Market Snapshot
briefing.com
| Dow | 34292.58 | +436.23 | (1.29%) | | Nasdaq | 11266.88 | +343.25 | (3.14%) | | SP 500 | 4040.08 | +82.25 | (2.08%) | | 10-yr Note | +4/32 | 3.70 |
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| | NYSE | Adv 2574 | Dec 423 | Vol 1.9 bln | | Nasdaq | Adv 3557 | Dec 1139 | Vol 6.4 bln |
Industry Watch
| Strong: Communication Services, Information Technology, Utilities |
| | Weak: -- |
Moving the Market
-- Strength from mega cap stocks bolstering index performance
--Fed Chair Powell saying "it makes sense to moderate the pace of our rate increases as we approach the level of restraint that will be sufficient to bring inflation down." sent the market sharply higher
-- Treasury yields falling noticeably during Powell's speech
-- Amazon CEO Jassy saying "people are very much hunting for bargains" precipitated the midday leg lower
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Closing Summary
30-Nov-22 16:30 ET
Dow +737.24 at 34593.59, Nasdaq +484.22 at 11407.85, S&P +122.48 at 4080.31
[BRIEFING.COM] The stock market closed out November on a decidedly upbeat note. The main indices all logged big gains today and the S&P 500 was able to break above a key technical level, its 200-day moving average at 4,050. Market participants were reacting, or possibly overreacting, to the speech from Fed Chair Powell at 1:30 p.m. ET.
In front of Mr. Powell's remarks, the main indices were meandering around their flat lines until comments from Amazon.com (AMZN 96.54, +4.12, +4.5%) CEO Andrew Jassy precipitated a modest decline. He said at the DealBook Summit that "people are very much hunting for bargains" and noting that the economy is "a lot more uncertain" than previously thought. This played into the market's concerns that the Fed is going to raise rates too much and create a hard landing for the economy.
The tone of the market changed completely, however, with the release of Mr. Powell's speech. The market predominately reacted to the following key excerpt:
"Monetary policy affects the economy and inflation with uncertain lags, and the full effects of our rapid tightening so far are yet to be felt. Thus, it makes sense to moderate the pace of our rate increases as we approach the level of restraint that will be sufficient to bring inflation down. The time for moderating the pace of rate increases may come as soon as the December meeting."
The market rally that started mid-October was partially predicated on the notion that the Fed was apt to slow down the pace of rate hikes starting in December, which Mr. Powell's remarks corroborated. The fed funds futures market now prices in a 74.7% probability of a 50-basis point increase at the December meeting versus a 66.3% probability yesterday, according to the CME FedWatchTool.
Just about everything reversed course following the speech. Equities rallied, aided by short-covering activity, the U.S. Dollar Index fell, and buying picked up in the Treasury market. The U.S. Dollar Index was down 0.7% to 106.04. The 2-yr note yield fell nine basis points to 4.38% and the 10-yr note yield fell five basis points to 3.70%.
All 11 S&P 500 sectors closed in positive territory with gains ranging from 0.6% (energy) to 5.0% (information technology). Advancers led decliners by a greater than 6-to-1 margin at the NYSE and a greater than 3-to-1 margin at the Nasdaq.
Despite today's big rally, general growth concerns continue to fester. Market participants had a slate of economic data to digest, some of which piled onto the market's slowdown concerns.
The Chicago PMI reading for November (37.2) was particularly ugly looking, falling further into contractionary territory (i.e. sub-50 reading) than the market was expecting. China also reported weaker-than-expected Manufacturing PMI (48.0) and Non-Manufacturing PMI (46.7) readings that fell further into contraction territory.
- Dow Jones Industrial Average: -4.7% YTD
- S&P Midcap 400: -9.3% YTD
- Russell 2000: -16.0% YTD
- S&P 500: -14.4% YTD
- Nasdaq Composite: -26.7% YTD
Reviewing today's economic data:
- Weekly MBA Mortgage Applications Index fell 0.8% compared to last week with purchase applications rising 4% while refinancing applications fell 13%.
- Advanced report for international trade in goods reflected a $99.0 billion deficit in October following a revised $91.9 billion deficit in September (from $92.2 billion). The advanced report for retail inventories fell 0.2% in October after a revised 0.1% decline in September (from +0.4%). The advanced report for wholesale inventories showed a 0.8% build in October after a revised 0.6% build in September (from 0.8%).
