Month: August 2024

DALY CITY, CA — Shares of Carvana rose as much as 14% in after-hours trading Wednesday after the company beat Wall Street expectations for the second quarter and forecast record adjusted earnings for 2024. Second Quarter Performance Highlights Carvana reported solid second-quarter results, significantly beating analysts’ forecasts as compiled by LSEG: Earnings per share (EPS): 14 cents versus an expected loss of 7 cents Income: $3.41 billion versus the expected $3.24 billion This solid performance was fueled by a 32.5% year-over-year increase in retail sales, with more than 101,400 Carvana vehicles sold during the quarter. Share Offering Announcement Concurrent with…

A key inflation gauge for the Federal Reserve showed a modest increase in June from a year earlier, potentially setting the stage for an expected interest rate cut in September. The personal consumption expenditures (PCE) price index, a key measure of inflation, rose 0.1% in June and is up 2.5% year over year, matching Dow Jones estimates, the Commerce Department reported Friday. That follows a 2.6% year-over-year increase in May, with the monthly measure unchanged. The Federal Reserve relies heavily on the PCE index to measure inflation, which remains above the central bank's long-term target of 2%. Core inflation, which…