Carvana

Shares of Carvana were on pace for their worst day on record Friday after the company missed Wall Street's top- and bottom-line expectations for the third quarter as the outlook for used cars falls from record demand, pricing and profits during the coronavirus pandemic.The stock cratered by 40% in midday trading. Shares of the online used car retailer have plummeted by more than 95% this year, after hitting an all-time intraday high of $376.83 per share on Aug. 10, 2021. Carvana's current worst day of trading was a 26.4%…

A Starbucks location in New York.Scott Mlyn | CNBCCheck out the companies making headlines after hours.Block — The mobile payment stock jumped 12% after Block reported third-quarter results that beat on the top and bottom lines. Block reported earnings of 42 cents per share on revenue of $4.52 billion. Analysts polled by Refinitiv were forecasting earnings of 23 cents per share on revenue of $4.49 billion.PayPal — Shares declined more than 6%. PayPal reported earnings that surpassed profit and sales expectations. CEO Dan…

Ernie Garcia, CEO, CarvanaScott Mlyn | CNBCShares of Carvana fell in extended trading Thursday after the online used car retailer missed Wall Street's top- and bottom-line expectations for the third quarter and reported declines in revenue, profit and sales compared with a year earlier.The stock fell by more than 7% during after-hours trading, quickly erasing a 6.5% gain from earlier in the trading day. Shares of the company have been nearly cut in half this year, as used vehicle sales and elevated prices cooled off from…

Confetti falls as Lyft CEO Logan Green (C) and President John Zimmer (LEFT C) ring the Nasdaq opening bell celebrating the company's initial public offering (IPO) on March 29, 2019 in Los Angeles, California. The ride hailing app company's shares were initially priced at $72.Mario Tama / Getty ImagesCheck out the companies making headlines in midday trading Friday.Warner Bros. Discovery — The media company's stock cratered 16.5% after Warner Brothers posted its first earnings report since its merger. Warner Bros.…

Online used-car dealer Carvana Co. said it is aggressively cutting costs as demand from consumers remains under pressure and the company faces the prospect of an economic downturn.Carvana—an early pandemic star that has struggled during the recovery—pledged in April to rein in expenses after it reported its first-ever quarterly-sales decline and said it would no longer provide guidance for the year. The company said it misjudged customer demand, planning for growth while rising interest rates…

MasterClass CEO David Rogier.Photo: Cindy Ord (Getty Images)Online educational platform MasterClass announced Thursday that it would lay off 20% of its employees, joining a number of other tech companies that have reduced the size of their teams to try and adapt to worsening economic conditions.On Wednesday, MasterClass CEO David Rogier said on Twitter that he had to make the “really hard decision” to cut back on the company’s staff members in order to “adapt to the worsening macro environment and get to self…

Ernie Garcia, CEO, CarvanaScott Mlyn | CNBCCarvana CEO Ernie Garcia III regularly tells Wall Street that "the march continues" in the company's mission to become the largest and most profitable used car retailer in the world.Its stock price has marched this year as well, just in the wrong direction for investors. Within six months, Carvana has gone from Wall Street's preferred used car retailer poised to capitalize on a robust market to trading like a volatile meme stock amid cost-cutting measures and layoffs.The fall…

Check out the companies making headlines in midday trading Thursday.Carvana — Shares of the online used-car retailer popped nearly 30%, alongside other heavily shorted stocks. Nearly 29% of Carvana shares available for trading are sold short, according to FactSet. The company has faced negative sentiment on Wall Street recently, with downgrades this month from Stifel, Morgan Stanley and Wells Fargo.Tapestry — Shares soared 15.9% after the luxury company behind Coach and Kate Spade reported that it expects Covid-related…

Online car dealer Carvana Co. CVNA -3.33% plans to lay off 12% of its workforce after closing a deal to expand operations that forced the company to borrow on onerous terms. Carvana CEO Ernie Garcia III said in an email to employees that the company had overshot its growth strategy and would cut around 2,500 workers, centered around the company’s operations. The email was viewed by The Wall Street Journal.…