CVNA - Things Are Looking Up for These 2 Beaten-Down Stocks
2023-06-08 09:12:59 ET
The stock market has been relatively quiet over the past days, as market participants seem content to digest the big gains that major market benchmarks have seen in recent weeks. The big upward move has some believing that we're on the cusp of a new bull market, while others remain just as nervous as ever about the future prospects for the economy. Stock index futures were little changed on Thursday morning as uncertainties remain paramount.
However, a couple of companies whose share prices have gotten punished in the past gave their investors some good news that lifted their stocks somewhat. Both Carvana (NYSE: CVNA) and Semtech (NASDAQ: SMTC) have suffered big declines, but shareholders hope that the worst might be over and that the two respective businesses might continue to improve from here.
Shares of Carvana soared 25% in premarket trading on Thursday morning. The online car dealer famous for its car "vending machines" gave investors a more upbeat picture of how its business has fared lately.
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Things Are Looking Up for These 2 Beaten-Down Stocks