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☆ TJ Maxx says Trump’s tariff ‘chaos’ will help the chain
  + stars: | 2024-11-22 | by ( Nathaniel Meyersohn | ) edition.cnn.com   time to read: +3 min
But TJ Maxx believes that Trump’s tariff plans will benefit the discount chain. TJX, the parent company of TJ Maxx, Marshalls and HomeGoods, said Wednesday that the “chaos” Trump’s tariffs may bring to the retail industry plays right into its business model. Tariffs are taxes placed on imported goods designed to protect domestic manufacturers. Unlike most brands and retailers, TJX says it only imports a small, undisclosed percentage of its merchandise from factories overseas. “In other words, even if prices do generally rise because of tariffs, TJX will still be relatively cheaper.”
Persons: Donald Trump’s, TJ Maxx, it’s, ”, Ernie Herrman, ” “ That’s, TJX, Trump, Herrman, Lowe’s, Steve Madden, John David Rainey, ” Neil Saunders Organizations: New, New York CNN — Companies, Marshalls, Companies, National Retail Federation, “ Manufacturers, Peterson Institute for International Economics, Walmart, CNBC, GlobalData, CNN, “ Locations: New York, HomeGoods, East, China, TJX
☆ Baidu posts 3% drop in third-quarter revenues, beating market expectations
  + stars: | 2024-11-21 | by ( Evelyn Cheng | ) www.cnbc.com   time to read: +3 min
BEIJING — Chinese tech giant Baidu on Thursday posted a 3% annual drop in third-quarter revenue, nevertheless beating market expectations amid AI cloud growth. Baidu noted a 12% surge in its non-online marketing revenue to the equivalent of $1.1 billion, mainly driven by its artificial intelligence cloud business. Beijing-based Baidu operates one of the major web browser search engines in China, along with a frequently used maps app. Baidu has promoted its Ernie chatbot as a local alternative to OpenAI's ChatGPT, which isn't available in China. "AI Cloud continued to show healthy and sustainable development in the third quarter," he said in the earnings release.
Persons: Robin Li, Ernie, Baidu, Ernie chatbot, Li, Baidu hasn't, Rong Luo, Apollo Organizations: Baidu, CNBC Locations: BEIJING, U.S, Beijing, China
☆ We're changing our price target on TJX despite the retailer's light guidance
  + stars: | 2024-11-20 | by ( ) www.cnbc.com   time to read: +6 min
We're raising our TJX price target to $135 per share from $130. The combined T.J. Maxx and Marshalls business unit was impacted by temporary closures resulting from hurricanes Helene and Milton. Guidance TJX sees fiscal 2025 fourth quarter EPS in the range of $1.12 to $1.14, which is below the $1.17 expected. Outside of North America, T.J. Maxx is known as T.K. North Miami Beach, Florida, T.J. Maxx & HomeGoods discount department store, furniture display and welcome sign.
Persons: HomeGoods, Ernie Herrman, Helene, Milton, TJX, Herrman, John Klinger, —, Klinger, Maxx, Jim Cramer's, Jim Cramer, Jim, Jeff Greenberg Organizations: TJX Companies, TJX, Marshalls, Ross Stores, Burlington Stores, CNBC, North, Maxx, Getty Locations: Maxx, HomeGoods, Canada, United States, Spain, North America, North Miami Beach , Florida
☆ TJ Maxx parent says holiday shopping is off to a 'strong start,' but its guidance tells another story
  + stars: | 2024-11-20 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com   time to read: +5 min
TJX Companies touted a "strong start" to the holiday shopping season on Wednesday, but its shares slid after the fast-growing retailer offered guidance that appeared to underwhelm Wall Street. "The fourth quarter is off to a strong start, and we are excited about our opportunities for the holiday selling season. For its holiday quarter, TJX is expecting comparable sales to grow between 2% and 3%, largely in line with the 3% uptick that StreetAccount analysts had expected. TJX is standing by its comparable sales guidance of 3% growth for the full year, just shy of the 3.2% growth that StreetAccount analysts had expected. It raised its pretax profit margin outlook from 11.2% to 11.3%, which matches StreetAccount's expectations, along with its earnings per share guidance.
