AutoNation (NYSE:AN) Stock, Quote.Headers.trade-ideas

AutoNation

AutoNation is the second largest automotive dealer in the United States, with 2023 revenue of about $27 billion and over 250 dealerships, plus 53 collision centers. The firm also has 23 AutoNation USA used-vehicle stores, a captive lender, four auction sites, and three parts distributors all across 21 states primarily in Sunbelt metropolitan areas. New-vehicle sales account for nearly half of revenue; the company also sells used vehicles, parts, and repair services as well as auto financing. The company (formerly Republic Industries) spun off its waste management unit (Republic Services) in 1999 and its car rental businesses (ANC Rental) in 2000. Wayne Huizenga founded the company in the 1990s to bring the rollup acquisition strategy to auto retailing, which has proved to be a smart move.

Penny Stocks

UXIN

Key Takeaways:


	Dida will provide $15 million in new funding to cash-challenged Uxin by purchasing $7.5 million in the latter’s shares and providing a $7.5 million loan


Uxin Finds New Friend On Difficult Road To Profitability

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This AutoNation Analyst Begins Coverage On A Bullish Note; Here Are Top 5 Initiations For Thursday

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<h4>Key Takeaways:</h4>
<ul>
<li>Dida will provide $15 million in new funding to cash-challenged Uxin by purchasing $7.5 million in the latter&rsquo;s shares and providing a $7.5 million loan</li>
<li>Uxin had just $3.3 million in cash at the end of March, and has continually warned of financial challenges as it races to operate its used car superstore model profitably</li>
</ul>
By Doug Young
Ever wonder what it would feel like to live on life support for two full years?
That&rsquo;s a bit how it feels for&nbsp;Uxin Ltd.&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/uxin#NASDAQ">UXIN</a>), which has continually flagged the precariousness of its financial situation to investors over that time, as it races against the clock to prove the viability of its used car superstore business model. The company received a small but important vote of confidence last week from shared ride company&nbsp;Dida Inc.&nbsp;(2559.HK) in the form of a modest $15 million in new financing.
While that amount may not seem huge, it&rsquo;s more than four times the meager 23.3 million yuan ($3.3 million) in cash that Uxin had in its coffers at the end of March, down from 92.7 million yuan a year earlier. That shows just how quickly Uxin burns through cash as it tries to make its new business model profitable. The small size of this latest infusion also reflects how the company is having to scrape up funds any way it can to keep running.
But at least there&rsquo;s someone out there still willing to give the company money. One of its earlier backers was electric vehicle (EV) startup Nio (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/nio#NYSE">NIO</a>). But Nio has stopped providing funds as it faces its own cash challenges in China&rsquo;s overheated EV market. Uxin also has strong backing from regional governments where its superstores are located, though most of those funds are getting pumped back into its two current locations in the cities of Hefei and Xi&rsquo;an.
The latest funding from Dida comes in two parts. One will see Dida purchase $7.5 million worth of Uxin&rsquo;s shares for the equivalent of $1.4575 per American depositary share (ADS), according to concurrent announcements last Friday by&nbsp;<a href="https://ir.xin.com/2024-09-13-Uxin-Announces-Entry-into-a-Memorandum-of-Understanding-for-a-Proposed-Investment">Uxin</a>&nbsp;and&nbsp;<a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2024/0912/2024091201612.pdf">Dida</a>. The price represents a discount of about 17% to Uxin&rsquo;s stock price over the previous 60 trading days, which seems like a reasonable discount given the precariousness of Uxin&rsquo;s situation. The amount would give Dida between 1% and 2% of Uxin&rsquo;s shares, according to our calculations.
In addition, Dida would provide another $7.5 million to Uxin in the form of a loan. That loan has a relatively short term of just 18 months, showing that Dida is far from confident enough to lend its new partner money on a long-term basis. Dida said it hopes to find synergies with Uxin in China&rsquo;s fast-growing used car market, partly by selling Uxin&rsquo;s used cars to its own drivers over its ride-sharing platform.
&ldquo;Through the cooperation with Uxin Ltd., the company expects to provide additional aftermarket services to and promote used-car transactions for private car owners on its platform and attract additional private car owners to enhance its passenger capacity,&rdquo; Dida said in its announcement.
Uxin investors weren&rsquo;t too impressed by the deal, though they didn&rsquo;t frown on it either. The company&rsquo;s stock rose by a slight 0.7% in Friday trading in New York, though it&rsquo;s down 78% so far this year over the bigger concerns about its long-term viability. Dida shareholders were less impressed, bidding down its shares by 8% in Friday trade in Hong Kong.
Truth be told, the size of the investment isn&rsquo;t huge and Dida could probably afford to lose the money without too much pain if Uxin fails to repay the loan. Instead, the negative reaction by Dida&rsquo;s shareholders probably reflects broader investor concerns about the wisdom of this investment in such a financially shaky company.
<h3>Gaining Traction, But Slowly</h3>
We&rsquo;ll spend the second half of this review looking at Uxin&rsquo;s situation, which is dicey due to its low cash levels. The company is also getting caught in the vortex of vicious price wars that are hammering China&rsquo;s used car market through a toxic mix of stiff competition and growing consumer caution as the country&rsquo;s economy slows.
The economic slowdown could actually work to Uxin&rsquo;s advantage over the longer term as many consumers who would have previously insisted on new cars downgrade their plans to buy quality used cars instead. Uxin should have a natural advantage over China&rsquo;s thousands of smaller used car dealers in that regard, since its scale gives it far greater resources to recondition cars properly and provide higher-margin after-market services like insurance and maintenance.
That model is similar to the one used by U.S. giants&nbsp;Carmax&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/kmx#NYSE">KMX</a>) and&nbsp;AutoNation&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/an#NYSE">AN</a>), which have found steady business and profits selling used cars through superstore formats. But, of course, Uxin will need to solve its problem of simply surviving to see that day when it can finally become profitable.
To that end, Uxin dangled the possibility of operating profitability to investors in its&nbsp;<a href="https://ir.xin.com/2024-07-31-Uxin-Reports-Unaudited-Fourth-Quarter-and-Fiscal-Year-2024-Financial-Results">latest quarterly results</a>&nbsp;for the three months to March, which it released at the end of July. The company reported adjusted EBITDA for the period of 40 million yuan, which was roughly the same as the 41 million loss a year earlier. But it noted that its adjusted EBITDA for the 12 months through March this year narrowed by 40% to 176 million yuan versus a year ago, as its gross margin improved sharply to 5.9% from 1.2% over that period.
As its operations grow and its profitability improve, it said it believes it can reach adjusted EBITDA profitability in the three months to this December.
The narrowing losses are coming as Uxin gains experience and scale that are allowing it to improve its profitability. The company&rsquo;s revenue fell 7.2% year-on-year to 319 million yuan in the three months to March, the fourth quarter of its fiscal year. Its retail car sales for the quarter actually rose by 38% to 3,124 units, showing how the price wars were undercutting its prices. At the same time, the company&rsquo;s cost of revenue for the quarter fell by 24%, far outpacing the rate of revenue decline as it was able to operate more efficiently.
The company expects to return to revenue growth in its current fiscal year as it opens two to three more stores this year to complement the two existing ones. As that happens, it said, it expects to report its revenue for the three months to June to reach between 390 million yuan and 410 million yuan, which would be up by a strong 38% at the midpoint year-on-year. Furthermore, it forecast over 150% retail sales growth in its current fiscal year that runs through next March versus the previous year.
Such growth, combined with its positive adjusted EBITDA milestone in the December quarter, would be quite significant for the company, taking big pressure off its constant need for new cash. Now, it just needs to stay in business long enough to reach those milestones.
This article is from an unpaid external contributor. It does not represent Benzinga's reporting and has not been edited for content or accuracy.

