Business

After the Bell: inflation at Carmax; Apple stock falls; September Christmas trees; H&M returns

INDIANAPOLIS (WISH) — Carmax on Thursday had its worst day on the stock market in over 20 years.

The stock value of Carmax fell 23%, missing its earnings expectations by quite a bit. The company’s net income is down 54% from a year ago.

Bill Nash, the chief executive officer of Carmax, says the company was hit by two things: cars costing more due to inflation, and low consumer confidence.

Apple stock falls again

After announcing it would not ramp up production of its new iPhone 14, Apple shares fell 4% on Thursday.

The announcement prompted Bank of America to downgrade Apple’s stock from “buy” to “neutral.”

Christmas trees in September?

The “holiday sales creep” happens when major retailers want you in their stores and spending your money in a rough economy, and that creep is happening earlier than ever this year.

H&M charging for returms

H&M stores might start charging customers for returns. The clothing retailer is looking to trim costs.