CarMax Stock (NYSE:KMX), Trade Ideas

CarMax

CarMax sells, finances, and services used and new cars through a chain of over 240 used retail stores. It was formed in 1993 as a unit of Circuit City and spun off into an independent company in late 2002. Used-vehicle sales typically account for about 83% of revenue (78% in fiscal 2023 due to the chip shortage) and wholesale about 13% (20% in fiscal 2023), with the remaining portion composed of extended service plans and repair. In fiscal 2023, the company retailed and wholesaled 807,823, and 585,071 used vehicles, respectively. CarMax is the largest used-vehicle retailer in the US but still estimates that it has only about 4% US market share of vehicles 0-10 years old in 2022. It seeks over 5% share by the end of calendar 2025. CarMax is based in Richmond, Virginia.

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Shares of CarMax Inc (NYSE: KMX) were falling in early trading on Friday, after the company reported downbeat earnings for its fiscal fourth quarter.

CarMax Shares Dip On Disappointing Q4 Earnings: Analysts Adjust Expectations

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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 analyst ratings page.

Tesla To $180? Here Are 10 Top Analyst Forecasts For Friday

CarMax Inc (NYSE: KMX) reported weaker-than-expected fourth-quarter earnings on Thursday.

CarMax Analysts Cut Their Forecasts After Downbeat Earnings

CarMax Inc

Financial giants have made a conspicuous bearish move on CarMax. Our analysis of options history for CarMax (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KMX#NYSE">KMX</a>) revealed 10 unusual trades.
Delving into the details, we found 40% of traders were bullish, while 60% showed bearish tendencies. Out of all the trades we spotted, 7 were puts, with a value of $339,240, and 3 were calls, valued at $121,290.
<h3>Expected Price Movements</h3>
Analyzing the Volume and Open Interest in these contracts, it seems that the big players have been eyeing a price window from $65.0 to $75.0 for CarMax during the past quarter. 
<h3>Volume &amp; Open Interest Development</h3>
In today's trading context, the average open interest for options of CarMax stands at 183.0, with a total volume reaching 3,144.00. The accompanying chart delineates the progression of both call and put option volume and open interest for high-value trades in CarMax, situated within the strike price corridor from $65.0 to $75.0, throughout the last 30 days.
<h3>CarMax Option Volume And Open Interest Over Last 30 Days</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1713213939_0.png" alt="Options Call Chart" />
<h3>Noteworthy Options Activity:</h3>

<table>
<thead>
<tr>
<th>Symbol</th>
<th>PUT/CALL</th>
<th>Trade Type</th>
<th>Sentiment</th>
<th>Exp. Date</th>
<th>Ask</th>
<th>Bid</th>
<th>Price</th>
<th>Strike Price</th>
<th>Total Trade Price</th>
<th style="text-align: right;">Open Interest</th>
<th>Volume</th>
</tr>
</thead>
<tbody>
<tr>
<td>KMX</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>01/16/26</td>
<td>$14.8</td>
<td>$14.5</td>
<td>$14.5</td>
<td>$75.00</td>
<td>$95.7K</td>
<td style="text-align: right;">14</td>
<td>0</td>
</tr>
<tr>
<td>KMX</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>07/19/24</td>
<td>$3.1</td>
<td>$3.0</td>
<td>$3.1</td>
<td>$65.00</td>
<td>$85.2K</td>
<td style="text-align: right;">401</td>
<td>1.0K</td>
</tr>
<tr>
<td>KMX</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>01/17/25</td>
<td>$10.9</td>
<td>$10.7</td>
<td>$10.8</td>
<td>$70.00</td>
<td>$62.6K</td>
<td style="text-align: right;">142</td>
<td>93</td>
</tr>
<tr>
<td>KMX</td>
<td>PUT</td>
<td>TRADE</td>
<td>BULLISH</td>
<td>01/17/25</td>
<td>$9.9</td>
<td>$9.6</td>
<td>$9.7</td>
<td>$72.50</td>
<td>$45.5K</td>
<td style="text-align: right;">316</td>
<td>0</td>
</tr>
<tr>
<td>KMX</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>07/19/24</td>
<td>$2.95</td>
<td>$2.9</td>
<td>$2.95</td>
<td>$65.00</td>
<td>$34.1K</td>
<td style="text-align: right;">401</td>
<td>124</td>
</tr>
</tbody>
</table>

<h3>About CarMax</h3>
CarMax sells, finances, and services used and new cars through a chain of over 240 used retail stores. It was formed in 1993 as a unit of Circuit City and spun off into an independent company in late 2002. Used-vehicle sales typically account for about 83% of revenue (78% in fiscal 2023 due to the chip shortage) and wholesale about 13% (20% in fiscal 2023), with the remaining portion composed of extended service plans and repair. In fiscal 2023, the company retailed and wholesaled 807,823, and 585,071 used vehicles, respectively. CarMax is the largest used-vehicle retailer in the US but still estimates that it has only about 4% US market share of vehicles 0-10 years old in 2022. It seeks over 5% share by the end of calendar 2025. CarMax is based in Richmond, Virginia.
After a thorough review of the options trading surrounding CarMax, we move to examine the company in more detail. This includes an assessment of its current market status and performance.
<h3>Current Position of CarMax</h3>
<ul>
<li>Currently trading with a volume of 3,587,678, the KMX's price is down by -2.73%, now at $69.46. </li>
<li>RSI readings suggest the stock is currently may be oversold.</li>
<li>Anticipated earnings release is in 67 days.</li>
</ul>
<h3>What The Experts Say On CarMax</h3>
In the last month, 5 experts released ratings on this stock with an average target price of $93.4.
<ul>
<li>In a positive move, an analyst from Needham has upgraded their rating to Buy and adjusted the price target to $99. </li>
<li>An analyst from Oppenheimer has revised its rating downward to Outperform, adjusting the price target to $105. </li>
<li>In a cautious move, an analyst from Mizuho downgraded its rating to Neutral, setting a price target of $80. </li>
<li>Maintaining their stance, an analyst from Wedbush continues to hold a Outperform rating for CarMax, targeting a price of $100. </li>
<li>An analyst from RBC Capital persists with their Outperform rating on CarMax, maintaining a target price of $83. </li>
</ul>
Trading options involves greater risks but also offers the potential for higher profits. Savvy traders mitigate these risks through ongoing education, strategic trade adjustments, utilizing various indicators, and staying attuned to market dynamics. Keep up with the latest options trades for CarMax with <a href="https://benzinga.grsm.io/register174">Benzinga Pro</a> for real-time alerts.

