10 Stocks Bolstered by Broader Market Cheer

5. Carvana Co. (NYSE:CVNA)

Carvana Co. grew its share prices by 25.02 percent on Wednesday to end at $220.44 apiece as investors continued to snap up shares in the company following news that it would build a new mega site in Arizona and generate as many as 200 jobs.

“The Phoenix area is home to our headquarters and a significant anchor for Carvana and ADESA operations, so we couldn’t be more excited to expand our local capabilities and team here,” said CVNA Senior Vice President for Inventory Brian Boyd. ”Bringing Carvana Inspection and Reconditioning Center capabilities to ADESA Phoenix will drive additional speed and selection for our local retail customers and an even more robust offering for our local wholesale customers while also creating new entry-level and skilled jobs in the Chandler community.”

On Monday, JMP Securities reaffirmed its Outperform rating for CVNA and a price target of $340, given the company’s ongoing expansion efforts, which include the integration of ADESA sites as a key driver for its growth.

CVNA has been actively integrating ADESA’s physical auction sites into its operations. At present, it was able to successfully integrate six out of 56 ADESA locations.