Coronavirus live updates: Trump contradicts nurse over PPE, Costco sees drop off as customers stay at home
6:48 pm: Carvana not immune to Covid-19 impact
Shares of Carvana tumbled double digits during after-market trading after the auto retailer reported a net loss of $183.6 million for the first quarter.
Shares of the used-car e-commerce platform fell by about 11% before recovering to about $83.45, down 8.5%. The stock is down 1% this year.
In a letter to shareholders, Carvana cited the coronavirus as an “unexpected detour” that “brought unprecedented change at an unprecedented pace.”
Carvana said its margin for the quarter was in the red at 12.6%, including 2.4 percentage points related to the coronavirus, highlighting the toll the pandemic has taken on even online retailers such as Carvana. —Michael Wayland
6:30 pm: Bye bye Michael Kors, hello Domino’s Pizza
Domino’s in Denmark