Persons: TJX, Ernie Herrman, It's, LSEG, Maxx, TJ Maxx Organizations: TJX Companies, LSEG, Company, It's, HomeGoods, TJX, Brands, United Arab, Burlington, Ross, Bank of America Locations: HomeGoods, Sierra, TJX Canada, Europe, Australia, Dubai, United Arab Emirates, Saudi Arabia, Spain
☆ TNT’s ‘Inside the NBA’ headed for ESPN and ABC after Warner Bros. Discovery settlement
  + stars: | 2024-11-18 | by ( Alex Sherman | Alex Sherman Covers Media For Cnbc. | ) www.nbcnews.com   time to read: +6 min
Warner Bros. Warner Bros. The settlement with Warner Bros. Discovery, announced Monday, as well as a separate agreement between Warner Bros. The agreement also extends a partnership between NBA Digital and TNT Sports for five seasons that allows the NBA to engage Warner Bros.
Persons: —, Comcast’s, Turner, ”, Ernie Johnson Jr, Charles Barkley, Kenny Smith, Shaquille O’Neal, “, Adam Silver, Max, Hulu, Venu that’s, David Zaslav, Silver Organizations: Warner Bros, Discovery, National Basketball Association, Warner Bros . Discovery, NBA, — Disney, Amazon, WNBA, CNBC, ESPN, Turner Sports, TNT, Disney, Comcast, TNT Sports, Nordic, NBA Digital, ABC, College Football, Warner Brothers Discovery Locations: U.S, Poland, Latin America, Brazil, Mexico
☆ WBD to settle NBA broadcast rights suit, move ‘Inside the NBA’ to ESPN and ABC
  + stars: | 2024-11-17 | by ( Liam Reilly | ) edition.cnn.com   time to read: +2 min
WBD filed the lawsuit against the NBA in July after the league signed new broadcast rights deals with Disney, Amazon and NBC collectively worth $76 billion. WBD will also receive the rights to broadcast live NBA games in northern Europe and Latin America for the next 11 years, the person said. WBD is also expected to announce it has signed a multi-year licensing deal with Disney, the person familiar with the matter said. Under the agreement, “Inside the NBA” will air exclusively on ESPN and ABC starting next season. WBD also plans to develop a sports spin-off of the “Inside the NBA” program, they said.
Persons: WBD, Charles Barkley, Ernie Johnson, Kenny Smith, Shaquille O’Neal — Organizations: New, New York CNN, Warner Bros, Discovery, NBA, Disney, TNT, CNN, NBC, Wall Street, ESPN, ABC, TNT Sports, Netflix, Big, College Football Locations: New York, Europe, America
☆ Election tailwinds are good but valuations suggest it's a nearly perfect world: Crossmark's Bob Doll
  + stars: | 2024-11-08 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailElection tailwinds are good but valuations suggest it's a nearly perfect world: Crossmark's Bob DollBob Doll, Crossmark Global Investments CIO, and Ernie Tedeschi, Yale Budget Lab director of economics, join 'Squawk on the Street' to discuss if there's a risk the economy gets too hot, if equity markets have the green light to move higher, and more.
Persons: Bob Doll Bob Doll, Ernie Tedeschi Organizations: Global Investments CIO, Yale Budget Lab
☆ What a Trump or Harris presidency would mean for your tax bill
  + stars: | 2024-10-31 | by ( Juliana Kaplan | Bryan Metzger | ) www.businessinsider.com   time to read: +8 min
Trump's plans could mean tax hikes for lower earners; Harris' proposals would target higher earners. This is the fourth in a five-part series about the impacts either a Trump or a Harris presidency could have on US consumers. Trump has proposed extending his slew of tax cuts from the Tax Cuts and Jobs Act of 2017 — also known as the "Trump tax cut." But another part of Trump's tax policy — his plan to levy universal tariffs on all US imports — could end up undercutting this positive impact. AdvertisementTrump has floated lifting the $10,000 cap on the State and Local Tax deduction, known as SALT, from his 2017 tax bill.
