10 Firms Heavily Hit by Market Pessimism

4. Carvana Co. (NYSE:CVNA)

Carvana dropped its share prices by 10.71 percent on Tuesday to finish at $166.52 apiece as investors stayed on the sidelines amid the lack of fresh catalyst to boost buying appetite.

In recent news, CVNA announced a foray into the new-car selling business, signaling a new business strategy to complement its core used cars selling business.

Earlier this month, CVNA announced that it finalized a deal on February 28 to acquire a franchised dealership in Arizona, signaling a potential shift into new vehicle sales for the online retailer, which has been focusing on selling used cars since its launch in 2013.

CVNA appears to be following in the footsteps of its competitor CarMax, which also ventured into the new cars business in the mid-1990s when it secured a franchise of Chrysler, a move that was later discontinued to focus entirely on used cars.