trading 0.3% higher at 1.3488 to the greenback, or 74.14 U.S. cents, after touching its strongest level since Aug. 15, at 1.3472.

MONTREAL — BMO Financial Group plans to close its indirect retail auto finance business in order to reroute resources, as borrowers dig deep to stay on top of recent interest rate hikes. The decision will also trigger an unspecified number of layoffs in Canada and the U.S., the Bank of Montreal said. It comes after the company's bad debt provisions more than tripled to $492 million in the quarter ended July 31 compared to a year earlier.

 

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