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Behind the Scenes of CarMax's Latest Options Trends

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Shares of retail companies are trading lower amid overall market weakness.

JP Morgan analyst Rajat Gupta maintains CarMax (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KMX#NYSE">KMX</a>) with a Underweight and lowers the price target from $60 to $55.

JP Morgan Maintains Underweight on CarMax, Lowers Price Target to $55

Evercore ISI Group analyst Michael Montani maintains CarMax (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KMX#NYSE">KMX</a>) with a In-Line and lowers the price target from $85 to $74.

Evercore ISI Group Maintains In-Line on CarMax, Lowers Price Target to $74

Shares of CarMax Inc (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/kmx#NYSE">KMX</a>) were falling in early trading on Friday, after the company reported&nbsp;downbeat earnings <a href="https://www.benzinga.com/news/24/04/38218715/carmax-analysts-cut-their-forecasts-after-downbeat-earnings">for its fiscal fourth quarter</a>.
The results came amid an <a href="https://www.benzinga.com/calendars/earnings">exciting earnings season</a>. Here are some key analyst takeaways from the release. 
Needham On CarMax
Analyst Chris Pierce reiterated a Buy rating, while reducing the price target from $99 to $91.
Hopes of an industry recovery have been pushed out due to expectations of Federal Reserve delays interest rate cuts, &ldquo;putting the burden of growth on share gains,&rdquo; Pierce said in a note.
CarMax gained share in three of the five months, starting in October, the analyst stated. &ldquo;A linear path to share gains would clearly be preferable, but we view recent results as thesis confirming,&rdquo; he added.
Check out <a href="https://www.benzinga.com/analyst-stock-ratings">other analyst stock ratings</a>.
RBC Capital Markets On CarMax
Analyst Steven Shemesh reaffirmed an Outperform rating, while lowering the price target from $83 to $73.
The company&rsquo;s fourth-quarter results were &ldquo;noisy,&rdquo; Shemesh said. Although there was an improvement in retail comp units, the performance quarter to date is &ldquo;trending down,&rdquo; pushing out the long-term unit target, he added.
&ldquo;It&rsquo;s tough to have much conviction in a near-term unit recovery &ndash; which we think is needed to really drive leverage throughout the model,&rdquo; the analyst further wrote. 
Mizuho Securities On CarMax 
Analyst David Bellinger maintained a Neutral rating, while cutting the price target from $80 to $75.
&ldquo;Consumers seem to be signaling purchase intent for used vehicles, but remain hesitant to transact given ongoing affordability issues,&rdquo; Bellinger said in a note.
&ldquo;KMX is making progress with its fifth consecutive quarter of sequential comp sales improvement and guiding to expense leverage on +LSD% gross profit growth,&rdquo; the analyst wrote. &ldquo;However, we believe top-line pressures will linger throughout FY24E, pressuring a return to more normalized EPS growth in the process,&rdquo; he added.
KMX Price Action: Shares of CarMax were down 0.71% to $71.47&nbsp;at the time of publication on Friday.
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Photo: Shutterstock

RBC Capital analyst Steven Shemesh maintains CarMax (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KMX#NYSE">KMX</a>) with a Outperform and lowers the price target from $83 to $73.

