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☆ Carvana plunges 45% as major creditors reportedly form pact to cooperate on restructuring
▼ + stars: | 2022-12-07 | by ( Matthew Fox | ) www.businessinsider.com time to read: +3 min

Carvana stock plunged 45% to a record low on Wednesday after a report of a pact between creditors. The pact was signed by 70% of Carvana's unsecured debt holders, and it is designed to prevent a nasty creditor fight if Carvana goes bankrupt. About 70% of Carvana's unsecured debt holders, representing about $4 billion, joined in on the cooperation agreement. Wedbush downgraded Carvana to Underperform from Neutral on Wednesday in response to the Bloomberg report of creditors teaming up. The stock hit a record low of $3.71 in early Wednesday trades, representing a 99% decline from its 2021 high of $376.83.

☆ Carvana shares tank as bankruptcy concerns grow for used car retailer
▼ + stars: | 2022-12-07 | by ( Michael Wayland | ) www.cnbc.com time to read: +2 min

Ernest Garcia III, CEO of Carvana, speaks to CNBC on the floor of the New York Stock Exchange, March 7, 2019. Shares of Carvana plummeted by more than 40% in Wednesday morning trading after the embattled online used car retailer's largest creditors signed a deal binding them to act together in negotiations with the company. Such creditor agreements are viewed as a way to streamline negotiations around new financing or a debt restructuring. JPMorgan said Wednesday that the creditor deal signals that Carvana "may have initiated debt restructuring negotiations with bond holders" but the "possibility of imminent Ch. Carvana's stock has plummeted by about 97% this year after reaching an all-time intraday high of $376.83 per share on Aug. 10, 2021.

☆ Stocks making the biggest moves midday: Carvana, MongoDB, TripAdvisor, Toll Brothers and more
▼ + stars: | 2022-12-07 | by ( Sarah Min | ) www.cnbc.com time to read: +3 min

MongoDB — The database platform surged almost 22% following the company's quarterly results. State Street — Shares of the asset manager jumped more than 8% after the company announced a new buyback plan. Toll Brothers — Shares of the luxury homebuilder rose 7% after the company reported quarterly results. Chinese tech stocks — Shares of U.S. listed China stocks declined even as Beijing announced it will lift some Covid restrictions. Airlines — Airline stocks fell as a group during midday trading.

☆ Jim Cramer's top 10 things to watch in the market Wednesday: China reopening fails to inspire
▼ + stars: | 2022-12-07 | by ( Jim Cramer | ) www.cnbc.com time to read: +4 min

Two out of the Club's three stocks tied closely to China — Starbucks (SBUX) and Wynn Resorts (WYNN) — are down. Barclays piles on and cuts every price target for oil companies. RBC Capital raises price target on Nike (NKE) to $120 per share from $115; keeps outperform (buy) rating. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio.

☆ Cowen downgrades Carvana, cites 'lengthened' path to profitability in a difficult macro environment
▼ + stars: | 2022-11-22 | by ( Samantha Subin | ) www.cnbc.com time to read: +1 min

A 'lengthened' path to profitability has Cowen concerned over the long-term trajectory for battered used vehicle stock Carvana . Analyst John Blackledge downgraded the company to market perform from outperform in a note to clients Monday. Carvana shares dipped slightly in the premarket. He trimmed the company's price target to $10 a share, suggesting shares could gain 42%, or roughly $3, from Monday's close. The analyst previously had a price target of $55.

☆ Why investors have jumped off the Carvana bandwagon
▼ + stars: | 2022-11-12 | by ( Michael Wayland | ) www.cnbc.com time to read: +7 min

He touted the company's "landmark" second-quarter results on Aug. 5, 2021 that included the used car retailer's first-ever quarterly net profit. Analyst Adam Jonas cited deterioration in the used car market and a volatile funding environment for the change. Jonas said "a deterioration in the used car market combined with a volatile interest rate/funding environment" made for a "material risk" to the company. Used vehicle prices have so far remained steady, but that may not last long, as the wholesale costs continue to decline. The average used listing price for a used vehicle is stabilizing but remains near record highs of more than $28,200, according to Cox Automotive.

☆ Here are Friday's biggest analyst calls: Apple, Amazon, Coinbase, Carvana, Intel, Imax & more
▼ + stars: | 2022-11-11 | by ( Michael Bloom | ) www.cnbc.com time to read: +8 min

UBS upgrades Werner to buy from neutral UBS said it sees upside for several trucking company names. "We are upgrading three truckload names to Buy from Neutral including HTLD, WERN , and SNDR and reiterating our Buy on KNX. Bank of America reiterates Amazon as buy Bank of America said reports of a cost cutting review at Amazon are a "positive." JPMorgan reiterates Silvergate as overweight JPMorgan said the crypto company's exposure to FTX is overblown. JPMorgan reiterates Netflix as overweight JPMorgan said it has "increased conviction" in shares of the streaming giant.

