Why Carvana Stock Was Down 13% on Monday
Carvana (NYSE: CVNA) shareholders lost ground to the market in early trading on Monday. The automotive retailer's stock was down 13% by 1:15 p.m. ET, compared to a 0.6% decline in the S&P 500. That slump added to massive declines for the shares, which are now down over 95% so far in 2022.
Monday's decline was sparked by news of further weakening demand for online auto sales.
Carvana said in a Friday filing with the Securities and Exchange Commission (SEC) that it is cutting a further 1,500 jobs from its business. This move follows prior rounds of cost cuts in 2022 that have all been aimed at shoring up its finances as demand shrinks for used cars.
Source Fool.com
