Diamonds and Dogs

8-1-24

Carvana (CVNA) is in nirvana as the stock jumps 6% on earnings. Net income of $48 million came in way ahead of the almost $16 million loss analysts tracked by FactSet had expected. Needham's analyst Chris Pierce raised his price target to $200 a share as the company gains on more traditional car retailing in the U.S. The stock is up 170% this year after a blockbuster gain of 1,017% last year,

Two chip stocks, ARM Holdings (ARM) and Qualcomm (QCOM) are taking it on the chin, down 16% and 9% following earnings. Were earnings were fine, but the stocks have performed well this year due to AI enthsiasm. The chp sector in general is lower today. Nvidia is down 7%. AMD is down 8% after rallying nearly 8% yesterday on earnings. What a differnce a day makes.