Top Wall Street analysts changed their outlook on these top names. For a complete view of all analyst rating changes, including upgrades and downgrades, please see our <a href="https://www.benzinga.com/analyst-stock-ratings">analyst ratings page.</a>
<ul>
<li><a href="https://www.benzinga.com/analyst-stock-ratings/analyst/64cba32c0a40e5000113e0cf/jeff-lick">Stephens &amp; Co. analyst Jeff Lick i</a>nitiated coverage on AutoNation, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AN#NYSE">AN</a>) with an Overweight rating and announced a price target of $210. AutoNation shares fell 0.2% to close at $158.67 on Wednesday. <a href="https://www.benzinga.com/quote/AN/analyst-ratings">See how other analysts view this stock.</a></li>
<li>JMP Securities analyst Trevor Walsh initiated coverage on Rocket Lab USA, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RKLB#NASDAQ">RKLB</a>) with a Market Perform rating. Rocket Lab shares gained 8.6% to close at $6.68 on Wednesday. <a href="https://www.benzinga.com/quote/RKLB/analyst-ratings">See how other analysts view this stock.</a></li>
<li><a href="https://www.benzinga.com/analyst-stock-ratings/analyst/61aa12038d115900012d093d/steven-shemesh">RBC Capital analyst Steven Shemesh </a>initiated coverage on Sprouts Farmers Market, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SFM#NASDAQ">SFM</a>) with a Sector Perform rating and announced a price target of $107. Sprouts Farmers Market shares fell 0.8% to close at $100.70 on Wednesday. <a href="https://www.benzinga.com/quote/SFM/analyst-ratings">See how other analysts view this stock.</a></li>
<li><a href="https://www.benzinga.com/analyst-stock-ratings/analyst/59ee0921efacff0001caaebe/dae-gon%20ha">Stifel analyst Dae Gon Ha</a> initiated coverage on Inozyme Pharma, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INZY#NASDAQ">INZY</a>) with a Buy rating and announced a price target of $16. Inozyme Pharma shares fell 1% to close at $5.21 on Wednesday. <a href="https://www.benzinga.com/quote/INZY/analyst-ratings">See how other analysts view this stock.</a></li>
<li>Stephens &amp; Co. analyst Jeff Lick initiated coverage on Group 1 Automotive, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GPI#NYSE">GPI</a>) with an Equal-Weight rating and announced a price target of $394. Group 1 Automotive shares fell 2% to close at $340.14 on Wednesday. <a href="https://www.benzinga.com/quote/GPI/analyst-ratings">See how other analysts view this stock.</a></li>
</ul>
Considering buying AN stock? Here&#8217;s what analysts think: 
<figure class="wp-block-image size-large is-resized"><img loading="lazy" decoding="async" width="1024" height="522" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/12074224/image-99-1024x522.png" alt="" class="wp-image-544323" style="width:561px;height:auto" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/12074224/image-99-1024x522.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/12074224/image-99-300x153.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/12074224/image-99-768x392.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/12074224/image-99.png 1317w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
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<li><a href="https://www.benzinga.com/top-stories/24/09/40813043/jim-cramer-not-the-time-to-own-oil-when-asked-about-exxon-mobil-says-ibm-is-performing-well">Jim Cramer: &#8216;Not The Time To Own Oil,&#8217; When Asked About Exxon Mobil; Says IBM Is &#8216;Performing Well&#8217;</a></li>
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Stephens &amp; Co. analyst Jeff Lick initiates coverage on AutoNation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AN#NYSE">AN</a>) with a Overweight rating and announces Price Target of $210.

Price Target

Stephens & Co. Initiates Coverage On AutoNation with Overweight Rating, Announces Price Target of $210

