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AutoNation stock hit a new all-time high after the company reported record quarterly earnings

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After the nation’s largest seller of new vehicles posted its sixth straight quarterly earnings record, AutoNation’s stock hit a new all-time high of more than $130 a share on Thursday.

Due to a persistent global shortage of semiconductor chips, AutoNation surpassed Wall Street’s profit and sales projections, owing to resilient customer demand surpassing vehicle supplies, resulting in record car prices and profits.

On Thursday morning, shares of the Florida-based dealership group soared as much as 12% before settling at around $124 per share, up roughly 6%. This year, AutoNation’s stock has increased by roughly 70%.

According to Refinitiv, the business recorded adjusted earnings per share of $5.12 in the third quarter, an all-time high, exceeding analysts’ expectations of $4.20 per share. AutoNation’s revenue for the quarter increased by 18% to $6.38 billion, beating analyst expectations of $6.31 billion.

AutoNation recorded a net profit of $361.7 million, nearly double the $182.6 million it made the year before.

“We are preselling what’s being scheduled to be produced,” AutoNation CEO Mike Jackson said Thursday on CNBC’s “Squawk Box.” “They’re coming in and going right out … the demand is there.”

AutoNation also announced an acquisition that is estimated to generate $420 million in yearly revenue, in addition to the record profitability. AutoNation’s board of directors also approved the repurchase of up to $1 billion in common stock.

In the third quarter, AutoNation announced that it will repurchase 7.9 million shares of common stock, or 11 percent of the company’s outstanding stock, for an aggregate purchase price of $879 million.

AutoNation’s profits were boosted by a 53 percent increase in used vehicle sales over the previous year, while new vehicle sales remained steady.

The company recorded a record $5,484 in same-store new gross profit per new vehicle, up $2,949. According to the firm, gross profit per used vehicle was $2,104, up $108 from a year ago and up 51% from the third quarter of 2019.

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Auction of Wikipedia’s editor’s first computer and NFT is On

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Auction of Wikipedia's editor's first computer and NFT is On

Auction of Wikipedia’s editor’s first computer and NFT is On

The computer Jimmy Wales used to create Wikipedia is up for auction, along with an NFT commemorating his first change on the platform, auctioneers announced Friday.

Wales “used for development and research at the time of the website’s launch on January 15, 2001,” when the website launched on January 15, 2001, according to Christie’s, which is supervising the sale.

The second lot is for an NFT generated by Wales of Wikipedia’s debut onscreen image when he uploaded the first words, “Hello world,” according to Christie’s specialist Peter Klarnet.

The NFT will be presented in JPEG format and will allow the customer to edit the page, which can be “which can be reset with a timer to revert to its original state,” to its original state.

In addition to supporting WT.Social, the proceeds from the sale of the NFT will go to a range of nonprofits working in the free culture field, according to the Christie’s website.

Christie’s hopes to sell the two lots for hundreds of thousands of dollars, Klarnet added.

NFTs have become a staple of auction houses and the art market for some collectors and investors.

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Singapore has suspended a crypto-exchange, Over a disagreement with K-pop group BTS

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Singapore has suspended a crypto-exchange, Over a disagreement with K-pop group BTS

Singapore has suspended a crypto-exchange, Over a disagreement with K-pop group BTS

Singapore’s banking watchdog has halted a popular digital currency exchange over a crypto pension programme linked to South Korean boy band BTS.

Singapore’s decision to stop Bitget’s local activities comes as the city-state strives to become a worldwide cryptocurrency hub.

BTS’s agency Hybe threatened Bitget with legal action in October for the promotion of Army Coin, named after the group’s ardent fans BTS ARMY. Who made the coin is unknown.

“so they do not have to worry about surviving but instead let them do what they desire to do” the platform advertised Army Coin. Hybe stated the coin is unrelated to BTS.

The episode shows the difficulties regulators face in controlling the crypto business as regular investors accept digital currency.

Barcelona star Andrés Iniesta was criticised last week for promoting the world’s largest crypto exchange on Instagram.

Singapore, a financial and free-trading port, has been more open to technology than regional rivals Hong Kong and Tokyo.

The Monetary Authority of Singapore has awarded Binance, Ripple, and Coinbase licences to serve retail and institutional clients.

Bitget had been exempted until July, according to a source familiar with the case. Bitget and the MAS refused to elaborate on the basis for Bitget’s exclusion.

Bitget’s services were still available in Singapore until late November, when it promoted Army Coin and claimed MAS clearance on its website.

After being notified by the Financial Times, the company removed the MAS logo from its site and prevented Singaporeans from using its app or website. Bitget still claims US, Canadian, and Australian licences.

Army Coin has since been listed on CoinTiger, another Singapore-based cryptocurrency market. The coin “exists for the good of BTS” and will “truly support them financially”, according to CoinTiger.

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Munger wishes cryptocurrencies had never been developed

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Munger wishes cryptocurrencies had never been developed

Charlie Munger, a billionaire investor, is still not a big supporter of Bitcoin.

‘I wish they’d never been invented,’ Munger said at the Sohn conference in Sydney on Friday, according to the Australian Financial Review.

Asked if he had any admiration for China, Munger replied, “I think they made the right decision by simply banning them.”

The cryptocurrency market temporarily surpassed a market value of $3 trillion in November, and leading coins like bitcoin hit new highs this year, spurring a boom in interest in digital assets.

For the 97-year-old Berkshire Hathaway vice chairman, this position is nothing new. According to Munger, the Covid-19 pandemic made him loathe bitcoin even more in May at Berkshire’s annual shareholder meeting.

In response to the bitcoin success, he declared, “Of course I hate it.” Not only does it make kidnappers and extortionists so much easier to get their hands on your extra billions of billions of dollars, but I don’t enjoy just handing over your extra money to someone who just manufactured a new financial product out of thin air.

According to Munger, “I think I should say modestly that the whole damn development is disgusting and contrary to the interests of civilization.”

Munger, of course, would be opposed by bitcoin advocates. Some people feel that bitcoin can be utilised as a form of inflation protection because of its role as a store of value. According to these proponents, bitcoin is a safe and secure peer-to-peer currency.

Munger, on the other hand, has often slammed bitcoin for its volatility.

“It’s really kind of an artificial substitute for gold. And since I never buy any gold, I never buy any bitcoin,” Munger said at the annual shareholders meeting for the Daily Journal in February. “Bitcoin reminds me of what Oscar Wilde said about fox hunting. He said it was the pursuit of the uneatable by the unspeakable.”

According to Coin Metrics, Bitcoin is currently trading at $56,085, with a market value of more than $1 trillion.

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