Diamonds and Dogs

10/31/24

Carvana (CVNA) in nirvana. The used car reseller is jumping 24% following record profits as sales rose 31.8% to $3.65 billion. Profits per used car sold rose to over $1200 per car or 20%.  Sales seem to be accelerating with fourth quarter sales expected to top third quarter sales of 108,600 units or vehicles. Looking forward, Carvana also expects EBITDA profits to be at the high end of previous given guidance of $1-1.2 billion.

Anything tech. Look chip tech taking it on the chin as Microsoft (MSFT) and Meta (META) are down 3.7% or more on earnings. Amazon (AMZN) and Nvidia (NVDA) are not faring any better down 3% or more. Super Micro Computer (SMCI) is in freefall down 11% today after dropping 30% yesterday as they lost their accounting firm over a disagreement on the company's accounting standards. Super Micro Computer is down 70% from their highs set in March of this year.