Here's Why O'Reilly Automotive Stock Jumped 19% and Reached an All-Time High in October
Shares of automotive retail company O'Reilly Automotive (NASDAQ: ORLY) jumped 19% in October, according to data provided by S&P Global Market Intelligence. The S&P 500 was up about 8%, so O'Reilly drifted higher early in the month thanks to general strength in the market. However, late in the month, the company reported financial results that sent the stock soaring to an all-time high.
As the chart below shows, O'Reilly stock was a market performer for most of October. But that changed on Oct. 26 when it reported financial results for the third quarter of 2022.
In Q3, O'Reilly generated sales of $3.8 billion, up 9% year over year. These top-line results were boosted by strong same-store sales (SSS) growth of 7.6%. This was only slightly better than the 6.2% SSS growth that competitor Autozone posted for a similar time period. But it was strong growth nonetheless.
Source Fool.com
