Is Carvana 'GameStop No. 2'? Jim Cramer Says 'Meme People' Are In Control, Short Sellers Are In Trouble
Portfolio Pulse from Adam Eckert
Carvana Co (NYSE:CVNA) reported Q2 revenue of $2.97 billion, beating analyst estimates, and announced an offering of up to $1 billion. The stock soared over 30%, with Jim Cramer likening the situation to GameStop (NYSE:GME) due to high short interest. Carvana also announced an agreement to reduce total debt, extend maturities, and lower near-term cash interest expenses.
July 19, 2023 | 7:28 pm
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NEUTRAL IMPACT
Jim Cramer likened the situation with Carvana to GameStop due to high short interest.
While GameStop is mentioned in the context of Carvana's situation, there is no direct news about GameStop itself that would impact its stock price in the short term.
CONFIDENCE 80
IMPORTANCE 50
RELEVANCE 50
POSITIVE IMPACT
Carvana's Q2 results beat estimates and the company announced a stock offering, causing the stock to soar. The company also plans to reduce debt and lower cash interest expenses.
Carvana's better than expected Q2 results and plans to reduce debt are positive news for the company, which is likely to boost investor confidence and drive the stock price up in the short term.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100