RBC Capital Maintains Outperform on CarMax, Lowers Price Target to $73

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-ratings/">analyst ratings page</a>.
<ul>
<li>Citigroup cut the price target for Starbucks Corporation (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/sbux#NASDAQ">SBUX</a>) from $102 to $95. Citigroup analyst Jon Tower maintained a Neutral rating. Starbucks shares fell 0.1% to close at $85.90 on Thursday. <a href="https://www.benzinga.com/quote/SBUX/analyst-ratings">See how other analysts view this stock.</a></li>
<li>Citigroup slashed the price target for Tesla, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/tsla#NASDAQ">TSLA</a>) from $196 to $180. Citigroup analyst Itay Michaeli maintained a Neutral rating. Tesla shares gained 1.7% to close at $174.60 on Thursday. <a href="https://www.benzinga.com/quote/TSLA/analyst-ratings">See how other analysts view this stock.</a></li>
<li>Needham cut CarMax, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/kmx#NYSE">KMX</a>) price target from $99 to $91. Needham analyst Chris Pierce maintained a Buy rating. CarMax shares fell 9.2% to close at $71.98 on Thursday. <a href="https://www.benzinga.com/quote/KMX/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>Mizuho cut the price target for Phillips 66 (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/psx#NYSE">PSX</a>) from $167 to $162. Mizuho analyst Nitin Kumar maintained a Neutral rating. Phillips 66 shares rose 0.2% to close at $165.41 on Thursday. <a href="https://www.benzinga.com/quote/PSX/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>Morgan Stanley raised Netflix, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/nflx#NASDAQ">NFLX</a>) price target from $600 to $700. Morgan Stanley analyst Benjamin Swinburne maintained an Overweight rating. Netflix shares rose 1.7% to close at $628.78 on Thursday. <a href="https://www.benzinga.com/quote/NFLX/analyst-ratings">See how other analysts view this stock.</a></li>
<li>Exane BNP Paribas lowered V.F. Corporation (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/vfc#NYSE">VFC</a>) price target from $18 to $14. Exane BNP Paribas analyst Laurent Vasilescu downgraded the stock from Outperform to Neutral. V.F. Corporation shares fell 2.7% to close at $13.13 on Thursday. <a href="https://www.benzinga.com/quote/VFC/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>Baird cut the price target for Fastenal Company (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/fast#NASDAQ">FAST</a>) from $77 to $71. Baird analyst David Manthey maintained a Neutral rating. Fastenal shares fell 6.5% to close at $69.88 on Thursday. <a href="https://www.benzinga.com/quote/FAST/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>Stifel slashed Target Hospitality Corp. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/th#NASDAQ">TH</a>) price target from $13 to $12. Stifel analyst Stephen Gengaro downgraded the stock from Buy to Hold. Target Hospitality shares fell 0.5% to close at $10.82 on Thursday. <a href="https://www.benzinga.com/quote/TH/analyst-ratings">See how other analysts view this stock.</a></li>
<li>Bernstein cut ASML Holding N.V. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/asml#NASDAQ">ASML</a>) price target from $1,072 to $1,052. Bernstein analyst Sara Russo maintained an Outperform rating. ASML shares rose 1.8% to close at $992.18 on Thursday. <a href="https://www.benzinga.com/quote/ASML/analyst-ratings">See how other analysts view this stock.</a></li>
<li>HC Wainwright &amp; Co. reduced Enlivex Therapeutics Ltd. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/enlv#NASDAQ">ENLV</a>) price target from $12 to $7. HC Wainwright &amp; Co. analyst Raghuram Selvaraju maintained a Buy rating. Enlivex Therapeutics shares fell 54% to close at $1.83 on Thursday. <a href="https://www.benzinga.com/quote/ENLV/analyst-ratings">See how other analysts view this stock.</a></li>
</ul>
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Truist Securities analyst Scot Ciccarelli maintains CarMax (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KMX#NYSE">KMX</a>) with a Hold and lowers the price target from $75 to $72.

Truist Securities Maintains Hold on CarMax, Lowers Price Target to $72

CarMax Inc (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/kmx#NYSE">KMX</a>) reported weaker-than-expected <a href="https://www.benzinga.com/news/earnings/24/04/38200055/why-is-used-vehicle-retailer-carmax-stock-plunging-today">fourth-quarter earnings on Thursday</a>.
CarMax reported a fourth-quarter FY24 sales decline of 1.7% year-on-year to $5.63 billion, missing the analyst consensus estimate of $5.79 billion. EPS of 32 cents missed the consensus estimate of 49 cents, according to data from <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a>.
The company sold 287,603 units through combined retail and wholesale channels, a decrease of 0.9% year-over-year. The company opened four stores in the fourth quarter and had a total of 245 used car stores as of February 29, 2024.
&quot;We are encouraged by the performance of our business during the fourth quarter. We reported growth in total used unit sales and comps, delivered strong retail and wholesale gross profit per unit, continued to actively manage SG&amp;A and grew CAF income significantly year-over-year,&quot; said Bill Nash, president and chief executive officer.&nbsp;
CarMax sees FY25 capital expenditure of $500 million &ndash; $550 million. The company reiterated its goal to sell more than 2 million combined retail and wholesale units annually. However, the company extended the timeframe to between fiscal year 2026 and fiscal year 2030 due to uncertainty in the timing of market recovery.
CarMax shares fell 9.2% to close at $71.98 on Thursday.
These analysts made changes to their price targets on CarMax following earnings announcement.
<ul>
<li>Baird cut the price target on CarMax from $88 to $84. Baird analyst Craig Kennison maintained an Outperform rating.</li>
<li>Mizuho lowered the price target on CarMax from $80 to $75. Mizuho analyst David Bellinger maintained a Neutral rating.</li>
<li>Needham cut the price target on CarMax from $99 to $91. Needham analyst Chris Pierce maintained a Buy rating.</li>
</ul>
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Needham analyst Chris Pierce maintains CarMax (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KMX#NYSE">KMX</a>) with a Buy and lowers the price target from $99 to $91.

Needham Maintains Buy on CarMax, Lowers Price Target to $91

Mizuho analyst David Bellinger maintains CarMax (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KMX#NYSE">KMX</a>) with a Neutral and lowers the price target from $80 to $75.

Mizuho Maintains Neutral on CarMax, Lowers Price Target to $75

Baird analyst Craig Kennison maintains CarMax (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KMX#NYSE">KMX</a>) with a Outperform and lowers the price target from $88 to $84.

Baird Maintains Outperform on CarMax, Lowers Price Target to $84

CarMax Inc&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KMX#NYSE">KMX</a>) has reportedly initiated marketing for a $1.25 billion bond sale shortly after falling short of analysts&#8217; predictions in fourth-quarter earnings.
The auto retailer intends to sell the debt through an asset-backed securities offering that might increase to $1.6 billion, according to a report from&nbsp;<a target="_blank" href="https://www.bloomberg.com/news/articles/2024-04-11/carmax-to-raise-1-25-billion-in-bond-sale-after-profit-miss?srnd=industries-consumer&amp;sref=TBDibEcD" rel="noreferrer noopener">Bloomberg</a>.
Mitsubishi UFJ Financial Group is organizing the deal, expected to be formally announced next week, the report added.
CarMax shares plummeted significantly,<a target="_blank" href="https://www.benzinga.com/news/earnings/24/04/38200055/why-is-used-vehicle-retailer-carmax-stock-plunging-today" rel="noreferrer noopener">&nbsp;attributed to profits below Wall Street&#8217;s expectations</a>.
The company reported earnings per share of 32 cents, notably lower than the consensus estimate. The drop is attributed to potential buyers&#8217; hesitation due to high monthly payments, reflecting concerns about vehicle affordability.
KMX said vehicle affordability challenges continued to impact fourth-quarter unit sales performance, as headwinds remained due to widespread inflationary pressures, higher interest rates, tightening lending standards, and low consumer confidence.
Despite the earnings setback, CarMax&#8217;s move into the ABS market is not unprecedented, as per the report.
In January, it raised $1.55 billion through an ABS offering supported by prime auto loans. Since 2014, CarMax has amassed over $54 billion in ABS sales, as per the data compiled by Bloomberg.
Price Action: KMX shares closed lower by 9.23% at $71.98 on Thursday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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CarMax Reacts Swiftly After Earnings Miss With $1.25B Bond Sale: Report

