carvana, carmax and auto nation. unfortunately, the actual price of used vehicles remains stubbornly high for most of the year, jacking up the inflation indices it's a part of before pulling back pretty hard over the last couple months now, in recent weeks, though, investors started trying to bottom fish in the group they found out that's a terrible mistake when carmax reported a devastating quarter and that crushed every stock in the space. it was just brutal so what's going on here? why don't we start with something called the mannheim used vehicle value index which paints the clearest picture of used car inflation or deflation. this has been declining steadily since january but each reading was still up year over year because of earlier price increases. the mannheim index reading for the month, it was down 2.3 from august but it was still up half a percent from last september. however, as long as the trend continues then it's looking very likely we're going to see a year-over-year decline in used car prices next m

according to carmax, it's working. those rates are killing the buyers >> their actual number almost half of what analysts had estimated. bob, when i talk to market participants, we talked about this earlier, the willingness to take incremental, to be the incremental buyer is not there right now. a lot of people very -- know it sounds if uny to professionals, but very mixed up and afraid they don't know what to do or when to commit and they don't want to take risks here we are. one day after being up, 2%, we're down three >> the market is picking everybody's pocket it's giving the illusion that somehow yesterday's move was significant and then it sells right into it. i think yesterday, by the way, was significant because people point out, i think an additional risk factor. people were saying, bob, the central banks around the world are losing credibility to the extent the b of e acted to address that issue, the credibility issue, i think that was a positive that may have been a risk factor we weren't talking about we te

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carmax and carvana down big. and iphones, when it comes to consumer technology, they're in the premium category it's not to say that the sales are going to fall apart. but this is the story that we're talking about now, as we've been saying on "tech check" for a few weeks now. we were talking about rates for a while. but we're going to talk about consumer demand, when q4 rolls around and the day after tomorrow, the trading day after tomorrow, it's q4 >>> > >> aren't iphones supposed to be special? we thought they would be immune. there's an upgrade today, along with that downgrade from a different brokerage house. but the key here, though, is you know, what's happening going forward and that vulnerability that apple was seeming to be immuned from we talked about the max and the pro and the higher-end models, offsetting some of the slower sales of the lower-end models. is that the case has the market been faked out again? >> you mentioned the upgrade of rose rosenblat. target was 160 now 189 they did survey work a

only from carmax. ♪ ridin' thirty ♪ welcome back. and allen and jason bird were arrested for the -- scott warren. investigators believed she shot him then, bludgeon him to death with a piece of firewood. what ships found in the families washing machine appeared to link and to the crime, but the defense was about to attack the very foundation of the prosecution's case. here's josh michael wits with the conclusion of the house. >> charged with her husband's murder, and alan pleaded not guilty and waited in jail for her trial to begin. her friend, rita, was stunned. >> i was like, you've got to be kidding. there is no way that an would do something so heinous. there is no way. >> and defense attorney, andrew jessica, -- >> she's in jail and she just couldn't conceive that anybody could think that this lifelong nurse would harm anyone. >> jessica says he looked at the states case and saw no real evidence. he says common sense told him there was no way and could've pulled off such a brutal beating. since she walked with a cane or a crutch

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the s&p 500 down almost 3% you've got every sector lower, the hardest hit is consumer discretionary, carmax is a part of that story. ugly results, down 23% but its weakness across the board. utilities at the bottom of the list, so is information technology, energy is faring the best as a group. it's down 1% as you can see, yields are higher again the two-year note yield almost at 4.2%. small caps down more tan 3%. they rose more than 3% yesterday. our chart of the day apple getting slammed as bank of america cuts the stock to neutral from buy we'll talk much more about the reason in just a bit. >>> also coming up today, he's been calling for a fall in the fall for a long. now it is playing out. tony dwyer will join us. >>> plus, key insights into the state of the consumer in uncertain times when we're joined by max levchin from affirm whose stock is getting slammed. straight to the overall market with david rosenberg from rosenberg research you've been negative for a long time on the market, on the economy. is this how you expected it to play out >> well, broadly speaking, sara, the answer,

