Carvana stock tumbles 43%, books worst day on record as bankruptcy fears rev up

marketwatch via msn ^ | 12/8/2022 | y Mark DeCambre

[RomanSoldier19]

Carvana stock on Wednesday logged its worst day on record on heavy volume and amid growing concerns about its ability to remain a going concern, according to a number of reports about the used-car retailer.

Shares of Carvana Co. closed down nearly 43%. That daily decline exceeded the 38.95% tumble that was registered on Nov. 4 to mark the ugliest day for the stock since the company listed on the New York Stock Exchange in 2017.

[RomanSoldier19]

[Levy78]

Was reading up on Carvana today. They’re in deep shyte. Wish I shorted a year ago.

[RomanSoldier19]

keep lookin around plenty to come

Stagflation Will Rule 2023, Keeping Stocks in Peril https://www.bloomberg.com/news/articles/2022-11-28/stagflation-will-dominate-in-2023-keeping-us-stocks-in-peril

[Levy78]

100%. Opportunity abounds on the short side.

[OrangeHoof]

OK, I didn’t know who they are but it seems it was like “car” and “nirvana”. Were these the ones where the car showroom was like a giant circular vending machine where the cars were spiraled toward the top?

If so, that’s all I know about them. Car resale places go under all the time.

[RomanSoldier19]

[RomanSoldier19]

[EEGator]

Mike Burry was correct.

[RomanSoldier19]

[cranked]

Carvana been having serious issues for most of this year with repeated layoffs, etc.

Not surprising to read this, at all.

[VTenigma]

I could never see how this sales model could work. Over paying to purchase used vehicles sight unseen leaves too much downside risk.

[minnesota_bound]

$270.82 one year ago and today it is $3.83
Wow! It could be worse if we were in a recession....

[dznutz]

They have had issues with paperwork also, not being able to get titles to customers in a timely manner resulting in buyers not being able to register and license their vehicles within their states specified time. Some states have stopped Carvana from operating.

[RomanSoldier19]

good times

[MachIV]

I cannot imagine someone dumb enough to risk cash on a purchase like this.

[Caipirabob]

They change the formula to get the numbers they want. It's been evident any time f@tard leftshytes have control.

It's communism for us now, folks. Respond appropriately.

[DaxtonBrown]

I own stock in VRM, SFT and LOTZ - all in the CARVANA used car sector. All have problems, but none were pumped to $370 a share with huge debt overhangs. Carvana was a Ponzi.

[newfreep]

My favorite "Used Cars"

Director: Robert Zemeckis (Back to the Future)
Writer: Robert Zemeckis, Bob Gale (Back to the Future)

[Rdct29]

We won't rebound until joke biden and the corrupt rats are removed from power. They are the main cause of inflation. Hopefully half of this country will pull their heads from their asses and see the truth. I wouldn't’ bet my life on it.