By Jonathan Weil
How's this for a clunker?
Timing the market amid the recent tariff-fueled volatility is hard even for stock pickers buying shares of the companies they know best-themselves.
A case in point: CarMax, the used-car dealer, which today announced quarterly earnings that missed analysts' estimates. CarMax in its earnings release said it repurchased 1.2 million shares of common stock for $98.5 million, or about $82 a share, during the three months ended Feb. 28. The stock today was trading for about $65, down about 18% on the day, and was the worst performer in the S&P 500. It is down 22% since the start of its just-reported fiscal quarter.
By reducing CarMax's share count, the buybacks appear to have added about a penny to CarMax's fiscal fourth-quarter earnings per share, going by the company's disclosures. It was an expensive penny.
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(END) Dow Jones Newswires
April 10, 2025 13:15 ET (17:15 GMT)
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