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MarketWatch MarketPulseApr 02, 2020
CarMax's stock surges profit and sales beat expectations for quarter through February, before March slowdown
Shares of CarMax Inc. surged 6.0% in premarket trading Thursday, after the used autos seller reported profit and sales for the fiscal fourth-quarter, which ended on Feb. 29, that rose above expectations. The company said "robust" same-store sales continued through the first week of March, but since then sales have dropped significantly as the coronavirus situation escalated. Net income rose to $214.9 million, or $1.30 a share, from $192.6 million, or $1.13 a share, in the year-ago period. The FactSet consensus for earnings per share was $1.13. Net sales rose 14.9% to $4.96 billion, above the FactSet consensus of $4.71 billion. Used vehicle sales rose 14.7%, while used vehicle same-store sales grew 11.0%. The company said over the last few weeks, about half of its stores have closed or running under limited operations, and consumer demand has "progressively deteriorated" in the stores that remain open. The company has halted share repurchases and has paused its store expansion strategy. The stock has tumbled 41.5% over the past three months through Wednesday, while the S&P 500 has lost 24.2%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.



MarketWatch MarketPulseApr 02, 2020
Boeing is offering buyout and early retirement packages as it works to combat COVID-19 impact: reports
Boeing Co. is offering buyout and early retirement packages to employees as it works to combat the impact on its business of the coronavirus that causes COVID-19 that has grounded airlines around the world and decreased demand for new planes, according to media reports Thursday. The aerospace giant announced the plan in a memo to employees from Chief Executive Dave Calhoun, according to CNBC. "It's important we start adjusting to our new reality now," he wrote, said the CNBC report. Boeing has about 151,000 employees, roughly haf of whom are based around Seattle's Puget Sound region. The company has called on the federal government to bail it out with a $60 billion package. The company was struggling before the virus outbreak with the fallout from the grounding of its 737 Max fleet, following two fatal crashes. Job cuts may complicate the company's efforts to get bailout money, however. Boeing shares were up 2.6% premarket but have fallen 60% in 2020 to date, while the Dow Jones Industrial Average has fallen 27% and the S&P 500 has fallen 24%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.



Google Business NewsApr 02, 2020
On brink of coronavirus crisis, Japan PM offers masks, gets social media roasting - Reuters UK
On brink of coronavirus crisis, Japan PM offers masks, gets social media roasting  Reuters UKJapan Is Relying on Public Obedience as Coronavirus Cases Rise  TIMEJapan's Abe Will Likely Add to Record $555 Billion Stimulus  BloombergJapan on brink of emergency as coronavirus spreads: government spokesperson  Reuters
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