Consumer Sector Stocks: Last Week’s Top Gainers
The Virginia-based auto retailer Carmax (KMX) reported its fiscal 2Q18 results on September 22 before the market opened. Net sales for the quarter rose 9.8% YoY to $4.3 billion and also beat analysts’ estimates of $4.2 billion. Earnings per share of $0.98 in 2Q18 were 11.4% higher than in 2Q17 and 3% higher than analysts’ estimates. The rise in revenue and earnings in 2Q18 benefitted the stock, which rose 9.0 % last week.
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On September 20, Tegna (TGNA) announced that its board of directors had authorized a new share repurchase program for up to $300 million of its common stock over the next three years. The company also mentioned that it expects 2017 revenues and cash flows to come in strong, driven by both the Olympics and Super Bowl advertising ramp-ups of the company’s multiple revenue initiatives and political spending. Tegna stock rose 4.3% last week.