Market Roundup

Shares of CarMax Inc KMX gained about 7% after the company posted better-than-expected first-quarter results. CarMax reported its quarterly net income at $126.3 million, or $0.55 per share, up from $101.1 million, or $0.44 per share, in the year-ago period. Its revenue surged 18.5% to $2.68 billion. CarMax's used vehicle sales climbed 13%. Analysts were expecting earnings of $0.47 per share on revenue of $2.53 billion. Shares of Bed Bath & Beyond Inc BBBY dropped about 0.2% as the company is all set to report its quarterly results after the closing bell. BBBY is projected to post its Q1 earnings at $0.63 per share on revenue of $2.08 billion. Shares of Adobe Systems Inc ADBE dropped about 5.9% after the company posted a 54% surge in its quarterly profit. Adobe reported its FQ2 net income at $229.4 million, or $0.45 per share, up from $148.6 million, or $0.28 per share, in the year-ago period. Its revenue climbed to $1 billion from $943 million. Excluding one-time items, Adobe's earnings came in at $0.55 per share. However, analysts were expecting earnings of $0.51 per share on revenue of $996.1 million. Adobe projects Q3 earnings, excluding items, between $0.50 and $0.56 per share, and revenue between $1 billion and $1.05 billion. Analysts expected Q3 earnings of $0.54 per share on revenue of $1.02 billion. Shares of Hennes & Mauritz AB HNNMY fell about 2.9% after the company reported an 18% drop in its net profit for the second quarter. Hennes & Mauritz reported a quarterly net profit at 4.26 billion kroner ($671 million), down from SEK5.21 billion, in the year-earlier period. Sales, excluding value added tax, surged 2.2% to SEK27.63 billion from SEK27.03 billion. However, analysts were expecting a net profit of SEK4.41 billion. Its gross margin dropped to 61.7% from 65.9%.