Tech Gains and CarMax Earnings Fall | December 22 | Eagle Nest

by Luna Fuller
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The DJIA fell 0.67%
The S&P 500 was down 0.21%
The Nasdaq Composite added 0.51%.

Tech led the market today, as travel stocks held big losses.

General Market Review


The $900 billion stimulus bill passed, with $8 billion in aid for vaccine distribution. Direct payments will go out to Americans as soon as next week.


Fears of the new strain in the UK have made their way over to the US, lowering travel-related stocks. Delta Air Lines is down about 3%.


Recent news about Apple entering the electric vehicle market contributed to big gains, because the Apple car would be competition for Tesla. Apple was up about 3% and Tesla fell 1%.


Peloton reached a $420 million deal to buy Precor, an equipment manufacturer, because PTON wants to increase its presence in manufacturing. PTON was up 12% after the deal was reached.


CarMax (KMX) beat estimates with an EPS of $1.42 and revenue of $5.18 billion. However, investors were expecting more from the company, since digital competitors, like Carvana, have experienced excess growth of 40% in the same period. CarMax was down 8%, since it did not offer any guidance due to coronavirus uncertainties.

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