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    • Breaking News
    Apr 11, 2023
    • CarMax Inc said revenue in the fiscal fourth quarter ending in February increased 25.6% to $5.6 billion and net income plunged to $69.0 million from $1159.8 million and diluted earnings per share fell to 44 cents from 98 cents a year ago. 

      Combined retail and wholesale used vehicle unit sales were 290,214, 15.5% lower compared to the previous year.  Average selling price for used vehicles declined 9.3% to $26,598 from $29,312 a year ago. 

      Used vehicle sales unit sales at comparable stores declined 14.1% in the quarter on top of 6.5% fall in the previous year's period. Used vehicle revenue at comparable stores dropped 22.0% compared to 30.5% increase in the quarter a year ago.   

      During the quarter, the company did not repurchase any of its shares and the stock repurchase program still has $2.45 billion available for buyback. 
      • Apr 7, 2023
      • U.S. economy added 236,000 net new jobs as employers slow hiring amid rising costs and interest rates, the U.S. Bureau of Labor Statistics reported Friday. 

        The unemployment rate declined to 3.5% from 3.6% in February. 

        Both the unemployment rate, at 3.5%, and the number of unemployed persons, at  5.8 million, changed little in March. These measures have shown little net movement  since early 2022.

        U.S. economy added downwardly revised 472,000 new jobs in January and upwardly revised 326,000 in February, significantly higher than the long-term monthly average of less than 190,000. 

        Average hourly earnings rose 0.3% in March to $33.18 and increased 4.2% on an annual basis but the increase dropped to the lowest level since June 2021. 
        • Apr 6, 2023
        • U.S. based employers cut jobs for the third month in a row, according to a report released by Challenger, Gray & Christmas, Inc on Thursday. 

          Employers announced 89,703 job cuts in March, 15% higher than 77,770 in February and soared 319% from 21,387 a year ago. The job cuts were higher from a year ago for the third month in a row. 

          Employers announced 270,416 cuts in the first quarter, a 396% increase from the 55,696 cuts announced a year ago and the highest first quarter total since 2020 when 346,683 were announced.
          • Apr 5, 2023
          • The U.S. international trade deficit expanded in February, the Bureau of Economic Analysis reported Wednesday. 

            Exports in February decreased 2.7% from the previous month to $251.2 billion and imports fell 1.5% to $321.7 billion, resulting in a trade deficit rise of 2.7% to $70.5 billion. 

            The deficit with China increased $3.2 billion to $25.2 billion in February, driven by $1.4 billion decrease in exports to $13.1 billion and $1.8 billion increase in imports to $38.2 billion.
            • Apr 3, 2023
            • Eight OPEC+ oil producing nations - led by Saudi Arabia, UAE and Kuwait - announced to remove 1.16 million barrels per day starting May until the end of the year. 

              The product cut announced on Sunday was designed to separate the alliance from international pressure. Previously Russia had announced its production cut target of 500,000 barrels per day starting this month, increasing the total production cut by 1.66 million barrels a day. 

              The Joint Ministerial Monitoring Committee's meeting on Monday acknowledged the voluntary production cuts, but did not announce its own policy change.   

              Saudi Arabia led the voluntary production cuts with 500,000 barrels per day. Iraq said it plans to cut its production by 211,000, UAE by 144,000, Kuwait by 128,000, Kazakhstan by 78,000,  Algeria by 48,000, Oman by 40,000 and Gabon by 8,000. 
              • Mar 30, 2023
              • EVgo Inc, the electric vehicle charging network company, reported a surge in fourth quarter revenue and a rise in network throughput.

                Revenue in the fourth quarter increased 283% to $27.3 million from $7.1 million and net loss fell to $17.0 million from $46.3 million and diluted loss per share fell to 6 cents from 18 cents a year ago.

                For the full-year 2022, revenue soared 146% to $54.6 million from $22.2 million and net loss expanded to $27.6 million from $5.9 million and diluted loss per share rose to 40 cents from 9 cents a year ago.

                The company guided 2023 revenue in the range of $105 million to $150 million and adjusted operating earnings between $78 million and $60 million.

                Additionally, at year-end 2023, EVgo expects to have between 3,400 and 4,000 DC fast charging stalls in operation or  under construction. 
                • Real gross domestic product growth for the final quarter of 2022 was revised lower, according to the third and final estimate released by the U.S. Bureau of Economic Analysis Thursday. 

                  The U.S. economy expanded at an annual pace of 2.6% in the December quarter, slower than the previous estimate of 2.7% and 3.2% in the third quarter. 

                  Consumer spending increase was revised lower to 1.0% from the previous estimate of 1.4% and international 

                  Real GDP increased 2.1% in 2022, compared with an increase of 5.9% in 2021. 
                  • Mar 29, 2023
                  • McCormick & Company Inc, the spice maker, reported stable revenue in its latest quarter. 

                    Revenue in the fiscal first quarter ending in February increased 3% to $1.56 billion from $1.52 billion and net income fell to $139.1 million from $154.9 million and diluted earnings per share dropped to 52 cents from 57 cents a year ago. 

                    The company's sales were negatively affected by 2% from the lower consumption in China due to Covid-related disruptions, exiting from Russia and divestiture of the company's Kitchen Basics business.  
                    • UBS Group AG recalled its former chief executive Sergio Ermotti to manage the recent acquisition of Credit Suisse. 

                      Ermotti served as chief executive for nine years to October 2020 and is currently Chairman of reinsurance company Swiss Re. Ermotti will replace current CEO Ralph Hamers on April 6 and Hamers will advise the company during the latest transition. 
                      • Micron Technology Inc, the semiconductor manufacturer, reported smaller-than-anticipated quarterly loss.

                        Revenue in the fiscal second quarter ending on March 2 declined to $3.69 billion from $4.09 billion in the prior quarter and $7.79 billion a year ago. The company swung to a loss of $2.3 billion from a profit of $2.3 billion and diluted earnings per share was ($2.12) from $2.0 a year ago. The company guided revenue in the third quarter of $3.7 billion and diluted loss per share of $1.79.

                        “Customer inventories are getting better, and we expect gradual improvements to the industry’s supply-demand balance," said chief executive Sanjay Mehrotra.