Tesla Stock Pacing for Worst Month Ever After Discounts

Plus, Carmax pressed pause on its share buyback program

Digital Content Manager
Dec 22, 2022 at 3:55 PM
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Advanced Micro Devices, Inc. (NASDAQ:AMD), CarMax, Inc (NYSE:KMX), and
Tesla Inc (NASDAQ:TSLA) are sharply lower today, amid a broader market selloff. Below, let's take a deep dive into what specifically is dragging these stocks lower, and how they have performed lately.

Sector Headwinds Push AMD Lower

AMD was last seen down 6.7% at $63.15, as Micron Technology's (MU) oversupply warning and layoff announcement weighs on the semiconductor sector. The security earlier slipped to its lowest level in more than one month, and is today eyeing its sixth-straight close below the 40-day moving average. Year-to-date, AMD is down 56.3%.

KMX Eyes Worst Day Since September

Carmax stock is getting blasted in the options pits, after its third-quarter earnings and revenue missed Wall Street's expectations. The used car retailer also pressed pause on its share buyback program, and the equity is now eyeing its worst day since September. Last seen down 4.2% at $56.86, KMZ hit a two-year low of $52.10 earlier, and has shed 49.1% in the last nine months.

TSLA Looks to Extend Losing Streak

Tesla stock is down 8.9% to trade at $125.30 at last check, as the electric vehicle (EV) giant paces for its worst month on record, and eyes its fifth-straight loss. Today's bear gap come on the heels of the company started offering $7,500 discounts on Model 3 and Model Y vehicles delivered in the United States this month, sparking demand concerns. Tesla stock is trading at a two-year low, and is down 64.5% in 2022.


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