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☆ JPMorgan downgrades CarMax, says hope for a recovery looks 'premature'
▼ + stars: | 2023-01-11 | by ( Samantha Subin | ) www.cnbc.com time to read: +2 min

JPMorgan is pumping the brakes on shares of CarMax . Analyst Rajat Gupta downgraded the used vehicle stock to underweight from neutral, saying that the risk-reward looks skewed to the downside as the potential for lower earnings revisions linger. He also said recovery hopes look "premature" at the moment. According to Gupta, Wall Street is also failing to accurately account for downside risks to overall earnings. Gupta maintained the Wall Street firm's $60 price target on CarMax, which represents 11% downside from Tuesday's close.

☆ Stocks making the biggest moves premarket: CarMax, Salesforce, Coinbase and more
▼ + stars: | 2023-01-11 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +3 min

CarMax fell 53% in 2022 but has risen 18% since its disappointing quarterly results in December. Coinbase shares dropped 86% in 2022 as macro conditions and scandal dragged down the crypto market. Tesla — Tesla shares rose 2% after the EV maker registered with the state of Texas to expand its electric vehicle factory in Austin this year. Levi Strauss & Co — Shares of the clothing company slipped 2.2% after Citi downgraded the stock to neutral from buy. Shares were higher by less than 1% premarket.

But the days of the Tesla flip are numbered - a potential threat to new car prices that are already getting cut. The average price for a used Tesla in November was $55,754, down 17% from a July peak of $67,297. The overall used car market posted a 4% drop during that period, according to Edmunds data. The used Teslas were in dealer inventory for 50 days on average in November, compared with 38 days for all used cars. He ordered a new one - but has just bought a used Tesla at a discount.

☆ Jim Cramer's top 10 things to watch in the market Friday: Inflation, natural gas plunge, Tesla
▼ + stars: | 2022-12-23 | by ( Jim Cramer | ) www.cnbc.com time to read: +4 min

Case in point: Natural gas prices plunge roughly 25% this week alone and even more for the month. Citi cuts price target on Paychex (PAYX) to $119 per share from $131. Wedbush cuts price target on Tesla (TSLA) to $175 per share from $250, though keeps its outperform (buy) rating. Loop Capital cut Paramount Global (PARA) to a sell from hold, slashing its price target to $14 per share from $30. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.

☆ Used-car retailer CarMax posts plunge in profit, pauses share buyback
▼ + stars: | 2022-12-22 | by ( ) www.reuters.com time to read: +1 min

Dec 22 (Reuters) - CarMax Inc (KMX.N) on Thursday reported an 86% drop in quarterly profit and the largest U.S. used car retailer announced it was cutting expenses and pausing stock buybacks, as rising interest rates sap consumer confidence. The auto retail industry has been facing the brunt of consistent rate hikes and weakening consumer confidence. "We believe vehicle affordability challenges continued to impact our third-quarter unit sales performance, as headwinds remain due to widespread inflationary pressures, climbing interest rates, and low consumer confidence," CarMax said on Thursday. CarMax reported net income of 24 cents per share for the quarter through November, compared with expectations of 70 cents, as per Refinitiv data. Reporting by Priyamvada C and Kannaki Deka in Bengaluru; Editing by Maju SamuelOur Standards: The Thomson Reuters Trust Principles.

☆ Jim Cramer says the ‘worst of 3 worlds’ helped lead stocks lower on Thursday
▼ + stars: | 2022-12-22 | by ( Krystal Hur | ) www.cnbc.com time to read: +1 min

CNBC's Jim Cramer outlined three reasons that markets lost a short-lived rally on Thursday. If the economy were running colder, if the stock market was lower, and if interest rates were higher before sliding, things would be different, Cramer said. Stocks fell on Thursday as Wall Street continues to worry that the Fed's interest rate hikes could tip the economy into a recession. Cramer reminded investors that charts suggest a market run could be in the works for after Thursday's trading session. "While we could still get that seasonal bounce, obviously the market's gotten tougher to game," he said.

