NEW YORK, NY / ACCESSWIRE / October 18, 2018 / It was a concerning announcement from the White House on Wednesday that sent shares of Stamps.com lower. AutoZone also saw losses but without any catalyst nor news from the company.
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AutoZone, Inc. shares closed down 7.60% on about 943,000 shares traded. There was no news to explain the drop. It was in September that the company reported fourth quarter results revealing that revenue had fallen short of estimates by $30 million but beat with diluted earnings per share of $15.02. For the current quarter, analysts are expecting the company to report earnings of $12.18 a share. At the end of last month, the company's CEO, Chairman, and President, William C Rhodes Iii sold 23,700 shares at an average price of $780.06 a share. The total sale was $18.5 million. AutoZone Inc is a retailer and distributor of automotive replacement parts in the United States. The company's store sell a diverse range of essentials and auto parts for cars, sport utility vehicles, vans and light trucks.
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Stamps.com Inc. shares closed down 8.66% on Wednesday on roughly 815,000 shares traded. The stock may have slipped after traders soaked in that the Trump administration will start to withdraw from a United Nations pact that offers low rates for foreign postal deliveries of small packages in the U.S. Officials from the White House said yesterday that the U.S. would begin to leave the Universal Postal Union, a Switzerland-based organization that allows foreign postal services to take advantage of cheap shipments into the U.S. This has been a good thing for online shoppers who were able to buy foreign goods at a low cost. "If negotiations are successful, the administration is prepared to rescind the notice of withdrawal and remain in the UPU," White House spokeswoman Sarah Sanders said. UPU Director General Bishar Hussein stated, "The UPU remains committed to attainment of the noble aims of international collaboration by working with all its 192 member countries to ensure that the treaty best serves everyone."
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