HomeMarket NewsMicro Cap StocksCrude Oil Prices Decline as CarMax Inc. Posts Disappointing Second Quarter Earnings

Crude Oil Prices Decline as CarMax Inc. Posts Disappointing Second Quarter Earnings

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The U.S. stock market saw gains midway through trading, with the Nasdaq Composite leading the way with a 1% increase on Thursday.

The Dow Jones Industrial Average traded up 0.58% at 33,745.23, while the NASDAQ rose 1% to 13,223.61. The S&P 500 also saw gains, rising 0.81% to 4,309.27.

Leading and Lagging Sectors

On Thursday, materials shares rose by 0.9%, while utilities shares fell by 1.7% in trading.

CarMax Inc. Reports Weaker-than-Expected Earnings

CarMax Inc. (NYSE: KMX) announced disappointing second quarter earnings, reporting a year-on-year revenue decline of 13.2% to $7.07 billion compared to the analyst consensus estimate of $7.03 billion. The companyโ€™s earnings per share (EPS) of $0.75 also fell short of the consensus estimate of $0.78.

Equities Trading UP

Shares of Bionomics Limited (NASDAQ: BNOX) surged 247% to $3.4006 after the company announced positive results in its ATTUNE trial, showing significant reduction in PTSD symptom severity with BNC210 treatment.

Baudax Bio, Inc. (NASDAQ: BXRX) saw its stock rise by 86% to $0.5590 after being granted orphan drug designation by the FDA for TI-168, a treatment for Hemophilia A with inhibitors.

Chicoโ€™s FAS, Inc. (NYSE: CHS) also experienced a 62% increase in its share price to $7.47 following the announcement of its acquisition by Sycamore Partners for $1 billion.

Equities Trading DOWN

Ascent Solar Technologies, Inc. (NASDAQ: ASTI) shares dropped by 62% to $2.0750 following the pricing of a public offering of units.

Brainstorm Cell Therapeutics Inc. (NASDAQ: BCLI) saw its stock decline by 54% to $0.1821 after the FDA Advisory Committee voted that NurOwn did not demonstrate substantial evidence of effectiveness for the treatment of mild to moderate ALS.

GigaCloud Technology Inc. (NASDAQ: GCT) fell 26% to $7.05 after Culper Research issued a short report on the stock.

Commodities

In commodity news, crude oil traded down 0.7% at $93.06 per barrel, while gold dipped 0.3% to $1,884.70 per ounce. Silver, on the other hand, saw a 0.6% increase to $22.86 per ounce, and copper rose by 2.1% to $3.7135 per pound.

Euro Zone

European shares showed mixed results, with the eurozoneโ€™s STOXX 600 rising by 0.21%. The FTSE 100 in London slipped 0.02%, while Spainโ€™s IBEX 35 Index rose 1.03%. Germanyโ€™s DAX and Franceโ€™s CAC 40 also experienced gains, rising 0.46% and 0.49% respectively. Italyโ€™s FTSE MIB Index rose 0.38%.

In economic news, the industry confidence indicator in the Eurozone improved to -9.0 in September from -9.9 in the previous month, while the economic sentiment indicator fell to 93.3 in September from a revised reading of 93.6 in August. The consumer confidence indicator remained steady at -17.8 for September.

Spainโ€™s retail trade increased by 7.2% year-over-year in August, and the annual inflation rate rose to 3.5% in September, marking the third consecutive month of increase.

Asia Pacific Markets

Asian markets closed mostly lower on Thursday, with Japanโ€™s Nikkei 225 falling 1.54%, Hong Kongโ€™s Hang Seng Index declining 1.36%, and Chinaโ€™s Shanghai Composite Index gaining 0.10%. Indiaโ€™s S&P BSE Sensex fell by 0.9%, while Australiaโ€™s retail sales rose by 0.2% month-over-month in August.

Economics

In economic data, U.S. jobless claims rose by 2,000 to 204,000 in the week ending September 23, slightly below market expectations of 215,000.

The U.S. economy maintained its second-quarter growth rate of 2.1%, matching the previous estimate. Pending home sales, however, fell by 7.1% in August, compared to market expectations for a 0.8% decline.

COVID-19 Update

The United States recorded the highest number of COVID-19 cases and deaths globally, reporting a total of 108,670,700 cases and approximately 1,176,590 deaths. In India, there have been at least 44,998,650 cases and 531,930 deaths, while France reported over 40,138,560 COVID-19 cases with 167,640 deaths. Worldwide, there have been at least 695,871,940 confirmed cases with over 6,920,660 deaths.

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