☆ Three-Stock Lunch: CarMax, AMC and Kraft Heinz
▼ + stars: | 2022-12-22 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThree-Stock Lunch: CarMax, AMC and Kraft HeinzScott Nations, Nations Indexes president and CEO, joins 'Power Lunch' to discuss Nation's investing take on three stocks: CarMax, AMC and Kraft Heinz.

☆ Stocks making the biggest moves midday: AMC Entertainment, Tesla, Micron, Under Armour and more
▼ + stars: | 2022-12-22 | by ( Samantha Subin | ) www.cnbc.com time to read: +2 min

Tesla — Shares fell more than 9% during Thursday trading. Analysts expected earnings of 70 cents a share on $7.29 billion in revenue. Under Armour — Shares fell more than 4% Thursday. TuSimple — Shares dropped more than 12% after TuSimple said it would cut 25% of its workforce, which would affect about 350 employees at the self-driving truck startup. Airline stocks — A slew of airline stocks fell Thursday amid news of hundreds of flight cancellations as a massive winter storm hit the U.S. American and United slumped 5.5% and 4%, respectively.

☆ Jim Cramer's top 10 things to watch in the market Thursday: Stock drop, Micron, AMC
▼ + stars: | 2022-12-22 | by ( Jim Cramer | ) www.cnbc.com time to read: +3 min

Piper Sandler raises price target on Dollar General (DG) to $288 per share from $273; makes DG a top pick for 2023. Planet Fitness (PLNT) named a top pick for 2023 at Piper, which boosts price target to $93 per share from $79. Truist raises price target on Vail Resorts (MTN) to $292 per share from $270. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade.

☆ Stocks making the biggest moves premarket: CarMax, Micron, Under Armour and others
▼ + stars: | 2022-12-22 | by ( Peter Schacknow | ) www.cnbc.com time to read: +2 min

Check out the companies making headlines before the bell:CarMax (KMX) – The auto retailer's stock slumped 12.7% in the premarket after its quarterly profit and revenue fell well short of estimates. Micron Technology (MU) – Micron shares fell 2.9% in premarket trading after the chip maker reported a wider-than-expected quarterly loss and revenue that fell short of Wall Street forecasts. Tyson fell 1% in premarket action. Global Business Travel Group (GBTG) – The American Express spin-off was rated outperform in new coverage at Evercore ISI, which expects the business travel platform to benefit from its leading position in the industry and from a rebound in business travel recovery. Global Business Travel Group rose 1.6% in premarket trading.

The final estimate of third-quarter U.S. GDP revealed gross domestic product increased at a 3.2% annualized rate, above the previous estimate of 2.9%. Micron Technology Inc (MU.O) slipped 3.2% after the chipmaker forecast a bigger-than-expected second-quarter loss, sparking declines in peers. Declining issues outnumbered advancers for a 5.83-to-1 ratio on the NYSE and a 3.28-to-1 ratio on the Nasdaq. The S&P index recorded no new 52-week highs and nine new lows, while the Nasdaq recorded 27 new highs and 180 new lows. Reporting by Shubham Batra, Amruta Khandekar, Ankika Biswas and Johann M Cherian in Bengaluru; Editing by Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

☆ It's Not ChatGBT's Time to Shine — yet. Here's Why.
▼ + stars: | 2022-12-21 | by ( Diamond Naga Siu | ) www.businessinsider.com time to read: +5 min

Within weeks of taking over, he dramatically transformed Twitter's company culture and started major projects — seemingly with one foot already out the door. Although a successful future for any technology is not guaranteed, ChatGPT feels like a tipping point for generative AI. Roomba, an automatic vacuum cleaner, took multiple sensitive photos that were shared on social media. After short-video apps like TikTok became the dominant platforms for fans to listen to new songs in 2022, music-industry execs are now setting their sights on social media as the next big money-making opportunity. Here are 15 power players using social media to shape the music industry.

☆ Stock futures rise on Wednesday evening
▼ + stars: | 2022-12-21 | by ( Samantha Subin | ) www.cnbc.com time to read: +2 min

Stock futures rose slightly in overnight trading on Wednesday after better-than-feared earnings and strong consumer confidence data helped boost stocks for a second day. Stock futures tied to the Dow Jones Industrial Averages gained 38 points or 0.1%, while S&P 500 futures added 0.15%. All 11 S&P 500 sectors finished the day with gains, led to the upside by energy. The Dow is down 3.51%, while the S&P 500 and Nasdaq have tumbled 4.94% and 6.62%, respectively. On Thursday, investors await earnings results from Carmax and jobless claims data.