- Q3 GDP was revised up to 2.9% from the advance estimate of 2.6%. The GDP Price Deflator was also revised up to 4.3% (Briefing.com consensus 4.1%) from the advance estimate of 4.1%.
- The key takeaway from the report is that growth was better than expected and inflation was higher than first thought.
- November Chicago PMI fell further into contractionary territory (i.e. sub-50 reading) with a reading of 37.2 in November (Briefing.com consensus 47.5) following a reading of 45.2 in October.
- JOLTS Job Openings totaled 10.334 million in October following a revised 10.687 million total in September (10.717 million).
- Pending home sales fell 4.6% in October (Briefing.com consensus -5.2%) following a revised 8.7% decline in September (from -10.2%).
- Weekly EIA Crude Oil Inventories showed a draw of 12.58 million barrels following last week's 3.69 million barrel draw.
Big Lots (BIG), Dollar General (DG), and Kroger (KR) are some of the companies reporting earnings ahead of Thursday's open.
Market participants will receive the following economic data Thursday:
- 8:30 a.m. ET: Weekly initial jobless claims (Briefing.com consensus 238,000; prior 240,000) and continuing claims (prior 1.551K)
- 8:30 a.m. ET: October Personal Income (Briefing.com consensus 0.4%; prior 0.4%), Personal Spending (Briefing.com consensus 0.8%; prior 0.6%), PCE Price Index (Briefing.com consensus 0.4%; prior 0.3%), core PCE Price Index (Briefing.com consensus 0.2%; prior 0.5%)
- 10:00 a.m. ET: November ISM Manufacturing Index (Briefing.com consensus 49.8%; prior 50.2%)
- 10:00 a.m. ET: October Construction Spending (Briefing.com consensus -0.2%; prior +0.2%)
- 10:30 a.m. ET: Weekly EIA Natural Gas Inventories (prior -80 bcf)
Equities at session highs ahead of close
30-Nov-22 15:30 ET
Dow +565.23 at 34421.58, Nasdaq +406.23 at 11329.86, S&P +100.61 at 4058.44
[BRIEFING.COM] The positive bias is continuing into the close with the main indices at session highs.
After the close, Salesforce (CRM), PVH (PVH), Victoria's Secret (VSCO), Synopsys (SNPS), Splunk (SPLK), Five Below (FIVE), Snowflake (SNOW), and Okta (OKTA) are among the earnings reporters.
Big Lots (BIG), Dollar General (DG), and Kroger (KR) are some of the companies reporting earnings ahead of Thursday's open.
Market participants will receive the following economic data Thursday:
- 8:30 a.m. ET: Weekly initial jobless claims (Briefing.com consensus 238,000; prior 240,000) and continuing claims (prior 1.551K)
- 8:30 a.m. ET: October Personal Income (Briefing.com consensus 0.4%; prior 0.4%), Personal Spending (Briefing.com consensus 0.8%; prior 0.6%), PCE Price Index (Briefing.com consensus 0.4%; prior 0.3%), core PCE Price Index (Briefing.com consensus 0.2%; prior 0.5%)
- 10:00 a.m. ET: November ISM Manufacturing Index (Briefing.com consensus 49.8%; prior 50.2%)
- 10:00 a.m. ET: October Construction Spending (Briefing.com consensus -0.2%; prior +0.2%)
- 10:30 a.m. ET: Weekly EIA Natural Gas Inventories (prior -80 bcf)
Positive disposition continues
30-Nov-22 15:05 ET
Dow +436.23 at 34292.58, Nasdaq +343.25 at 11266.88, S&P +82.25 at 4040.08
[BRIEFING.COM] The main indices trade just below session highs.
Market participants are more convinced now that the Fed will step down the pace of rate hikes compared to before Mr. Powell's speech. The fed funds futures market showed a 66.3% probability of a 50-basis point rate hike at the December meeting yesterday, but now that probability has risen to 77.0%, according to the CME FedWatchTool.
Separately, energy complex futures settled in mixed fashion. WTI crude oil futures rose 2.6% to $80.49/bbl while natural gas futures fell 4.2% to $6.95/mmbtu.
