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CNBC's "Fast Money"

Carvana Crumbles: Who Could Be Next; And Two Big Signs For Concern in the Market 12/7/22

CNBC's "Fast Money"

CNBC

News, Investing, Business

3.91.3K Ratings

🗓️ 7 December 2022

⏱️ 44 minutes

🧾️ Download transcript

Summary

Shares of Carvana putting in their worst day since going public five years ago as concerns over bankruptcy mount. Are there other former high-flyers that could also find themselves in similar trouble? Plus oil prices dropping and yields are falling, too. What do these moves say about the state of the markets and the economy? Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

Transcript

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0:00.0

Right now in Bath, Carvana crash, shares tumbling another 35% as bankruptcy fears grow.

0:06.8

The stock now down 98% this year.

0:09.9

What other pandemic high flyers could be stolen out and headed toward the scrap heap?

0:13.7

Plus, turbulence for travel stocks, the couple downgrades for the sector taking down everything

0:17.8

from airlines to Airbnb is another sign that consumer spending is running out of steam.

0:22.8

And later, Berlin boom, one of our traders back in September said it was time to bet on

0:26.9

Germany. Well, raise a sign of off-brow and throw on your later hose in.

0:31.1

Oh, nice.

0:31.8

Germany is best of the S&P 500 big time.

0:34.4

So it's a time to say out Vagerzane.

0:36.1

Oh, wow. Nice.

0:37.2

I'm literally, this is the fast money we're live with and as I'm marketing on the desk.

0:40.5

Tonight, Tim Seymour, Karen Fighterman, Steve Grasso, and Guy Dami is out there smirking.

0:45.8

We start off with another deep drop in shares of Carvana stock and the use,

0:50.3

carc dealer plunging as much as 47% at its lowest clocking in its worst state on record.

0:55.7

It closed the session under $4 a share.

0:58.4

It was $240 at the start of the year.

1:03.0

The move comes as speculation grows that Carvana is headed towards bankruptcy.

1:06.5

The company's largest creditors reportedly pledging to work together in any debt restructuring.

1:11.2

So what does Carvana tell us about some of these one-time high-fliers?

1:15.3

And let's be clear, we've been on this Carvana story for a long time all the way down,

1:21.2

Karen, and the debt had been signaling this as you had pointed out.

...

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