|Bid||95.52 x 1300|
|Ask||96.31 x 900|
|Day's Range||94.24 - 97.78|
|52 Week Range||37.59 - 103.18|
|Beta (5Y Monthly)||1.11|
|PE Ratio (TTM)||18.61|
|Earnings Date||Jun 19, 2020|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||83.09|
At the height of the coronavirus pandemic in mid-April, used-car dealer Alex Tovstanovsky had vehicles jammed six rows deep on his lot in the western Chicago suburb of Naperville. Despite plummeting sales at his store, Prestige Motor Works, Tovstanovsky was betting on a recovery, buying dozens of cars in early April as auction prices for used vehicles dropped.
CarMax, Inc. (NYSE:KMX) will report its financial results for the first quarter ending May 31, 2020, before the market opens on June 19, 2020, and it will host a conference call with investors at 9:00 a.m. ET to discuss these results.
In this article you are going to find out whether hedge funds think CarMax Inc (NYSE:KMX) is a good investment right now. We like to check what the smart money thinks first before doing extensive research on a given stock. Although there have been several high profile failed hedge fund picks, the consensus picks among […]
(Bloomberg) -- Steven Weinstein raised his first-quarter revenue expectations for Wayfair Inc. after scouring credit and debit card information from millions of Americans.Two weeks after his report was published in April, Wayfair reported quarterly net revenue of $2.33 billion, just $60 million shy of Weinstein’s estimate, which was higher than the consensus forecast of $2.28 billion. Shares in the online retailer have since risen about 100%.“We were able to identify Wayfair and their different brands and look at the amount of spending that is occurring,” said Weinstein, an analyst for M Science, a New York-based data-driven analytics firm. “And it showed a sharp acceleration exiting the quarter and made us optimistic.” The data, which has no personal information attached, is perfectly legal, he added.Once the preserve of hedge funds, alternative data or “alt data,” is becoming a must-have for banks, asset managers and government organizations as the pandemic creates a vacuum of timely information for investment decisions.“A large part of the power of alternative data is that it gives you a view into what’s going on almost in real time,” said Abraham Thomas, chief data officer at Quandl Inc., a Toronto-based data analytics firm.What Alternative Data Says On Global Downturn, Recovery: Bloomberg IntelligenceRestaurant reservations and data from transit apps that track how many people are checking bus and train schedules are among indicators giving economists and investors clues as to whether economies are reopening and how successful they have been.“Things are falling fast, things are normalizing potentially fast as well,” said Nikita Perevalov, director of economic forecasting at Bank of Nova Scotia. “Once various government officials start talking about reopening, we don’t know how to quantify it either it. So all of those weekly indicators can help us.”Perevalov is paying more attention to restaurant bookings, gasoline demand, electricity usage and coronavirus infection curves across U.S. states and provinces to help determine the only question that matters for markets right now: will the recovery be quick or slow?“You really have to have some more data at higher frequency,” Perevalov said.Kevin McCreadie, chief executive officer at AGF Management Ltd., who has been building out a quant team over the past four to five years, now has more than 20 people in North America focused on alternative data in order to help his portfolio managers. The group dubbed ‘AGFiQ’ includes software developers, analysts and portfolio managers who are all coders and PhD holders in fields spanning astrophysics, computer science, finance and economics.With Florida and Georgia among the first U.S. states to reopen in North America, restaurant data has been key for AGF as well, McCreadie said. Monitoring the number of people that go through checkpoints via data from Transportation Security Administration data will also provide information on whether activity is picking back up, he said.Reno ShiftMcCreadie believes alternative data is here to stay with more groups within the financial services industry like mergers and acquisition bankers beginning to use it. “I’ve heard people are doing due diligence using drones. Stuff we probably wouldn’t have done a year ago or two years ago,” he said.Corporate executives have been loath to give detailed outlooks with everything so uncertain.“There’s guidance provided in the data,” said Michael Marrale, chief executive officer of M Science, a unit of Jefferies Financial Group. “It’s there, you just have to figure out how to interpret it.”The firm studies data including sales from used-car dealers like Carvana Co. and CarMax Inc., where it has seen a bit of bounce recently, and digs into the types of restaurants that have done well during the pandemic like quick service and casual eateries.Nasdaq-owned Quandl is looking at whether there’s been a “virus-induced shift” in home renovations during the pandemic, with more fences being built compared with pools, Abraham said. The company also monitors car sales, foot traffic at malls, hours worked at small businesses and corporate hiring among other sources of information which it collates from its own proprietary data base and from external sources like Homebase and Womply.“Once you start using data as an investor, you don’t go back,” M Science’s Marrale said. “This is a watershed moment for alternative data.”For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Giverny Capital recently released its Q1 2020 Investor Letter, a copy of which you can download below. You should check out Giverny Capital’s top 5 stock picks for investors to buy right now, which could be the biggest winners of the stock market crash. There weren’t a lot of funds who could deliver these kinds […]
Whenever internet commerce is mentioned, first thoughts often go to Amazon (NASDAQ: AMZN), the king of all e-commerce. Amazon is not only a great stock to own, but it's also a fearsome competitor. While it was the COVID-19 pandemic that finished that company off, it was internet retail that inflicted much of the damage that weakened it beforehand.
