Stocks rose on Wednesday, and the Dow Jones Industrial Average was on track to close higher for the eighth consecutive day.
Carvana (ticker: CVNA) rose 29% after the used-car dealership reported its best-ever quarterly profit and announced a debt-reduction agreement. The company announced late Tuesday that it is bringing forward the release of its earnings report by two weeks. This year, the stock is up 985%.
Goldman Sachs (GS) reported second-quarter earnings that fell 58% year over year to $1.2 billion, or $3.08 per share, below analyst forecasts of $3.16 per share share remained. Goldman’s revenue fell 8% to $10.9 billion, but came in slightly above guidance of $10.6 billion. The stock lost 0.2%.
Omnicom Group (OMC) slipped 8.6% after the advertising holding company’s second-quarter revenue fell short of analysts’ expectations.
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Elevance Health (ELV) rose 8.1% after the health insurer reported better-than-expected underlying earnings in the second quarter.
Electric air taxi maker Joby Aviation (JOBY) was downgraded to underweight from neutral by JP Morgan. The price target was raised from $5 to $6. The stock fell 7.4% to $9.31.
Telecom giants AT&T (T) and Verizon Communications (VZ) rose 7.3% and 3.6%, respectively, as Wall Street analysts suspected the recent sell-off in shares had gone too far.
VMware (VMW) rose 6.3% after the UK’s Competition and Markets Authority gave preliminary approval for Broadcom’s purchase of the cloud computing company
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(AVGO).
Cinemark Holdings (CNK) fell 4.4% after JP Morgan downgraded the cinema chain from Overweight to Neutral.
Redfin (RDFN) fell 2.6% and Opendoor Technologies (OPEN) rose 0.8% after real estate companies at Gordon Haskett were downgraded to underperform from hold.
Cisco Systems (CSCO) rose 1.7% after JP Morgan upgraded the infrastructure company from neutral to overweight.
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Tesla (TSLA) added 0.8% after the close on Wednesday, beating gains for the electric vehicle maker. Aside from Tesla’s gains, the speed and cost at which the company can expand its manufacturing footprint will be a topic of discussion on the company’s conference call, which is scheduled for 5:30 p.m. Eastern time.
Netflix (NFLX), International Business Machines (IBM) and United Airlines (UAL) are expected to release earnings after the close on Wednesday.
Write to Joe Woelfel at [email protected]