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Recent Articles
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CarMax Dealing with Vehicle Affordability Issues
Jun 21, 2024
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Image: CarMax’s shares have yet to recover from prior year highs.
CarMax’s quarter wasn’t great, and while industry trends are improving, stiff headwinds are still prevalent. We remain on the sidelines with respect to shares.
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Dividend Increases/Decreases for the Week of June 21
Jun 21, 2024
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Let's take a look at firms raising/lowering their dividends this week.
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Kroger’s Identical Store Sales Beat Consensus
Jun 20, 2024
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Image: Kroger’s shares have been choppy during the past couple years.
Kroger reaffirmed its full-year 2024 guidance. The company expects identical-store without fuel of 0.25%-1.75%, adjusted FIFO operating profit of $4.6-$4.8 billion and adjusted net earnings per diluted share of $4.30-$4.50. Adjusted free cash flow is targeted in the range of $2.5-$2.7 billion on capital expenditures of $3.4-$3.6 billion for the year. Kroger ended the quarter with ~$12.2 billion in debt and $345 million in cash. All things considered, we liked Kroger’s report, but uncertainties regarding its deal with Albertsons coupled with a large net debt position leave us on the sidelines. Shares yield ~2.2% at the time of this writing.
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Lennar Navigating Fluctuating Interest Rate Environment Well
Jun 18, 2024
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Image: Lennar has been a strong performer since the beginning of 2023.
We liked the quarterly update from Lennar, and while we won’t be adding this homebuilder to any newsletter portfolio, we’re interpreting its performance as another positive data point regarding the macroeconomic environment.
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