Market continues to fresh highs
30-Nov-22 14:35 ET
Dow +354.62 at 34210.97, Nasdaq +339.63 at 11263.26, S&P +74.52 at 4032.35
[BRIEFING.COM] The equity market continues to push to new highs. Market participants are predominately reacting to the following remark from Fed Chair Powell:
"Monetary policy affects the economy and inflation with uncertain lags, and the full effects of our rapid tightening so far are yet to be felt. Thus, it makes sense to moderate the pace of our rate increases as we approach the level of restraint that will be sufficient to bring inflation down. The time for moderating the pace of rate increases may come as soon as the December meeting."
It's a broad rally effort bringing every S&P 500 sector into positive territory. Advancers led decliners by a greater than 4-to-1 margin at the NYSE and a greater than 2-to-1 margin at the Nasdaq.
Market shoots higher on Powell comments
30-Nov-22 14:00 ET
Dow +217.52 at 34073.87, Nasdaq +229.63 at 11153.26, S&P +49.01 at 4006.84
[BRIEFING.COM] Things have improved markedly since Fed Chair Powell started his speech. He said "it makes sense to moderate the pace of our rate increases as we approach the level of restraint that will be sufficient to bring inflation down."
All the major indices are comfortably in positive territory and continue to climb. The Nasdaq enjoys a 2.1% gain, outpacing its peers.
At the same time, the U.S. Dollar Index and Treasury yields have reversed course. The U.S. Dollar Index is down 0.5% to 106.33. The 2-yr note yield is down four basis points to 4.43% and the 10-yr note yield is down three basis points to 3.71%.
Page One
Last Updated: 30-Nov-22 09:05 ET | Archive
Mixed up in front of Powell speech
There is a good bit of news in today's morning mix, but the news that will matter most to the market won't come to light until 1:30 p.m. ET. That's when Fed Chair Powell will give a speech at the Brookings Institution entitled Economic Outlook, Inflation, and the Labor Market.
Inquiry minds want to know not only what Mr. Powell is thinking, but how he says what he is thinking about each of those elements. Will he adopt a more hawkish-minded tone like he did after the last FOMC meeting or will he have a less hawkish tone?
That is the question, and the answer to it will move markets this afternoon, because his tone is going to move the market's thinking with respect to the path of monetary policy.
Currently, the futures market isn't being moved much. The S&P 500 futures are down two points and are trading roughly in-line with fair value, the Nasdaq 100 futures are unchanged and are trading fractionally above fair value, and the Dow Jones Industrial Average futures are down 26 points and are trading 0.1% below fair value.
It is a predominately mixed disposition, which is due partly to a wait-and-see mindset in front of Mr. Powell's speech and partly to a stream of mixed news items. To wit:
- The lockdown in Zhengzhou (where the iPhone is produced) has been lifted, but new protests over China's zero-COVID approach have taken root in Guangzhou.
- CrowdStrike (CRWD) is down 17.6% after coming up shy of total net new ARR expectations for Q3 and Workday (WDAY) is up 9.6% after topping Q3 expectations and raising its FY23 subscription revenue guidance.
- The ADP Employment Change Report for November was weaker than expected (127,000 vs Briefing.com consensus of 200,000) and the Second Estimate for Q3 GDP was stronger than expected (2.9% vs Briefing.com consensus of 2.7%).
- The November CPI reading for the eurozone was cooler than expected at 10.0% yr/yr and down from 10.6% in October, which is good, yet China's November Manufacturing PMI (48.0) and Non-Manufacturing PMI (46.7) were both weaker than expected, down from October, and deeper in contraction territory (i.e. sub-50), which is bad.
- Refinancing applications were down 13% week-over-week and purchase applications were up 4.0% week-over-week.
The futures market had been faring better. The softer-than-expected ADP reading had been helping some, having been interpreted as a potentially encouraging signal for the Fed. The stronger revision to Q3 GDP, however, took some steam out of the futures market.
Briefly, Q3 GDP was revised up to 2.9% from the advance estimate of 2.6%. The GDP Price Deflator was also revised up to 4.3% (Briefing.com consensus 4.1%) from the advance estimate of 4.1%.
The key takeaway from the report is that growth was better than expected and inflation was higher than first thought.
The reaction in the Treasury market captures this understanding.
The 2-yr note yield, at 4.47% shortly before the GDP release, is up six basis points to 4.47% and the 10-yr note yield, at 3.72% before the release, is up two basis points to 3.77%.
