: Carvana spooks market by moving up results, stock down 9%
Shares of Carvana Co. CVNA dropped more than 9% in the extended session Tuesday after the online auto retailer spooked markets by moving forward its quarterly results. Carvana said that it will report second-quarter numbers before the bell Wednesday, a full two weeks ahead of their previously scheduled release. Carvana, whose stock has rallied more than 700% this year, said that a conference call with analysts will follow at 8 a.m. Eastern. Analysts polled by FactSet expect Carvana to report a loss of $1.20 a share on sales of $2.6 billion, which would compare with a loss of $2.35 a share on sales of $3.9 billion in the second quarter of 2022. The rally for Carvana compares with gains of around 18% for the S&P 500 index SPX this year. Earlier this week, analysts at J.P. Morgan recommended investors to sell Carvana’s stock because it had again “disconnected materially” from fundamentals.
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