Markets
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Max Knoblauch

CarMax sinks on declining used car sales as Carvana closes in

Used car retailer CarMax is down more than 5% in premarket trading on Thursday following the company’s third-quarter earnings report.

The company posted adjusted earnings per share of $0.43, beating the Wall Street consensus estimate of $0.31 per share. CarMax’s comparable-store sales came in down 9% from the same period last year and in line with its preliminary results posted in November, when it announced the sudden firing of longtime CEO Bill Nash.

CarMax sold 169,557 used vehicles to retail customers in its fiscal third quarter, an 8% drop from the same period last year. The company said it anticipates lowering margins on its used vehicles in Q4, which it expects will boost sales.

That declining used car sales figure is getting closer to rival Carvana’s, and Wall Street expects the gap to continue to shrink. In November, analysts at Wedbush Securities said they expected Carvana’s retail sales to surpass CarMax’s in Q4 of 2026 — six months earlier than initially forecast. Carvana rose 1% in premarket trading.

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SpaceX gets a wave of bullish ratings from Wall Street analysts

SpaceX received more than a dozen positive analyst calls on Tuesday — including from major Wall Street banks — as they initiate coverage on Elon Musk’s space and AI company.

SpaceX went public on June 12 at a $2.2 trillion valuation, the largest debut in history. While the company hasn’t yet posted a profit, it seems to have convinced Wall Street that it will get there and grow its valuation on the way.

Of the at least 17 analysts that gave a rating on Tuesday, all but one gave it a “buy” or “outperform” rating. MoffettNathanson was "neutral."

The ratings come as SpaceX joined the Nasdaq 100 index, a benchmark tech-heavy basket of companies that underpins millions of portfolios. The inclusion adds built-in demand for the stock from index funds and ETFs.

Still, SpaceX fell more than 5% on Tuesday amid a broader sell-off, and is currently effectively flat from its opening price of $150 a share.

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