CarMax Stock Drops After Disappointing Quarterly Results
NEW YORK – September 25, 2024 โ- Shares of CarMax Inc. plunged on Thursday afterโ the companyโฃ reported quarterly earnings that fell short of Wallโ Street expectations, signaling potentialโค headwindsโข for the broader โautomotive retail sector. The stockโ declineโ triggeredโ a ripple effect, pulling down shares of โคother major car retailers.
carmax reported adjusted earnings โคper share and revenue figures that missed analyst โขforecasts. while the company noted it was inโ a โ”better position” with inventory and pricing at the start of the quarter,โค investors reacted negatively too the overall financial performance.
The company’s results are โฃclosely watched byโค industry observers as an โearly indicator of howโ other car retailers are performing. Following CarMax’s report, sharesโฃ of Group โ1 Automotive, Autonation, Sonic โAutomotive, โคCarvana,โ and โLithia โขMotors all experienced declines, falling by roughly 5% or less during intraday โคtrading midday Thursday.