U.S. Movers: Boeing, CarMax, Micron Technology, Paramount Global, Warner Bros Discovery

Scott Peters
21 Dec, 2023
New York City

Micron Technology advanced 7.4% to $84.47 after the advanced semiconductor chipmaker reported better-than-estimated revenue and a smaller-than-expected loss in its latest quarter.

Revenue in the fiscal first quarter ending in November increased to $4.7 billion from $4.1 billion; net loss expanded to $1.2 billion from $195 million; and diluted loss per share expanded to $1.12 from 18 cents a year ago.

The company's forward-looking quarterly revenue outlook was also ahead of some investors' estimates.

The company guided fiscal second quarter revenue around $5.3 billion and diluted loss per share around 45 cents.

CarMax jumped 8.5% to $80.98 after the used car retailer reported better-than-expected quarterly results.

Revenue in the fiscal third quarter ending in November declined 5.5% to $6.1 billion, net earnings advanced to $82 million from $37.6 million, and diluted earnings per share rose to 52 cents from 24 cents a year ago.

Total retail used vehicle unit sales declined 2.9% to 174,766 and comparable store used unit sales declined 4.1% from the prior year’s third quarter, respectively.

Higher car prices and elevated interest rates continue to make vehicle affordability challenging.

Total retail used vehicle revenues decreased 7.2% compared with the prior year’s third quarter, driven by the decrease in average retail selling price, which declined approximately $1,300 per unit, or 4.6%, as well as the decrease in retail used units sold.

Boeing Company increased 1.7% to $264.70 after receiving approval from a Chinese aviation regulator to resume 737 Max deliveries to Chinese airlines.

Boeing still needs approval from China's National Development and Reform Commission, according to the trade publication Air Current.

Warner Bros. Discovery increased 0.1% to $11.70, Paramount Global decreased 1.4% to $15.28, and two companies were engaged in preliminary merger talks, according to a report by CNBC.