CarMax Shares Plunge 25% as Earnings Slide with Used Car Sales Fall of 6.4%

Used car retailer CarMax reported weaker-than-expected second quarter earnings which sent a message across the whole car industry of a weakening used car market. Both retail and wholesale units sold tumbled yr/yr were way below forecasts. $KMX stock lost around one quarter of its value today on the result.  No doubt higher interest rates and other macroeconomic headwinds, such as high inflation have hit the car industry with force. With that other auto retailers fell today including Carvana (CVNA -21%), AutoNation (AN -10%) … Continue reading “CarMax Shares Plunge 25% as Earnings Slide with Used Car Sales Fall of 6.4%”

Porsche IPO Priced at $78 Billion, Will Finance VW Electric Car Transformation

German car giant Volkswagen priced the public offering of preferred stock in its luxury brand Porsche between €76.50 and €82.50 which was largely in line with investor expectations. Shares in Porsche AG POAHY are set to begin trading Sept. 29. It will be one of the largest recent European public listings in years, raising up to $9.4 billion and valuing the iconic carmaker as high as $78 billion. The deal will put Porsche shares in public hands for the first … Continue reading “Porsche IPO Priced at $78 Billion, Will Finance VW Electric Car Transformation”