Across the recent three months, 4 analysts have shared their insights on AutoNation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AN#NYSE">AN</a>), expressing a variety of opinions spanning from bullish to bearish.
In the table below, you'll find a summary of their recent ratings, revealing the shifting sentiments over the past 30 days and comparing them to the previous months.
<table>
<thead>
<tr>
<th></th>
<th style="text-align: right;">Bullish</th>
<th style="text-align: right;">Somewhat Bullish</th>
<th style="text-align: right;">Indifferent</th>
<th style="text-align: right;">Somewhat Bearish</th>
<th style="text-align: right;">Bearish</th>
</tr>
</thead>
<tbody>
<tr>
<td>Total Ratings</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">3</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>Last 30D</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>1M Ago</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>2M Ago</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">2</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>3M Ago</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
</tbody>
</table>
Insights from analysts' 12-month price targets are revealed, presenting an average target of $189.25, a high estimate of $220.00, and a low estimate of $160.00. Observing a 9.87% increase, the current average has risen from the previous average price target of $172.25. 
<img src="https://www.benzinga.com/files/images/story/2024/1725980427_0.png" alt="price target chart" />
<h2>Analyzing Analyst Ratings: A Detailed Breakdown</h2>
In examining recent analyst actions, we gain insights into how financial experts perceive AutoNation. The following summary outlines key analysts, their recent evaluations, and adjustments to ratings and price targets.
<table>
<thead>
<tr>
<th>Analyst</th>
<th>Analyst Firm</th>
<th>Action Taken</th>
<th>Rating</th>
<th>Current Price Target</th>
<th>Prior Price Target</th>
</tr>
</thead>
<tbody>
<tr>
<td>Rajat Gupta</td>
<td>JP Morgan</td>
<td>Raises</td>
<td>Neutral</td>
<td>$190.00</td>
<td>$160.00</td>
</tr>
<tr>
<td>Rajat Gupta</td>
<td>JP Morgan</td>
<td>Raises</td>
<td>Neutral</td>
<td>$160.00</td>
<td>$155.00</td>
</tr>
<tr>
<td>Colin Langan</td>
<td>Wells Fargo</td>
<td>Raises</td>
<td>Equal-Weight</td>
<td>$187.00</td>
<td>$164.00</td>
</tr>
<tr>
<td>John Murphy</td>
<td>B of A Securities</td>
<td>Raises</td>
<td>Buy</td>
<td>$220.00</td>
<td>$210.00</td>
</tr>
</tbody>
</table>
<h3>Key Insights:</h3>
<ul>
<li>Action Taken: Analysts frequently update their recommendations based on evolving market conditions and company performance. Whether they 'Maintain', 'Raise' or 'Lower' their stance, it reflects their reaction to recent developments related to AutoNation. This information provides a snapshot of how analysts perceive the current state of the company.</li>
<li>Rating: Analyzing trends, analysts offer qualitative evaluations, ranging from 'Outperform' to 'Underperform'. These ratings convey expectations for the relative performance of AutoNation compared to the broader market.</li>
<li>Price Targets: Analysts predict movements in price targets, offering estimates for AutoNation's future value. Examining the current and prior targets offers insights into analysts' evolving expectations.</li>
</ul>
Capture valuable insights into AutoNation's market standing by understanding these analyst evaluations alongside pertinent financial indicators. Stay informed and make strategic decisions with our Ratings Table.
<a href="https://www.benzinga.com/quote/AN/analyst-ratings?utm_source=Benzinga Insights">Stay up to date on AutoNation analyst ratings.</a>
<h2>Unveiling the Story Behind AutoNation</h2>
AutoNation is the second largest automotive dealer in the United States, with 2023 revenue of about $27 billion and over 250 dealerships, plus 53 collision centers. The firm also has 23 AutoNation USA used-vehicle stores, a captive lender, four auction sites, and three parts distributors all across 21 states primarily in Sunbelt metropolitan areas. New-vehicle sales account for nearly half of revenue; the company also sells used vehicles, parts, and repair services as well as auto financing. The company (formerly Republic Industries) spun off its waste management unit (Republic Services) in 1999 and its car rental businesses (ANC Rental) in 2000. Wayne Huizenga founded the company in the 1990s to bring the rollup acquisition strategy to auto retailing, which has proved to be a smart move.
<h3>Financial Insights: AutoNation</h3>
Market Capitalization Analysis: The company's market capitalization is above the industry average, indicating that it is relatively larger in size compared to peers. This may suggest a higher level of investor confidence and market recognition.
Decline in Revenue: Over the 3 months period, AutoNation faced challenges, resulting in a decline of approximately -5.95% in revenue growth as of 30 June, 2024. This signifies a reduction in the company's top-line earnings. As compared to competitors, the company encountered difficulties, with a growth rate lower than the average among peers in the Consumer Discretionary sector.
Net Margin: The company's net margin is a standout performer, exceeding industry averages. With an impressive net margin of 2.01%, the company showcases strong profitability and effective cost control.
Return on Equity (ROE): The company's ROE is a standout performer, exceeding industry averages. With an impressive ROE of 5.73%, the company showcases effective utilization of equity capital.
Return on Assets (ROA): AutoNation's financial strength is reflected in its exceptional ROA, which exceeds industry averages. With a remarkable ROA of 1.05%, the company showcases efficient use of assets and strong financial health.
Debt Management: With a below-average debt-to-equity ratio of 4.05, AutoNation adopts a prudent financial strategy, indicating a balanced approach to debt management.
<h2>Analyst Ratings: Simplified</h2>
Within the domain of banking and financial systems, analysts specialize in reporting for specific stocks or defined sectors. Their work involves attending company conference calls and meetings, researching company financial statements, and communicating with insiders to publish "analyst ratings" for stocks. Analysts typically assess and rate each stock once per quarter.
Analysts may enhance their evaluations by incorporating forecasts for metrics like growth estimates, earnings, and revenue, delivering additional guidance to investors. It is vital to acknowledge that, although experts in stocks and sectors, analysts are human and express their opinions when providing insights.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

Beyond The Numbers: 4 Analysts Discuss AutoNation Stock

JP Morgan analyst Rajat Gupta maintains AutoNation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AN#NYSE">AN</a>) with a Neutral and raises the price target from $160 to $190.

