Why AutoZone Stock Plunged by More Than 6% Today
Yahoo Finance ·
A media report that hit the headlines just before the stock market took a break for Independence Day was weighing on investor sentiment toward AutoZone ( AZO 6.38% ) shares on Monday. The prominent auto retailer's stock fell by more than 6% after a financial news agency reported that two rivals might soon combine. That report, published in Bloomberg and citing unidentified "people familiar with the matter" as sources, said O'Reilly Automotive made a buyout offer for Genuine Parts' auto parts distribution arm. The deal could be valued at $10 billion or more; those sources were not more specific about the financials. They did say it was an all-cash bid. Neither O'Reilly nor Genuine Parts has officially commented on the story. Genuine Parts is best known for the brand behind the distribution business, Napa. This unit is considerable, with 10,000 retail locations here and abroad, and over $15 billion in sales in 2025, and would be quite the addition for O'Reilly. Earlier this year, Genuine Parts announced it was working with advisors to separate Napa and its industrial parts businesses.
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