Investors can breathe a sigh of relief on Thursday as last month&#8217;s Producer Price Index (PPI) inflation turned out slightly lower than expected, albeit with some caveats across different <a href="https://www.benzinga.com/economics/macro-economic-events/24/04/38206965/mild-producer-price-data-follows-consumer-price-shock-yet-economists-raise-doubts">measures within the basket. </a>
Stocks rebounded by noon trading in New York, yet the surge fell short of recovering Wednesday&#8217;s losses, indicating lingering nervousness regarding the rate-path outlook. 
Traders have significantly adjusted their expectations for the Fed&#8217;s future actions in the past 24 hours, pushing the potential first-rate cut from June to September, with less than two cuts priced in by year-end.
The tech-heavy Nasdaq 100 outperformed the broader market, up 1.2%, driven by a rally in the semiconductor industry, with Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) surging 3.1% following a 2% increase the previous day.
Treasury yields stayed flat in the short-end, while inching higher in the long-end of the curve, triggering further declines in long-dated Treasury bonds. The iShares 20+ Year Treasury Bond ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TLT#NASDAQ">TLT</a>) was down 0.2%, on track to the lowest close in nearly six months. 
The U.S. dollar index (DXY) held broadly steady. In Europe, the European Central Bank (ECB) hinted at a potential interest-rate cut in June, pushing back fears of delay linked to U.S. inflation and the Fed&#8217;s actions. 
Gold, as tracked by the SPDR Gold Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GLD#NYSE">GLD</a>), continued to show strong resilience, rising nearly 1% on track to a new record-high close. Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) softened 0.5% to $70,200. 
<h3 class="wp-block-heading">Wednesday's Performance 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>18,231.11</td>
<td>1.2%</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>2,044.59</td>
<td>0.8%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>5,192.43</td>
<td>0.6%</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>38,482.85</td>
<td>0.0%</td>
</tr>
</tbody>
</table>
</figure>
The&nbsp;SPDR S&amp;P 500 ETF Trust&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) rose 0.7% to $517.50, the&nbsp;SPDR Dow Jones Industrial Average (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>) flat at $384.83 and the tech-heavy&nbsp;Invesco QQQ Trust&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) rose 1.2% to $443.69, according to&nbsp;<a href="https://pro.benzinga.com/dashboard">Benzinga Pro data</a>.&nbsp;
Sector-wise, the Technology Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLK#NYSE">XLK</a>) outperformed, up 1.4%, while the Energy Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLRE#NYSE">XLRE</a>) fell the most, down by 0.4%. 
<h3 class="wp-block-heading">Thursday&#8217;s Stock Movers</h3>
<ul>
<li>Nike Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NKE#NYSE">NKE</a>) rose 3.8% after Bank of America upgraded the retail giant from Neutral to Buy and raised the price target from $110 to $113. </li>
<li>Paramount Global (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PARA#NASDAQ">PARA</a>) rallied 6.5%, marking the strongest daily performance within the S&amp;P 500, after rumors of the company mulling the sale of VidCon. </li>
<li>Globe Life Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GL#NYSE">GL</a>) plummeted by over 35% following allegations of insurance fraud and pyramid scheme behaviors made by short-seller Fuzzy Panda.</li>
<li>CarMax Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KMX#NYSE">KMX</a>) tumbled 11% after missing earning estimates last quarter. </li>
<li>Nikola Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NKLA#NASDAQ">NKLA</a>) fell nearly 20% after the company&#8217;s proposal for a reverse stock split. </li>
<li>Alpine Immune Sciences Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ALPN#NASDAQ">ALPN</a>) skyrocketed 37% after Vertex Pharmaceuticals (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VRTX#NASDAQ">VRTX</a>) announced a $4.9 billion deal to buy Alpine Immune Sciences for $65 per share, implying a 38% premium from Wednesday&#8217;s close. </li>
</ul>
Read now: <a href="https://www.benzinga.com/tech/24/04/38206364/andy-jassy-says-amazon-has-its-hand-in-every-layer-of-the-generative-ai-stack-this-is-going-to-trans">Andy Jassy Says Amazon Has Its Hand In Every Layer Of The Generative AI Stack: &#8216;This Is Going To Transform Virtually Every Experience&#8217;</a>
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Select Sector SPDR-Consumer Discretionary

Stocks Bounce Back With Tech, Gold Gaining After Modest Producer Inflation Data: What's Driving Markets Thursday?