Persons: Trump's, Harris, —, you'll, Trump, He's, Garrett Watson, Harris hasn't, she's, Benjamin Page, Biden, Walz, Ernie Tedeschi, Watson, Tedeschi Organizations: Service, Business, Trump, Social Security, Taxation, Economic, Tax Foundation, State and, Urban, Brookings Tax, Yale Budget Lab, White House Council, Economic Advisers, Finance Locations: California , New Jersey, New York, Congress
☆ Analysts give this Chinese tech stock 40% upside — but one CIO warns it could be a 'one trick pony'
  + stars: | 2024-10-28 | by ( Amala Balakrishner | In Amala-Balakrishner | ) www.cnbc.com   time to read: +3 min
Chinese tech company Baidu garnered interest among investors following a 28% year-to-date drop in its share price — but one market watcher is unimpressed. For comparison, the Nasdaq Composite is up around 25.4% year-to-date, while the benchmark S & P 500 index is around 22.5% higher. According to FactSet data, of the 46 analysts covering the stock, 35 give it a "buy" or "overweight" rating, at an average price target is $125.41. BIDU YTD mountain Year-to-date shares in Baidu Among the reasons for Hsu's skepticism, is that Baidu as an internet search engine "is a one trick pony." "Baidu was riding high for a short while but ... the AI story may have sunset on Baidu and it will go back to being a one trick pony."
Persons: that's, Jason Hsu, CNBC's, Ernie Bot, Hong, Hsu —, —, Hsu, Baidu Organizations: Baidu, Rayliant Global Advisors, Nasdaq, China Equity ETF Locations: China
☆ CNBC Sport: Adam Silver speaks exclusively, and TKO makes a big bet
  + stars: | 2024-10-24 | by ( Alex Sherman | In Alex-Sherman | ) www.cnbc.com   time to read: +21 min
☆ The top 5% will benefit from Trump's tax plans while the rest of America pays more, a new analysis says
  + stars: | 2024-10-09 | by ( Juliana Kaplan | Ayelet Sheffey | ) www.businessinsider.com   time to read: +6 min
With the economy top of mind for many voters, tax policy will be significant in the election. Trump's proposals include eliminating taxes on tips and overtime, extending the 2017 tax cuts for individuals, implementing higher tariffs on imported goods, and reducing the corporate tax rate. Meanwhile, the Tax Policy Center has found that the policies would bring down post-tax incomes by $1,800 in 2025. Joe Hughes, a senior analyst on federal tax policy at ITEP, previously told BI that high-wage workers could take advantage of Trump's proposals to make more money. Ultimately, though, any tax proposals would need buy-in from the House and Senate.
Persons: Donald Trump, —, everybody's, ITEP, Ernie Tedeschi, Trump's, Matthew Gardner, Gardner, Trump, Casey B, Mulligan, Joe Hughes, Hughes, Brian Hughes Organizations: Service, Taxation, Yale Budget Lab, White House Council, Economic Advisers, IRS, American Progress, Trump, Policy Institute, Washington Post, Trump campaign's, Democratic, Senate Locations: ITEP
☆ What economists say about JD Vance's claim that immigrants drive up housing costs
  + stars: | 2024-10-03 | by ( Https | Media-Cldnry.S-Nbcnews.Com Image Upload Newscms | Rob Wile | ) www.nbcnews.com   time to read: +7 min
Housing is one of many issues Vance, the Republican nominee, believes are rooted in the arrival of undocumented migrants in America. But many economists caution that connecting rising numbers of immigrants to housing costs is no simple thing. Other economists have noted links between immigrants and increased housing costs. Vance later shared two studies on housing and immigration that showed a link between increased immigration and rising housing costs — though each offered various caveats, including noting that the impact changes over time. Indeed, Zillow data shows a clear upward trend in Springfield rents this year compared with 2023.
Persons: America’s, Sen, JD Vance, Tim Walz, Vance, you’ve, ” Vance, Donald Trump, Walz, ”, ” Walz, Kamala Harris, Ernie Tedeschi, Joe Biden, Vance’s, Michelle Bowman, Chris Herbert, Herbert, Sharon Cornelissen, Bryan Heck, Democratic Sen, Sherrod Brown, Heck, ” Heck Organizations: Minnesota Gov, Republican, CBS, Democratic, NBC, White House, Federal, Cato Institute, Harvard University’s, for Housing Studies, Consumer Federation of America, NBC Boston Locations: Ohio, America, Springfield , Ohio, U.S, New York City, Los Angeles, Dearborn, Hamtramck, Detroit, Brockton , Massachusetts, Haiti, Cape Verde, Central, South America, Springfield, Washington
☆ Eat iron-rich foods with those high in vitamin C—and 2 more essential food pairings to maximize your meals
  + stars: | 2024-09-26 | by ( Renée Onque | ) www.cnbc.com   time to read: +3 min
While it's important to have a diet of nutrient-rich foods, how you eat them is essential to getting the most benefit. And when you eat plant foods high in iron with foods rich in vitamin C, you're able to absorb more iron. "People who don't get enough calcium and vitamin D throughout life have an increased chance of having thin and brittle bones (osteoporosis) in their later years," according to Kaiser Permanente. And "your body needs vitamin D to absorb calcium." The source of vitamin D you'll receive from the sunlight can help you get more calcium, Perez noted.