☆ Three stocks this week will give us a better idea about the overall earnings outlook
▼ + stars: | 2022-12-20 | by ( Bob Pisani | ) www.cnbc.com time to read: +4 min

While none of these have been a disaster, only one company — Autozone — has seen first quarter estimates rise after its report, according to Nick Raich at The Earnings Scout. And that is the problem: Earnings estimates have been trending down for weeks. Like all multinational retailers, analysts began slashing Nike's second half 2022 earnings estimates and 2023 estimates this summer. Single-stock ETFs Nike's earnings out after the bell today will focus some attention on a curious phenomenon from 2022: single stock ETFs. Like most of the other single stock ETFs, this has failed to attract any significant assets.

☆ The rise and fall of Carvana
▼ + stars: | 2022-12-20 | by ( Magdalena Petrova | Jeniece Pettitt | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe rise and fall of CarvanaThroughout the coronavirus pandemic, several factors propelled Carvana's business forward. At its peak in August 2021, the online used car retailer reached a market capitalization of around $60 billion. By the end of the year, it was ranked just behind CarMax as having sold the largest number of used vehicles. Since then, Carvana has struggled. The company's future now seems in question, as it faces ever increasing competition and an uncertain economic outlook plagues consumers.

☆ How disrupting the used car market caused Carvana to succeed and stumble
▼ + stars: | 2022-12-20 | by ( Magdalena Petrova | ) www.cnbc.com time to read: +1 min

Carvana is a used car retailer that lets customers find, tour, buy and finance vehicles completely online. Trade publication Automotive News tracks companies by volume of vehicles sold every year. The latest data shows that in 2021 Carvana sold over 425,000 vehicles, giving the company its number two spot after used car behemoth CarMax . But the sky-high demand that made Carvana a Wall Street star would also bring it down. Watch the video to learn how Carvana went from Wall Street darling to what some analysts are saying could be the edge of bankruptcy, and to see what the future may hold for the used car retailer.

☆ Housing slump to continue but some hopeful signs ahead
▼ + stars: | 2022-12-18 | by ( Paul R. La Monica | ) edition.cnn.com time to read: +6 min

While that’s already had a negative impact on the housing market, we’ll get more details this week about how much worse the damage has become. A long list of housing data is on tap. On Tuesday the US Census Bureau will report housing starts and building permits figures for November, followed by Friday’s release of new home sales data for the same month. Housing market was frothy, but not a bubbleOthers in the industry are cautiously optimistic as well. That all amounts to a few good reasons why the housing market could avoid a severe and prolonged slump.

☆ Negative mood could pervade market next week as investors search for stability before the holidays
▼ + stars: | 2022-12-16 | by ( Patti Domm | In | ) www.cnbc.com time to read: +8 min

Stocks were battered in the past week, as investors reacted to a hawkish message from the Federal Reserve. In the past week, stocks rallied Tuesday after the consumer price index showed a smaller-than-expected increase of 7.1% for November. "There's a lot of housing data next week," said Art Hogan, chief market strategist at B. Riley Financial. Ned Davis Research pointed out in a note this week that there has been a recent negative correlation between stocks and bonds, meaning stocks are falling and so are yields. Ned Davis expects the negative correlation to continue for the foreseeable future, and is watching the rolling one-year correlation between the S & P 500 and the 10-year Treasury yield.

☆ Jim Cramer’s week ahead: Earnings and economic data should give clues on Fed policy
▼ + stars: | 2022-12-16 | by ( Kevin Stankiewicz | ) www.cnbc.com time to read: +5 min

All estimates for earnings, revenue and economic data are courtesy of FactSet. ETProjected EPS: $2.82Projected sales: $23.70 billion Last time FedEx reported, it detailed significant cost-cutting plans that should help boost profitability. Nike Q2 2023 earnings at 4:15 p.m. Thursday: Earnings from Paychex and CarmaxPaychex Q2 2023 earnings before the open; conference call at 9:30 a.m. ETProjected EPS: 95 centsProjected sales: $1.19 billion Cramer said he thinks Paychex is an even better small- and medium-size business barometer than Cintas.

