Tuesday, May 25, 2010

Headed for an ugly open....

The DJIA started the day down about 230 points, at 9,835.  Spanish bank worries and the ugly situation on the Korean peninsula are largely the reasons for the sell-off.  Below are credit default swaps on South Korea, spiking on fears of a war with the North...


On the bright side, Autozone (AZO) reported a fantastic quarter.  Earnings of $4.12 for their q3 came in 53cents higher than expected, and revenue beat by about $100million.  The conference call is at 7am Pacific.  Despite the impressive run for the shares, they now trade at just 12x this year's expected earnings.  My estimates below are probably a bit conservative, as the company will likely spend a little less on capital expenditures than I've budgeted.


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