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The Marked Chart Wire · Business
Carvana
The online car retailer recorded a $1.04 billion deficit, equating to $3.44 per share. Sales dropped 7 percent to $1.04 billion, down from $1.13 billion in the prior year period.
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HotEarnings
Microsoft and Carvana shares rose after earnings beats, while Google and Fortinet dropped on revenue or margin misses. Sprouts and ServiceNow also declined following weaker results.
HotMeta Financing
Meta Platforms issued $12.5 billion in mandatory convertible preferred stock and $25 billion in Class A common shares. The preferred shares carry a 6.50 percent annual dividend and will convert in 2029.
HotMarvell Lumentum
Marvell Technology is said to be in late-stage negotiations to purchase Lumentum Holdings, according to reports.
DoorDash Instacart
Sources say DoorDash is in advanced negotiations to acquire Instacart in a deal valued at approximately $17 billion. Instacart shares rose 4 percent in after-hours trading on the news.
HotEarnings
Stocks of Fortinet, Sprouts Farmers Market, and ServiceNow fell sharply in after-hours trading. Alphabet shares also declined following weaker than expected revenue and profit figures.
Chipotle
Chipotle reported third-quarter revenue of $3.3 billion, up 9.6 percent, but adjusted earnings per share dropped to $0.27. The company maintained its full-year guidance for low single-digit comparable sales growth.
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