Author: businessinvestopedia.com

An aerial photo shows signage outside a Carvana car vending machine in Daily City, California, July 19, 2023. Justin Sullivan | Getty Imagesof stocks Carvana Shares rose as much as 14% in after-hours trading on Wednesday after the company reported second-quarter results that beat Wall Street expectations and said it expects record adjusted profit of at least $1 billion in 2024.Here’s how the company’s second-quarter performance compared to average estimates compiled by LSEG:Earnings per share: 14 cents (versus expected loss of 7 cents)Revenue: $3.41 billion (versus expected $3.24 billion)The strong performance was driven by Carvana’s retail vehicle sales exceeding 101,400…

Here’s a look at some of the companies that made headlines after the close: Meta Platforms — Shares of the social media giant rose more than 4%. Meta Platforms beat revenue and profit expectations for the most recent quarter, posting earnings of $5.16 per share on revenue of $39.07 billion. The company also gave a strong outlook for the current quarter. Qualcomm — The chip company rose nearly 6% after beating Wall Street’s expectations for the fiscal third quarter and issuing strong guidance for the current quarter. Qualcomm posted adjusted earnings of $2.33 per share on adjusted revenue of $9.39…

A customer shops for school supplies as employees restock shelves at a Target store in Queens, New York.Lindsay Nicholson | UCG | Universal Images Group | Getty ImagesNow, as central banks meet again in September and prepare to cut interest rates for the first time in years, consumers may also start to see borrowing costs fall. And in some cases, that’s already happening.The federal funds rate, set by the US central bank, is the interest rate that banks lend and borrow from each other overnight. While it’s not an interest rate paid by consumers, the Fed’s actions still affect the…

Money market funds have been inflowing since the Federal Reserve began its interest rate hike cycle. But now that the central bank appears close to cutting interest rates, financial advisors are trying to steer clients away from these funds, whose yields could soon fall substantially. Short-term bonds have been a popular investment for several years, and money market funds are a prime example. According to the Investment Company Institute (ICI), there are currently more than $6 trillion in money market funds outstanding, with about $2.5 trillion of that held by retail investors. For reference, the total value of money market…

Financial infrastructure giant Stripe We are affiliated with Fifth Third Bank’s embedded payments division, NewLine, will expand its embedded financial services offerings, the companies announced Monday. Starting next month, Newline will power Stripe Treasury, which enables software platforms on Stripe to offer built-in financial accounts to their customers. Newline will enable businesses to work directly with Fifth Third Bank to launch and scale payment, card and deposit products. “Modern businesses want easy-to-use and accessible financial services within the software they use every day,” wrote Neetika Bansal, business lead for Money as a Service at Stripe. LinkedIn”Stripe and Fifth Third are…

People shop at the Coeur Lafayette Market in downtown Toulon on July 27, 2024.Magali Cohen/Hans Lucas | AFP | Getty ImagesHeadline inflation in the euro zone unexpectedly rose to 2.6 percent in July, despite a slight slowdown in price growth in the services sector, the European Union’s statistics office said on Wednesday.Inflation fell slightly to 2.5 percent in June from 2.6 percent in May. Economists polled by Reuters had expected the headline figure for July to be unchanged from 2.5 percent in June.Core inflation, which excludes more volatile energy, food, alcohol and tobacco prices, rose to 2.9 percent in July,…

WASHINGTON: The US Federal Reserve kept interest rates unchanged on Wednesday but signalled it may cut borrowing costs at its next meeting in September as inflation remains in line with the US central bank’s 2% target.”Further progress has been made toward the Committee’s 2 percent objective,” the Federal Open Market Committee said in a statement at the end of its two-day policy meeting. The committee left its benchmark overnight interest rate unchanged at 5.25% to 5.50% but also set the stage for a rate cut at its Sept. 17-18 meeting, just seven weeks before the Nov. 5 U.S. presidential election.…

There is a significant opportunity for TradFi firms to make money by offering new services to existing customers and for crypto-native/FinTech firms to offer more institutional-focused features. Those who act fast will benefit. Among survey respondents, 54% of institutions and 64% of retail investors plan to increase their allocations, meaning significantly more than their current investments. Institutional investors are primarily looking for a multi-custodian model to manage their digital assets, and are looking for services beyond custody such as connections to more liquidity providers, crypto-collateralized lending/borrowing capabilities, and prime brokerage services – i.e. the services they currently receive for traditional…

Vice President and 2024 Democratic presidential candidate Kamala Harris speaks at a campaign event in Atlanta, Georgia on July 30, 2024.Ilya Nouberg | AFP | Getty Images”Building the middle class will be a key goal of my presidency,” Vice President Kamala Harris said at a political event in Atlanta on Tuesday night.”A strong middle class makes a strong America,” the de facto Democratic presidential nominee told more than 10,000 supporters.”And to keep the middle class strong, we need to ensure families are protected from the rising cost of living so they have a chance not just to survive, but to…

Delta Airlines Chief Executive Officer Ed Bastian said Wednesday that the massive IT outage that isolated thousands of customers earlier this month will cost the company $500 million.Bastian said the figure included not only lost revenue but also “tens of millions of dollars per day in compensation and hotel costs” over the five days, an amount roughly in line with analysts’ estimates. Delta would not disclose the exact number of refunds and reimbursements it has processed, but a spokesman said it was “in the thousands.”The outage, which lasted until July 25, caused the company to cancel more than 5,000 flights,…