CarMax disappointed investors, citing "vehicle affordability challenges," while Tesla's shares sank ahead of its AI Day.
U.S. stocks sold off again on Thursday, with CarMax and several vehicle manufacturers and parts makers among the worst performers.
The S&P 500 SPX fell 2.1% for the session to a new closing low for 2022, with all but 39 stocks showing declines for the day. The benchmark index is down 23.6% for the year. Shares of CarMax Inc. KMX plunged 25% on Thursday, as the used-car giant reported results for its fiscal quarter ended Aug. 31 that missed consensus estimates for sales and earnings among analysts polled by FactSet. The company said its unit sales were hurt by “vehicle affordability challenges that stem from widespread inflationary pressures, as well as climbing interest rates and low consumer confidence.
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