CarMax, Inc (NYSE: KMX) seems well-positioned to bounce back and capture market share as the economy emerges from the coronavirus pandemic, according to Wedbush.The CarMax Analyst Seth Basham upgraded CarMax from Neutral to Outperform and raised the price target from $70 to $90.The CarMax Thesis Wedbush's proprietary sales tracker suggests an improvement in CarMax's used unit comps through April to a run rate of negative 38%, Basham said in the Tuesday upgrade note. (See his track record here.)This run rate could improve further to negative 30% as states ease stay-at-home restrictions and more of the company's stores become fully operational, the analyst said. This suggests an estimate of negative 40% for the fiscal first quarter, which is significantly better than the consensus estimate of negative 62%, he said. Referring to the back half of 2020, Basham said that consumer preference for private transport over public alternative will be a positive trend, although the impact may be partially offset by people driving less amid continued work-from-home and social distancing measures.Consumer spending power on discretionary goods is rising due to government stimulus payments and lower spending on travel and entertainment, the analyst said. CarMax is poised to gain share in the used vehicle market, as smaller sellers lack omnichannel capabilities and may crumble as sales decline for an extended period, he said.On the other hand, CarMax is well-positioned in the new environment with several purchase, delivery and contactless pickup options, according to Wedbush. KMX Price Action Shares of CarMax were down 0.78% at $75.37 at the time of publication Wednesday ahead of the close. Related Links:Benzinga's Top Upgrades, Downgrades For May 12, 202010 Biggest Price Target Changes For FridayLatest Ratings for KMX DateFirmActionFromTo May 2020WedbushUpgradesNeutralOutperform Apr 2020WedbushMaintainsNeutral Apr 2020WedbushMaintainsNeutral View More Analyst Ratings for KMX View the Latest Analyst Ratings See more from Benzinga * Tilray Investors Overreacted To A Good Q1 Print, Says Cantor Fitzgerald * ViacomCBS Subscription Numbers Make Barrington Bullish * Agricultural Chemical Companies Had A Good Start To 2020, And BofA Says It's Over(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
The FPA New Income fund hasn’t had a negative calendar year since First Pacific Advisors started managing it in 1984
Madison Investments, an independently-owned investment firm, recently published its first-quarter Madison Investors Fund commentary – a copy of which can be downloaded here. During the first quarter of 2020, the Madison Investors Fund returned -20.53%, while the benchmark S&P 500 was down 19.6%. In the said letter, Madison Investments highlighted Carmax Inc (NYSE:KMX), Cdw Corp (NASDAQ:CDW), […]
What happened CarMax (NYSE: KMX) stock outperformed a strong market last month by rising 37% compared to a 13% increase in the S&P 500, according to data provided by S&P Global Market Intelligence. The rally didn't erase wider shareholder losses, though, as the stock remains lower by 19% so far in 2020.
The largest Insider Buys this week were for Morgan Stanley (MS), Charles Schwab Corp. (SCHW), CarMax Inc. (KMX) and Citizens Financial Group Inc. (CFG) Continue reading...