from the start, carmax has reimagined used car buying for you. so you can buy online... or on the lot. and express pickup, so you can get your car, on your time. all with an unmatched 30-day money back guarantee, so you can buy with confidence. that's car buying reimagined. carmax. la mejor manera de comenzar el día es en familia. con un buen desayuno de jimmy dean. que es rico en proteínas y esta listo en solo dos minutos. para echarte a andar encuentra los desayunos de jimmy dean en la sección de congelados. hoy es tu día para brillar. en marshalls, te conseguimos más por menos. más marcas. más calidad. más moda. muuuucho más por muuuucho menos. nosotros conseguimos las ofertas. tú te llevas lo bueno. marshalls ♪ (don't stop me now) ♪ ♪♪ ♪ (don't stop me) ♪ ♪ 'cause i'm having a good time ♪ ♪ having a good time ♪ ♪ i'm a shooting star leaping through the sky like a tiger ♪ ♪ defying the laws of gravity ♪ ♪ (don't stop me now) ♪ ♪ 'cause i'm having a good time ♪ ♪ ah, da, da, da, da da, da, ah, ah

marshalls from the start, carmax has reimagined used car buying for you. so you can buy online... or on the lot. with upfront pricing, so you never have to negotiate. and express pickup, so you can get your car, on your time. all with an unmatched 30-day money back guarantee, so you can buy with confidence. that's car buying reimagined. carmax. los nuevos homestyle french toast sticks de wendy's están buenisimos. and she knows it. estos french toast sticks están a-ma-zing! iguales a los que hiciste el weekend pasado. ay como crees. señora perez! more french toast sticks to go like last weekend? yo no soy la señora perez. - si...yes, you are. - no, no soy. it was definitely you. alguien que se parecía a mí. it was you. presentamos los nuevos homestyle french toast sticks de wendy's: crispy, suaves, dulces... perfectos. hechos como en casa. pruébalos hoy. elige un mejor desayuno. elige wendy's. (gato 1) friskies world! (gato 2)s hoy. elige¿qué es eso?!ayuno. (gato 1) ¡hecho con pollo de verdad críado en granja! (gato 2) ¡lo quiero todo! ¿me lo d

look at carmax, look at carvana, look at the carmakers here carmax is losing one quarter of its value right now, almost. down carvana, down 23%. all of the big auto retailers, like pinskey and lithia, they're getting crushed. carmax posted one of its biggest earnings misses ever, coming in 43% below estimates. the ceo is blaming the quarter on inflationary pressures, lower consumer confidence. have you tried to buy a car lately prices are still high and rates are going up crypto also getting hit. coin base plunging after a stock with a sell rating and a $57 price target the firm says a challenging economic environment will pressure shares going forward, making now a good time to sell coin base down 7% since january. chainos saying he is still shorting coin base very critical of the company >>> all right, from stocks to stockpiles, and let's talk oil and look ahead to next week. because opec and opec plus meet again on wednesday and this meeting is likely to be more dramatic than the onesove the past two years it's because all reports suggest that russia is asking for a huge production

only from carmax. ♪ ridin' thirty ♪ patrick sabo wasn't shocked. he had been outside today unthinkable and was still trying to wrap his head around. it >> i was like i cannot believe that this is going down. >> a man named zombary had offered him $50,000 to fly to georgia and kill david. but he was no hit man. >> i could not let anything happen to this man. they were serious. and no, it wasn't going down like that. >> he said that is why he called the police. >> if i said nothing, and did nothing, and saw tomorrow that david was on the tv dead because i did not do anything. it would be just as bad as me pulling the trigger. >> pat wanted to save david. not hurt him. and as he continued his interview with detectives. it was clear that there was much more to the story. especially when it came to zombary. >> i had never met this man. there was no reason for me to meet this man. >> nevertheless, pat told detectives that he agreed to the meetings as a favor to an old classroom mate named chrissy. al zombary was her dad. a 67 year old widower. in fact, h