This whale alert can help traders discover the next big trading opportunities.
Whales are entities with large sums of money and we track their transactions here at Benzinga on our options activity scanner.
Traders often look for circumstances when the market estimation of an option diverges away from its normal worth. Abnormal amounts of trading activity could push option prices to hyperbolic or underperforming levels. 
Below are some instances of options activity happening in the Consumer Discretionary sector: 
<table>
<thead>
<tr>
<th>Symbol</th>
<th>PUT/CALL</th>
<th>Trade Type</th>
<th>Sentiment</th>
<th>Exp. Date</th>
<th>Strike Price</th>
<th>Total Trade Price</th>
<th>Open Interest</th>
<th>Volume</th>
</tr>
</thead>
<tbody>
<tr>
<td>TSLA</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>04/12/24</td>
<td>$177.50</td>
<td>$28.2K</td>
<td>18.4K</td>
<td>59.7K</td>
</tr>
<tr>
<td>AMZN</td>
<td>PUT</td>
<td>TRADE</td>
<td>BEARISH</td>
<td>04/19/24</td>
<td>$190.00</td>
<td>$29.5K</td>
<td>1.3K</td>
<td>2.6K</td>
</tr>
<tr>
<td>TPR</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>05/10/24</td>
<td>$44.00</td>
<td>$125.9K</td>
<td>0</td>
<td>1.1K</td>
</tr>
<tr>
<td>KMX</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>04/12/24</td>
<td>$80.00</td>
<td>$41.4K</td>
<td>5.5K</td>
<td>762</td>
</tr>
<tr>
<td>NKE</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>10/18/24</td>
<td>$90.00</td>
<td>$57.0K</td>
<td>934</td>
<td>629</td>
</tr>
<tr>
<td>RIVN</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>05/10/24</td>
<td>$10.00</td>
<td>$28.8K</td>
<td>261</td>
<td>561</td>
</tr>
<tr>
<td>SBUX</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>09/20/24</td>
<td>$100.00</td>
<td>$427.7K</td>
<td>505</td>
<td>304</td>
</tr>
<tr>
<td>PDD</td>
<td>PUT</td>
<td>TRADE</td>
<td>BULLISH</td>
<td>01/17/25</td>
<td>$120.00</td>
<td>$62.1K</td>
<td>4.1K</td>
<td>187</td>
</tr>
<tr>
<td>APTV</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>08/16/24</td>
<td>$85.00</td>
<td>$26.2K</td>
<td>188</td>
<td>158</td>
</tr>
<tr>
<td>ULTA</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>06/20/25</td>
<td>$420.00</td>
<td>$31.9K</td>
<td>5</td>
<td>52</td>
</tr>
</tbody>
</table>

<h2>Explanation</h2>
These bullet-by-bullet explanations have been constructed using the accompanying table. 
• For TSLA (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>), we notice a call option sweep that happens to be bullish, expiring in 1 day(s) on April 12, 2024. This event was a transfer of 575 contract(s) at a $177.50 strike. This particular call needed to be split into 9 different trades to become filled. The total cost received by the writing party (or parties) was $28.2K, with a price of $49.0 per contract. There were 18477 open contracts at this strike prior to today, and today 59794 contract(s) were bought and sold. 
• For AMZN (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>), we notice a put option trade that happens to be bearish, expiring in 8 day(s) on April 19, 2024. This event was a transfer of 100 contract(s) at a $190.00 strike. The total cost received by the writing party (or parties) was $29.5K, with a price of $295.0 per contract. There were 1381 open contracts at this strike prior to today, and today 2604 contract(s) were bought and sold. 
• For TPR (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TPR#NYSE">TPR</a>), we notice a call option sweep that happens to be bullish, expiring in 29 day(s) on May 10, 2024. This event was a transfer of 1145 contract(s) at a $44.00 strike. This particular call needed to be split into 43 different trades to become filled. The total cost received by the writing party (or parties) was $125.9K, with a price of $110.0 per contract. There were 0 open contracts at this strike prior to today, and today 1145 contract(s) were bought and sold. 
• Regarding KMX (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KMX#NYSE">KMX</a>), we observe a put option sweep with bullish sentiment. It expires in 1 day(s) on April 12, 2024. Parties traded 46 contract(s) at a $80.00 strike. This particular put needed to be split into 6 different trades to become filled. The total cost received by the writing party (or parties) was $41.4K, with a price of $900.0 per contract. There were 5530 open contracts at this strike prior to today, and today 762 contract(s) were bought and sold. 
• For NKE (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NKE#NYSE">NKE</a>), we notice a call option sweep that happens to be bullish, expiring in 190 day(s) on October 18, 2024. This event was a transfer of 61 contract(s) at a $90.00 strike. This particular call needed to be split into 22 different trades to become filled. The total cost received by the writing party (or parties) was $57.0K, with a price of $935.0 per contract. There were 934 open contracts at this strike prior to today, and today 629 contract(s) were bought and sold. 
• For RIVN (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RIVN#NASDAQ">RIVN</a>), we notice a call option sweep that happens to be bearish, expiring in 29 day(s) on May 10, 2024. This event was a transfer of 300 contract(s) at a $10.00 strike. This particular call needed to be split into 3 different trades to become filled. The total cost received by the writing party (or parties) was $28.8K, with a price of $96.0 per contract. There were 261 open contracts at this strike prior to today, and today 561 contract(s) were bought and sold. 
• For SBUX (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SBUX#NASDAQ">SBUX</a>), we notice a put option sweep that happens to be bearish, expiring in 162 day(s) on September 20, 2024. This event was a transfer of 292 contract(s) at a $100.00 strike. This particular put needed to be split into 10 different trades to become filled. The total cost received by the writing party (or parties) was $427.7K, with a price of $1465.0 per contract. There were 505 open contracts at this strike prior to today, and today 304 contract(s) were bought and sold. 
• Regarding PDD (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PDD#NASDAQ">PDD</a>), we observe a put option trade with bullish sentiment. It expires in 281 day(s) on January 17, 2025. Parties traded 36 contract(s) at a $120.00 strike. The total cost received by the writing party (or parties) was $62.1K, with a price of $1725.0 per contract. There were 4133 open contracts at this strike prior to today, and today 187 contract(s) were bought and sold. 
• Regarding APTV (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/APTV#NYSE">APTV</a>), we observe a call option sweep with bullish sentiment. It expires in 127 day(s) on August 16, 2024. Parties traded 75 contract(s) at a $85.00 strike. This particular call needed to be split into 22 different trades to become filled. The total cost received by the writing party (or parties) was $26.2K, with a price of $350.0 per contract. There were 188 open contracts at this strike prior to today, and today 158 contract(s) were bought and sold. 
• Regarding ULTA (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ULTA#NASDAQ">ULTA</a>), we observe a put option sweep with bearish sentiment. It expires in 435 day(s) on June 20, 2025. Parties traded 9 contract(s) at a $420.00 strike. This particular put needed to be split into 3 different trades to become filled. The total cost received by the writing party (or parties) was $31.9K, with a price of $3557.0 per contract. There were 5 open contracts at this strike prior to today, and today 52 contract(s) were bought and sold. 
Options Alert Terminology 
 - Call Contracts: The right to buy shares as indicated in the contract. 
 - Put Contracts: The right to sell shares as indicated in the contract. 
 - Expiration Date: When the contract expires. One must act on the contract by this date if one wants to use it. 
 - Premium/Option Price: The price of the contract. 
For more information, visit our <a href="https://pro.benzinga.com/blog/how-to-understand-option-alerts/">Guide to Understanding Options Alerts</a> or read <a href="https://www.benzinga.com/markets/options">more about unusual options activity</a>. 
This article was generated by Benzinga's automated content engine and reviewed by an editor.

