Sales at its auto-parts stores open for at least one year rose 1.7% in the second quarter, O'Reilly said in a release on Wednesday. O'Reilly Automotive plunged by as much as 19% on Wednesday after the company announced second-quarter sales results that were weaker than it had expected. Auto sales in June rose at a seasonally adjusted annual rate of 16.51 million, Autodata said on Monday, down 13.2% year-on-year. Although sales have softened, continued employment growth suggests that consumer purchases of the big-ticket items may remain healthy. Car sales in the US slowed in the first half of this year following seven straight years of record-setting volumes.
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O'Reilly Automotive is Now Oversold
In trading on Wednesday, facebook/" target="_blank">shares of O'Reilly Automotive, Inc. (Symbol: ORLY) entered into oversold territory, hitting an RSI reading of 13.8, after changing hands as low as $173.89 per share. A stock is considered to be oversold if the RSI reading falls below 30. By comparison, the current RSI reading of the S&P 500 ETF ( SPY ) is 58.2. Find out what 9 other oversold stocks you need to know about » Legendaryinvestor Warren Buffett advises to be fearful when others are greedy, and be greedy when others are fearful.
Monogram and Baidu rise while O'Reilly Automotive drops
Monogram Residential Trust Inc., up $2.09 to $11.89The luxury apartment company agreed to be acquired for $12 a share, or about $2 billion. Vantiv Inc., down $1.49 to $61.02The payment processor agreed to buy U.K. competitor Worldpay for about $10 billion. Stocks that moved substantially or traded heavily Wednesday:O'Reilly Automotive Inc., down $41.64 to $178.77The auto parts company reported disappointing second-quarter sales at its older stores. Baidu Inc., up $3.86 to $183.83The Chinese e-commerce company said chipmaker Nvidia and dozens of other companies joined its autonomous driving project. Hess Corp., down $2.06 to $43.36Energy companies skidded as the price of oil turned lower following an eight-day rally.
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collected by :John Max