Why Carvana Rose Then Fell This Morning
Shares of Carvana (NYSE: CVNA) had been motoring higher on Thursday morning, rising 6% at one point, but as of 11:07 a.m. ET it had reversed course and was heading lower again with the stock down 1.7%.
The online used car dealer had gotten a boost yesterday from a Citi analyst initiating coverage on the company and saying he thought could benefit from consumer demand for used cars. While there had been talk in recent weeks of the potential for a bankruptcy declaration, which drove shares into the $3-per-share range, nothing seems particularly imminent.
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Source Fool.com
