Deep Dive: Car-related stocks take it on the chin, with declines of up to 25% in one day

The Dow Jones Industrial Average
DJIA,
-1.54%
fell 1.5%, while the Nasdaq Composite Index
COMP,
-2.84%
fared worst, with a 2.8% drop.

Here’s a year-to-date chart showing the sharp reversal of the recovery that had started after the S&P 500’s June 16 low:

Shares of CarMax Inc.
KMX,
-24.60%
plunged 25% on Thursday, as the used-car giant reported results for its fiscal quarter ended Aug. 31 that missed consensus estimates for sales and earnings among analysts polled by FactSet. The company said its unit sales were hurt by “vehicle affordability challenges that stem from widespread inflationary pressures, as well as climbing interest rates and low consumer confidence.”

Read: CarMax stock suffers biggest selloff in 22 years as inflation, low consumer confidence lead to big profit miss

Several vehicle manufacturers were among the day’s worst-performing U.S. stocks, including Ford Motor Co.
F,
-5.83%,
General Motors Co.
GM,
-5.65%
and Tesla Inc.
TSLA,
-6.81%.
Parts manufacturers weren’t spared, with BorgWarner Inc.
BWA,
-5.58%
and Aptvi PLC
APTV,
-6.39%
sinking as well.

Tesla’s AI day is on Sept. 30, during which CEO Elon Musk is expected to tout the company’s “Optimus” robot prototype and the development of its Full Self-Driving (FSD) technology. While he rates Tesla a “buy,” with a price target of $360, Wedbush analyst Dan Ives wrote in a note to clients on Sept. 29 that “Musk has faced skeptics as the Street focuses on driving near-term battery technology enhancements, capacity build outs (Berlin, Austin), and fending off rising EV competition from all angles globally, and not humanoid robots.”

Worst performers among the S&P 500

More than 90% of S&P 500-member companies declined on Thursday. Here are the 20 stocks in the benchmark index that fell the most:

Company

Ticker

Sept. 29 price change

September price change

2022 price change

Decline from 52-week intraday high

Date of 52-week intraday high

CarMax Inc.

KMX,
-24.60%

-24.6%

-26.3%

-50.0%

-58.2%

11/08/2021

SolarEdge Technologies Inc.

SEDG,
-8.27%

-8.3%

-14.6%

-16.0%

-39.6%

11/22/2021

Royal Caribbean Group

RCL,
-7.91%

-7.9%

6.9%

-43.2%

-55.6%

11/08/2021

Generac Holdings Inc.

GNRC,
-7.05%

-7.1%

-21.0%

-50.5%

-66.8%

11/02/2021

Carnival Corp.

CCL,
-6.82%

-6.8%

-3.2%

-54.5%

-66.1%

09/28/2021

Tesla Inc.

TSLA,
-6.81%

-6.8%

-2.7%

-23.9%

-35.3%

11/04/2021

Aptiv PLC

APTV,
-6.39%

-6.4%

-13.9%

-51.2%

-55.5%

11/04/2021

Edison International

EIX,
-5.20%

-6.3%

-15.2%

-15.8%

-21.6%

04/21/2022

Advanced Micro Devices Inc.

AMD,
-6.17%

-6.2%

-24.4%

-55.4%

-61.0%

11/30/2021

Boeing Co.

BA,
-6.08%

-6.1%

-21.8%

-37.7%

-46.4%

11/15/2021

Caesars Entertainment Inc.

CZR,
-6.03%

-6.0%

-24.8%

-65.3%

-72.9%

10/01/2021

V.F. Corp.

VFC,
-5.85%

-5.8%

-25.8%

-58.0%

-61.0%

11/16/2021

Ford Motor Co.

F,
-5.83%

-5.8%

-24.7%

-44.8%

-55.7%

01/13/2022

General Motors Co.

GM,
-5.65%

-5.6%

-13.0%

-43.3%

-50.5%

01/05/2022

Lumen Technologies Inc.

LUMN,
-5.63%

-5.6%

-25.9%

-41.2%

-49.1%

11/05/2021

BorgWarner Inc.

BWA,
-5.58%

-5.6%

-16.0%

-29.7%

-36.8%

01/13/2022

Norwegian Cruise Line Holdings Ltd.

NCLH,
-5.33%

-5.3%

6.0%

-33.2%

-52.9%

11/05/2021

PPL Corp.

PPL,
-5.15%

-5.2%

-10.8%

-13.7%

-16.3%

08/17/2022

Xcel Energy Inc.

XEL,
-5.15%

-5.2%

-12.0%

-3.5%

-15.8%

09/12/2022

Dominion Energy Inc.

D,
-5.08%

-5.1%

-13.1%

-9.5%

-20.0%

04/11/2022

Source: FactSet

Click on the tickers to begin your own research about any of the companies.

Click here for Tomi Kilgore’s detailed guide to the wealth of information for free on the MarketWatch quote page.

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