CarMax's stock takes intraday dive after report Chanos had taken a bearish bet

Shares of CarMax Inc. took an intraday dive, after a media report that a famed short-seller had made a bearish bet on the used-car retailer. The stock was trading up 2.4% at $66.07 at about 11:15 a.m. ET. CNBC's Scott Wapner tweeted a few minutes later that Jim Chanos, founder of short-selling firm Kynikos Associates, had recently taken a short position in CarMax's stock. The stock pulled a sharp U-turn, to trade down as much as 2.9% at an intraday low of $62.64, before bouncing. The stock was recently up 0.6% on volume of 4.2 million shares, which is more than double the full-day average. The stock has now gained 9.6% over the past three months, while the S&P 500 has advanced 9.3%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.