Why Wayfair Stock Tanked Today
Shares of online furniture retailer Wayfair (NYSE: W) have tanked today, down by 11% as of 1:20 p.m. EDT, after the broader market aggressively sold off. Ongoing coronavirus fears and a steep decline in oil prices are heightening concerns around the possibility of a global recession. Wayfair recently downplayed the potential impacts of the COVID-19 illness outbreak.
While discussing fourth-quarter results with analysts last month, CFO Michael Fleisher said that Wayfair was not incorporating coronavirus risks into its outlook.
Image source: Wayfair.
Source Fool.com
