Carvana, the online auto retailer, experienced a significant surge of over 30% in after-hours trading following their first quarter report, which showcased record-breaking results and profitability. The company’s earnings per share came in at 23 cents, far exceeding the expected loss of 74 cents, while their revenue of $3.06 billion surpassed the anticipated $2.67 billion.
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CVS Health recently reported first-quarter revenue and adjusted earnings that fell short of expectations, leading to a significant drop in share price. The company cut its full-year profit forecast due to higher medical costs impacting the U.S. insurance industry. The main factor contributing to this setback is increased pressure on medical costs within CVS’s insurance
During Wednesday’s Morning Meeting livestream, the CNBC Investing Club with Jim Cramer discussed the upcoming remarks by Fed chief Jerome Powell. Powell is expected to deliver a press conference at 2:30 pm ET, where traders will be looking for clues on future interest rate cuts. Jim Cramer highlighted the importance of Powell’s ability to address
The recent decision by the Federal Reserve to leave interest rates unchanged has created a ripple effect in the market, impacting consumers in various ways. The move has dashed hopes of immediate relief from sky-high borrowing costs, as inflation continues to prove stickier than expected. The market’s expectation of multiple rate cuts has now been
Johnson & Johnson recently announced its plan to pay $6.5 billion over 25 years to settle the majority of lawsuits in the U.S. claiming that its talc-based products led to ovarian cancer. This move is seen as a significant step towards resolving legal issues that have plagued the company for decades. The company contends that
New York Community Bank faced a significant setback with a quarterly loss of $335 million, attributed to a surge in soured commercial loans and higher expenses. This loss, amounting to 45 cents per share, stood in sharp contrast to the net income of $2.0 billion, or $2.87 per share, reported in the previous year. Even
Bitcoin, the leading digital currency, witnessed a significant drop to its lowest level in over two months, reaching as low as $56,757.93. This decline below $57,000 on Wednesday, the first time since Feb. 28, has raised concerns among investors. The broader risk-off sentiment in markets, coupled with anticipation over the U.S. Federal Reserve’s upcoming interest
Microsoft has recently entered into a groundbreaking agreement with Brookfield Asset Management to invest over $10 billion in renewable energy capacity. This investment is aimed at meeting the increasing demand for artificial intelligence and data centers to support the tech giant’s operations. The deal involves Brookfield delivering 10.5 gigawatts of renewable energy to Microsoft between
As mortgage rates continue to rise, consumers are searching for ways to lower their monthly payments. One popular option that is gaining traction is the adjustable-rate mortgage (ARM). Although ARMs offer lower interest rates than fixed-rate mortgages, they are often perceived as riskier due to their unpredictable nature. Despite these concerns, the share of ARM
The Biden administration recently announced a monumental decision to forgive over $6.1 billion in student debt for more than 300,000 former students of The Art Institutes. This move comes after a thorough review of evidence provided by the attorneys general of Iowa, Massachusetts, and Pennsylvania, which highlighted the deceptive practices carried out by the schools
