Stocks closed out the week with a big thud Friday, with the Nasdaq narrowly avoiding its worst one-day loss this year as momentum names got crushed for a second day.» Read More
The stock market logged its longest losing streak since January, as the sell-off that began last week continued. Companies that sell goods and services that are not essential for shoppers led declines on Monday. CarMax slumped after the used car dealer posted earnings late Friday and Mattel dropped on concerns about the outlook for the toymaker's sales.
NEW YORK— U.S. stocks are sagging at the close, pushing the broader market to its longest losing streak since January. Fashion accessory company Fossil Group and used car retailer CarMax slid 4 percent. CarMax reported disappointing results Friday.
NEW YORK— For investors, a volatile stock market passed a worrisome milestone on Monday. CarMax slumped after the used car dealer reported lower net income, and Mattel dropped on concerns about demand for big-name toys. "The markets are struggling to choose a direction," said Joe Tanious, a global market strategist for JPMorgan Funds.
April 4- CarMax Inc, the largest used-car seller in the United States, reported lower-than-expected quarterly results, weighed down by tepid sales to subprime customers, indicating that the credit-fueled growth of recent quarters was slowing down.
*Mylan up on report of Meda AB buy. *Boeing considers Mercury Systems acquisition. Biogen Idec Inc fell 4.3 percent to $288.98.
*Mylan up on report of Meda AB buy. *Boeing considers Mercury Systems acquisition. "Overall, people are taking this as a sign there isn't some sort of underlying weakness in the economy," said Kate Warne, investment strategist at Edward Jones in St. Louis.
April 4- CarMax Inc, the largest retailer of used cars in the United States, reported a higher quarterly revenue and said it had increased its share buyback program by $1 billion. CarMax, which also sells new cars, said used car sales rose 12 percent to 132,856 in the fourth quarter ended Feb. 28.
April 4- CarMax Inc, the largest retailer of used cars in the United States, reported a 9 percent jump in quarterly revenue as easier availability of credit helped more Americans buy cars. CarMax's net income fell to $99.2 million, or 44 cents per share, in the quarter, from $107.2 million, or 46 cents per share, a year earlier.
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Dec 20- CarMax Inc said it could start lending to borrowers with weak credit records as it seeks to cut its reliance on third-party subprime car loan providers that are tightening their lending norms. CarMax already has a financing arm that lends to customers with healthy credit records.
Dec 20- CarMax Inc, the largest used-car retailer in the United States, reported a lower-than-expected quarterly profit and said car loan providers tightened credit terms late in the quarter. CarMax shares fell more than 9 percent in early trading.
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