the fallout felt across the auto sector first with carmax down 23.6% but you can see vroom, carvana, cars.com and these are competitors putting the brakes on these dealers and we have them all down anywhere from 4 ta down 20%. dove tail to auto part stocks and auto nation penske and auto zone all lower. auto zone is flat down under 1%. auto makers, look at them. this is a bigger picture. they're getting yanked down and ford, general motors in the red anywhere from 4 to more than 5, close to 6% in the case of gm. meme stock favorite bed bath and beyond, i mean, down 6.13% and it's a $6.05 stock. it was a much uglier picture e earlier and bed bath and beyond hit a session low of $5.82. this after they reported another quarter of falling sales and widening losses. revenue dropped 28% and it's net loss ballooned to $366 million. it's been a brutal 2022 for this company. billionaire investor ryan cohen had taken a stake in bed bath and beyond earlier in the year, which sent the stock skyrocketing but then kind of threw up his hands and didn't like how management was handling the company a

class consumer, even to the enterprise we're starting to see exactly that what nike tells us, what carmax told us this week and what we get a hint of from micron, when it comes to laptops, cars, some pretty expensive clothing, consumers not -- the demand is not there but the supply is. the question is what happens now as we're entering q4 after today? if consumer demand continues to weaken across all of these things if enterprise demand keeps staying iffy with deals getting pushed out, what sort of position does that put us in come january and february? this is uncomfortable but it could get worse. >> it could get worse. that's what everybody is trying to figure out. big tech lost $260 billion in the last 24 hours, that's between apple, alphabet, amazon, tesla, microsoft, meta these big names. in the case of micron, it's key that this is a stock up 3% today on what was not a good quarter, not a good outlook, but perhaps investors thinking this is maybe the trough so it's time to go in here 2.9% carl, it was interesting that it was said that things would be getting better in 2023 i know yo

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only from carmax. ♪ ridin' thirty ♪ >>> we got more of your sunday today mug shots this week. starting across the top out on a cruise that looks fun lee and sue both graduates of vanderbilt university with their dogs anchor down. baby emit waking up with a yawn. celebrating their 56th anniversary in rhode island, congratulations you too. and down on the bottom don and mary hanging out on the 50-yard line of boise state's famous blue football field the smurf turf thank you for what you do mary jo and at picture rock national lakeshore michigan's upper peninsula. looks beautiful, you guys. send us a photo of you and your mug with the #sundaytoday. thank you for spending part of your morning with us on a day when we pledge, again, we will never forget we are thinking of the people some of them our friends who died 21 years ago, of the families who lost someone they love, and of all those who have sacrificed so much in the response to the attacks. >>> good morning. it is sunday, september 11th, 7:00 on the dot as we take a live look in san francisco where the victims of 911, 21 ye

the reason we saw the rest today is carmax. i've been looking for sales of autos to decline just as they've been building inventory, we have carmax news so i'm out of it, just not a good investment at all >> all right kari, how about you? final trade for us >> bruce alan hamilton, it's a defense contractor consulting firm we have a sense that in november in the midterms, the republicans will take back the house that's positive for the defense department and it's not a particularly recessionary-type company. not so cyclical. >> brenda? >> same with salesforce. this is another company with a lot of recurring revenue, the stock price is back down to where it was in 2019 they just reiterated full-year revenue guidance for this year, looking for 17th% growth we think it's worth a look >> josh brown? >> the overall market took out the july -- the june and july lows this last downturn, but oil and gas stocks did not and the buyers came in exactly where they should have so ieo is my final trade >> okay, we haven't even talked nike, wei

from the start, carmax has reimagined used car buying for you. so you can buy online... or on the lot. with upfront pricing, so you never have to negotiate. and express pickup, so you can get your car, on your time. all with an unmatched 30-day money back guarantee, so you can buy with confidence. that's car buying reimagined. carmax. ¡emilioooo! ¿descargaron todo para el camino? ¡uy! oh! ¡emilioooo! tranquilos, ¿olvidan que somos gigillonarios? tenemos at&t fiber con velocidades hyper-gig... -¡listo! -¡listo! ¡vamos! ay, un segundo, voy al baño. ¡emilioooo! vive como gigillonario. obtén at&t fiber, ahora con velocidades de hasta 5-gigas. disponibilidad limitada. en la vida, te toca hacer de todo. defender, amar, atender, alentar, cuidar, compartir... pero quieres hacer más, por ellos y por ti... y estudiar, parece imposible. pero ¿qué tal que una universidad apoyara todo tu ser? tu carrera, tu familia, tus finanzas y tu salud mental. national university. apoyamos todo tu ser. [mÚsica] paulina: seguimos con esta cobertura especial

