By Francesca Fontana

The Score is a weekly review of the biggest stock moves and the news that drove them.

CarMax

CarMax stalled out this week, as President Trump's tariff pause left auto levies in place.

The used-car dealer on Wednesday posted disappointing quarterly earnings and said it could no longer give a time frame for financial goals it has been working toward for years. Despite Trump's walk-back, some levies still stand, such as the 25% tax on automotive imports.

Analysts say the levies will likely drive up the cost of both new and used cars. This could be a mixed bag for CarMax, which could attract more used-car buyers or lose out if shoppers hold off on buying vehicles altogether.

CarMax also said it repurchased 1.2 million shares of common stock for $98.5 million last quarter.

CarMax shares plunged 17% Thursday, after rising Wednesday amid a broad-based tariff-pause rally.

Apple

Trump's tariffs cost Apple its crown on Tuesday.

Following Tuesday's closing bell, the iPhone maker ceded its place as the world's most valuable company to Microsoft.

Apple's supply chain is heavily exposed to tariff-related cost increases, as the company sources the iPhone's components from around the world and assembles them primarily in China.

The Wall Street Journal reported Monday that Apple planned to send more iPhones to the U.S. from India to get around the high tariffs on China. On Wednesday, Trump paused some tariffs while raising levies on China. On Thursday, the White House said that the China tariffs add up to 145% -- not 125%, as indicated on Wednesday.

Meanwhile, the trade drama has also sparked a sales boost. Fearful of a potential price hike, consumers have scrambled to buy new iPhones and laptops.

Apple shares dropped 5% Tuesday. At Wednesday's close, Apple took back its crown, surpassing Microsoft in market value once more.

Delta Air Lines

Delta predicted 2025 would be its best financial year ever. Trump's tariffs have clouded that view.

The U.S. carrier on Wednesday ditched its full-year financial outlook and said it was too soon to say how air-travel demand would play out.

During an earnings call, Chief Executive Ed Bastian said that the company was working to avoid paying tariffs on the dozens of planes it is set to receive from Airbus this year.

Trump on Wednesday afternoon announced a 90-day pause on certain tariffs to most countries. The pause sent stocks soaring Wednesday, lifting the airlines from its recent doldrums.

Delta's shares rose 23% Wednesday. United Airlines rose 26%, and American Airlines rose 23%.

Walmart

Trump's tariff-pause made a splash as it interrupted Walmart's two-day investor meeting.

Earlier Wednesday the big-box retailer's shares were rising against a market slide, after the company said it would maintain its current quarter's financial forecast.

During the event, executives said the trade turbulence was an opportunity to grab market share as cash-strapped shoppers looked for lower prices. So far, Walmart wasn't canceling purchase orders of goods from China, Mexico and other countries, which account for about a third of U.S. sales.

By early afternoon, Trump had changed course, announcing a 90-day pause on many of those levies. A public-relations executive told reporters Walmart's priorities remained the same as before the about-face: managing inventory, keeping prices low and managing costs.

Walmart shares ended 9.6% higher Wednesday.

Harley-Davidson

Harley-Davidson is looking for a new leader to steer it through tariff chaos and slumping sales.

The motorcycle maker said Tuesday that Chief Executive Jochen Zeitz plans to retire after five years on the job. Zeitz will remain in his position until a successor is chosen.

During his tenure, Zeitz has boosted Harley's profit but has seen sales of the bikes continue to decline. The company last year sold 151,000 motorcycles worldwide, less than half as many as it sold in 2008.

Harley's prospects have also been shaken in the trade war launched by the Trump administration, with the European Union threatening to impose 50% tariffs on the company's bikes.

Harley shares declined 8.6% Tuesday.

Amazon.com

Tech giants are sticking to their AI spending plans, despite recession risks.

In his annual shareholder letter Thursday, Amazon Chief Executive Andy Jassy said that he believed AI was a "once-in-a-lifetime reinvention of everything we know," and that customers, shareholders and the business "will be well-served by our investing aggressively now."

That followed a keynote speech from Alphabet CEO Sundar Pichai, in which he reiterated a plan to spend about $75 billion on AI this fiscal year.

Together, Microsoft, Meta Platforms, Alphabet and Amazon plan more than $270 billion of capital spending on data centers this year, according to a Citigroup estimate.

After rallying 12% on Wednesday, Amazon shares ended 5.2% lower Thursday.

JPMorgan Chase

Wall Street celebrated big banks' latest earnings and digested executives' warnings amid trade turbulence.

JPMorgan Chase's first-quarter earnings and revenue rose, but the bank raised concerns that a slowing global economy could cause loan losses and paralysis in the capital markets.

Chief Executive Jamie Dimon warned that the economy "is facing considerable turbulence." Even accounting for Trump's tariff pause announced Wednesday, the bank's economists see a likely recession on the horizon this year.

Wells Fargo and Morgan Stanley also posted higher profits for the first quarter that topped expectations, but executives Friday echoed Dimon's concern about the future.

JPMorgan shares rose 4% Friday.

Our weekly markets news roundup is now part of the WSJ's What's News podcast. Host Francesca Fontana discusses the biggest stock moves of the week and the news that drove them. Check out What's News in Markets at wsj.com/podcasts or wherever you listen.

Write to Francesca Fontana at francesca.fontana@wsj.com.

(END) Dow Jones Newswires

April 11, 2025 17:50 ET (21:50 GMT)

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