AutoZone, one of the US leading specialty retailers of automotive replacement parts and accessories, announced that its board of directors had raised its share repurchase authorization by $750 mn. So, the company remains focused on enhancing shareholder returns, while simultaneously maintaining adequate liquidity for its business strategies. AutoZone has enough liquidity to repurchase shares without compromising on financial strength and therefore, the credit ratings, we believe. To note, AutoZone’s strong cash flows help it to regularly and aggressively buy back shares. In fiscal 2015, the company repurchased 2 mn shares for $1.3 mn and, as of Aug 29, had shares worth $348 mn remaining for repurchase. So, the total amount of cash AutoZone can spent on buybacks is currently around $1.1 bn. My outlook for AutoZone remains optimistic. There are currently about 250 mn vehicles on the US roads, a record. And partly due to the lingering effects of the most recent recession, the average age of vehicles climbed to 11.4 years, the highest ever, according to Bloomberg. At the same time, lower gas prices and higher employment have drivers putting more miles on their cars, creating a booming market for replacement parts. That trend may cause auto-part consumption to grow 3-4% for the next four years, experts say. All these factors, I believe, bode well for AutoZone's business going forward. Recently, AutoZone shares surpassed a $750 resistance level and, in my opinion, have good chance to hit a $800 mark in medium term. $AZO, AutoZone, Inc. / 1440