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PreMarket Prep Recap: CarMax, BlackBerry End In The Red After Earnings

Joel Elconin

Not only does Benzinga's PreMarket Prep Show discuss market movers and the catalysts behind those moves for the upcoming session, the crew provides a daily dose of market education.

On Tuesday's show, Nate Tobik of completebankdata.com explained in layman's terms the possible implications of "repo madness." 

It's a must-listen for any long-term investor in the stock market, and in particular the banking sector. 

CarMax, BlackBerry Earnings 

After a dry spell of earnings reports, there were a few notable reports covered on Tuesday's show.

In premarket trading, CarMax, Inc (NYSE: KMX) was trading sharply higher after its second-quarter beat.

Investors were cautioned that although the issue was firmly in the green, it was in the area of its all time high — $92.01 — when it reached that area in late July and retreated sharply.

As it turns out, the issue peaked off the open at $90.33 and ended the session in the red at $86.41. 

The onetime king of the smartphone market, BlackBerry Ltd (NYSE: BB), was deep in the red after a mixed second-quarter report. 

Investors looking to cover a short or try a long in the issue were informed the next monthly low to come into play was its December 2013 low of $5.44.

BlackBerry shares were down 22.64% at $5.76 at the close Tuesday. 

AmEx Buyback 

Another issue joining the stock buyback frenzy is American Express Company (NYSE: AXP).

The issue has been rangebound between $116 and $120 in recent weeks and was nearing the top of that range after testing the bottom of the range in Monday's session. 

The stock was down 0.14% at $118.17 at the close Tuesday. 

Midway through the show, options guru Nic Chahine, the author of "Create Income With Option Spreads," joined the show.

Chahine discussed the fundamentals and technicals behind recent market action and shared his opinions on a number of issues that came from our loyal crowd on premarket.benzinga.com as well as the Benzinga YouTube chats.

Tune In Wednesday 

Join us Wednesday, when we'll review the carnage from Tuesday's session and discuss what to look for in order for the market to rebound.

Also, the cheery Anne-Marie Baiynd of thetradingbook.com will join the show and tell us what her technical indicators are predicting. 

PreMarket Prep is a daily trading show hosted by prop trader Dennis Dick and former floor trader Joel Elconin. You can watch PreMarket Prep live every day from 8-9 a.m. ET here. The replay can be found on Benzinga's YouTube channel, and the podcast is on iTunes, Google Play, Soundcloud, Stitcher and Tunein.

Related Links: 

PreMarket Prep Recap: Fitbit, Exact Sciences Headlines; US Steel Downgrade 'A Bit Late To The Party'

PreMarket Prep Recap: Buybacks Add Fuel To Rally Ahead Of Quadruple Witch Expiration

Photo courtesy of BlackBerry. 

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