Carvana, the online auto retailer, experienced a surge in its stock value of over 30% during after-hours trading following a stellar performance in the first quarter. The company reported record-breaking results that exceeded market expectations. This included achieving earnings per share of 23 cents, which was a significant improvement from the expected loss of 74
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CVS Health recently announced its first-quarter revenue and adjusted earnings, falling short of expectations and leading to a significant drop in share prices. The company reduced its full-year profit outlook due to higher medical costs impacting the U.S. insurance industry. These challenges caused shares to plummet by almost 18%, marking the worst day for the
The recent announcement from the Federal Reserve to leave interest rates unchanged has sent waves of disappointment through the market. This decision was made due to the persistent issue of inflation, which has proven to be stickier than anticipated. The CME’s FedWatch measure of futures market pricing indicates that the market is now pricing in
During Wednesday’s Morning Meeting, the CNBC Investing Club with Jim Cramer discussed the mixed performance of U.S. stocks as the market awaited the Federal Reserve’s policy decision. Fed chief Jerome Powell was scheduled to make remarks during a press conference in the afternoon, with traders looking for hints on future rate cuts. While interest rates
The recent announcement by the Biden administration regarding the forgiveness of over $6.1 billion in student debt for former students of The Art Institutes has brought attention to the once prominent chain of for-profit schools. This relief will benefit 317,000 borrowers who attended any of the Art Institute campuses across the country between 2004 and
In a groundbreaking move, Microsoft has partnered with Brookfield Asset Management in a deal worth over $10 billion to develop renewable energy capacity. The primary goal of this investment is to meet the escalating demand for artificial intelligence and data centers. Under the agreement, Brookfield will provide 10.5 gigawatts of renewable energy to Microsoft between
With mortgage rates on the rise, consumers are seeking ways to reduce their monthly payments, leading to a surge in adjustable-rate mortgage (ARM) applications. The Mortgage Bankers Association reported that the share of ARM applications rose to 7.8% of mortgage demand, the highest level of the year. This shift marks a significant increase from when
Johnson & Johnson recently announced a $6.5 billion settlement plan to resolve thousands of lawsuits in the U.S. alleging that their talc-based products led to ovarian cancer. This move comes after decades of legal and public relations challenges for J&J, who have consistently defended the safety of their talc products. The majority of the lawsuits,
Bitcoin, the world’s most famous digital currency, experienced a significant drop on Wednesday, reaching its lowest level in over two months. The price plummeted to $56,757.93, marking a sharp decline below $57,000 for the first time since February 28. This sudden downturn in value is mainly attributed to broader risk-off sentiment prevailing in the market
New York Community Bank recently reported a quarterly loss of $335 million, a significant drop from the previous year’s net income of $2.0 billion. This loss was primarily attributed to soured commercial loans and increased expenses, painting a grim picture for the institution. The first-quarter loss of 45 cents per share came as a surprise