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Used car company Carvana Co. has made its first acquisition with the purchase of rival Carlypso, a data marketplace focused on vehicles. Carlypso’s technology is able to analyze and price cars without seeing them in person, which could be of use to Carvana, which sells cars online. Carvana did not disclose financial terms of the deal.
Chris Coleman and Nicky Hinrichsen, co-founders of Carlypso, have taken leadership roles at Carvana, according to the press release. Shares of Carvana were sinking 6% Wednesday, following news of the acquisition Tuesday as well as
Carvana’s second-quarter earnings beat. Carvana reported an adjusted EPS of 28 cents and revenue of $209.4 million, compared with EPS expectations of a loss of 30 cents and revenue expectations of $198.8 million, according to analysts surveyed by FactSet.

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From:: Stock Market News

The Dow Jones Industrial Average was trading near its lows of the session on Wednesday as a trio of the blue-chip’s components combined to yank the benchmark south. Walt Disney Co.’s shares were contributing to a roughly 35-point decline in afternoon trade, while Goldman Sachs Group Inc.’s stock and that of Boeing Co. were combining to weigh on the price-weighted average by another 30 points. All totaled those components were exacting a nearly 70-point toll on the blue-chip average. The slump in the Dow comes as global markets also are reacting to escalating tensions between the U.S. and North Korea after Pyongyang threatened to launch a military strike aimed at U.S. territory Guam. Most recently, the Dow was trading down 82 points, or 0.4%, at 22,001, clinging tenuously to its recent reached psychological milestone of 22,000. The S&P 500 index , meanwhile, was off 0.3%, while the Nasdaq Composite Index was falling 0.6% lower.

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From:: Stock Market News

Oil futures finished higher Wednesday after the Energy Information Administration reported U.S. crude inventories fell 6.5 million barrels last week, the ninth decline in a row. However, mounting geopolitical tensions between the U.S. and North Korea as the two countries exchanged a war of words limited crude prices from gaining further. On the New York Mercantile Exchange, West Texas Intermediate for delivery in September gained 39 cents, or 0.8%, to settle at $49.56.

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From:: Stock Market News

There is some risk that the Federal Reserve could be too aggressive if it pushes too hard to raise interest rates, said St. Louis Fed President James Bullard on Wednesday. “I think we are actually in pretty good shape for rates right now,” Bullard said in an interview on Bloomberg. If conditions remain as they are “I would not see the policy rate moving very much off of where we are today.” The Fed has been surprised how soft inflation has been this spring, the St. Louis Fed President said. The softer data call into question the Fed’s story that inflation is gradually moving toward the Fed’s 2% target, he said. Bullard said he did not think weaker inflation was due to a few transitory factors as some other Fed officials, including Chairwoman Janet Yellen, have argued.

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From:: Stock Market News

Gold futures surged on Wednesday, to settle with their sharpest daily rise since mid May amid rising military tensions between the U.S. and North Korea. Gold for December delivery jumped $16.70, or 1.3%, to $1,279.30 an ounce, marking the biggest single-session advance since May 17 when the metal added $22.30 or 1.8%, according to FactSet data. North Korea’s recent threat to launch a missile strike at U.S. territory Guam helped to elevate haven buying in global financial markets. Pyongyang’s statements follow U.S. President Donald Trump’s late-Tuesday afternoon vow to respond to the Hermit nation with “fire and fury like the world has never seen” if it doesn’t cease its threatening posture, which includes a series of recent ballistic-missile tests.

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From:: Stock Market News