It is a peculiar reaction to backward-looking data, but with the Atlanta Fed GDPNow model estimating 4.3% real GDP growth for Q4, the market seems to be registering some angst about what it could mean for what it might hear later today from Fed Chair Powell.
-- Patrick J. O'Hare, Briefing.com
Workday clocking in with sizable gains after delivering beat-and-raise earnings report (WDAY)
Workday (WDAY), a leading enterprise resource planning (ERP) software provider, is rallying sharply higher after reporting a solid beat-and-raise 3Q23 earnings report and announcing a $500 mln stock repurchase program. The stock buyback authorization -- the first in WDAY's history -- and the company's upwardly revised FY23 subscription revenue guidance of $5.555-$5.557 bln (from $5.537-$5.557 bln) reflect what it describes as the "mission critical" nature of its offerings. While WDAY acknowledges that it's not completely immune to macroeconomic volatility, it also believes that its ideally suited to succeed in this challenging environment.
According to WDAY's Co-CEO, Chano Fernandez, there are a few favorable trends that are working in the company's favor.
- Many businesses and organizations are still operating with outdated systems for HR and financial workflows. Updating and modernizing these systems is crucial, especially as the digitization trend continues to unfold and as the need to drive better efficiency increases.
- Businesses are not only looking to modernize their systems, but they're also aiming to simplify and to consolidate their technology. Accordingly, many of WDAY's customers are opting to utilize all of WDAY's functionalities in order to streamline their HR and finance operations.
- The company's strategy to focus on certain industries is paying off. For instance, in the healthcare vertical, WDAY surpassed $500 mln in annual recurring revenue this quarter. Many healthcare providers have been struggling with rising labor and materials costs, making WDAY's HCM, financial, and supply chain solutions vital tools for hospitals, physician offices, and specialists.
The consistency of WDAY's financial results illustrate how the company is capitalizing on its optimal positioning. For the fifth consecutive quarter, the company generated revenue growth of at least 20%, with subscription revenue increasing by 22.3% to $1.43 bln in Q3. Looking ahead to Q4, WDAY expects this level of growth to continue, forecasting subscription revenue growth of about 21%.
Additionally, the company's outperformance on the top-line, combined with solid cost management efforts, is driving margins higher. In Q3, Non-GAAP operating margin came in at 19.7%, beating its prior guidance by 170 bps. Due to this better-than-expected result, WDAY nudged its FY23 Non-GAAP operating margin guidance higher to 19.2% from 19.0%. On a longer-term basis, WDAY said that it remains on track to achieve a Non-GAAP operating margin of 25%, driven by the scalability of its business model and a strong moderation in hiring.
As encouraging as WDAY's earnings report and outlook is, it isn't without some flaws. Most notably, WDAY's preliminary forecast for FY24 is a bit cautious with the company guiding for subscription revenue growth of 17-19%. That outlook represents a slight downgrade from WDAY's multi-year goal of driving subscription revenue growth of 20% or better. Similar to what CrowdStrike (CRWD) communicated last night, WDAY is seeing a lengthening of sales cycles, and that's having an impact on its net new business.
Overall, though, there's plenty to like about WDAY's results, which indicate that its business is more resilient than most software companies.
Hewlett Packard Enterprise computes some nice gains thanks to some bullish guidance (HPE)
Hewlett Packard Enterprise (HPE +4%) is up sharply today despite reporting just in-line EPS results for Q4 (Oct) last night. Investors are clearly impressed with HPE's Q4 revenue upside and especially its strong upside guidance for Q1 (Jan), which surprised us given HPE's more modest results in recent quarters and given HPE's large FX exposure (55% of revs outside the US).
- HPE is optimistic demand will sustain globally heading into FY23 as customers continue to focus on digital transformations and hybrid cloud systems. As expected, yr/yr order growth moderated in Q4 to -16% yr/yr as HPE laps challenging comparisons. However, sequential order growth was flat relative to Q3 which means demand is steady. The key takeaway here is that HPE is entering FY23 with an order book that is higher than when it entered FY22.
- We also got good news on the supply chain front. After many quarters of supply constraints, HPE is beginning to see some improvements. Specifically, demand from the consumer sector is slowing which is allowing some substrate capacity to shift to enterprise IT technologies. As a result, HPE has been able to reduce lead times for some products.
