Shares of Carvana (NYSE: CVNA) were moving higher today after the company adopted a "poison pill" strategy to dissuade any investor from gaining more than a 4.9% stake in the company.
As of 1:13 p.m. ET on Tuesday, the stock was up 5.4% after gaining as much as 17% earlier in the session.
In a news release this morning, Carvana said it had adopted a shareholder rights plan designed to protect long-term shareholder value by preserving net operation loss (NOL) carryforwards and other tax assets.
Source Fool.com