first you need to understand why we care about carmax in the first place.nflation became a big story 11 months ago when it became clear we were inflicted with high inflation that wouldn't go away. it was last may when we had this really hit home. we got hit with a 4.2% consumer price index. in retrospect, that seems low. if you were watching the used car market, that inflation number last may wouldn't have caught you by surprise because used car prices have been up double digits since the summer of 2020 now, we all know why we had this tremendous bull market in used cars as people got used to remote work in 2020, they started moving from the cities to the suburbs and countries. places they could have more space but you also need your own car to get around, plus, mass transit came to be widely perceived as a covid aerosol breeding ground as we came to realize what happens is it's in the air. at the same time, when they started seeing shortages for key auto components, especially semi-conductors limiting production, when you don't have enough new cars, people

prices are what predicted the current inflation explosion to begin with last week we talked about carmaxs a struggling chain of used car dealers seeing major demand destruction, in part because its high prices are driving away possible drivers who say, i'm not paying that. last night we got another update on the industry when we got results from carvana they come on the show a lot. it is a digital used car retailer that lets you buy vehicles online and pick them up from a giant automated garage or they have them delivered to your home i wandered away from carvana last week because it is exactly the kind of unprofitable company that does not work in the current environment. throw in a troubled used car business, oh, man, serious problems sure enough, carvana stock has been hammered. dropped 9% yesterday going into the quarter, a sure sign somebody realized something was very wrong then carvana reported last night and it was a real doozy, which is why the stock plunged another 10% today. this one is just a total house of pain. >> house of pain >> all right what was wrong in the quarter? a

shares hitting the skids down 8% at this hour, carmax blaming expensive car prices combined with the disappearance of government stimulus money. carmax did report a 49% increase in revenue year-over-year but coming into today, the stock was already down 20% year-to-date. the inflation gremlin at work on albertson shares sinking despite the grocery chain swinging to a profit from last year's loss however outlook missed estimates after the chain which owned safe way, and other grocery chains said high prices and labor shortages so the stock is down 6.5%. beyond meat already sells at albertson's but now the plant- based food company expanding meatless beyond chicken tenders to 8,000 new grocery, pharmacy and big box retail locations, not quite helping the stock at least right now, it did at the open but now we're down about 1.6% for beyond customers will now be able to buy the products at sprout, kroger and cvs locations nationwide. education technology company genius group skyrocket ing on its stock market debut after pricing at $6 a share. this is a singapore-based firm and its seen v

shares of carmax are falling. they reported earnings that missed fourth-quarter estimates. unit sales declined. carmax blame that on inflation and the end of stimulus programs and dwindling consumer confidence. global news 24 hours a day, on-air, and on bloomberg quicktake, powered by more than 2700 journalists and analysts in over 120 countries. this is bloomberg. >> we do not have a policy rule for every segment of the population. we don't have one for andy industry. we have one, it is called the fed funds rate. that is really it. it's a very brute force kind of hammer that we use on the economy, and when you have to use a brute force tool, sometimes there is some collateral damage that happens. tom: an important voice at the federal reserve, christopher waller, researcher out of st. louis. i will be clear when he speaks, experts lean forward and listen carefully. ira jersey is one of those experts, chief interest-rate strategist at bloomberg intelligence. we tried to get you yesterday. i know you are on the phone trying to pull down the amazon of 2462 at 4.1%. where is c

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okay, carmax. way down, 3.6%. now i know they have a $2 billion share buyback. >> right. pretty good earnings i think. >> i wouldn't say great earnings and carmax by the way is also a great company to talk about on cpi inflation day because you know we've seen secondhand car prices sky rocket to the highest since the 1950s, right? so that's actually cooling down a bit, which is why carmax is reporting slightly lower profit, right? they are opening what i find very interesting, because they are an online retailer but going brick-and-mortar as well, but yes, it's because there's less stimulus out there they blame, and of course prices coming down a little bit. stuart: and they are under 100 bucks a share okay let's get to the crypto, shall we? bitcoin was at 39,000 and change >> that's right. stuart: now its popped back just above 40,000 what's going on? >> we seen the lowest since march 16 yesterday when it went sub-40,000 and the reason is look, you saw bitcoin also rally along with other risk assets like the stock markets pass $48,000 and that's because there's a company

carmax, eps, a big miss. the street was looking for a gain in unit sales. shares down 2%. the other public he treated car sellers including carvana, down. i know you love and a list downgrades. goldman sachs upgrading that stock today buy. morgan stanley downgrading hewlett-packard enterprise, down 3.5%, saying the demand for telecom equipment showing softness. citi downgrading cisco to sell. they say some of the other competitors continue to eat the lunch of cisco. tom: earnings tomorrow from jp morgan and then goldman sachs. right now, to bring you up-to-date on the dynamics of this bond market, robert tipp joins us, chief investment strategist at pgim fixed income. how much blood is on the street? price down means money is lost. how much? robert: tremendous amount. this is a record move in bond yields we have not seen for 30 years plus. even greater drop in price because you are starting with low yield which means prices are more sensitive to movement. it has been a tough period and we have jumped the rails in terms of growth and inflation, investors have gone a long wa

we know that because carmax is a perfectly good used car chain reported bad numbers this morning. when wall street expected they would be roughly flat. why? why would they be? well, the average used car rose 40% in price year over year or $8300. let's call tha how can something go ue buyer? the answer, it can't we call it in fancy economic classes demand destruction we are seeing demand destruction right now, right here in used cars now how can these price increases be so crazy? it's simple. because the automakers don't have enough semiconductors to whip up the production of new cars that's throwing off pricing for the entire industry. you have to ask what can bring that down? well, you need more micro chips. you look at many of the semiconductor stocks and they are not making the right kinds of chips the basic chips the automakers need aren't great enough for the really fabulous chip makers to pivot and make them aggressively very different kind of chip. now our country's making strides in building new factories. get help but it's years and years and years away before those found