Persons: Perez, Catherine Perez, dietitian, Ernie Organizations: CNBC, Cleveland Clinic, Sesame, American, Nutrition, Permanente
☆ Sesame Place found not liable after racism allegations made against theme park near Philadelphia
  + stars: | 2024-09-20 | by ( Https | Media-Cldnry.S-Nbcnews.Com Image Upload Newscms | David K. Li | ) www.nbcnews.com   time to read: +1 min
A federal jury found that costumed players, dressed as Sesame characters near Philadelphia, did not discriminate against young Black patrons in widely shared video two years ago, court records showed on Thursday. The Philadelphia panel sided with SeaWorld Parks & Entertainment, voting unanimously that the defense's Sesame Place Philadelphia, a children’s theme park in Burks County, did not discriminate against girls shown in videos that went viral in July 2022. The verdict was reached on Wednesday and entered into court records on Thursday. “We are pleased with the jury’s verdict and thank them for their service and attention," SeaWorld Parks & Entertainment said in statement to NBC News on Friday. “We want every guest at our park to feel welcomed and safe when they visit us and to be able to see and feel aspects of themselves in the experiences we create,” SeaWorld Parks & Entertainment said.
Persons: “, Quinton Burns, Elmo, Ernie, Telly Monster, Abby Cadabby, —, ⁠ —, “ We’re, we’re, ”, Burns Organizations: SeaWorld Parks & Entertainment, NBC, Baltimore Locations: Philadelphia, Burks County
☆ Rate cuts are a double edged sword for Kamala Harris
  + stars: | 2024-09-19 | by ( Alice Tecotzky | ) www.businessinsider.com   time to read: +6 min
As former President Donald Trump insists that the rate cut was fueled by partisan politics, Harris has to thread the needle with her rhetoric, experts told Business Insider. Celebrate the rate cut and she risks fueling Trump's narrative; ignore the rate cut and she doesn't get to claim a desperately needed economic victory. "This is a double edged one for Harris," Mark Blyth, a political economist at Brown University, said. Advertisement"On the other hand, Vice President Harris is running to be president of the same economy that the Federal Reserve is managing," Tedeschi told Business Insider. But Blyth remains skeptical that the rate cut will have a lasting impact in an election that's been defined by volatility.
Persons: Kamala Harris, Donald Trump, Harris, doesn't, Mark Blyth, Joe Biden's, Ernie Tedeschi, Mike Johnson, Tedeschi, Powell, Trump, Blyth, people's, they've, Danny Hayes, Thursday Harris, Dow Organizations: Service, Federal Reserve, Brown University, Yale Budget, Republicans, Wall Street Journal, Trump, Blyth, George Washington University, Business
☆ China wants to challenge the U.S. in AI — here's what Chinese giants are doing with the tech
  + stars: | 2024-09-12 | by ( Arjun Kharpal | ) www.cnbc.com   time to read: +4 min
Generative AI includes applications like OpenAI's ChatGPT, which has the ability to generate text, images and even video based on user prompts. These applications are powered by large AI models which are trained on huge amounts of data, such as Google's Gemini. Chinese technology firms have had to tread carefully in releasing their technology as Beijing has strict requirements for AI models and their uses. CNBC runs through the big Chinese AI models developed by the country's biggest tech firms. It has created a number of AI models aimed at customers in specific industries including government, finance, manufacturing, mining, and meteorology.
Persons: catchup, ERNIE Baidu, Ernie Bot, OpenAI's, Baidu, Ernie, Alibaba, Qianwen, Tencent, Hunyuan, Doubao Organizations: Istock, Getty, U.S, CNBC, Baidu, Huawei, Pangu Huawei Locations: China, Alibaba, U.S . China, Beijing
☆ Neither Trump nor Harris really gave us much detail about how they will fix the economy in the debate
  + stars: | 2024-09-11 | by ( Alice Tecotzky | ) www.businessinsider.com   time to read: +5 min
Though the debate opened with a discussion about the economy, the conversation quickly devolved into platitudes, boasts, and personal jabs. Industry leaders told Business Insider that they hoped to hear the candidates discuss crypto guidelines, regulation, and key appointments on Tuesday night, but little was said about any of those topics. "What we really need is either a debate or a whole section of a debate devoted to economic issues," Tedeschi said. Tedeschi told Business Insider that we need clarity about Trump's proposed tariffs, which are the "most consequential and radical thing that he's proposed." Chris Larsen, the billionaire co-founder of blockchain payments company Ripple, told Business Insider that Harris was "spectacular."
