Why Carvana Stock Got Crushed Again Today
When Carvana (NYSE: CVNA) announced its first-quarter results last month, it highlighted a difficult, and changing, environment for consumers and the used-car business. The stock has cratered more than 60% since that report. That continues today, with Carvana shares down 10.5% as of 12:34 p.m. ET.
Since that quarterly report, the online used car retailer that made the car vending machine famous has raised billions in capital and announced a major staff layoff. And this weekend, it was the focus of a Forbes magazine article that said the company is facing a "moment of reckoning." The article brings to light everything from overspending to poor business practices, and what some former employees said was an insensitive mass layoff procedure.
Source Fool.com