JP Morgan Maintains Neutral on AutoNation, Raises Price Target to $190

The Nasdaq 100 closed higher by around 0.3% during Tuesday's session. Investors, meanwhile, focused on some notable insider trades.
When insiders sell shares, it could be a preplanned sale, or could indicate their concern in the company's prospects or that they view the stock as being overpriced. Insider sales should not be taken as the only indicator for making an investment or trading decision. At best, it can lend conviction to a selling decision.
Below is a look at a few recent notable insider sales. For more, check out <a href="https://www.benzinga.com/sec/insider-trades/">Benzinga&#8217;s insider transactions</a> platform.
<h3 class="wp-block-heading">AutoNation</h3>
<ul>
<li>The Trade: AutoNation, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AN#NYSE">AN</a>) 10% owner Edward S Lampert <a href="https://www.benzinga.com/sec/insider-trades/">sold a total of 50,419 shares</a> at an average price of $182.72. The insider received around $9.2 million from selling those shares.</li>
<li>What's Happening: On July 31, AutoNation posted downbeat quarterly earnings.</li>
<li>What AutoNation Does: AutoNation is the second largest automotive dealer in the United States, with 2023 revenue of about $27 billion and over 250 dealerships, plus 53 collision centers.</li>
<li>Benzinga Pro's real-time newsfeed alerted to <a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent082824&amp;t=be2bearmibe3na1">latest AN news</a>.</li>
</ul>
<figure class="wp-block-image size-full is-resized"><a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent082824&amp;t=be2bearmibe3na1"><img loading="lazy" decoding="async" width="902" height="826" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/08/28080048/image-275.png" alt="" class="wp-image-518127" style="width:665px;height:auto" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/08/28080048/image-275.png 902w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/08/28080048/image-275-300x275.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/08/28080048/image-275-768x703.png 768w" sizes="(max-width: 902px) 100vw, 902px" /></a></figure>
<h3 class="wp-block-heading">T-Mobile</h3>
<ul>
<li>The Trade: T-Mobile US, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TMUS#NASDAQ">TMUS</a>) Director Raul Marcelo Claure <a href="https://www.benzinga.com/sec/insider-trades/">sold a total of 114,588 shares</a> at an average price of $197.89. The insider received around $22.7 million from selling those shares.</li>
<li>What's Happening: On July 31, T-Mobile reported adjusted quarterly earnings of $2.49 per share, which beat the analyst consensus estimate of $2.28 per share.</li>
<li>What T-Mobile Does: Deutsche Telekom merged its T-Mobile USA unit with prepaid specialist MetroPCS in 2013, and that firm merged with Sprint in 2020, creating the second-largest wireless carrier in the us T-Mobile now serves 77 million postpaid and 21 million prepaid phone customers, equal to around 30% of the us retail wireless market.</li>
<li>Benzinga Pro&#8217;s charting tool helped identify the <a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent082824&amp;t=be2bearmibe3na1">trend in TMUS stock.</a></li>
</ul>
<figure class="wp-block-image size-full is-resized"><a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent082824&amp;t=be2bearmibe3na1"><img loading="lazy" decoding="async" width="912" height="845" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/08/28080201/image-276.png" alt="" class="wp-image-518137" style="width:721px;height:auto" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/08/28080201/image-276.png 912w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/08/28080201/image-276-300x278.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/08/28080201/image-276-768x712.png 768w" sizes="(max-width: 912px) 100vw, 912px" /></a></figure>
<h3 class="wp-block-heading">Coinbase Global</h3>
<ul>
<li>The Trade: Coinbase Global, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COIN#NASDAQ">COIN</a>) Chief People Officer Lawrence J Brock <a href="https://www.benzinga.com/sec/insider-trades/">sold a total of 15,610 shares</a> at an average price of $207.78. The insider received around $3.2 million from selling those shares.</li>
<li>What's Happening: On Aug. 5, Needham analyst John Todaro reiterated Coinbase Glb with a Buy and maintained a $260 price target.</li>
<li>What Coinbase Global Does: Founded in 2012, Coinbase is the leading cryptocurrency exchange platform in the United States. </li>
<li>Benzinga Pro&#8217;s signals feature notified of a potential <a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent082824&amp;t=be2bearmibe3na1">breakout in COIN shares.</a> </li>
</ul>
<figure class="wp-block-image size-full is-resized"><a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent082824&amp;t=be2bearmibe3na1"><img loading="lazy" decoding="async" width="885" height="831" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/08/28080309/image-277.png" alt="" class="wp-image-518140" style="width:671px;height:auto" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/08/28080309/image-277.png 885w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/08/28080309/image-277-300x282.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/08/28080309/image-277-768x721.png 768w" sizes="(max-width: 885px) 100vw, 885px" /></a></figure>
<h3 class="wp-block-heading">Hershey</h3>
<ul>
<li>The Trade: The Hershey Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HSY#NYSE">HSY</a>) SVP, CHR &amp; Transf. Officer Christopher M Scalia <a href="https://www.benzinga.com/sec/insider-trades/">sold a total of 5,000 shares</a> at an average price of $197.04. The insider received around $985,200 from selling those shares.</li>
<li>What's Happening: On Aug. 28, Citigroup downgraded the stock from Neutral to Sell and lowered its price target from $195 to $182.</li>
<li>What Hershey Does: Hershey is a leading confectionery manufacturer in the US (around a $25 billion market), controlling around 36% of the domestic chocolate space (per Euromonitor).</li>
<li>Benzinga Pro&#8217;s insiders feature was used to track insider trading <a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent082824&amp;t=be2bearmibe3na1">activities in HSY&#8217;s stock.</a></li>
</ul>
<figure class="wp-block-image size-full is-resized"><a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent082824&amp;t=be2bearmibe3na1"><img loading="lazy" decoding="async" width="878" height="816" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/08/28080609/image-278.png" alt="" class="wp-image-518158" style="width:651px;height:auto" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/08/28080609/image-278.png 878w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/08/28080609/image-278-300x279.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/08/28080609/image-278-768x714.png 768w" sizes="(max-width: 878px) 100vw, 878px" /></a></figure>
Check This Out:<a href="https://www.benzinga.com/trading-ideas/long-ideas/24/08/40596469/4-5m-bet-on-this-consumer-cyclical-stock-check-out-these-3-stocks-executives-are-buying"> </a>
<ul>
<li><a href="https://www.benzinga.com/trading-ideas/long-ideas/24/08/40596469/4-5m-bet-on-this-consumer-cyclical-stock-check-out-these-3-stocks-executives-are-buying">$4.5M Bet On This Consumer Cyclical Stock? Check Out These 3 Stocks Executives Are Buying</a></li>
</ul>

WIIM

CJET

CVNA

LOBO

PRTS

RIVN

STLA

TSLA

Shares of auto and auto-related stocks are trading higher following a rise in July auto sales.