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and carmax and nike together in just one week, that -- these consensus estimates are have to come down. >> ben soto, who works with me on "mad money," and i'm going back and forth i said, listen, i want today's vf corp.'s numbers he said, people still cutting numbers? i said, absolutely >> did you say vf corpse >> no, i like that vf corpse. i'm not talking about the corpse kind you love this. i can tell because you've got that wry smile but can we understand that john donahoe is a great executive, and that's what's really shocking here? john is a seasoned, great executive. and they have, let's just understand, that they have a level of inventory that is shocking, and yes, he can take share. if you have 65%, year over year inventory, well, you can take a lot of share, because you can flood so many at any price david, taking share is not what i want to hear right now >> understood. understood and anike and micron are going o be two features today. we'll talk about micron in a bit. but back to the broader market, if i could, for a moment, because it has been a painful september for anyone

good morning america's concert series sponsored by carmax. dog back now, with the shocking video a california man caught on camera punching a flight attendant on this american airlines flight from mexico to l. a he could face up to 20 years in prison if convicted. his lawyer is not commenting, but aggressive behavior by airline passengers is actually down this year, but remains above pre pandemic levels. schools across the country are being warned about a sharp increase in the number of teens overdosing on pills laced with fentanyl. the fentanyl epidemic has become such a threat. some states want the drug to be declared a weapon of mass destruction. here's a b cs lionel moise. this morning, the second largest school district in the nation, taking a major step in the fight against fentanyl officials in los angeles announcing they will now stock the anti overdose medication narcan in every school in the district through 12, individuals die. through the consumption of fentanyl because they stop breathing. markham has a limited but highly effecti

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lauren: this has to be part of the carmax report, affordability is a major problem but toyota says their vehicle production at a record pace in the month of august, very strong numbers. maybe the fear is you can produce are you want but if a customer is pulling back and affordability is a problem and they are cash-strapped it doesn't matter. toyota is down 2.8%. stuart: ford is way down. hard to find movers that are going up. advanced micro devices down. lauren: it is higher than it is now. then you have bank of america coming out and cutting their rating on apple. they supply it to apple later. stuart: downgrades apple. thank you very much. european union leaders say of a gas leak in the nordstream pipeline has fundamentally changed the nature of the war in ukraine. russia blames on state-sponsored terrorism, we have the full story. california governor gavin newsom think the democrats need harsher messaging against republicans. roll it. >> i'm optimistic about our ability to turn this around if we go on the offense. that is why i'm doing these ads and these tv commercials and other stat

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carmax putting up a disastrous quarter. sales we can earning week and this is weighing on car dealerships. the consumers are holding off on big ticket items. guy: i know matt miller is watching and he is going to be depressed about what you see. he did buy a car and house. thank you very much. let's talk about what goes in. opec-plus talking about the outlook when he meets next week. the size of the potential cut according to a delegate. head of commodity research spoke on bloomberg surveillance earlier this morning. >> the oil market is in a deficit, but what's happening, when he supplies shrinking. so that sinking the price level and driving it down even though you still have too few goods. look at the fundamental picture, our base case is it going to continue to tighten guy:. a lot of push poll in the oil market. jp morgan global head of strategy joining us in new york. let's talk a little bit about what's happening here. let's start with opec and figure out what it's going to do and then we work our way through the stor

in the quarter, unit sales fell 10% at carmax but their prices rose and if you look under the hood, you find out why, it's a major affordability problem and that's an instance of it. stu: another company that a lotted of people know and use, it's rite aid. lauren: down 16%. they've lost and cut their forecast so a miss and a slash for the future is not good. but look, fewer people getting covid tests and covid vaccines and pharmacy unit didn't do well and units fell and closing stores and cost money up front and ceo said we're seeing pressure on consumer spending and on the supply chain in the back half of the year. the stock goes down even more. stu: tesla, they're adding to their board i think it is. one of the cofounders of airbnb. what's the significance? lauren: for me, i think there might be a bigger relationship of installing charging stations in people's homes and i'm going out on a limb perhaps and there's been some talk of that but anyway, joe will replace oracle's ceo on the board. we'll disclose soon if there's talk on the strong talk about sensorineural phoria. stu: sephora

