CarMax hits the skids as management removes timelines from its financial goals on trade chaos

CarMax still has goals; it’s just not thinking of them in terms of time any more. In its earnings report on Thursday, CarMax said it’s backing away from the time frames attached to its long-term financial goals because of trade volatility.

“We are focused on growing the business, and we continue to make progress toward our long-term goals. However, we are removing the timeframes associated with them given the potential impact of broader macro factors.”

It’s a similar move to one Delta Air Lines made Wednesday, when it pulled its full-year guidance and warned of the possibility of a recession. Shares of the used vehicle retailer were down more than 8% in premarket trading.

CarMax said it sold 301,811 vehicles between its retail and wholesale businesses in the fourth quarter, short of analyst expectations of 312,800.

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Ford dips as another large fire breaks out at the New York Novelis aluminum plant

Shares of US auto giant Ford are down more than 2% on Thursday morning following reports of another major fire at its primary aluminum supplier’s plant in Oswego County, New York.

Local media reported that a four-alarm fire broke out at the Novelis plant, which supplies 40% of the aluminum sheet for the US auto industry, on Thursday morning.

Last month, Ford said a September fire at the plant would hit its earnings by between $1.5 billion and $2 billion in the fourth quarter. The company said it would be able to mitigate about $1 billion of that next year.

As of 10:15 a.m. ET, local officials said the fire is under control and everyone had been safely evacuated. Novelis previously said it would be able to restart operations at the part of the plant most damaged by the September fire next month.

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