Business
CarMax stock falls 24% as CEO steps down, used car retailer releases weak outlook
A CarMax dealership in Santa Rosa, California, on April 11, 2023.
Justin Sullivan | Getty Images
DETROIT – Shares of CarMax Inc. fell 24% trading Thursday after the used car retailer announced a weak preliminary outlook for its current fiscal quarter and said CEO Bill Nash would be unexpectedly stepping down.
The preliminary outlook for its third fiscal quarter includes an 8% to 12% decrease in comparable store used unit sales and net earnings per diluted share of between 18 cents and 36 cents, including 9 cents in non-recurring expenses related primarily to the leadership shakeup and other workforce reductions.
Regarding its CEO, the company said board member David McCreight, a retail clothing executive who has served as CEO of Lulu’s Fashion Lounge Holdings and president of Urban Outfitters Inc., will replace Nash on an interim basis until a permanent replacement has been found.
CarMax also said Chair Tom Folliard, an executive with a 30-year history with the company, including as CEO from 2006 to 2016, has been appointed interim executive chair.
“The Board has decided that more direct involvement from David and me will help strengthen the business in this transitional period. During this time, we are focused on driving sales, enhancing profitability and reducing cost,” Folliard said in a release, adding that the company’s recent results “do not reflect that potential and change is needed.”
Auto dealer stocks
The announced changes are effective Dec. 1, according to CarMax.
In connection to the announced changes and outlook, William Blair downgraded CarMax stock to market perform from outperform.
CarMax has struggled this year, with its stock price down roughly 50% in 2025. That compares with other car retailer stocks being up double digits, including a 52% increase this year for online used car retailer Carvana.
Nash on CarMax’s most recent quarterly earnings call in September admitted that results that “fell short” of the company’s expectations, as well as Wall Street’s. The results included notable declines in nearly all key earnings including sales, net earnings and gross profit.
Those September results led to a significant decline in shares of the company and negative analyst reactions, including a $24 price cut by Morgan Stanley.
CarMax is scheduled to report its current fiscal quarter results on Dec. 18.
Caitlin Klein,in Jersey, St Helierand
Julia Gregory,in Jersey
Chris Craddock/BBCA charity which supports vulnerable people in Jersey says it has “the Christmas spirit right through the year”.
The Grace Trust which helps between 700 to 750 people a year struggling with poverty, loneliness or addiction issues said it was seeing “a much wider range” of people from all layers of society, including more older people needing community support.
General manager Vinni Jones said the charity aimed to put a smile on people’s faces from its drop-in base at Lewis Street in St Helier.
It helped 500 people at the food bank every year and also ran singing, art and Saturday lunches.
‘Just come down’
He said there were extra festive goodies at the food bank and 92 people recently sat down to an “absolutely brilliant” Christmas meal at St Paul’s Centre with 20 volunteers on hand to help out.
Entertainment was provided by Fiddler’s Green and the trust’s Parklife choir.
Mr Jones said they saw more people at Christmas because it can be a challenging time.
“Just come down, knock on the window and we’ll give you what we’ve got.”
‘Offer understanding’
He explained that “we can offer a lot more than simply the food and Christmas goodies” and said people are often surprised at all the activities on offer and encouraged them to have a go.
He said the charity also had a fund to help younger mums and links with other agencies so it can offer toy vouchers at Christmas.
Support was also available year round for struggling islanders.
“It’s just a matter of being able to offer that understanding and to talk about January, talk about February for them. We’ll still be here for you,” Mr Jones said.
The government has also reminded islanders about mental health support over Christmas.
There is 24 hour support available from the Adult Mental Health crisis team, on 445 290 and online support from Together All.
Business
‘Made strong entry’: Amit shah hails semiconductor sector’s growth despite being ‘bit late’; confident of ‘exports soon’ – The Times of India
NEW DELHI: India would soon establish itself in the semiconductor industry by starting exports, even though it’s entry was late, said Union home minister Amit Shah.“We have made a strong entry into the semiconductor industry, although a bit late. In no time, we will not only become self-reliant in the semiconductor sector, but will also start exporting it,” he said, addressing the ‘Abhyudaya Madhya Pradesh Growth Summit’.Speaking at the summit, Shah highlighted Madhya Pradesh’s attractive geographical location and fertile land.He also inaugurated industrial projects worth Rs 2 lakh crore, on the occasion of former Prime Minister Atal Bihari Vajpayee‘s 101st birth anniversary. He remembered Vajpayee as “a great orator, a sensitive poet, a leader dedicated to public welfare and remained ‘ajatashatru’ (person without enemies) in politics.”He noted that even small investments in the state could yield substantial returns. He praised Madhya Pradesh’s transformation from a power-deficient state to one with surplus electricity. He also commended the state’s achievements in cleanliness, saying it has surpassed other states in this aspect.During the event, Shah also paid tributes to Pandit Madan Mohan Malviya on his birth anniversary and C Rajagopalachari on his death anniversary. The Growth Summit attracted 25,000 beneficiaries and thousands of entrepreneurs and investors. Officials confirmed that the industrial projects launched during the event will create 193,000 new jobs.Shah’s visit also included inaugurating the Gwalior Fair and dedicating the renovated Atal Museum to the public, further marking the celebrations of Vajpayee’s birth anniversary.
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E-verification gets ignored
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Portal issues at the last moment
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No regular income tracking system
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Christmas spirit offered ‘right through the year’
‘Made strong entry’: Amit shah hails semiconductor sector’s growth despite being ‘bit late’; confident of ‘exports soon’ – The Times of India
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