U.S. Movers: Alpine Immune, CarMax, Regional Banks, Vertex Pharmaceuticals

Scott Peters
11 Apr, 2024
New York City

Vertex Pharmaceuticals edged up 0.6% to $400.0 after the company agreed to acquire Alpine Immune Sciences for $4.9 billion in cash, or about $65 per share. 

Alpine Immune soared 36% to $64.21.

CarMax declined 7.2% to $73.65 after the used car retailer reported weaker-than-expected quarterly results. 

Revenue in the fiscal fourth quarter ending in February declined 1.7% to $5.6 billion from $5.7 billion, net income dropped to $50.3 million from $69.0 million, and diluted earnings per share decreased to 32 cents from 44 cents a year ago. 

Retail unit sales in the quarter increased 1.3% to 172,057 units from 169,884 units, and wholesale vehicle sales decreased 4% to 115,546 from 120,330. 

The average sale price of a used vehicle decreased 2.3% to $25,985 and that of a that of a wholesale vehicle fell 3.2% to $8,034 from $8,297 a year ago, respectively. 

The company pushed back its long-term goal of selling 2 million vehicles in a year to between fiscal years 2026 and 2030, citing macroeconomic uncertainties. 

The company repurchased 685,600 shares for $49.3 million at the end of the fiscal fourth quarter, and as of February 29, had $2.36 billion available for repurchase under the outstanding authorization. 

In fiscal year 2025, the company intends to "modestly accelerate the pace of share repurchases," above the pace that was implemented in the third quarter of fiscal year 2024. 

Regional banks were in focus, after Treasury yields advanced following two inflation reports over the last two days. 

New York Community Bancorp traded near its low for the year at $2.96, Western Alliance declined 0.1% to $57.32, and MVB Financial dropped 0.3% to $19.78.