(Reuters) -Carvana Co said on Thursday that it expects to post a profit in the current quarter and plans to further bring down excess used-car inventory as the retailer sharpens its focus on cutting costs, sending its shares surging 26% in aftermarket trading. The company also reported a smaller-than-expected loss, benefiting from cost cuts. “We’ve already…
By Noel Randewich and Ankika Biswas (Reuters) – Wall Street ended lower on Thursday after PacWest’s move to explore strategic options deepened fears about the health of U.S. lenders and hit shares of regional banks as well as JPMorgan Chase, Wells Fargo & Co and other major financial players. PacWest Bancorp tumbled 51% after it…
By Khalid Abdelaziz and Mohamed Noureldin KHARTOUM (Reuters) -Fierce fighting persisted in Sudan on Thursday despite a truce agreement as U.S. intelligence said rival forces were trying to gain the upper hand ahead of possible negotiations and the U.N. warned of the violence’s devastating toll on children. Despite multiple ceasefire declarations, the two sides appeared…
By Akash Sriram (Reuters) – Lyft Inc forecast a dull second quarter as price cuts in its race with bigger rival Uber to add more riders take a toll on margins, sending the shares of the ride hailing company down 14% in extended trading on Thursday. Under new CEO David Risher, Lyft is pushing hard…
By Karen Freifeld and Luc Cohen (Reuters) -Lawyers for Donald Trump on Thursday asked the federal court in Manhattan to take over a state criminal case charging him with falsifying business records over a hush money payment to a porn star before his victory in the 2016 presidential election. His lawyers argued that the…
By Vansh Agarwal (Reuters) -Bumble Inc beat estimates for first-quarter revenue on Thursday as user spending on its eponymous dating app remained strong despite a looming recession, sending the company’s shares up 7% in aftermarket trading. The parent company of Bumble, Badoo, and Fruitz, benefited from strong user growth during the quarter as more people…
By Blake Brittain and Brendan Pierson NEW YORK (Reuters) -Ed Sheeran’s 2014 hit “Thinking Out Loud” did not unlawfully copy from Marvin Gaye’s classic 1973 song “Let’s Get It On,” a jury decided on Thursday in a closely watched copyright lawsuit – a verdict that the British pop star said would help protect the creative…
By Andrew Goudsward (Reuters) – A Jeffrey Epstein accuser suing JPMorgan Chase & Co for allegedly aiding the late financier’s sex trafficking of girls and women asked a judge to disqualify the bank’s law firm on Thursday, arguing it has a conflict of interest. Lawyers for the woman, who claims she was a victim of…
By Hannah Lang (Reuters) -Block Inc posted a rise in first-quarter revenue on Thursday as its popular payments platform Cash App continued to drive growth, a metric investors will watch closely following U.S. short-seller Hindenburg Research’s disclosure in March of short positions in the firm. Shares of Block, formerly called Square, were up more than…
WASHINGTON (Reuters) -Pressure is growing on U.S. regulators to take more steps to shore up the country’s banking sector as a renewed rout in regional lenders’ shares forced PacWest Bancorp to explore options to bolster its balance sheet. Wall Street executives and bank analysts called for regulators to quickly provide more protection for bank deposits…
