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Why Carvana's Stock Fell Hard Today

TheMotleyFool

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Carvana's (NYSE: CVNA) stock was already having a pretty bad week after the latest inflation data showed that there's no relief in sight for consumers. But investors got another dose of bad news late yesterday when FedEx withdrew its full-year guidance and issued a warning about the economy.

As a result, Carvana's stock plunged 9.1% as of 12:06 p.m. ET today.

Normally, a transportation stock like FedEx withdrawing its full-year guidance probably wouldn't have such a negative effect on Carvana's share price. But investors across all sectors are taking FedEx's latest quarterly results and its CEO's comments as a prediction for the economy.

Source Fool.com

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