CarMax Stock Falls Sharply on Earnings as Used Car Sales and Prices Decline
1. CarMax's earnings miss expectations, posting 64 cents against a $1.04 forecast. 2. Same-store sales fell 6.3%, missing the expected 1.1% growth. 3. Average vehicle prices decreased by 1% to $25,993. 4. CarMax shares dropped 10% in premarket trading. 5. Competitors AutoNation and Carvana showed positive stock growth this year.