AutoNation, the largest U.S. auto dealership chain, said on Friday it will return $77 million it received in forgivable loans from the U.S. Paycheck Protection Program (PPP) meant to help struggling small businesses and employees during the coronavirus outbreak. Marc Cannon, a spokesman for the company, told Reuters that AutoNation was "clearly eligible and applied on behalf of the 7,000 employees furloughed caused by the COVID-19 crisis." AutoNation has implemented cost-cutting measures, including temporary pay cuts for staff, curtailing of advertising expenses and postponing over $50 million of capital expenditures through the second quarter of 2020.
AutoNation Inc, the largest U.S. auto dealership chain, said on Friday it will return $77 million it received in forgivable loans from the U.S. Paycheck Protection Program (PPP) meant to help struggling small businesses and employees during the coronavirus outbreak. Marc Cannon, a spokesman for the company, told Reuters that AutoNation was "clearly eligible and applied on behalf of the 7,000 employees furloughed caused by the COVID-19 crisis." AutoNation has implemented cost-cutting measures, including temporary pay cuts for staff, curtailing of advertising expenses and postponing over $50 million of capital expenditures through the second quarter of 2020.
(Bloomberg Opinion) -- Judging by the number of motor vehicles being stolen in New York City right now, cars have become no less desirable during a lockdown.Burglary rates aren’t a reliable economic indicator, but they’re far from the only sign that car demand could prove more resilient than might appear from recent record sales declines. If unemployment doesn’t surge even higher — a big if — car sales might recover faster than other discretionary purchases, especially if dealerships put in place the right financial incentives and rigorous hygiene measures to reassure customers. After all, once stay-at-home orders are lifted, we’ll seek to regain personal autonomy while continuing to shield our families from the virus. A car could feel as essential as wearing a face mask.Right now, of course, the industry is reeling: Carmakers are burning cash because production lines are at a standstill, weaker parts suppliers and dealers risk collapse, and banks as well as automakers’ captive finance operations are bracing for a surge in loan defaults. As showrooms have shut their doors across the globe, sales declines have accelerated. April will probably be worse. Restarting production lines after such a prolonged hiatus will also be a huge challenge. Protecting factory employees isn’t straightforward, and cross-border supply chains could cause unexpected complications, particularly if the virus is still spreading widely in some countries. But the outlook for sales isn’t entirely bleak. Car sales have rebounded in China, with dealers surprised at how quickly consumers have returned to showrooms now that travel restrictions have been eased. It makes sense. Commuters who previously took a crowded bus or train may feel uncomfortable doing so for a while. Abandoning mass transit is terrible from an environmental and traffic perspective, but after a public health crisis, people will probably feel safer traveling in their own cars. This doesn’t bode well for car-sharing either, which until recently was another popular low-cost alternative to vehicle ownership. Now it suddenly feels unhygienic. And taking a plane is even more unappealing; if people holiday closer to home this year and next, they may opt to drive rather than fly. Of course, millions of Americans have lost their jobs and won’t be able to make big-ticket purchases in the coming months, especially since those hit hardest were already among the most financially vulnerable. But the premium end of the market may hold up better, particularly as higher-income consumers won’t have as many conflicting pressures on their budgets. Bars, restaurants, hotels, concerts, sporting events and beach resorts all face a more protracted path back to normality if social distancing remains the norm. That’s bound to encourage getting behind the wheel of a car, where physical distancing is sort of the point. Plus, anyone in the market for a vehicle can expect a bargain: Dealers are offering interest-free financing and loan payment holidays to quickly move inventory and bring in some cash. Customers hunting for a second-hand car may find especially good deals because airport-dependent rental firms have been downsizing their fleets. And driving will be cheaper too, as oil prices have collapsed. Prospective buyers may soon be offered even more financial goodies. On both sides of the Atlantic there are calls for governments to revive car purchase incentives — known colloquially as “cash for clunkers” — which proved effective at stimulating demand in the last recession. While worth considering, any