Wall Street Manna

An irreverent look at Wall Street

Wednesday, December 5, 2007

AutoZone

Anyone notice the the 21 points AZO added yesterday to close at 128.80? Monday, you had a raid on anything auto-related, and the bears knocked down AZO almost four points before earnings.

They weren't thinking.

AZO is held by ESL, and the money is locked up. There is no redemption risk. His largest holding, Sears, has been knocked down, so when it beat numbers by a dime, it added $1.3 billion in market cap.

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