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DETROIT — Shares of CarMax were down by more than 20% in early trading Thursday after the used auto retailer missed Wall Street's quarterly earnings and revenue expectations.

CarMax shares earlier in the day were trading under $45 — the stock's lowest price since March 2020, when the coronavirus pandemic closed down U.S. auto production and many retailers. The stock is down around 46% this year, with a less than $6.7 billion market cap.

The company's results included earnings per share of 99 cents and revenue of roughly $6.6 billion, down 6% from a year earlier. Analysts surveyed by LSEG had expected earnings per share of $1.05 and revenue of $7.01 billion.

Other key results, such as sales and net income,

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