In the dynamic world of stock markets, there are only a few stories that capture investor attention like Carvana&#39;s (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/cvna#NYSE">CVNA</a>). Over the past year, this used car e-retailer has witnessed a remarkable run on the bourses, with its stock surging more than 270%. This meteoric rise has not only outpaced the broader market but also left its peers &mdash; such as CarMax (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/kmx#NYSE">KMX</a>), AutoNation (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/an#NYSE">AN</a>) and Sonic Automotive (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/sah#NYSE">SAH</a>) &mdash; in the dust. &nbsp;However, after such a significant rally, the question on every investor&#39;s mind is whether Carvana can sustain this momentum, or is it time to cash in on the gains?
<h3>1-Year Price Performance</h3>
<img alt="Zacks Investment Research" src="https://staticx-tuner.zacks.com/images/articles/charts/13/74309.jpg?v=1308291440" style="height:310px; width:600px" />
Image Source: Zacks Investment Research
<h3>From the Brink of Bankruptcy to an Epic Turnaround</h3>
Carvana&#39;s journey over the past two years has been nothing short of dramatic. In 2022, the company was teetering on the edge of bankruptcy, plagued by high debt and operational inefficiencies. The situation was dire enough for many investors to write off the stock, which had plummeted to under $5 per share. However, Carvana&#39;s management executed a successful debt restructuring deal that effectively saved the company from collapse.
This restructuring was not just a financial step but part of a broader strategic shift. Carvana pivoted from an aggressive growth strategy to a focus on operational efficiency and cost-cutting. The company&#39;s three-step plan &mdash; aimed at driving positive adjusted EBITDA, achieving significant adjusted EBITDA per unit and eventually returning to growth &mdash; has been central to its revival. The results have been impressive, with Carvana&#39;s stock emerging as the top-performing auto stock of 2023 and rallying 176% so far this year.
<h3>Impressive Financial Metrics Driving the Rally</h3>
Positive Adjusted EBITDA Achievement: Carvana reached a critical milestone by achieving positive adjusted EBITDA in the second quarter of 2023. This marked a significant shift from its previous focus on rapid growth at the expense of profitability. The company&#39;s ongoing efforts to enhance operational efficiency across its business have been pivotal in this achievement. Carvana has undertaken several initiatives, including proprietary software development, logistics optimization, and the in-sourcing of third-party services, all of which have driven down costs and improved profitability.
Strong Retail Unit Growth: Despite economic headwinds such as high interest rates, Carvana has managed to grow its retail unit sales. In second quarter 2024 alone, the company increased its retail units by 33%. Looking ahead, Carvana expects this momentum to continue, forecasting a sequential increase in retail unit sales for the third quarter of 2024 and year-over-year growth for the full year. This growth is a testament to the company&#39;s ability to attract and retain customers in a competitive market.
Record Profit Margins: Carvana&#39;s focus on efficiency has also translated into record profit margins. In the second quarter of 2024, the company achieved a net income margin of 1.4% and an adjusted EBITDA margin of 10.4%, both of which are all-time records for the company. These margins reflect the success of Carvana&#39;s cost-cutting measures and the optimization of its business processes.
<img alt="Carvana" src="https://staticx-tuner.zacks.com/images/articles/charts/d6/74311.jpg?v=675995462" style="height:310px; width:600px" />
Image Source: Carvana
Improved Free Cash Flow: Carvana&#39;s ability to generate positive free cash flow is another encouraging sign for investors. In the first half of 2024, the company generated $415 million in free cash flow, slightly improving from $393 million in the same period the previous year. This positive cash flow further strengthens Carvana&#39;s financial position and provides a buffer against potential economic challenges.
<h3>The Road Ahead: Does This Rally Have Legs?</h3>
Carvana&#39;s incredible 270% surge over the past year is a testament to the company&#39;s successful turnaround and strategic execution. The shift from aggressive growth to operational efficiency has paid off, resulting in improved profitability, cash flow and a stronger financial position.
As of the second quarter of 2024, the company&#39;s total debt was $5.5 billion, down from over $6 billion at the end of 2023. While this reduction is a positive development, the debt load is still substantial. The good news for Carvana is that none of its long-term debt is due before 2028, providing the company with breathing room to continue its turnaround efforts.
CVNA&#39;s market position as the second-largest used automotive retailer in the United States, with only a 1% market share, highlights the significant growth potential ahead. The company&#39;s ability to expand its market share and tap into this potential will be critical in sustaining the stock&#39;s upward trajectory.
The Zacks Consensus Estimate for 2024 and 2025 revenues implies a year-over-year uptick of 19% each. The company is also witnessing positive earnings estimate revisions, signaling analysts&#39; confidence in the stock.
<img alt="Zacks Investment Research" src="https://staticx-tuner.zacks.com/images/articles/charts/2c/74312.jpg?v=1373390816" style="height:310px; width:600px" />
Image Source: Zacks Investment Research
From a valuation standpoint, it&#39;s trading at a forward 12-month sales multiple of 2.1, way lower than its 5-year high. The company has a Value Score of B.
<img alt="Zacks Investment Research" src="https://staticx-tuner.zacks.com/images/articles/charts/08/74313.jpg?v=1832848603" style="height:310px; width:600px" />
Image Source: Zacks Investment Research
Despite a significant recovery, Carvana&#39;s current share price is still well below its 2021 peak of $377. Since the stock is trading at a discount and given its improving fundamentals, one can accumulate more shares, as it has more room to grow.
CVNA currently carries a Zacks Rank #2 (Buy).
<a href="https://www.zacks.com/stock/news/2322192/carvana-cvna-soars-270-in-a-year-will-the-bull-run-continue?cid=CS-BENZ-FT-analyst_blog|most_popular_stocks-2322192">To read this article on Zacks.com click here.</a>

Earnings

Large Cap

Mid Cap

Small Cap

Management

Carvana Soars 270% in a Year: Will the Bull Run Continue?