AMZN

APTV

Citigourp Global Markets 2% Protected Notes Linked To The Djia

RIVN

ULTA

10 Consumer Discretionary Stocks Whale Activity In Today's Session

Shares of Fastenal Company (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/fast#NASDAQ">FAST</a>) fell sharply during Thursday&rsquo;s session following worse-than-expected first-quarter financial results.
Fastenal reported first-quarter FY24 sales growth of 1.9% Y/Y to $1.895 billion, missing the consensus of $1.914 billion. The company&#39;s first-quarter EPS was 52 cents, missing the consensus of 53 cents.
Fastenal shares dipped 6.7% to $69.73 on Thursday.
Here are some other stocks moving in today&#39;s mid-day session.
<h3>Gainers</h3>
<ul>
<li>Rallybio Corporation (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/rlyb#NASDAQ">RLYB</a>) shares climbed 89.6% to $3.09 after the company announced a collaboration with Johnson &amp; Johnson to advance therapeutics for pregnant individuals at risk of FNAIT.</li>
<li>Rent the Runway, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/rent#NASDAQ">RENT</a>) shares jumped 74.5% to $12.91 after the company reported mixed fourth-quarter financial results and issued guidance.</li>
<li>Eliem Therapeutics, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/elym#NASDAQ">ELYM</a>) jumped 59.6% to $4.2650. The company announced that it entered into a definitive acquisition agreement to acquire Tenet and it also entered into a securities purchase agreement for a $120 million private placement.</li>
<li>Akanda Corp. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/akan#NASDAQ">AKAN</a>) gained 36% to $0.1632. Akanda, last month, announced a plan to evaluate opportunities in Bitcoin, Blockchain and AI applications in the cannabis industry.</li>
<li>Alpine Immune Sciences, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/alpn#NASDAQ">ALPN</a>) rose 36.6% to $64.25 after Vertex entered into an agreement to acquire the company.</li>
<li>Candel Therapeutics, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/cadl#NASDAQ">CADL</a>) surged 29.6% to $6.61 after the company received FDA orphan drug designation for CAN-2409 for the treatment of pancreatic cancer.</li>
<li>Enliven Therapeutics, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/elvn#NASDAQ">ELVN</a>) gained 26% to $24.97. Enliven Therapeutics announced proof of concept data from Phase 1 clinical trial of ELVN-001 in chronic myeloid leukemia.</li>
<li>Selina Hospitality PLC (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/slna#NASDAQ">SLNA</a>) rose 21.1% to $0.0923.</li>
<li>Globavend Holdings Limited (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/gvh#NASDAQ">GVH</a>) climbed 16.8% to $1.68.</li>
<li>Janux Therapeutics, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/janx#NASDAQ">JANX</a>) gained 16.8% to $52.15 following Wednesday reports suggesting the company is said to weigh a possible sale.</li>
<li>SciSparc Ltd. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/sprc#NASDAQ">SPRC</a>) shares rose 15.3% to $1.9357.</li>
<li>Gyre Therapeutics, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/gyre#NASDAQ">GYRE</a>) gained 14.6% to $15.91.</li>
<li>AnaptysBio, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/anab#NASDAQ">ANAB</a>) climbed 11.4% to $24.72. Wells Fargo analyst Derek Archila initiated coverage on AnaptysBio with an Overweight rating and announced a price target of $56.</li>
<li>Verb Technology Company, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/verb#NASDAQ">VERB</a>) gained 10.4% to $0.2010 after gaining 4% on Wednesday.</li>
<li>GigaCloud Technology Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/gct#NASDAQ">GCT</a>) rose 10.2% to $34.18.</li>
<li>Nurix Therapeutics, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/nrix#NASDAQ">NRIX</a>) gained 9.6% to $17.21. Baird analyst Joel Beatty maintained Nurix Therapeutics with an Outperform and raised the price target from $24 to $25.</li>
<li>StepStone Group LP (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/step#NASDAQ">STEP</a>) rose 7.1% to $37.46 after JP Morgan upgraded the stock from Neutral to Overweight.</li>
</ul>
<h3>Losers</h3>
<ul>
<li>Aptevo Therapeutics Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/apvo#NASDAQ">APVO</a>) shares fell 58% to $1.01 after the company priced its $4.6 million public offering.</li>
<li>Enlivex Therapeutics Ltd. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/enlv#NASDAQ">ENLV</a>) fell 54.5% to $1.81. The company announced topline results of its Phase II trial evaluating Allocetra in sepsis.</li>
<li>AVITA Medical, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/rcel#NASDAQ">RCEL</a>) fell 28.6% to $10.31 after the company announced an update to its expected commercial revenue for the first quarter of 2024. BTIG downgraded the stock from Buy to Neutral.</li>
<li>Aesthetic Medical International Holdings Group Limited (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/aih#NASDAQ">AIH</a>) fell 19% to $0.3723.</li>
<li>Globe Life Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/gl#NYSE">GL</a>) fell 14.6% to $89.65.</li>
<li>The Lovesac Company (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/love#NASDAQ">LOVE</a>) shares fell 14.3% to $20.00 after the company reported worse-than-expected fourth-quarter results and issued first-quarter guidance.</li>
<li>Globe Life Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/gl#NYSE">GL</a>) fell 13.7% to $90.56.</li>
<li>Meiwu Technology Company Limited (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/wnw#NASDAQ">WNW</a>) shares declined 12.4% to $1.1601 after jumping around 32% on Wednesday.</li>
<li>Acorda Therapeutics, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/acor#NASDAQ">ACOR</a>) fell 12% to $0.7660 after declining 14% on Wednesday. Acorda Therapeutics recently commenced voluntary proceedings under Chapter 11 of the United States Bankruptcy Code.</li>
<li>CarMax, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/kmx#NYSE">KMX</a>) fell 11.7% to $70.02 after the company reported lower-than-expected fourth-quarter earnings.</li>
<li>VBI Vaccines Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/vbiv#NASDAQ">VBIV</a>) dipped 11.3% to $0.5641.</li>
<li>Nikola Corporation (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/nkla#NASDAQ">NKLA</a>) fell 11.3% to $0.8680. On April 9, Wolfe Research analyst Scott Group initiated coverage on Nikola with a Peer Perform rating.</li>
<li>Marin Software Incorporated (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/mrin#NASDAQ">MRIN</a>) declined 10.8% to $0.5798.</li>
<li>SolarBank Corporation (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/suun#NASDAQ">SUUN</a>) fell 9.3% to $5.29. SolarBank closed purchase of 3.15 MW solar project in New York from Storke Renewable.</li>
<li>Esperion Therapeutics, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/espr#NASDAQ">ESPR</a>) fell 9.1% to $2.29.</li>
<li>9F Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/jfu#NASDAQ">JFU</a>) fell 8.8% to $2.7046.</li>
<li>iCoreConnect Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/icct#NASDAQ">ICCT</a>) shares fell 8.5% to $1.55 after jumping over 50% on Wednesday.</li>
<li>ClearOne, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/clro#NASDAQ">CLRO</a>) declined 8.3% to $1.00. The company recently reported fourth-quarter financial results.</li>
<li>Nyxoah S.A. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/nyxh#NASDAQ">NYXH</a>) fell 7.3% to $9.83</li>
<li>Acorda Therapeutics, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/acor#NASDAQ">ACOR</a>) fell 6.2% to $0.8164.</li>
<li>Walker &amp; Dunlop, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/wd#NYSE">WD</a>) fell 5.3% to $87.71 after Wedbush downgraded the stock from Outperform to Neutral and lowered its price target from $130 to $95.</li>
</ul>
&nbsp;
Now Read This: <a href="https://www.benzinga.com/trading-ideas/long-ideas/24/04/38200890/top-3-health-care-stocks-which-could-rescue-your-portfolio-this-quarter"> Top 3 Health Care Stocks Which Could Rescue Your Portfolio This Quarter</a>

