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CarMax CEO Bill Nash joins 'Mad Money' host Jim Cramer to talk vehicle affordability, inflations impact on the used car market and rising rates.
CarMax's (KMX) second-quarter comparable store used-vehicle units declined by 9%, while revenues fell by 12.5% from the prior-year level.
Many investors are familiar with that uneasy feeling you can get in the pit of your stomach when a stock dives after a bad earnings announcement. It may still be a great brand and business, but this temporary - hopefully temporary - blip in the chart is often enough to send potential buyers running for the door.
CarMax (KMX) shares tumbled over 9% in early trading on Thursday after reporting a profit below forecasts as demand for used vehicles slowed and the company spent more to cover potential losses from bad loans.
Shares of used car retailer CarMax (KMX) are falling this morning over its mixed second-quarter earnings, citing declining used car demand and higher interest rates impacting business. Yahoo Finance Live takes a look at the stock action surrounding the auto dealer in a tightened consumer environment.
CarMax reported lower Q2 earnings this morning, and much lower sales. Management is making the best of a bad situation.
CarMax, Inc (NYSE:KMX) shares tumbled more than 11% after its second quarter fiscal 2024 results highlighted the continued impact of the challenging economic environment on the used car industry. Shares of the used car retailer were down 11.3% at US$71.68 mid-morning on Thursday.
CarMax (KMX) came out with quarterly earnings of $0.75 per share, in line with the Zacks Consensus Estimate. This compares to earnings of $0.79 per share a year ago.
The used-car seller says 'vehicle affordability' weighed on second-quarter sales.
CarMax Inc.'s stock KMX, +1.84% slid 6.5% in premarket trade Thursday, after the used car retailer's second-quarter earnings fell from a year ago amid continued pressure in the sector.