Shares of AutoNation, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/an#NYSE">AN</a>) fell 7.4% since the company reported second-quarter 2024 results. It reported adjusted earnings of $3.99 per share, which decreased 37% year over year and missed the Zacks Consensus Estimate of $4.31.
In the second quarter, revenues amounted to $6.48 billion, which missed the Zacks Consensus Estimate of $6.76 billion and declined from $6.89 billion reported in the second quarter of 2023.
<div class="chart_embed">
<h3>AutoNation, Inc. Price, Consensus and EPS Surprise</h3>
<img alt="AutoNation, Inc. Price, Consensus and EPS Surprise" src="https://staticx-tuner.zacks.com/images/charts/ae/1722951103.png" style="height:268px; width:587px" title="" />
AutoNation, Inc. price-consensus-eps-surprise-chart | AutoNation, Inc. Quote
</div>
<h3>Key Takeaways</h3>
In the reported quarter, new vehicle revenues were down 4.8% year over year to $3.12 billion and missed our estimate of $3.14 billion due to lower-than-expected average selling price. New vehicle retail units sold totaled 61,268 units (down 1.9% year over year), topping our projection of 60,482 units. The ASP per new vehicle unit retailed was $50,965 (down 3% year over year), missing our estimate of $52,063. Gross profit from the segment came in at $190.4 million, declining 33.8% year over year but topping our estimate of $175 million.
Retail used-vehicle revenues contracted 10.6% from the year-ago quarter&#39;s figure to $1.74 billion and missed our projection of $1.94 billion due to lower-than-expected sales volume and ASP. Used vehicle retail units sold totaled 65,504 units (down 4.8% year over year), missing our projection of 68,900 units. ASP per used vehicle unit retailed came in at $26,617 (down 6% year over year) and lagged our projection of $28,196. Gross profit from the segment came in at $107.3 million, which fell 16.6% and missed our projection of $125 million.
Revenues from wholesale used vehicles were up 20.7% to $167.6 million and topped our estimate of $138 million. Gross profit declined 26.8% to $4.1 million and lagged our estimate of $5.6 million.
Net revenues in the finance and insurance business amounted to $324 million, which decreased 12.3% from the year-ago quarter and missed our projection of $375.5 million. Gross profit was $324 million, which decreased 12.3% and missed our estimate of $375.5 million.
Revenues from the parts and service business fell 2.5% to $1.12 billion and missed our estimate of $1.25 billion. Gross profit from this segment came in at $536.6 million, which dipped 1.1% year over year and missed our estimate of $591.2 million.
<h3>Segmental Details</h3>
Revenues from the Domestic segment declined 11.1% year over year to $1.74 billion and missed our projection of $1.89 billion. The segment&#39;s income plunged 56.6% to $50.3 million, missing our estimate of $82 million.
Revenues from the Import segment rose 1.1% from the prior-year quarter to $2 billion and missed our forecast of $2.07 billion. The segment&#39;s income contracted 37.5% to $108.2 million and missed our model estimate of $134.1 million.
The Premium Luxury segment sales fell 8.5% to $2.4 billion, missing our projection of $2.58 billion. The segmental income declined 35.9% year over year to $141.9 million in the reported quarter and missed our estimate of $174.6 million.
<h3>Financial Tidbits</h3>
AutoNation&#39;s cash and cash equivalents were $85.9 million as of Jun 30, 2024. The company&#39;s liquidity was $1.6 billion, including $86 million in cash and nearly $1.5 billion available under its revolving credit facility.
The firm&#39;s inventory was valued at $3.6 billion. At the end of the second quarter, non-vehicle debt was $4.01 billion. Capital expenditure in the quarter was $88 million.
During the second quarter of 2023, AutoNation repurchased 2 million shares of common stock for an aggregate purchase price of $311 million. Since the beginning of the year through Jul 29, the company had bought back 2.2 million shares for $350 million. As of Jul 29, it had $971 million remaining under its share repurchase program.
<h3>Zacks Rank &amp; Key Picks</h3>
AN currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the auto space are Dorman Products, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/dorm#NASDAQ">DORM</a>), BYD Company Limited (OTC: <a class="ticker" href="https://www.benzinga.com/stock/byddy#OTC">BYDDY</a>) and Modine Manufacturing Company (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/mod#NYSE">MOD</a>), each sporting a Zacks Rank #1 (Strong Buy) at present.
The consensus estimate for DORM&#39;s 2024 sales and earnings suggests a year-over-year growth of 4.9% and 24.23%, respectively. EPS estimates for 2024 and 2025 have improved 9 cents and 15 cents, respectively, in the past 90 days.
The Zacks Consensus Estimate for BYDDY&#39;s 2024 sales and earnings suggests year-over-year growth of 21.11% and 9.93%, respectively. EPS estimates for 2024 and 2025 have improved 19 cents and 29 cents, respectively, in the past 30 days.
The Zacks Consensus Estimate for MOD&#39;s fiscal 2025 sales and earnings suggests year-over-year growth of 8.11% and 17.54, respectively. EPS estimates for fiscal 2025 and 2026 have improved 11 cents each in the past seven days.
<a href="https://www.zacks.com/stock/news/2317207/autonation-an-stock-falls-7-4-since-q2-earnings-miss?cid=CS-BENZ-FT-analyst_blog|earnings_article-2317207">To read this article on Zacks.com click here.</a>

