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.
Business
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
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
In a bid to bring back the iconic “Roundball Rock” theme song to the National Basketball Association (NBA) games, NBCUniversal has made an offer that averages $2.5 billion per year to acquire NBA rights. The bid comes after NBC lost the rights to Disney 22 years ago and now seeks to once again be part
In a move that echoes a storyline straight out of a drama series, Paramount Global is gearing up to replace its Chief Executive Officer, Bob Bakish, with a group of current division heads. The decision, set to be announced on Monday, is poised to set a new course for the company’s future. The timing of
The recent approval by the Food and Drug Administration of Pfizer’s new gene therapy, Beqvez, marks a significant milestone in the treatment of hemophilia B, a rare genetic bleeding disorder. This treatment is set to revolutionize the way patients with moderate to severe hemophilia B manage their condition. Hemophilia B is characterized by insufficient levels
Southwest Airlines recently reported a wider loss for the first quarter of the year compared to the same period last year. The airline also expressed concerns about Boeing’s aircraft delays hindering its growth until 2025. Due to these challenges, Southwest has revised its capacity growth plans, expecting to grow by only 4% this year instead
Walgreens recently announced a new initiative to directly collaborate with drug manufacturers in bringing cell and gene therapies to patients in the United States. The company revealed plans to set up a new business unit solely focused on expanding its specialty pharmacy services. This move signifies Walgreens’ commitment to catering to the rising demand for
The recent ruling by a Russian court in favor of state-run lender VTB Bank against American lender JPMorgan Chase has raised concerns about the impact of geopolitical tensions on financial institutions. The court ordered the seizure of funds in JPMorgan’s Russian accounts and assets, including the bank’s stake in a Russian subsidiary. This decision comes
Starbucks and the union representing its baristas have decided to resume contract negotiations after an extended period of stalemate. This development comes following their previous announcement in February about finding a “constructive path forward” during mediation discussions. This marks a significant shift for Starbucks, which had been embroiled in a two-year battle against Workers United