Movers

ACOR

AKAN

ANAB

APVO

CADL

CLRO

ELVN

ELYM

ESPR

GYRE

ICCT

JANX

LOVE

MRIN

NRIX

NYXH

RCEL

RLYB

SLNA

SPRC

STEP

SUUN

VBIV

VERB

Why Fastenal Shares Are Trading Lower By Around 7%? Here Are Other Stocks Moving In Thursday's Mid-Day Session

U.S. stocks traded mixed midway through trading, with the Dow Jones index falling around 100 points on Thursday.
The Dow traded down 0.35% to 38,328.18 while the NASDAQ rose 0.50% to 16,251.71. The S&amp;P 500 also rose, gaining, 0.03% to 5,162.19.Check This Out: <a href="https://www.benzinga.com/news/earnings/24/04/38176517/how-to-earn-500-a-month-from-citigroup-stock-ahead-of-q1-earnings-report"> How To Earn $500 A Month From Citigroup Stock Ahead Of Q1 Earnings Report</a>
<h3>
Leading and Lagging Sectors</h3>
&nbsp;
Information technology shares rose by 0.1% on Thursday.
In trading on Thursday, financial shares fell by 1.3%.
&nbsp;
<h3>Top Headline</h3>
&nbsp;
CarMax Inc (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/kmx#NYSE">KMX</a>) reported weaker-than-expected fourth-quarter earnings.
CarMax reported a fourth-quarter FY24 sales decline of 1.7% year-on-year to $5.63 billion, missing the analyst consensus estimate of $5.79 billion. EPS of 32 cents missed the consensus estimate of 49 cents.
&nbsp;
<h3>Equities Trading UP</h3>
&nbsp;
Rallybio Corporation (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/rlyb#NASDAQ">RLYB</a>) shares shot up 73% to $2.8150 after the company announced a collaboration with Johnson &amp; Johnson to advance therapeutics for pregnant individuals at risk of FNAIT.
Shares of Eliem Therapeutics, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/elym#NASDAQ">ELYM</a>) got a boost, surging 59% to $4.2452. The company announced that it entered into a definitive acquisition agreement to acquire Tenet and it also entered into a securities purchase agreement for a $120 million private placement.
Rent the Runway, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/rent#NASDAQ">RENT</a>) shares were also up, gaining 128% to $16.85 after the company reported mixed fourth-quarter financial results and issued guidance.
&nbsp;
<h3>Equities Trading DOWN</h3>
&nbsp;
Aptevo Therapeutics Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/apvo#NASDAQ">APVO</a>) shares dropped 58% to $1.02 after the company priced its $4.6 million public offering.
Shares of Enlivex Therapeutics Ltd. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/enlv#NASDAQ">ENLV</a>) were down 49% to $2.0250. The company announced topline results of its Phase II trial evaluating Allocetra in sepsis.
AVITA Medical, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/rcel#NASDAQ">RCEL</a>) was down, falling 31% to $10.01 after the company announced an update to its expected commercial revenue for the first quarter of 2024. BTIG downgraded the stock from Buy to Neutral.
Also Check This Out:<a href="https://www.benzinga.com/news/24/04/38198816/top-3-financial-stocks-that-are-ticking-portfolio-bombs"> Top 3 Financial Stocks That Are Ticking Portfolio Bombs </a>
&nbsp;
<h3>Commodities</h3>
&nbsp;
In commodity news, oil traded down 0.9% to $85.48 while gold traded up 0.6% at $2,363.00.
Silver traded up 0.6% to $28.23 on Thursday, while copper fell 0.3% to $4.2690.
&nbsp;
<h3>Euro zone</h3>
&nbsp;
European shares were lower today. The eurozone&rsquo;s STOXX 600 fell 0.3%, London&rsquo;s FTSE 100 fell 0.5% while Spain&rsquo;s IBEX 35 Index fell 1% The German DAX fell 0.6% French CAC 40 fell 0.2% while Italy&rsquo;s FTSE MIB Index fell 0.8%.
The European Central Bank kept interest rates unchanged for a fifth straight time during its April meeting.
&nbsp;
<h3>Asia Pacific Markets</h3>
&nbsp;
Asian markets closed mixed on Thursday, with Japan&rsquo;s Nikkei 225 falling 0.35%, Hong Kong&rsquo;s Hang Seng Index dropping 0.26%, China&rsquo;s Shanghai Composite gaining 0.23% and India&rsquo;s S&amp;P BSE Sensex gaining 0.47%.
China&#39;s consumer prices rose 0.1% year-over-year in March, while producer prices fell by 2.8% year-over-year in March.
&nbsp;
<h3>Economics</h3>
