CarMax is the latest company to nix long-term growth targets on earnings call: ‘Why put a target out there?’

The stock price of CarMax, the largest retailer of used cars in the U.S., is free-falling after releasing its latest earnings report, which lacks a timeframe for long-term goals.

CarMax (No. 141 on the Fortune 500) reported on Thursday results for its fourth quarter that ended February 28. Results slightly missed expectations on the top and bottom lines. The company also removed the timelines associated with achieving its long-term targets “given the potential impact of broader macro factors.”...