Persons: —, Kamala Harris, Donald Trump sparred, Ernie Tedeschi, Tedeschi, Harris, Trump, Paul Donovan, Mark Penn, Clinton, Aaron Levie, Chris Larsen, Crypto, there's, Larsen, Bradley Tusk Organizations: Service, Industry, Business, Yale Budget Lab, UBS Global Wealth Management, New York Times, Federal, Federal Trade Commission, Others, Trump, Democratic, Tusk Venture Partners Locations: platitudes
☆ U.S. job market slows, but it's not yet a 'three-alarm fire,' economist says
  + stars: | 2024-09-06 | by ( Greg Iacurci | ) www.cnbc.com   time to read: +3 min
The unemployment rate also fell slightly, to 4.2% from 4.3% in July. For example, average job growth was 116,000 over the past three months; the three-month average was 211,000 a year ago. The unemployment rate has also steadily risen, from 3.4% as recently as April 2023. In other words, many more Americans entered the job market and looked for work; they're counted as unemployed until they find a job. That said, the job hunt has become more challenging for job seekers than in the recent past, according to Bunker.
Persons: Michael M, Ernie Tedeschi, Biden, hasn't, Julia Pollak, Bunker, " Tedeschi, Tedeschi Organizations: FedEx, Broadway, Santiago, Getty, of Labor Statistics, Yale Budget Lab, White House Council, Economic Advisers, Labor Department, ZipRecruiter, Workers, ., Federal Reserve Locations: New York City, U.S
☆ Both Trump and Harris want to eliminate taxes on tips. This is how it could affect workers
  + stars: | 2024-08-12 | by ( Tami Luhby | Matt Egan | ) edition.cnn.com   time to read: +6 min
But the move likely wouldn’t help many tipped workers, largely because a sizable share don’t earn enough to pay federal income taxes, experts say. Harris would couple her plan to eliminate taxes on tips with a push for Congress to raise the minimum wage, a Harris campaign official said. Many states and municipalities have higher minimum wages and minimum tipped wages, while some states have eliminated lower minimum wages for tipped workers. Just excluding tips from federal income taxes could reduce revenues by at least $107 billion over 10 years, according to the Tax Foundation. Just getting rid of federal income taxes on tips would lead to a loss of about half that size.
Persons: Donald Trump, Kamala Harris, Trump, Harris, Republican Sen, Ted Cruz of, Democratic Sens, Jacky Rosen, Catherine Cortez Masto, it’s, ” Ernie Tedeschi, Biden, ”, Erica York, ” York, Tedeschi, Ted Pappageorge, “, Pappageorge, Bethany Khan, CNN’s Aaron Pellish Organizations: CNN, Republican, Social Security, Democratic, Yale University, Budget, White House Council, Economic Advisers, Tax Foundation, Culinary Workers Union Local, Culinary Union Locations: Las Vegas, Ted Cruz of Texas, Nevada, York
☆ Harris matches Trump proposal to ban taxes on tips at Las Vegas rally
  + stars: | 2024-08-11 | by ( Rebecca Picciotto | ) www.cnbc.com   time to read: +3 min
Vice President Kamala Harris pledged to eliminate taxes on tips in the service and hospitality sectors if she wins the presidency, echoing the same proposal former President Donald Trump announced months earlier. The proposal came a day after the Culinary Workers Union, a major labor group in Nevada, endorsed Harris. Trump quickly took to social media to claim credit for the proposal, which he put forward in June at his own Las Vegas rally. "[Harris] has no imagination, whatsoever, as shown by the fact that she played 'COPYCAT' with, NO TAXES ON TIPS!" Banning taxes on tips would require new legislation and congressional approval, which a Harris campaign official later acknowledged.
