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CarMax Surges 13%+ as Q1 Tops
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ShareCarMax Inc. (KMX) reported first-quarter adjusted earnings that easily topped Wall Street expectations, despite lackluster sales. Shares of this Zacks #1 Rank ("Strong Buy") company jumped nearly 14% in response.
Volume has been extraordinarily high today at approximately 9.6 million, against the average daily volume of about 3.8 million.
The nation's largest used car retailer posted a 17% decline in sales to $1.8 billion, which still bettered analysts' expectations.
Same-store used car sales slipped 17%, partially due to the sluggish performance of CarMax Auto Finance.
The consensus forecast for the year ending February 2010 moved up a penny over the past month to 25 cents per share, as 2 out of 11 analysts raised estimates. The most accurate estimate is even bullish at 27 cents per share.
Read the full analyst report on KMX
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