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that's far less than kpt expect >>> carmax results could be a bad sign for others in the industry theye below estimates despite soaring car prices sales volumes fell, and expenses, including bad debt provisions, were up. >>> supermarket chain albertsons is falling 5%. traders are looking past strong quarterly results and looking at guidance on the light side shares are still up 9% on the year. >>> more than one in five americans started a new job in the last year, and that's according to a survey from grant thornton many may not stick around. the survey also found 40% of those new employees are already looking for another job, indicating the great resignation is still going strong. back to you, dierdre. >> thank you. >>> where have all the retail investors gone estimates show they made up only 14% of stock trading activity in q1, hitting a low since pre-pandemic our next guest saying she can't recall a time investors have been this puzzled around the market "wall street journal" reporter and cnbc contributor joins us now. good morning it is great to have you. so where have they gone, a

playground during the pandemic the carmax foundation to boom who helps bring a lot of life to this playgroundnergy and bringing these little town libraries here this being the first one hopefully it reflects our commitment to open and commitment to you know, this next generation of kids and continuing to find ways to impact them. eat learn play doing some great work for the community abc 7 sports sponsored by river rock casino deon of all the positivity they bring to the community. well abc 7 has launched new streaming apps. so wherever you are, you can get our live newscast breaking news weather and much more with our new abc 7 bay area app. it's available on apple tv android tv fire tv and roku. all you have to do is search for it abc 7 bay and download it for free. well, that's it for this edition of abc 7 news at 11. i'm dionne lim the news continues tomorrow morning at 5 o'clock for spencer and chris and all of us here. thanks so much for joining us. have a great night, and we'll see you tomorrow. when it comes to cybersecurity, the biggest threats don't always strike the biggest targets

today on closing bell over time don't miss cathie wood as we head to break check out the shares of carmaxgs estimates by a wide margin it's dragging down auto nation and car vana don't go anywhere. quk x"ilbeig bk."sawbo wl rhtac i am here because they revolutionized immunotherapy. i am here because they saw how cancer adapts to different oxygen levels and starved it. i am here because they switched off egfr gene mutation and stopped the growth of tumor cells. there's a place that's making one advanced cancer discovery after another for 75 years. i am here... i am here.... because of dana-farber. what we do here changes lives everywhere. i am here. >>> covid restrictions finally easing somewhat for some residents of shanghai. about 40% of housing complexes there have reported no new infections for two weeks meaning residents can now leave their homes. but if a single new case is reported in the complex the lock down comes back for the entire complex. at the same time the u.s. government announcing all nonemergency employees will be withdrawing from the consulate in shanghai. joining us ri

but a real online offer from carmax, is really what we'll give you for your car. . >>> good wednesdayteorologist kari hall. take a look outside in san jose as we wake up to hazy sunshine. we'll reach 86 degrees today. the record today is 93. we are going to be very close, or possibly setting a new record in santa rosa and concord and well above normal temperatures as it continues to heat up, reaching 92 degrees on thursday. friday it's still hot, but we will cool down by the end of the weekend. >> and that's your latest weather. guys >> thank you al. >>> coming up. tiger woods almost unbelievable comeback it is nearly complete. the golf star revealing he's on track to play in the masters tomorrow and he's going to do it one of his closest friends live from augusta to talk about it a. >>> investigation on the explosion in fraud, tied to the pandemic, costing u.s. taxpayers billions why that money will probably never be recovered >>> really cool story coming up this morning he's funny, relatable and he also just so happens to be living with autism. >> we cannot wait for you to meet an u

. >> the spice people carmax is in there well. nasdaq winners, vertex, dollar tree, regeneron.he big board, seven minutes worth of business and down 64 points, not bad for the ten year treasury, this is interesting almost at 2.76% that is why big tech is down so much, 1968 per ounce of gold bitcoin 41 now it's down to 47. >> i like the reaction. >> the price of crude oil $94 a barrel not gas, 657 pro-british normal. the price of gas $4.11 even oil is coming down. california the same gallon of regular averages $5.76. president biden and is defending her nephew in a new interview claiming trump. rotate. >> trump in his right wing followers have continued to do whatever they can to discredit this family and bring them down. >> charlie hurt has a thing or two to say at that at the top of the next hour at 10:00 o'clock. i showed you these, the golf clubs used by tiger to win four majors, the going price when we did that last friday $900,000. it got a whole lot higher than that and finished over the weekend. a huge amount of money. a new poll finds to and three rate in the economy ba