&nbsp;
Producer prices in the U.S. rose 0.2% month-over-month in March compared to a 0.6% gain in February. However, analysts were expecting a gain of 0.3%.
U.S. initial jobless claims declined by 11,000 to 211,000 in the week ending April 6, compared to market estimates of 215,000.
Now Read This: <a href="https://www.benzinga.com/news/earnings/24/04/38198109/citigroup-likely-to-report-lower-q1-earnings-here-are-the-recent-forecast-changes-from-wall-streets"> Citigroup Likely To Report Lower Q1 Earnings; Here Are The Recent Forecast Changes From Wall Street&#39;s Most Accurate Analysts</a>
&nbsp;

Eurozone

Global

Dow Dips 100 Points; CarMax Earnings Miss Views

Carvana Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CVNA#NYSE">CVNA</a>) shares are moving lower. The stock appears to be trading down in sympathy with shares of competitor CarMax Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KMX#NYSE">KMX</a>), which fell on worse-than-expected <a href="https://www.benzinga.com/quote/KMX">earnings results</a>.
What Happened With KMX: Carmax reported fourth-quarter revenue of $5.63 billion, which missed the consensus estimate of $5.79 billion, according to <a href="http://pro.benzinga.com">Benzinga Pro</a>. The company reported quarterly earnings of 32 cents per share, which missed estimates of 49 cents per share.
Net revenues were down 1.7% on a year-over-year basis, while comparable sales increased 0.1% compared to the prior year&#8217;s fourth quarter. Combined retail and wholesale used vehicle unit sales were 287,603, representing a decline of&nbsp;0.9%&nbsp;from the prior year&#8217;s quarter.
&#8220;We are encouraged by the performance of our business during the&nbsp;fourth quarter. We reported growth in total used unit sales and comps, delivered strong retail and wholesale gross profit per unit, continued to actively manage SG&amp;A and grew CAF income significantly year-over-year,&#8221; said Bill Nash, president and CEO of CarMax.
CarMax maintained its goal to sell more than 2 million combined retail and wholesale units annually, but extended the timeframe to between fiscal year 2026 and fiscal year 2030 due to uncertainty in the timing of market recovery and a continued focus on profitable market share growth. CarMax shares were down nearly 7% at last check.
Carvana is due to report its <a href="https://www.benzinga.com/calendars/earnings">quarterly financial results</a> after the market close on May 1. The company is expected to report a loss of 77 cents per share and revenue of $2.649 billion, according to estimates from <a href="http://pro.benzinga.com">Benzinga Pro</a>.
See Also: <a href="https://www.benzinga.com/fintech/24/04/38110804/top-10-us-corporate-bonds-by-market-performance-in-2024-april-update">Top 10 US Corporate Bonds By Market Performance In 2024: April Update</a>
<h2 class="wp-block-heading">Is CVNA A Good Stock To Buy?</h2>
Wall Street analysts view Carvana on the whole as a Neutral, given the history of coverage over the past three months. John Colantuoni from Jefferies is the most optimistic, expecting a 183.33% rise in the stock in the coming year.
But looking at how the market as a whole thinks of the stock, you can reference historical price action for views on whether investors feel strongly about the stock one way or another. In the past three months, Carvana rose 90.61%, which indicates that opinion improved on the business and how attractive it is to own based on either its stock price, or underlying fundamentals, like revenue, which fell 14.56% over the past year.
A complete overview of how Wall Street views individual stocks is available <a href="https://www.benzinga.com/analyst-stock-ratings">here</a>, while real time updates on the latest analyst actions will be delivered via <a href="https://pro.benzinga.com">Benzinga PRO</a>. Try it for free.
CVNA Price Action: Carvana shares were down 3.32% at $77.85 at the time of publication, according to <a href="http://pro.benzinga.com">Benzinga Pro</a>.
Photo: Shutterstock.

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