☆ Markets close out the week lower, as investors brace themselves for more rate hikes next year
▼ + stars: | 2022-12-16 | by ( Zev Fima | ) www.cnbc.com time to read: +4 min

But what irked markets was Fed Chair Jerome Powell's indication the Fed could continue to raise rates for longer to bring inflation under control. The S & P 500 lost around 2.25% for the week, closing out Friday down more than 1%. Under the hood, the consumer discretionary sector led to the downside this week, followed by financials and technology. Initial jobless claims for the week ending Dec. 10 came in at 211,000, a decrease of 20,000 from the prior week and below expectations of 232,000. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.

Three sources briefed on OpenAI's recent pitch to investors said the organization expects $200 million in revenue next year and $1 billion by 2024. OpenAI was most recently valued at $20 billion in a secondary share sale, one of the sources said. The startup has already inspired rivals and companies building applications atop its generative AI software, which includes the image maker DALL-E 2. OpenAI has also attracted attention as an AI provider and potential Google search competitor, with ChatGPT answering queries for more than 1 million users so far. OpenAI warns users, ChatGPT "may occasionally produce harmful instructions or biased content."

☆ Morgan Stanley's top auto analyst Jonas sees tough year ahead for EVs, gives his top picks
▼ + stars: | 2022-12-14 | by ( Alex Harring | ) www.cnbc.com time to read: +4 min

Analyst Adam Jonas is expecting a "challenging" 2023 for auto earnings on the back of declining demand and deflation – particularly for electric vehicle makers. But Jonas' price target implies the stock could gain 10.6% from where it closed Tuesday. Jonas cut the expected electric vehicle penetration forecasts for 2025 and 2030 to 11% and 26%, respectively, from 13% and 32%. Tesla and Rivian are both electric vehicle makers among his top picks. The stock, which is down 48.4% this year, has a price target that shows it could gain 34% over Tuesday's close.

☆ Bank of America sees a super volatile year ahead but has 2 stock-buy strategies so you can sleep at night
▼ + stars: | 2022-12-06 | by ( Michelle Fox | ) www.cnbc.com time to read: +5 min

"We expect another volatile year and recommend owning High Quality stocks … But today's High Quality stocks look different than a few years ago (e.g. The oil refiner posted third-quarter earnings and revenue that beat Wall Street's expectations in October. The health insurer beat analysts' expectations with its third-quarter earnings report in November. Walmart's strength in its third-quarter earnings came from its food business, which is bigger than Target's. Walmart's per-share earnings beat expectations , while Target reported a third-quarter earnings miss and profit that fell by about 50%.

☆ Oppenheimer downgrades Carvana as risks mount for the used car platform
▼ + stars: | 2022-11-15 | by ( Alex Harring | ) www.cnbc.com time to read: +2 min

Analyst Brian Nagel downgraded the used car platform to perform from outperform. Nagel expects an adjusted EBITDA loss of $998 million in 2022, which is a greater drop than the prior forecast of a $912 million loss. The used car platform's third-quarter earnings showed EBITDA came in below expectations. Used car sales down were down 8% as consumers moved away from big-ticket goods as inflation pinched pocket books. He said the stock should be helped by a moderation of used car prices that should in turn aid consumer demand and sentiment among core buyers.

☆ Carvana stock plummets as used car prices fall
▼ + stars: | 2022-11-07 | by ( Jennifer Korn | ) edition.cnn.com time to read: +3 min

Carvana’s fall indicates a wider trend in the used car sector, as car prices that have been elevated fall due to rising interest rates and talk of recession. Trouble for the used car world started months ago, with car prices getting so high that many customers were priced out. Shares of CarMax (KMX), the nation’s largest used car dealer, are down 50% since the start of the year. The result has been that used car prices have declined 10.6% compared to a year ago, according to the Manheim Used Vehicle Value Index, which tracks average used car prices. Now, used car companies like Carvana are dealing with the decline.

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