Late Market Roundup (KMX, ADBE, RIMM, JPM, GS)

Shares of CarMax KMX soared about 9% after the company reported better-than-expected Q1 results. KMX posted a threefold increase in profit for the first quarter. Chief executive Tom Folliard said, "Sales execution remained strong, as our stores were able to maintain the recent gains in the sales conversion rate." Technology stocks traded in negative territory today, as reports of weak housing data stressed the broader market. Adobe Systems ADBE was the top loser in the sector. ADBE’s shares fell more than 5%, after the company reported its Q2 earnings yesterday. Shares of Research In Motion RIMM supported the sector by rising more than 1%. RIMM is set to declare its results for the latest quarter on Thursday. JP Morgan JPM has appointed veteran Goldman Sachs investment banker Michael Lynch to the post of vice chairman of investment banking. After working in the investment banking division of Goldman GS from 1976 to 2005, Lynch became a partner in 1986. Doug Braunstein, head of investment banking for the Americas at JP Morgan, said, "Michael's long track record of success in investment banking will be extremely useful to our clients and business.” After a high opening, Canadian stocks quickly lost their gains. The stocks fell after a higher-than-expected decline in Canadian retail sales for April. Weak US housing data also raised concerns over the stocks. The S&P/TSX Composite Index moved down 0.24% to 11,770. Read more from Benzinga's Markets.