Shift Technologies Inc
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Consumer Discretionary : Specialty Retail | Small Cap Blend
Company profile

Shift Technologies, Inc. is an end-to-end e-commerce platform transforming the used car industry with a technology-driven customer experience. Its segments include Retail and Wholesale. The Retail segment represents retail sales of used vehicles through the Company's e-commerce platform and fees earned on sales of value-added products associated with those vehicles sales, such as vehicle service contracts, guaranteed asset protection waiver coverage, prepaid maintenance plans, and appearance protection plans. The Wholesale segment represents sales of used vehicles through wholesale auctions or directly to a wholesaler (DTW). It provides technology-driven solutions throughout the car ownership lifecycle. It operates approximately nine vehicle inventory inspection, reconditioning and storage centers, with six spanning the West Coast from San Diego to Seattle and three new facilities in Austin, San Antonio and Dallas, Texas. It conducts its business through its wholly owned subsidiaries.

Closing Price
Day's Change
0.1945 (28.90%)
B/A Size
Day's High
Day's Low
(Heavy Day)

10-day average volume:

Wednesday's worst-performing stocks mostly come from this one sector that has investors really worried

6:16 am ET May 19, 2022 (MarketWatch)

By Philip van Doorn

Investors were spooked after Target and Walmart reported declines in profits

Consumer stocks were hit hard on May 18 as disappointing earnings reports from Target Corp. and Walmart Inc. led to double-digit declines for many retailers.

Market Snapshot:Dow skids 1,100 points and heads for worst day since June 2020 on stagflation fears, higher costs eroding profits

Shares of Target (TGT) fell 25% after the company reported a 48% decline in earnings per share for its first fiscal quarter from the year-earlier quarter.

Read:Target stock plunges as profit drops on consumer spending shifts and jump in freight costs

Target's disappointment came after Walmart reported a 24% decline in quarterly profit. Shares of the largest U.S. retailer fell 7% on May 18, following an 11% decline the previous day.

A contagion spread, with shares of Dollar Tree (DLTR) dropping 14% even though the discount retailer isn't scheduled to report its quarterly results until May 26.

The worst sector of 2022 is no longer tech

The consumer discretionary sector suffered a 6.6% decline in only one day and hit the trifecta for the worst performance of the session, for the first 13 trading days of May and for 2022.

Here's a summary of how the 11 sectors of the benchmark S&P 500 have performed this year:

S&P 500 sector          Price change -- 2022  Price change -- May  Price change -- May 18 
Consumer Discretionary               -30.8%              -12.4%                  -6.6% 
Communication Services               -27.0%               -1.3%                  -3.4% 
Information Technology               -24.5%               -6.9%                  -4.7% 
Real Estate                          -19.3%              -10.0%                  -2.9% 
Financials                           -15.2%               -4.0%                  -2.8% 
Industrials                          -13.7%               -4.0%                  -3.8% 
Materials                             -9.6%               -3.6%                  -3.2% 
Health Care                           -9.4%               -1.9%                  -2.6% 
Consumer Staples                      -7.3%               -8.0%                  -6.4% 
Utilities                             -0.3%                0.2%                  -1.0% 
Energy                                46.2%                8.0%                  -2.8% 
Full S&P 500                         -17.7%               -5.0%                  -4.0% 
                                                                       Source: FactSet 

Stocks that fell the most on May 18

The S&P 500 slumped 4% on May 18 for its worst performance of 2022. Here are the 11 stocks in the benchmark index that fell more than 10% for the session:

Company                         Ticker  Price change -- May 18  Price change -- May  Price change -- 2022  Decline from 52-week high  Date of 52-week intraday high 
Target Corp.                     TGT                   -24.9%              -29.3%               -30.2%                     -39.9%           11/15/2021 
Dollar Tree Inc.                 DLTR                  -14.4%              -17.6%                -4.8%                     -24.5%           04/21/2022 
Old Dominion Freight Line Inc.   ODFL                  -13.0%              -15.6%               -34.0%                     -36.7%           12/07/2021 
Tractor Supply Co.               TSCO                  -12.5%               -9.8%               -23.9%                     -24.8%           03/31/2022 
Costco Wholesale Corp.           COST                  -12.5%              -19.2%               -24.4%                     -29.9%           04/07/2022 
Dollar General Corp.              DG                   -11.1%              -14.8%               -14.2%                     -22.9%           04/21/2022 
Ulta Beauty Inc.                 ULTA                  -10.8%              -11.7%               -15.0%                     -20.1%           04/21/2022 
Best Buy Co.                     BBY                   -10.5%              -15.9%               -25.6%                     -46.7%           11/22/2021 
J.M. Smucker Co.                 SJM                   -10.5%               -6.3%                -5.5%                     -12.5%           05/09/2022 
Etsy Inc.                        ETSY                  -10.5%              -15.4%               -64.0%                     -74.4%           11/26/2021 
Newell Brands Inc.               NWL                   -10.4%              -10.7%                -5.4%                     -31.3%           05/10/2021 
                                                                                                                                                 Source: FactSet 

Click on the tickers for more about each company.

Read Tomi Kilgore's detailed guide to the wealth of information for free on the MarketWatch quote page.

-Philip van Doorn


(END) Dow Jones Newswires

May 19, 2022 06:16 ET (10:16 GMT)

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