Why KAR Auction Stock Just Dropped 11%

Shares of KAR Auction Services (NYSE: KAR) are plummeting in midday trading Wednesday, down 10.8% as of 1:25 p.m. EDT after the used- and salvage-car auction company reported disappointing numbers for its fiscal second quarter of 2019 last night.

Expected to earn $0.37 per share on sales of $691.5 million, KAR instead reported "operating adjusted net income from continuing operations per diluted share" of only $0.30 -- despite booking $719.1 million in sales.

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