Carvana Shares Plunge to Record Low as Used-Car Prices Fall Fast

Bloomberg2022-11-08

Carvana Co. wiped out about half of its market value in just two trading sessions as the stock plunged to an all-time low on deepening gloom about used-car sales.Shares of the online dealer have sunk ...

Source Link

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

sunshinegirl
2022-11-08
sunshinegirl
k

Leave a comment

{"i18n":{"language":"en_US"},"isChannel":false,"data":{"share":"https://ttm.financial/m/news/2281984749?lang=en_US&edition=fundamental","thumbnail":"","is_english":true,"pubTime":"2022-11-08 10:33","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"2281984749","market":"us","top_or_hot":-1,"title":"Carvana Shares Plunge to Record Low as Used-Car Prices Fall Fast","media":"Bloomberg","content":"<div>\n<p>Carvana Co. wiped out about half of its market value in just two trading sessions as the stock plunged to an all-time low on deepening gloom about used-car sales.Shares of the online dealer have sunk ...</p>\n\n<a href=\"https://www.bloomberg.com/news/articles/2022-11-07/carvana-shares-plunge-to-record-low-as-used-car-values-fade-away\">Source Link</a>\n\n</div>\n","source":"lsy1584095487587","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Carvana Shares Plunge to Record Low as Used-Car Prices Fall Fast</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCarvana Shares Plunge to Record Low as Used-Car Prices Fall Fast\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-11-08 10:33 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.bloomberg.com/news/articles/2022-11-07/carvana-shares-plunge-to-record-low-as-used-car-values-fade-away><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Carvana Co. wiped out about half of its market value in just two trading sessions as the stock plunged to an all-time low on deepening gloom about used-car sales.Shares of the online dealer have sunk ...</p>\n\n<a href=\"https://www.bloomberg.com/news/articles/2022-11-07/carvana-shares-plunge-to-record-low-as-used-car-values-fade-away\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"CVNA","symbol_name":"Carvana Co.","start_time":0,"source_url":"https://www.bloomberg.com/news/articles/2022-11-07/carvana-shares-plunge-to-record-low-as-used-car-values-fade-away","article_id":"2281984749","we_media_id":null,"thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2281984749","pubTimestamp":1667874797,"columns":[],"sourceInfo":{"source_id":"lsy1584095487587","name":"Bloomberg"},"weMediaInfo":null,"summary":"Carvana Co. wiped out about half of its market value in just two trading sessions as the stock plung","collect":0,"end_time":0,"defaultTopTitle":"bloomberg.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"CVNA":"Carvana Co."},"translate_title":"二手车价格快速下跌，Carvana股价跌至历史新低","themeId":"","isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"CVNA":1},"content_text":"Carvana Co. wiped out about half of its market value in just two trading sessions as the stock plunged to an all-time low on deepening gloom about used-car sales.Shares of the online dealer have sunk 49% in the two trading days since the company reported disappointing third-quarterresultslate on Thursday, bringing its once-lofty market capitalization down to about $1.3 billion from $2.6 billion before the earnings miss. That’s a far cry from the $60 billion valuation the firm commanded last year.Carvana, which allows its customers to buy a car from anywhere, saw its market value skyrocket last year when supply challenges in new-car production caused a surge in demand for used vehicles. That helped lure investors hungry for Covid-lockdown bets, especially given Carvana’s focus on at-home purchasing.But the environment is changing as supply snarls ease, auto production gradually normalizes and the cost of used cars are falling fast. Plus, the Federal Reserve’s fight against inflation has sent interest rates higher, raising the cost of financing vehicle purchases and weighing on consumer demand.The closely watched Manheim Used Vehicle ValueIndex, which tracks used-vehicle prices, dropped in October for a fifth-straight month, down 10.6% from a year earlier. It’s the biggest such decline in the almost 28-year history of the index.For Wall Street analysts, the shift presents a substantial challenge to Carvana’s business. On Friday, Morgan Stanley analyst Adam Jonas pulled his rating on the company, saying the stock could be worth as little as $1 as the deteriorating used-car market and volatile interest-rate and funding environment “add material risk to the outlook.”Analysts’ average price target on the company has fallen roughly 30% since Thursday’s close.“Cars are extremely expensive, and they’re extremely sensitive to interest rates,” Carvana Chief Executive Officer Ernie Garcia said on a conference call with analysts last week.","kind":"highlight","is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[{"id":9987662021,"gmtCreate":1667892521363,"gmtModify":1676537980728,"author":{"id":"3582674103522045","authorId":"3582674103522045","name":"sunshinegirl","avatar":"https://static.tigerbbs.com/44893534d6ffb8b8d6900cdb753dc751","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"3582674103522045","authorIdStr":"3582674103522045"},"htmlText":"k","listText":"k","text":"k","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9987662021","repostId":2281984749,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"}],"isCommentEnd":false,"newsSizeData":{"likeSize":20,"commentSize":1,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2281984749"}