☆ Why Carvana stock dropped 97% in the past year as the auto resale success story became a used-car clunker
▼ + stars: | 2022-11-09 | by ( Tim Levin | ) www.businessinsider.com time to read: +4 min

Slowing demand for used cars and high interest rates are making things difficult for Carvana. Supply chain snarls kicked off a shortage of new cars that sent buyers to the used market in droves. But now the used-car market is slowing down, dealing a blow to Carvana and other dealership chains. Carvana, known for its vehicle vending machines, chalked up the poor results to a challenging economy and slowing demand for used cars. AutoNation, the largest dealership chain in the US, issued a similar warning about used-car prices last month.

☆ JPMorgan cuts Carvana price target, asserts used vehicle retailer is 'far from out of the woods'
▼ + stars: | 2022-11-08 | by ( Samantha Subin | ) www.cnbc.com time to read: +2 min

Expect more trouble ahead for Carvana , JPMorgan Chase says. Analyst Rajat Gupta slashed the bank's price target on the used-vehicle seller to $10 from $20 a share, citing the company's mounting net debt and ongoing volume pressures. To be sure, JPMorgan views a downturn scenario where Carvana can ride out the headwinds. But the company's rising net debt and "direction of fundamentals" is not enough to support the current price target, Gupta wrote. JPMorgan's new price target means shares could rally 35% from Monday's close.

☆ Here's what's behind Carvana's crash
▼ + stars: | 2022-11-07 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHere's what's behind Carvana's crashCNBC's Phil LeBeau joins 'Closing Bell' to discuss issues faced by Carvana and what's driving the crash in the company's stock

☆ Jim Cramer discusses Carvana and the future of fintech
▼ + stars: | 2022-11-07 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailJim Cramer discusses Carvana and the future of fintechOn Monday's episode of "Mad Money," host Jim Cramer weighed in on Carvana's financial situation, as well as the general future of disruptive financial technology firms like Affirm and Upstart Holdings.

☆ Carvana stock on pace for worst day ever as outlook darkens for used vehicle market
▼ + stars: | 2022-11-04 | by ( Michael Wayland | ) www.cnbc.com time to read: +2 min

Shares of the online used car retailer have plummeted by more than 95% this year, after hitting an all-time intraday high of $376.83 per share on Aug. 10, 2021. Analyst Adam Jonas cited deterioration in the used car market and a volatile funding environment for the change. Pricing and profits of used vehicles have been significantly elevated as consumers who couldn't find or afford to purchase a new vehicle opted for a pre-owned car or truck. But rising interest rates, inflation and recessionary fears have led to less willingness by consumers to pay the record prices, leading to declines for Carvana and other used vehicle companies such as CarMax . Large franchised new and used vehicle dealers such as Lithia Motors and AutoNation warned of softening in the used vehicle market when recently reporting their third-quarter results.

☆ Carvana tumbles after posting declines in nearly every aspect of the car reseller's business
▼ + stars: | 2022-11-03 | by ( Michael Wayland | ) www.cnbc.com time to read: +1 min

The stock fell by more than 7% during after-hours trading, quickly erasing a 6.5% gain from earlier in the trading day. Shares of the company have been nearly cut in half this year, as used vehicle sales and elevated prices cooled off from record highs. The used vehicle market a year ago was significantly elevated as consumers who couldn't find or afford to purchase a new vehicle opted for a pre-owned car or truck. "This economic environment remains uncertain, but we are focused squarely on the goal of driving the business to profitability," Carvana CEO and cofounder Ernie Garcia said in a release. "While progress is rarely linear, we remain on the path to becoming the largest and most profitable auto retailer."

☆ Carvana downgraded by Wedbush with shares down 90% this year and business model 'sputtering'
▼ + stars: | 2022-10-18 | by ( Alex Harring | ) www.cnbc.com time to read: +2 min

The once-blazing Carvana is stalling as the market for used cars shrinks and issues with its business model become harder to gloss over, according to Wedbush. Analyst Seth Basham downgraded the stock to neutral and cut the price target a whopping 70% to $15, now implying the stock has downside of 17.7%. The online platform for used cars was a pandemic winner as economic shutdowns led consumers away from car lots and toward its website. Its pandemic closing high of $360.98 in August 2021 was nearly 300% higher than its trading value at the start of 2020. Basham said the downgrade stems not just from sliding demand, but from concerns over how Carvana does business as the company's cost base is too high.

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