AutoZone Bumps Up Share Buyback Authorization By $2B
AutoZone Inc AZO disclosed the share buyback authorization of an additional $2.0 billion shares related to its ongoing share repurchase program.
Since the program's inception in 1998, the Board of Directors has authorized share repurchases of $35.7 billion.
"AutoZone's continued strong financial performance allows us to grow our business, return meaningful amounts of cash to our shareholders and maintain our investment grade credit ratings.” said Jamere Jackson, CFO and Executive Vice President – Finance and Store Development.
Last month, AutoZone reported mixed Q3 FY23 results, with sales of $4.09 billion missing the consensus of $4.12 billion and EPS of $34.12, beating the consensus of $31.42.
The company estimates its addressable market will be worth $98 billion in 2023 and that it could double to $195 billion by 2026. Judging by its current revenue, DigitalOcean has only scratched the surface of its opportunity so far, and since its stock trades down 67% from its all-time high amid the brutal sell-off in the tech sector last year, this might be a great opportunity for investors to buy in.
U.S. Inflation Unlikely to Fall to the Fed's 2% Target until at Least 2025, According to Jerome Powell
The Fed chairman's remarks on Friday suggested the central bank's fight against inflation is far from over – raising the possibility that policymakers will keep raising interest rates until price pressures cool further.
Best Long Term Stocks, India: Reliance Industries Overview
Reliance Industries Limited (RELI.NS) is an India-based company which operates in the Oil to Chemicals (02C), Oil and Gas, Retail, Digital Services, and Financial Services segments and is one of the best shares to buy for long term.
BIS Admits Further Monetary Measures Look Unlikely to Cope with Global Inflation
According to FT, the Bank for International Settlement has said,.global governments should either raise taxes or cut public spending to help central banks tame inflation and mitigate the risk of a financial crisis.
