Shares of Carvana plummeted by more than 40% after its largest creditors reportedly signed a deal binding them to act together in negotiations.
These are the stocks posting the largest moves in midday trading.
Carvana plans to lay off about 1,500 people, or 8% of its workforce, following a freefall in the company’s stock, according to an message obtained by CNBC.
Shares of Carvana have gone from an all-time high of nearly $377 per share in August 2021 to as little as $6.50 per share this week – a 98% decline.
Shares of Carvana plummeted for a second-consecutive trading day as investors unloaded shares of the embattled used-vehicle seller.
Shares of Carvana posted their worst day on record Friday after the company missed Wall Street’s top- and bottom-line expectations for the third quarter.
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