Persons: Kamala Harris, Donald Trump, Harris, Trump, Ernie Tedeschi, Tedeschi Organizations: Culinary Workers Union, Federal, Yale University's, CNBC, Trump Locations: Las Vegas, Nevada, America, Las
☆ Charles Barkley cancels his retirement plans, says he’ll stay with TNT Sports for long term
  + stars: | 2024-08-06 | by ( Liam Reilly | ) edition.cnn.com   time to read: +3 min
New York CNN —Charles Barkley isn’t ready to retire just yet. TNT Sports and the NBA hall of famer announced Tuesday that they had reaffirmed a long-term commitment as the network’s parent company, Warner Bros. My heart is full with joy and gratitude.”But in a statement Tuesday, Barkley walked back his retirement plans, saying he would continue working with TNT Sports for the remainder of his 10-year contract. WBD is the parent company of TNT and CNN. While WBD takes the NBA to court over its broadcast rights, the company has been working to strengthen its live sports portfolio.
Persons: Charles Barkley isn’t, Barkley, ”, ” Barkley, “, I’ve, “ I’m, ” Luis Silberwasser, Charles ’, Roland, Charles, Barkley —, Ernie Johnson, Kenny Smith, Shaquille O’Neal —, WBD, NBCUniversal Organizations: New, New York CNN, TNT Sports, NBA, famer, Warner Bros, TNT, College Football, Garros, NASCAR, BIG EAST, Mountain, CNN, Disney, French, ESPN, Football Locations: New York, Mountain West
☆ Carvana CEO learned valuable lessons from the company's 2022 bankruptcy scare: ‘You’ve got to get a little lucky’
  + stars: | 2024-08-02 | by ( Tom Huddleston Jr. | ) www.cnbc.com   time to read: +1 min
Stay resilient and, when your luck turns, be ready to jump at the right opportunity, according to Carvana co-founder and CEO Ernie Garcia. Less than two years after the online used car retailer's ballooning debt and shrinking sales nearly forced the company into bankruptcy, Carvana is on the road to recovery. That's not something you imagine [when you start a business]," Garcia told CNBC's "Squawk on the Street" on Thursday morning. Carvana had been riding high during the coronavirus pandemic, when the market for used cars surged. Investor perspectives changed quite a bit in [2022] and our stock went down 99%," Garcia said on Thursday.
Persons: Carvana, Ernie Garcia, That's, Garcia, CNBC's Locations: Tempe , Arizona
☆ We are pointed towards 'recessionary dynamics': New Century's Claudia Sahm
  + stars: | 2024-08-02 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWe are pointed towards 'recessionary dynamics': New Century's Claudia SahmDiane Swonk, KPMG chief economist; Ernie Tedeschi, Yale Budget Lab director of economics; and Claudia Sahm, New Century Advisors chief economist, join 'The Exchange' to discuss their reactions to the July job report, the possibility of an upcoming recession, and more
Persons: Claudia Sahm Diane Swonk, Ernie Tedeschi, Claudia Sahm Organizations: KPMG, Yale Budget Lab, Claudia Sahm , New Century Advisors Locations: Claudia Sahm ,
☆ Carvana CEO Ernie Garcia on Q2 results: Most profitable quarter of any automotive retailer ever
  + stars: | 2024-08-01 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCarvana CEO Ernie Garcia on Q2 results: Most profitable quarter of any automotive retailer everCarvana founder and CEO Ernie Garcia joins 'Squawk on the Street' to discuss the company's quarterly earnings results, state of the used-car market, the company's business model, and more.
Persons: Ernie Garcia
☆ Carvana beats Wall Street's second-quarter expectations, guides toward record year
  + stars: | 2024-07-31 | by ( Michael Wayland | ) www.cnbc.com   time to read: +2 min
Shares of Carvana jumped as much as 14% during after-hours trading Wednesday as the company topped Wall Street's expectations for the second quarter and disclosed expectations for record adjusted earnings of at least $1 billion for 2024. The company's previous guidance for the year included a "sequential increase in adjusted EBITDA" for the second half of the year, but did not supply a dollar amount. If Carvana meets its 2024 earnings target, it would mark the company's third annual EDBITDA profit, including 2023's record of $339 million. Adjusted EBITDA was $355 million and adjusted EBITDA margin was 10.4%, both company records. The second-quarter results continue a massive turnaround for Carvana following Wall Street fears of bankruptcy for the company in early 2022.
Persons: Carvana, Ernie Garcia, Mark Jenkins Locations: Daly City , California
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