Auto retailer, Carmax Inc. (KMX) reported a drop in first quarter profit of 2.7% on huge sales drops, a loss in its auto financing arn and charges related to loans. However, the adjusted earnings of $0.22/share that the company reported were well above Wall Street’s expectations of $0.04/share, which was the result of increased traffic and better sales execution.
Overall, all three major U.S. indexes are up in morning trading. The Dow Jones Industrial Average added 0.5%, the S&P 500 added nearly 0.7% and the Nasdaq was up 1.5%.
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Kevin Grewal contributed to this article.