Stocks In News: CVNA, PLTR, SOBR

One of today’s biggest decliners in the overall market is Carvana (NYSE:CVNA). Shares of CVNA stock are now down more than 20% in this afternoon’s session. This move follows a rather disappointing earnings report from fellow used-car retailer CarMax (NYSE:KMX), which is down a whopping 24% at the time of writing. In CarMax’s earnings report, the company reported a rather wide revenue and earnings miss. Analysts were expecting earnings of $1.39 per share on revenues of $8.54 billion. However, the company noted that it brought in only 79 cents per share, and $8.14 billion in revenue.

In today’s volatile market, one of the best-performing stocks has been Palantir (NYSE:PLTR) stock, which is up just about 0.1% as of 2:00 p.m. Eastern. With so much red blanketing today’s market, investors may correctly guess there’s a catalyst at play. Today, Palantir announced that it has resigned a “controversial” contract with the U.S. Army. This contract, which Alphabet’s (NASDAQ:GOOG, NASDAQ:GOOGL) Google business previously abandoned, delivers AI and machine learning capabilities for special forces.

Sobr Safe (NASDAQ:SOBR) stock is falling on Friday after the company announced the pricing of a $6 million private placement. This private placement has institutional investors agreeing to acquire 4.05 million of the company’s units and pre-funded units for $1.48 each. Each unit contains one share of SOBR stock and a warrant for another share exercisable at $1.35. The term on the warrants is seven years after being issued. Investors will note the private placement for SOBR stock is well below its closing trading price of $2.47 per share yesterday. In addition to that, the introduction of more shares dilutes current investors’ stake in the company.