Earnings Misses

BYDDY

DORM

AutoNation Stock Falls 7.4% Since Q2 Earnings Miss

Top Wall Street analysts changed their outlook on these top names. For a complete view of all analyst rating changes, including upgrades and downgrades, please see our <a href="https://www.benzinga.com/analyst-stock-ratings">analyst ratings page</a>.
<ul>
<li>Piper Sandler cut the price target for CrowdStrike Holdings, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CRWD#NASDAQ">CRWD</a>) from $310 to $290. Piper Sandler analyst Rob Owens upgraded the stock from Neutral to Overweight. CrowdStrike shares gained 1.9% to close at $222.05 on Monday. <a href="https://www.benzinga.com/quote/CRWD/analyst-ratings">See how other analysts view this stock.</a></li>
<li>Deutsche Bank raised the price target for Palantir Technologies Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PLTR#NYSE">PLTR</a>) from $20 to $21. Deutsche Bank analyst Brad Zelnick maintained the stock with a Sell rating. Palantir shares fell 2.6% to close at $24.09 on Monday. <a href="https://www.benzinga.com/quote/PLTR/analyst-ratings">See how other analysts view this stock.</a></li>
<li>Needham cut RxSight, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RXST#NASDAQ">RXST</a>) price target from $75 to $54. Needham analyst David Saxon maintained a Buy rating. RxSight shares fell 2.4% to close at $40.78 on Monday. <a href="https://www.benzinga.com/quote/RXST/analyst-ratings">See how other analysts view this stock.</a></li>
<li>B of A Securities raised the price target for Axsome Therapeutics, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AXSM#NASDAQ">AXSM</a>) from $95 to $106. B of A Securities analyst Jason Gerberry upgraded the stock from Neutral to Buy. Axsome Therapeutics shares fell 1.4% to close at $83.21 on Monday. <a href="https://www.benzinga.com/quote/AXSM/analyst-ratings">See how other analysts view this stock.</a></li>
<li>Baird raised Freshpet, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FRPT#NASDAQ">FRPT</a>) price target from $135 to $140. Baird analyst Peter Benedict maintained an Outperform rating. Freshpet shares fell 0.6% to close at $121.41 on Monday. <a href="https://www.benzinga.com/quote/FRPT/analyst-ratings">See how other analysts view this stock.</a></li>
<li>JP Morgan raised Lithia Motors, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LAD#NYSE">LAD</a>) price target from $280 to $315. JP Morgan analyst Rajat Gupta maintained an Overweight rating. Lithia Motors shares fell 4.6% to close at $276.76 on Monday. <a href="https://www.benzinga.com/quote/LAD/analyst-ratings">See how other analysts view this stock.</a></li>
<li>Needham raised the price target for EverQuote, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EVER#NASDAQ">EVER</a>) from $30 to $38. Needham analyst Mayank Tandon maintained a Buy rating. EverQuote shares fell 3.5% to close at $23.96 on Monday. <a href="https://www.benzinga.com/quote/EVER/analyst-ratings">See how other analysts view this stock.</a></li>
<li>BMO Capital boosted Tyson Foods, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TSN#NYSE">TSN</a>) price target from $58 to $60. BMO Capital analyst Andrew Strelzik maintained a Market Perform rating. Tyson shares rose 2.1% to close at $62.51 on Monday. <a href="https://www.benzinga.com/quote/TSN/analyst-ratings">See how other analysts view this stock.</a></li>
<li>Truist Securities raised eBay Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EBAY#NASDAQ">EBAY</a>) price target from $50 to $58. Truist Securities analyst Youssef Squali maintained a Hold rating. EVgo shares fell 2.7% to close at $54.66 on Monday. <a href="https://www.benzinga.com/quote/EBAY/analyst-ratings">See how other analysts view this stock.</a></li>
<li>JP Morgan raised AutoNation, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AN#NYSE">AN</a>) price target from $155 to $160. JP Morgan analyst Rajat Gupta maintained a Neutral rating. AutoNation shares dipped 2.7% to close at $166.06 on Monday. <a href="https://www.benzinga.com/quote/AN/analyst-ratings">See how other analysts view this stock.</a></li>
</ul>
Read More: 
<ul>
<li><a href="https://www.benzinga.com/news/earnings/24/08/40178833/dow-records-worst-day-in-around-2-years-mag-7-stocks-lose-650b-in-market-capitalization-greed-index">Dow Records Worst Day In Around 2 Years, Mag 7 Stocks Lose $650B In Market Capitalization: Greed Index Moves To &#8216;Extreme Fear&#8217; Zone</a></li>
</ul>

AXSM

CRWD

EBAY

EVER

FRPT

PLTR

RXST

Lithia Motors To Rally Around 14%? Here Are 10 Top Analyst Forecasts For Tuesday

JP Morgan analyst Rajat Gupta maintains AutoNation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AN#NYSE">AN</a>) with a Neutral and raises the price target from $155 to $160.

JP Morgan Maintains Neutral on AutoNation, Raises Price Target to $160

BNED

BOOT

BURL

CONN

ULTA

URBN

Shares of retail companies are trading lower amid overall market weakness following weak US data. Soft guidance from Amazon may be negatively impacting the sector.

Wells Fargo analyst Colin Langan maintains AutoNation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AN#NYSE">AN</a>) with a Equal-Weight and raises the price target from $164 to $187.

