CarMax shares tumble as Q2 revenues decline, Jabil rises on robust Q4 earnings

  • Stock Market News
CarMax shares tumble as Q2 revenues decline, Jabil rises on robust Q4 earnings

Stocks saw a mixed day of trading on Thursday, with several companies reporting earnings that significantly impacted their share prices.

CarMax (NYSE: KMX ), the largest automotive retailer in the United States, saw its shares fall by 9.8% after reporting a sharp year-on-year decline in fiscal second-quarter revenue. The company reported revenue of $7.07 billion for Q2 FY2024, down 13.1% from the same quarter last year, slightly beating analyst estimates of $7.03 billion. However, its earnings per share (EPS) fell short of expectations at $0.75, a 3.3% miss against analysts' predictions. The company's same-store sales also fell by 12.5% year on year.

In contrast, Jabil Inc. (JBL) saw its shares rise by 11% after the contract electronics manufacturer reported better-than-expected fourth quarter adjusted earnings and issued first quarter core earnings guidance above estimates. The company's board also increased the current share repurchase authorization to $2.5 billion.

Chico’s Fas (CHS) experienced a dramatic increase in its stock price, soaring 62% to $7.47 after announcing it was being acquired by Sycamore Partners for $1 billion and would be taken private.

Workday Inc . (NASDAQ: WDAY ) shares declined by 8.2% after the cloud software company lowered its target for annual subscription revenue growth to a rate of between 17% and 19% over the next three years from 20%-plus during an investor presentation.

Shares of Accenture (NYSE: ACN ) dropped by 4.8% after the management consulting and tech company reported fourth-quarter revenue that missed Wall Street estimates and provided earnings guidance below consensus.

Micron Technology (NASDAQ: MU ) reported a narrower-than-expected fiscal fourth-quarter adjusted loss, but the chipmaker's revenue of $4.01 billion fell sharply from $6.64 billion a year earlier, leading to a 4.4% decline in its stock.

DigitalBridge Group (DBRG) saw its shares rise by 3.5% after J.P. Morgan upgraded the technology company to Overweight from Neutral.

Peloton Interactive (NASDAQ: PTON ) gained 2.8% after signing a five-year deal with Lululemon Athletica (NASDAQ: LULU ), making Peloton Lululemon’s exclusive provider of digital fitness content and Lululemon Peloton’s primary apparel partner.

Redfin (NASDAQ: RDFN ) rose 2% to $7.12 after DA Davidson upgraded shares of the online real estate marketplace to Neutral from Underperform, albeit with a trimmed price target of $8 from $8.50.

GameStop (NYSE: GME ) saw a modest increase of 1.1% after the videogame retailer named Ryan Cohen as president and chief executive, effective immediately.

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