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Stocks: Carvana plunges year-to-date, DraftKings rises, SoFi gets a boost

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Yahoo Finance’s Ines Ferre joins the Live show to break down the latest stock moves.

Video Transcript

- Let's bring in Yahoo Finance's Ines Ferre with some more updates on all the market movers. And, Ines, I understand you're watching shares of Carvana, that online used car marketplace. What's going on on that front?

INES FERRE: Yeah, that's right. Shares are seeing a pop right now, although coming off the session highs. It was up about 21% earlier. It's up about 3%. And this is after the company on Friday released an update to its operating plan. And investors seem to like that. Although analysts are saying that all will come down to execution. A couple of points that Carvana pointed out is that it will be focusing on increasing retail units and revenue, and also gross profit.

The company, though, has had to cut staff. Its price target was lowered by many analysts. I will say that if you take a look at a year to date of the stock, down 82%. So you can see the deterioration that we've seen with Carvana. And if I pull up a one-year chart, I mean, last year it was trading just above $360 a share. It's now trading around $40 a share.

Taking a look at another stock that has been on a downtrend but today is seeing some gains, and that is DraftKings. That's up more than 1 and 1/2%. This is after Jefferies put a buy rating on DraftKings, basically saying that cash burn concerns are overblown, also talking about synergies with the Golden Nugget acquisition. And the stock right now seeing a bump. But, again, year to date, we are looking at DraftKings that's down 53%. And from its highs in 2021, down about 80% from those highs, guys.

- Ines, another one of those movers in the session today, SoFi. That stock is up more than 2 and 1/2%. What's going on there?

INES FERRE: Yeah. That's right. SoFi is right now one of our trending tickers on our Yahoo Finance page. Right here, as you mentioned, more than 2 and 1/2%. And this is also after another analyst called Piper Sandler's Kevin Barker upgrading the stock to an overweight, saying that investors are over discounting the stock and talking also about earnings momentum going into 2023 and 2024. Again, though, if we take a look year to date, this stock is down 56%. If you're seeing a pattern here, it's because there is one. Credit is getting more expensive. We have seen a lot of these companies, unprofitable companies that have really taken a haircut, they really have to prove themselves with investors, guys.

- OK. Ines Ferre walking us through the market moves. Thanks so much for that.