Why Carvana's Stock Is Soaring 10% Today
Shares of Carvana (NYSE: CVNA) are soaring 10% in late-day trading on no discernible news specific to the online used car dealer, but it is scheduled to report first-quarter earnings after the market closes.
The auto industry has been slammed by the coronavirus pandemic. The 53% in April was the worst decline in decades, but it wasn't as bad as analysts had predicted. On top of that, used car prices fell 12%, also a historic fall.
Image source: Carvana.
Source Fool.com