- Non-GAAP operating margin was another notable bright spot at 11.5%, up 180 bp yr/yr and 100 bp sequentially. This marked HPE's highest operating margin in the history of the company since its 2017 separation from HPQ. HPE has been focusing more on higher margin, recurring revenue opportunities and it looks to be paying off.
Overall, this was a very good quarter for HPE, we were initially a bit surprised it is not up more. This strong guidance really surprised us, especially give the FX headwinds, as it marks a shift from recent quarters. We were also pleasantly surprised with the comments about the supply chain improving. We think the stock may not be up more because it has been making a strong move since mid-October, so perhaps the bullish guidance was priced in to some degree.
CrowdStrike takes a major hit as weak revenue outlook reverberates across cybersecurity space (CRWD)
CrowdStrike (CRWD), which is often revered as a best-in-class name in the resilient cybersecurity space, is reminding investors that not even the strongest companies in the sturdiest industries are completely immune to a weakening macroeconomic environment. While the company extended its winning streak versus analysts' EPS and revenue expectations in Q3, it issued mixed guidance for Q4, including a soft revenue outlook. In each of its past three quarterly reports, CRWD had issued upside EPS and revenue guidance for the quarter ahead.
There are a couple macro-related factors that have changed over the past few months, causing CRWD's typically bright forecast to darken.
- Sales cycles are lengthening, especially within CRWD's smaller, non-enterprise customer base. During the earnings call, CEO George Kurtz stated that average days to close lengthened by approximately 11% in Q3. On the positive side, Kurtz believes that these deals are not lost, but they are just delayed.
- Although sales cycles haven't materially increased on the enterprise side, some customers are signing deals that have multi-phase subscription start dates in order to manage their operating expenses. Additionally, due to this tighter expense management, CRWD isn't anticipating that Q4 will see the typical year-end budget flush. Consequently, the company expects that Q4 net new ARR will be below Q3 by up to 10%. For context, net new ARR in Q3 totaled $198.1 mln.
- A more cautious approach to spending also impacted new customer additions during the quarter. Specifically, CRWD added 1,460 net new subscriptions customers in Q3, compared to 1,741 new customers in the last quarter. Kurtz did comment, though, that the company's win rates increased significantly on a qtr/qtr basis, and that the company is entering Q4 with a record pipeline.
CRWD's revenue guidance indicates that the deceleration in top-line growth will continue into Q4, falling to about 45% from 53% in Q3 and 59% in Q2. Given that CRWD's P/S still sits at about 17x, it's easy to understand why the stock is getting hit so hard on the company's disappointing outlook. However, business is not falling off a cliff. In fact, a number of metrics illustrate that business is still quite healthy for CRWD.
- The company achieved record cash flow from operations of $243 mln and record free cash flow of $174 mln. Consistent ASPs, an industry-leading gross retention rate north of 98%, and consistent win rates are fueling CRWD's strong cash flow generation.
- CRWD continues to have success in the large customer category, setting a new record for the number of customers contributing at least $1 mln to net new ARR. In Q3, the company surpassed the $1 bln mark in the $1 mln+ customer cohort, generating yr/yr growth of 67% in this segment.
The main takeaway is that CRWD's weak revenue guidance and Kurtz's accompanying commentary on macroeconomic conditions is crushing the stock today. This discouraging outlook has many investors questioning whether CRWD and other cybersecurity companies are as resilient to economic headwinds as initially presumed. Accordingly, shares of ZScaler (ZS), Qualys (QLYS), and SentinelOne (S) are also getting hit hard.
Intuit trades higher on big beat, investors look past weak guidance, Credit Karma slowdown (INTU)
Intuit (INTU +3%) had a lot of highs and lows with its Q1 (Oct) earnings report last night. With its focus on small businesses and consumers (TurboTax, QuickBooks, Mint, Credit karma, Mailchimp), we had some concerns that its clients may pull back on subscriptions as they face macro headwinds like inflation etc. However, its business seems to be performing well overall with the notable exception of Credit Karma. Let's get...."Intu-it."
- Intuit reported a huge EPS beat for Q1 while the revenue upside was more modest, but still solid. The guidance was more of a trouble spot as the company forecast for EPS and revs in Q2 (Jan) was below analyst expectations, especially for EPS. The good news was that Intuit reaffirmed FY23 EPS guidance, but it did lower FY23 revenue guidance.
