CarMax (KMX) 2Q Earnings Lemon

CarMax (KMX) is today’s FOMO stock. In this segment, Alex Coffey and Jenny Horne discuss the car dealer's Q2 earnings miss both on earnings and revenue which was $8.14B, versus the consensus $8.67B. Total wholesale units sales decreased 15.1% with gross profit per unit of $881. Alex and Jenny discuss the overall decline in the automotive marketplace and discuss the possible impact of retail selectivity and steep car market depreciation. Finally, Alex demonstrated an example trade using shares of CarMax (KMX) which was trading down 23% Thursday.