Why CarMax Stock Crashed on Thursday

Shares of CarMax (NYSE: KMX) declined by more than 10% on Thursday, as investors grew increasingly concerned that the uncertainty surrounding the COVID-19 coronavirus pandemic would make people delay their vehicle purchases.

COVID-19, the disease caused by the novel coronavirus, is scary. The outbreak has spread to nearly all corners of the world, infecting more than 127,000 people and killing over 4,700.

Panic has taken hold of investors, and financial markets around the globe have suffered staggering losses in recent days. Many stocks have already shed more than a quarter of their value, and more losses may be ahead.

Source Fool.com