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Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world
While CarMax Inc.’ s earnings results — and subsequent 20% rout — dashed Wall Street’s expectations, the stark miss has been a $171 million boon to short-sellers.
The shortfalls were across the board in the used-car dealer’s second-quarter report: earnings trailed consensus by nearly 40%, revenue, used vehicle sales and gross profits also missed expectations. The earnings flub drove the stock to the lowest since March 2020 Thursday. For short sellers, the one-day paper gain was worth $171 million, according to Matthew Unterman , managing director at S3 Partners.