subsidies should be directed primarily toward hybrid and electric vehicles. Even though the climate crisis may have slipped from our attention, it certainly hasn’t gone away.In Germany, where efforts to curb the virus appear to be bearing fruit, car showrooms will be allowed to reopen soon, even as restaurants remain shut. True, the German car lobby is powerful, but its argument that buying a car can be made as safe, if not safer, than popping over to the supermarket seems reasonable. Dealerships tend to be pretty spacious, and cars parked on the lot can be viewed without entering the premises. There usually aren’t too many customers visiting at the same time.Where dealers remain open, the industry has already come up with some neat ways to keep clients safe. In the U.S., used car retailer CarMax Inc. permits customers to take a test drive without a salesperson sitting next to them, and vehicles are sanitized when someone has touched or sat in them.For the foreseeable future, the new car smell that buyers savor most will be alcohol-based disinfectant. Putting buyers at ease like this could help revive the auto industry and preserve thousands of jobs.This column does not necessarily reflect the opinion of Bloomberg LP and its owners.Chris Bryant is a Bloomberg Opinion columnist covering industrial companies. He previously worked for the Financial Times.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
CarMax, Inc. (KMX), the nation’s largest retailer of used cars, today announced new customer offerings amid the COVID-19 pandemic. CarMax also continues to offer home delivery at many open locations, where customers can complete the entire car-buying experience from home and have the vehicle delivered by a CarMax associate. The new CarMax Curbside enables customers to complete the car buying and selling experience while adhering to social distancing practices.
In a statement posted to its investor website, CarMax announced it plans to furlough about 15,500 employees, starting April 18. To further cut costs, Carmax's senior leadership will also take pay cuts, including a 50% salary reduction for Carmax President and CEO Bill Nash. Used car company CarMax has been in a state of barebones operation for several weeks due to the spread of the coronavirus and the COVID-19 pandemic.
The analysts covering CarMax, Inc. (NYSE:KMX) delivered a dose of negativity to shareholders today, by making a...
CarMax earnings came in better than expected for fiscal Q4. The used car dealership giant said demand has plunged in recent weeks.
CarMax (KMX), the US’s largest retailer of used cars, today reported record sales and earnings for the fourth quarter and fiscal year ended February 29, 2020.Most notably, fourth quarter GAAP EPS of $1.30 beat estimates by $0.16, while revenue of $4.96B (up 14.9% year-over-year) beat by $250M.Meanwhile, for the fiscal year, net sales and operating revenues increased 11.8% to $20.32 billion. Total used unit sales rose 14.7% in the fourth quarter and 11.2% for the fiscal year.However, CarMax also revealed that since the first week of March, sales have dropped significantly as the coronavirus situation within the US has rapidly escalated.“Over the past few weeks, approximately half of our stores have closed or are running under limited operations. For our stores that are open, consumer demand has progressively deteriorated” it said.As a result, the company has decided to halt its stock repurchase program, pause its store expansion strategy and pare back expenses.“We expect the peak-pain period to be 2H-March-June, with sales trends remaining highly depressed though starting to ease in 3Q20, with further easing in 4Q20” warned RBC Capital analyst Scot Ciccarelli.The company has also taken proactive measures to bolster its liquidity by drawing down additional funds. As of March 31, the company had approximately $700 million of cash and cash equivalents on hand, $300 million of unused capacity on the revolving credit facility and $2.5 billion of inventory.From a debt perspective, at March 31, KMX had $2.5 billion of long-term debt, with no near-term maturities.Encouragingly for investors, all six analysts covering KMX rate the stock a buy. Their $90 average price target translates into 50% upside potential from the current share price. (See CarMax stock analysis on TipRanks)Related News: CryoLife Pre-Releases Low 1Q20 Revenues, Pulls FY20 Guidance FTC Sues to Unwind Altria Group’s $12.8 Billion Investment in JUUL General Motors US Sales Hit in First Quarter as Coronavirus Keeps Buyers Away More recent articles from Smarter Analyst: * Pluristem (PSTI): Strong Preliminary COVID-19 Results Are a Game Changer, Says Analyst * Johnson & Johnson Announces Q1 Earnings Beat, Increases Dividend * Co-Diagnostics Inks Covid-19 Test Agreement, YTD Gain Over 1000% * Chesapeake Shareholders Approve Controversial Reverse Stock Split