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what they say about the earning pictures, write a this lad -- right to aid it is a slam today 25%, carmax almost a similar amount after a shortfall on performance. taylor: we asked her if she would expect more the broad equity pain to come. >> a lot of what we look at in terms of cross asset tricks would tell you that equity volatility has room to catch up. that has been true all year. we have seen the lead lag, and the reality is the rate falls that are driving the economy right now. when you see the lag equity volatility we think possibly there is room even with the nosebleed level of high volatility. >> let's get a little bit more on how to navigate that volatility, christina joining us now chief market strategist with invesco, i was looking at the bloomberg team crunching the numbers, this ends up being a money-losing quarter for the s&p 500, is something we have not seen since 2008 in 2009. that was a six quarter selloff come investors thinking about the session or risk right now. what are you thinking about? >> i am thinking about the fed, so much of this will be dictated by what th

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only from carmax. ♪ ridin' thirty ♪ >>> 30 past the hour. flood warnings are still active in parts of north georgia in morning after a sunday of severe rain prompted the governor to declare a state of emergency. the region drenched by more than 10 inches of rain in just 12 hours and now numerous roads still closed. many without utilities like running water. in places like chatooga county, entire neighborhoods are damaged. with us from summerville, georgia, george soliz. how are people holding up today? >> reporter: people here saying they feel they dodged a bullet. a lot of the water here, that water that overtook roads, cars and businesses has receded. a number of business owners able to go inside and assess the damage. some businesses not open today. others helping other neighbors just take a look and start cleaning and mopping up the debris. the state of emergency, many wondering how quickly they'll be able to get aid and in some of these communities where water service is now off, many are wondering how soon they'll be able to get runnin

the s&p 500 down almost 3% you've got every sector lower, the hardest hit is consumer discretionary, carmax is a part of that story. ugly results, down 23% but its weakness across the board. utilities at the bottom of the list, so is information technology, energy is faring the best as a group. it's down 1% as you can see, yields are higher again the

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carmax reports a 54% drop in profits in its second quarter compared to a year ago. carmax overall car sales fell more than 6% from the same time period a year ago, and it's not just the rates used. car prices are also up about 50% of the last three years. i'm pam cook. that's a look at your dollars and cents, pam thank you. let's get you out the door. 7 49. where do we start with traffic right now? sal start with some of the slowest traffic that's beginning to get better. gasia and dave and we haven't seen this for the first four days of the week. let me show you the bay bridge. there's a already improvement. look at this. if you can see it if you watch it every day, the ramp here, which usually is jam packed has improved. and then we're getting some movement here . i think that for the next probably in the next hour, we're going to see better traffic. also on the san mateo bridge, it looks pretty good. and some of these commutes are beginning to unwind. i like what i see. i go to road sensors. now there is some slowing getting into downtown oakland along north bong

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discretionary sector down almost a percent this afternoon, led lower by the likes of starbucks, tesla, carmax that brings us to the final installment of the week-long series "power lunch" cookbook when we look at restaurant stocks and for that we welcome back nick. investors are certainly ch chastened and a little bit concerned about the economic future how about people going to eat out, restaurant patrons? >> thanks for having me, tyler >> you're welcome. >> we see transactions drop in the first part of july since the first half of july we've seen transactions accelerate, and so you know, it seems like as of now people are going out and they're going out because gas prices are down, because employment is still very healthy and the lowest income consumer is actually getting the kind of wage increases that are exceeding expectation. >> so the business is healthy. your picks are the ones you like best out of the coverage universe include wendy's, denny's, diamond brands and wingstop why those? >> there are different reasons for each essentially those are relative third growth rates and the most

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