Shares of Carvana (NYSE: CVNA) were surging for the second session in a row as a short squeeze in the aftermath of last Thursday's earnings report seemed to carry the stock higher again.

Carvana stock closed up 26.1% on Monday, building on momentum from last Friday.

Carvana, the online used car dealer whose stock crashed last year on bankruptcy concerns, impressed investors in its first-quarter earnings report as the company took meaningful cost-cutting steps and showed a path to profitability, though it's still operating at a loss.

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Source Fool.com