Car-related stocks take it on the chin, with declines of up to 25% in one day

  • 📰 MarketWatch
  • ⏱ Reading Time:
  • 30 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 15%
  • Publisher: 97%

Nigeria News News

Nigeria Nigeria Latest News,Nigeria Nigeria Headlines

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.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 3. in NG

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines