Carmax Climbs; Darden Jumps on Sales Beat; Accenture Falls

On this episode of Stock Movers:
- CarMax (KMX) shares rise 10% ahead of the bell after the used-car seller reported comparable sales and earnings per share for the first quarter that beat consensus estimates.
- Shares of Darden (DRI,) the parent company of casual dining chains Olive Garden and LongHorn Steakhouse, are up 3.3% in premarket trading after the company reported comparable sales growth for the fourth quarter that topped the average analyst estimate. The company’s board also authorized a new share repurchase program worth up to $1 billion of common stock.
- Accenture (ANC) shares are down 4% in premarket trading, after the IT services company reported its third-quarter results and gave an outlook. Analysts highlighted bookings as a weak spot of the print.
- Circle Internet Group (CRCL) shares are set to extend gains, rising 14% in premarket trading. The stablecoin issuer rallied almost 34% on Wednesday after the US Senate passed stablecoin legislation setting up regulatory rules for crypto currencies pegged to the dollar.

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Episode Transcript

Speaker 1 (00:02):
Bloomberg Audio Studios, podcasts, radio news, The Stock Movers podcast,
your roundup of companies making moves in the stock market,
harnessing the power of Bloomberg data. Let's take a look now,
ask stocks on the move today. I'm Paul Sweeny with
Jess Metton and bloomergs Lisa Mittail.

Speaker 2 (00:24):
All right, so I want to start with CarMax, used
car seller ticker KMXIT. Shares have been up as much
as ten percent before the bell So a couple of things.
It logged higher profit and sales in the fiscal first quarter.
The company sold more cars and that was despite slightly
lower prices, so it was kind offset by higher volumes.
It's CEO, Bill Nash said that Carts Carmacks what they

(00:45):
do is they benefit because they have this customer centric
car buying selling experience that people like. That's what Jess
says too. I guess it was easy for Jess to do.
What you sold your car A couple specifics though, if
you want it. Posts profit just over two hundred and
ten million for its three months ended May thirty first,
and that was higher than a year earlier. It's quarterly

(01:06):
earnings they were higher than expected revenue rows six point
one percent to seven and a half billion dollars and
same store used unit sales increase eight point one percent
from last year, so pretty good results. Were also watching
because of that shares of Carvana they're up about one
percent too, so that is CarMax. Now we go to
Darden restaurant. Have you been to Olive Garden?

Speaker 1 (01:29):
Uh?

Speaker 2 (01:29):
No, I get a capital thrilled reach for steakhouse. Good good.
They used stone Red Lobster.

Speaker 1 (01:37):
Yeah.

Speaker 2 (01:38):
I think got some good brands there. Yeah, they do.
They do, so their tick our DRII. Their shares have
been up as much as four percent. Uh slightly better
than expected sales. Earnings edged down just a bit. They
said sales were higher though because of this mix of
growing same restaurants sales. Also, they had sales from this acquisition.
They apparently have one hundred and three Chewy's text Mess

(01:59):
restaurants that I'm not sure if two weeks is around here.
Twenty five net new restaurants as well, so if you
want the specifics for Darted restaurants, earnings of about three
hundred and three million for the fourth quarter, slightly down
from three hundred and eight million in the priory so
that's why that was earning kind of edged down a bit,
but posted highly than expect better than expected sales on

(02:19):
that front. Y. So then we go to Accenture ticker ACN,
and this is one of the country's biggest consultancy firms.
They've reported better than expected earnings for the fiscal third quarter.
But the thing is that shares have been down as
much as five percent. The reason why, well, it announced
a ton of leadership changes. It also said bookings had

(02:40):
declined again, so that's why their shares are lower this morning.
And then I want to get to someone else, and
you guys, I'm talking about to stable coin issue Circle
ticker CrCL. So the shares have been up as much
as fourteen percent before the belt, but if you look
at it, I mean, it soared thirty four percent on Wednesday.
The whole reason behind is that the Senate passed a

(03:01):
Genius Act. This is this bill to regulate stable coins
and so basically it sets up these regulatory rules for
cryptocurrencies that are pegged to the dollar. But it sparked
a couple things. For example, Seaport Global Securities, they initiated
coverags of Circle with a recommendation of buy, and they
say the company is quote a top tier crypto distributor
with a sizeable future opportunity, so they see some good

(03:24):
things in it. As of the last close, the stock
has risen more than five hundred and forty percent from
its Ibo rights of thirty one dollars JUNO. That so yes,
and then if you look at like cryptocurrency action Coinbase
also higher before the bell, their shares have been up
as much as two percent.

Speaker 1 (03:46):
The Stock Movers podcast from Bloomberg Radio. Check back with
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Listen to Bloomberg Radio Live, catch us on YouTube, Bloomberg
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Bloomberg Business app. Mm hmm