10 Stocks Drop Double Digits as Investor Caution Lingers

8. Carvana Co. (NYSE:CVNA)

Carvana dropped its share prices by 13.45 percent on Thursday to end at $186.85 apiece as investors sold off positions amid uncertainties on its foray into the new car-selling business.

Last week, 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.

Further aggravating the situation is the increasingly challenging macroeconomic environment, its impact on consumer spending, and the heightened risk of delinquencies.