- Let's start with the positives. In the Small Business and Self-Employed Group, revenue grew 38% yr/yr, or 19% excluding the recent Mailchimp acquisition. A standout was QuickBooks Online Accounting revenue growing 29% yr/yr, fueled by customer growth, higher prices, and mix-shift as INTU focuses on getting customers to use the whole ecosystem. Online services (Mailchimp, payroll, payments, capital, time tracking) was another bright spot with revs up 109% and +28% excluding MailChimp.
- Another positive was TurboTax, which had a robust finish to the tax season with a record number of innovations launched and tested in the October peak. Intuit is excited about this upcoming tax season, particularly its strategy to transform the assisted category, including the launch of business tax. Also, this tax season will benefit from deeper TurboTax and Credit Karma platform integrations.
- The main problem was Credit Karma. Revenue grew just 2%, which was below prior guidance of mid-single digit growth. And INTU saw a deterioration in all verticals the last few weeks of the quarter. In credit cards, many financial institution partners have tightened eligibility. Also, personal loans saw continued pressure with many partners tightening eligibility further while increasing APRs. Consumer default rates remain relatively low, but partners are pulling back on extending credit.
- As such, INTU is reducing its FY23 Credit Karma revenue guidance to a decline of -15% to -10% vs prior guidance of +10-15% growth. At the same time, it is reiterating FY23 revenue guidance for all other segments, so Credit Karma is the main drag.
Overall, the quarter was pretty impressive with a huge EPS beat. All of Intuit's segments are performing well with Credit Karma being the glaring exception. The stock is trading modestly higher despite the guidance and Credit Karma issues, but we think investors are not surprised to hear this given that the stock has been trending lower in recent months. This was the main risk we were concerned about when INTU acquired Credit Karma (deal closed in Dec 2020), that it exposes INTU to interest rate risk and credit risk. It will be something to monitor as we continue in FY23.
Cerence steps on the gas as its long-term roadmap signals light at the end of the tunnel (CRNC)
Cerence (CRNC +16%) is putting the pedal to the metal today after registering a decent earnings beat and keeping revs from falling further than analysts expected in Q4 (Sep). CRNC also ended the year meeting or topping each of its FY22 targets, including revs, margins, and adjusted EPS. Meanwhile, the company outlined its long-term guidance, which signals a possible bottom forming in FY23.
CRNC's technologies focus on the fully immersive digital vehicle cabin, mainly AI-powered virtual assistants, such as when a BMW (BMWYY) driver says, "Hey, BMW." Although this means that CRNC's primary target is the automobile market, where 51% of all cars shipped contain its software, its technology can apply to other forms of transportation, such as planes and elevators.
Despite nearly every auto manufacturer coming out with refreshed digital displays with virtual assistants, shares of CRNC have not reflected a favorable environment. The stock has nosedived from 52-week highs set in January, tumbling over 75%. Semiconductor and raw material shortages plaguing automakers over the past year have significantly affected CRNC's relatively poor stock performance. As such, perhaps its Q4 results signal the early innings of a more pronounced turnaround.
- Headline results may not have shone, but they topped estimates. Adjusted EPS turned red, falling to $(0.14) from $0.66 in the year-ago period. However, analysts anticipated worse. The same story was true for revs, which experienced the steepest decline since Nuance (MSFT) spun off CRNC in October 2019, falling 40.8% yr/yr to $58.1 mln.
- Another bright spot stemmed from an important performance indicator, growth in billings per car, which ticked 8% higher yr/yr on a TTM basis.
- Likely keeping shares elevated today was CRNC's long-term roadmap. The company CRNC outlined its expectations for the next four years, targeting around 12% annualized sales growth through FY26. However, revs are expected to dip meaningfully in FY23, with CRNC expecting sales of just $280 mln, a 14% dip yr/yr. This builds in a rapid acceleration from FY24 through FY26, meaning that CRNC expects the automotive market to recover quickly after a challenging next twelve months.
- CRNC also outlined its non-GAAP gross margins guidance, expecting a 5 pt dip yr/yr to 67% in FY23, only to expand to 78% by FY26.
Bottom line, the past year has been a struggle for CRNC, marred by declining sales and profitability as the supply-constrained new car market took its toll. However, although not overly exciting, CRNC's Q4 numbers signal that there may finally be light at the end of the tunnel. Management's long-term guidance displays confidence that after one more challenging year, CRNC may be headed for greener pastures.
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