Tech & Comm Services
This week, Alphabet’s (NASDAQ:GOOGL) Waymo disclosed that it raised $2.25 billion from a group of outside investors. Will there be a Waymo IPO?
Company & Industry Overviews
Alphabet’s Waymo is shutting their Austin office to merge teams in Detroit and Phoenix. Waymo is looking for other ways to monetize technology.
Digital automotive marketplace TrueCar (TRUE) reported its third-quarter earnings results after the market closed on November 6.
Consumer sentiment for January 2016 looked positive at 93.3 compared to its prior reading of 92.6, but the economy’s strength is still in question.
CarMax has outperformed its competitors based on current ratio, PE, and PB. Its ETFs have outperformed CarMax based on price movement, PE, and PB.
CarMax (KMX) has a market cap of $12.42 billion. Its YTD price movement is not stable and is a mix of ups and downs. After the 2Q16 earnings report, KMX fell 4.69% to close at $59.72 per share.
US corporates were the biggest issuers of high-grade bonds last week, making up 54.2% of all issues. The Walt Disney Company (DIS) issued A2/A rated high-grade bonds worth $2.0 billion.
TPX-Axon added to its holdings in KAR Auction Services (KAR) by increasing shares from 4,889,498 to 4,978,837. KAR forms 12.95% of the fund’s 4Q14 portfolio.
General Motors North America reported 4Q14 revenues of $25.3 billion, a 0.8% rise compared to the corresponding period last year.
Morgan Stanley analysts upgraded Lithia Motors to overweight from underweight, following a sell-off resulting in a ~30% drop in Lithia’s share price.
The combined entities of Lithia Motors and DCH Auto Group are expected to generate free cash flow of $135 million in 2015.
In October 2014, Lithia completed its acquisition of DCH Auto Group for an estimated price of $669.5 million.
Lithia’s income from operations in the nine months ending September 30, 2014, was $165.9 million, up from $137.9 million in the previous year.
Lithia’s same-store revenue grew 16.9% year-over-year to $120.4 million in the nine months ending September 30, 2014, driven by increased vehicle sales.
Lithia targets mid-sized regional markets for domestic and imported vehicles, protecting the company from losing market share to leading industry players.