Wells Fargo Maintains Equal-Weight on AutoNation, Raises Price Target to $187

Tech stocks soared to their best session in five months on Wednesday, ahead of the highly anticipated Federal Open Market Committee (FOMC) meeting. This broad tech rally was propelled by a sharp rebound in chipmakers, buoyed by robust corporate earnings and easing concerns over chip<a href="https://www.benzinga.com/markets/equities/24/07/40075799/semiconductor-stocks-set-for-strongest-day-in-5-months-as-chip-export-concerns-subside-top-wedne"> export restrictions to China.</a>
The Federal Reserve is expected to maintain interest rates at 5.25-5.50%, but market attention is fixed on Fed Chair Jerome Powell's press conference at 2:30 p.m. ET, for any hints of a potential rate cut in September, which market participants have fully priced in.
The Nasdaq 100 surged 2.7%, with 87 of its constituents in positive territory, led by Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>), which jumped 11%. The tech-heavy index hasn&#8217;t experienced such a rally since February 2024.
The Biden administration is planning to introduce new regulations next month to restrict the export of semiconductor manufacturing equipment to Chinese chipmakers, with key allies like Japan, the Netherlands, and South Korea being exempt, according to Reuters. 
The iShares Semiconductor ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SOXX#NYSE">SOXX</a>) soared over 5%, also marking its strongest session since late February 2024.
The S&amp;P 500 also posted solid gains, rising 1.6%. Small caps, tracked by the iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>), increased by 1.1%, eyeing their highest close since January 2022. Blue chips climbed 0.7%.
The dollar eased 0.2%, weighed down by a disappointing July private employment report released earlier by the ADP. The Japanese yen, tracked by the Invesco CurrencyShares Japanese Yen Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FXE#NYSE">FXE</a>), rallied 1.4% following an overnight rate hike by the Bank of Japan.
In commodities, gold rose 0.7%, surpassing $2,400 per ounce, and silver climbed 1.4%. Oil prices surged 3% amid escalating geopolitical tensions in the Middle East following the assassination of Hamas chief Ismail Haniyeh by Israeli forces in Iran.
Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) edged up 0.3%.
<h3 class="wp-block-heading">Wednesday&#8217;s Movers In US Major Indices, ETFs</h3>
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Major Indices</td>
<td>Price</td>
<td>1-day %chg</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>19,306.28</td>
<td>2.7%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>5,523.20</td>
<td>1.6%</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>2,267.02</td>
<td>1.1 %</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>41,030.77</td>
<td>0.7%</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">Updated at 12:55 p.m. ET</figcaption></figure>
According to <a href="http://www.benzinga.com/pro/register/?utm_source=BZprocontent073124&amp;t=be2bearmibe3na1">Benzinga Pro</a> data:
<ul>
<li>The&nbsp;SPDR S&amp;P 500 ETF Trust&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>)&nbsp;was 1.6% higher to $550.40.</li>
<li>The&nbsp;SPDR Dow Jones Industrial Average&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>)&nbsp;rose 0.7% to $410.22.</li>
<li>The tech-heavy Invesco QQQ Trust Series (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) fell 2.6% to $469.60.</li>
<li>The iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) rose 1.1% to $224.09.</li>
<li>Sector-wise, the Technology Select Sector SPDR Fund&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLK#NYSE">XLK</a>)&nbsp;outperformed, rallying 3.4%, while the&nbsp;Health Care Select Sector SPDR Fund&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLV#NYSE">XLV</a>) lagged, up 0.1%.</li>
</ul>
<h3 class="wp-block-heading">Wednesday&#8217;s Stock Movers</h3>
Stocks moving on earnings were:
<ul>
<li>Advanced Micro Devices Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMD#NASDAQ">AMD</a>), up 4%.</li>
<li>Altria Group, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MO#NYSE">MO</a>), down 3.8%,</li>
<li>Arista Networks, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ANET#NYSE">ANET</a>) up over 9%,</li>
<li>AutoNation, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AN#NYSE">AN</a>) up 8.2%,</li>
<li>Barrick Gold Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GOLD#NYSE">GOLD</a>) up 1.5%,</li>
<li>Bausch + Lomb Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BLCO#NYSE">BLCO</a>) up 0.4%,</li>
<li>Boeing Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BA#NYSE">BA</a>), up 5.1%,</li>
<li>Caesars Entertainment, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CZR#NASDAQ">CZR</a>) up over 12%,</li>
<li>DoubleVerify Holdings, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DV#NYSE">DV</a>) down about 1%,</li>
<li>DuPont de Nemours, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DD#NYSE">DD</a>) up 5.3%, </li>
<li>First Solar, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FSLR#NASDAQ">FSLR</a>) up 1.8%,</li>
<li>Freshworks Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FRSH#NASDAQ">FRSH</a>) down 4.5%,</li>
<li>Garmin Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GRMN#NYSE">GRMN</a>) down 4.6%, </li>
<li>GSK plc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GSK#NYSE">GSK</a>) down 2.3%,</li>
<li>Humana Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HUM#NYSE">HUM</a>) down 8.8%,</li>
<li>KKR &amp; Co. Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KKR#NYSE">KKR</a>) up 3.5%, </li>
<li>Kraft Heinz Company (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/KHC#NASDAQ">KHC</a>) up 4.3%,</li>
<li>Marriott International, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MAR#NASDAQ">MAR</a>) up 2.1%, </li>
<li>Match Group, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MTCH#NASDAQ">MTCH</a>) down 1%, </li>
<li>Microsoft Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NYSE">MSFT</a>) (down over 2.50%)</li>
<li>Norwegian Cruise Line Holdings Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NCLH#NYSE">NCLH</a>) down 1.8%</li>
<li>Oshkosh Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OSK#NYSE">OSK</a>) down 2.8%,</li>
<li>Penumbra, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PEN#NYSE">PEN</a>) down 3.1%,</li>
<li>Pinterest, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PINS#NYSE">PINS</a>) down over 12%</li>
<li>Starbucks Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SBUX#NASDAQ">SBUX</a>) up over 4%, </li>
<li>Teva Pharmaceutical Industries Limited (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TEVA#NYSE">TEVA</a>) up over 8%,</li>
<li>T-Mobile US, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TMUS#NASDAQ">TMUS</a>) up 2.5%,</li>
<li>Wingstop Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WING#NASDAQ">WING</a>) down 1.5%.</li>
</ul>
Stocks reporting after the close include: 
<ul>
<li>Albemarle Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ALB#NYSE">ALB</a>)</li>
<li>American International Group, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AIG#NYSE">AIG</a>)</li>
<li>Arm Holdings plc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ARM#NASDAQ">ARM</a>)</li>
<li>C.H. Robinson Worldwide, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CHRW#NASDAQ">CHRW</a>)</li>
<li>Carvana Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CVNA#NYSE">CVNA</a>)</li>
<li>eBay Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EBAY#NASDAQ">EBAY</a>)</li>
<li>Etsy, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ETSY#NASDAQ">ETSY</a>)</li>
<li>Host Hotels &amp; Resorts, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HST#NASDAQ">HST</a>)</li>
<li>Lam Research Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LRCX#NASDAQ">LRCX</a>)</li>
<li>Meta Platforms Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>)</li>
<li>MGM Resorts International (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MGM#NYSE">MGM</a>)</li>
<li>NETGEAR, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NTGR#NASDAQ">NTGR</a>)</li>
<li>QUALCOMM Incorporated (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QCOM#NASDAQ">QCOM</a>)</li>
<li>Teladoc Health, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TDOC#NYSE">TDOC</a>)</li>
<li>Western Union Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WU#NYSE">WU</a>).</li>
</ul>
Read now: 
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<li><a href="https://www.benzinga.com/federal-reserve/24/07/40071662/fed-shouldnt-wait-until-september-poll-finds-nearly-half-want-rate-cuts-today">Fed Shouldn&#8217;t Wait Until September: Poll Finds Nearly Half Want Rate Cuts Today</a></li>
</ul>
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