WEBVTT - SpaceX and La-Z-Boy Higher; CarMax Reports

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<v Speaker 1>Bloomberg Audio Studios, podcasts, radio news, The Stock Movers Report,

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<v Speaker 1>your roundup of companies making moves in the stock market,

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<v Speaker 1>harnessing the power of Bloomberg Data.

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<v Speaker 2>Well, let's take a look at some of the stocks

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<v Speaker 2>on the move today in the pre market. We can

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<v Speaker 2>do that with Alexis Christockers. What are you looking at, Alexis.

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<v Speaker 3>I'm looking at a stock that hasn't done much of

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<v Speaker 3>anything for months now, Paul, but today it's having a

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<v Speaker 3>great day. I'm talking about Lazyboy, the furniture company. The

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<v Speaker 3>stock is up seventeen percent here pre market. A year

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<v Speaker 3>to date, it was down six percent. So this is

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<v Speaker 3>after reporting better than expected Q four financial results. Also,

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<v Speaker 3>the company authorized a three hundred million dollars shared by back,

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<v Speaker 3>so that sort of always helps. Adjusted earnings of a

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<v Speaker 3>dollar twenty six a share that beat expectations. And they're

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<v Speaker 3>also saying that they reiterated guidance for the fiscal year.

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<v Speaker 3>So earlier in the year they had talked about bad

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<v Speaker 3>weather maybe hurting sales at the furniture stores, but apparently,

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<v Speaker 3>according to these numbers, you know, that really didn't come

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<v Speaker 3>to fruition. They also said that they are growing their

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<v Speaker 3>business by opening new stores acquiring independent stores. So lazy

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<v Speaker 3>Boy now owns two hundred and thirty stores across North America,

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<v Speaker 3>which accounts for more than sixty percent of its total network.

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<v Speaker 2>It's funny. I didn't even you know. I didn't even

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<v Speaker 2>know this was a publicly traded company. I just love

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<v Speaker 2>some part, some conglomerate you would think. Based in Monroe, Michigan,

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<v Speaker 2>ten thousand, two hundred employees, got a market cap of

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<v Speaker 2>one point four billion dollars.

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<v Speaker 3>I mean that's a substantial company. Way to go, lazy Boy.

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<v Speaker 3>Good for them, all, right, stock not lazy today. Let's

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<v Speaker 3>move on to CarMax ticker symbol. They're KMX having a

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<v Speaker 3>good morning as well. Up right now about one point

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<v Speaker 3>eight percent. And it's been having a good year because

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<v Speaker 3>CarMax is up thirty five percent. Fiscal first quarter sales climbed.

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<v Speaker 3>This is the used car retailer sold more vehicles and

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<v Speaker 3>said it's turnaround strategy appears to be taking hold. So

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<v Speaker 3>net sales operating revenue at Carmacks climbing six point two percent.

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<v Speaker 3>But the company posted a profit of one hundred and

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<v Speaker 3>eighty six million dollars, but that was actually down compared

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<v Speaker 3>to a year ago, and they attributed that lower profit

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<v Speaker 3>in part to lower prices. They basically said they had

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<v Speaker 3>to cut prices to stay competitive and to move cars

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<v Speaker 3>off lots. Comparable sales slipped eight tenths of a percent,

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<v Speaker 3>not as steep as the two percent decline that analysts

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<v Speaker 3>were looking at, but still a decline nonetheless. Moving forward, though,

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<v Speaker 3>Carmack's CEO said the company is going to continue to

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<v Speaker 3>implement its turnaround strategies and such as ensuring that its

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<v Speaker 3>cars remain priced competitively. I think that's the trick.

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<v Speaker 2>What I didn't know is I think the average age

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<v Speaker 2>of a car in the US on it, it's like

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<v Speaker 2>fourteen years, former fourteen years. I mean, it's like I

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<v Speaker 2>didn't know that. But I mean, so if you're CarMax,

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<v Speaker 2>that's your bread and butter right there.

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<v Speaker 3>People are holding onto their cars much much more, and

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<v Speaker 3>I think cars are just holding up better in general.

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<v Speaker 2>Yeah, they're better made, and Carmacks stocks up a little

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<v Speaker 2>bit today. It's up thirty five percent year to date,

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<v Speaker 2>so I guess that turnaround is taking taking hold there.

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<v Speaker 2>What else, Yeah, for sure.

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<v Speaker 3>And then I want to move over to the manufacturing

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<v Speaker 3>sector with Jabel out with earnings here before the before

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<v Speaker 3>the open, the stock is up two point six percent.

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<v Speaker 3>Jabil raised its full year outlook after logging higher profit

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<v Speaker 3>and a jump in revenue last quarter. Demand for artificial

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<v Speaker 3>intelligence infrastructure remains robust, according to the company. Jabel's outlook

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<v Speaker 3>for AI related revenue for the year is now meaningfully

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<v Speaker 3>higher on what the company CEO called extremely strong demand.

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<v Speaker 3>So the manufacturing company now expects adjusted earnings of twelve

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<v Speaker 3>seventy a share on revenue about thirty five billion for

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<v Speaker 3>the year, and that is up from its previous forecast.

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<v Speaker 3>So Wall Street likes what it's hearing from Jbill, and

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<v Speaker 3>again the stock up better than two and a half

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<v Speaker 3>percent here in the pre market.

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<v Speaker 2>I mean, here's just another company I don't know anything about.

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<v Speaker 2>I mean Jabel, Yeah, yeah, and it's huge. It's a

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<v Speaker 2>you know, forty billion dollar market cap company based in

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<v Speaker 2>Saint Petersburg, Florida. Okay, one hundred and thirty five thousand employees. Again,

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<v Speaker 2>how I've been on a Wall Street for forty years,

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<v Speaker 2>I've never heard it.

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<v Speaker 3>I mean, these maybe they weren't part of a big,

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<v Speaker 3>a huge m and A deal. This is why you

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<v Speaker 3>don't know yes, but I'm just taking a look at them.

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<v Speaker 3>Jabil up sixty five percent year to date, so stock's

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<v Speaker 3>been a nice performer for its shareholders.

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