Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Shares of used-car dealership chain CarMax (NYSE: KMX) sank 11% in early Thursday trading after its quarterly results came in below Wall Street expectations.

So what: While CarMax didn't whiff too badly on its second-quarter earnings ($0.49 per share versus the consensus of $0.51 per share), investors are naturally taking it as a sign of even more bad things to come. With so much exposure to the bruised consumer, it's no surprise that CarMax shares are hitting a new 52-week low on the news.  

Now what: I'd cautiously look into this pullback as possible entry point. While the economic slowdown will continue to weigh on sales, the stock's forward P/E of 12 suggests that plenty of the bad news is already baked in. After all, thanks to its scale and network advantages, CarMax should at least see plenty of market-share gains against rivals like Auto Nation (NYSE: AN) and Penske Automotive (NYSE: PAG) in almost any macro environment.

Interested in more info on CarMax? Add it to your watchlist.