Today in the Market (4/11/2023)

Good Evening! As key inflation data and the start of earnings season loomed on the horizon for the week, U.S. equities fluctuated on Tuesday, with the Technology sector falling precipitously.

The S&P 500 was unchanged, reversing earlier gains in the trading session. The Dow Jones rose by 0.29%, while the Nasdaq Composite fell by 0.43%.


Shares of CarMax (KMX), the nation’s largest retailer of used automobiles surged with better-than-expected earnings per share. The stock rose as high as 10.2% but ended the day up 9.73%.

  • Revenue: $5.72 Billion vs. $6.10 Billion Expected
  • Earnings Per Share: $0.44 vs. $0.24 Expected 

Significantly, CarMax reaffirmed its long-term objectives, which were last revised in April of last year. These objectives are to sell between 2 million – 2.4 million vehicles annually by the end of the fiscal year 2026 and to generate between $33 billion and $45 billion in annual revenue. How are they doing so far? CarMax sold approximately 1.4 million units in the fiscal year 2023, which just concluded and generated around $29.7 billion in revenue.

What else? CarMax did not repurchase any shares of its common stock during the fourth quarter of its fiscal year. As of February 28, 2023, $2.45 billion remained under the authorization to repurchase shares. Also, the company opened five new stores.



The company that has been filling up your cabinet space for the past 77 years reports an uncertain future. Tupperware (TUP) disclosed that it is struggling to stay solvent and has engaged consultants to help it find a way to stay in business, causing its stock to plummet nearly 50%.

How did the stock fall as hard as the Tupperware in your cabinet falling out? The company relied on its once-revolutionary strategy of having existing consumers host “Tupperware parties” in people’s homes for decades.  However, times have changed and it is improbable that anyone born after 1970 would want to attend these parties, it has been compelled to collaborate with retailers. Last autumn, TUP partnered with Target in an endeavor to reach younger consumers.

Still… Tupperware has struggled to convince Generation Z and millennials that it is more than an outdated brand that helped their parents feed them leftovers, and competition has been fierce.

Things aren’t looking good… Tupperware reports that it is attempting to raise capital from investors and is considering the sale of some of its real estate. However, it is uncertain whether it can avoid bankruptcy.

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