By Kalea Hall
DETROIT, Aug 11 (Reuters) -
General Motors said it has entered an agreement with a third-party inventory management company to ensure access to future supply of critical parts.
The automaker said in a Tuesday regulatory filing that it has set up a $4.5 billion purchasing facility, under which it will arrange for an outside firm, Procura Auto Parts, to purchase certain parts from suppliers, freeing up GM’s... (continue reading...)
Investing.com -- CAVA Group Inc (NYSE: CAVA) reported second quarter results that exceeded revenue expectations, driving shares up as much as 13% in after-hours trading Tuesday as the Mediterranean fast-casual chain demonstrated continued momentum in same-restaurant sales and traffic growth.
The company posted adjusted earnings per share of $0.19, matching analyst estimates, while revenue reached $365.4 million, surpassing the consensus estimate of $360.1 million.... (continue reading...)
Investing.com -- Super Micro Computer Inc. (NASDAQ: SMCI) sent shares rallying 9% after reporting robust fourth-quarter profits and issuing aggressive forward guidance that blew past Wall Street consensus. The blowout outlook served as a sharp positive surprise for investors, who had braced for headwind after the AI server provider signaled soft Q4 revenue in its preliminary update on July 21.
Super Micro reported fourth-quarter adjusted earnings per share of $1.70,... (continue reading...)
Investing.com -- CoreWeave's second-quarter revenue more than doubled, helped by rising demand for artificial intelligence infrastructure, while the company's backlog swelled to $104 billion as it expanded capacity to meet customer commitments.
Revenue rose to $2.58 billion in the three months ended June 30 from $1.21 billion a year earlier. The company posted an operating loss of $49 million, compared with operating income of $19 million a year earlier, as operating... (continue reading...)
Investing.com -- Bank of America reported that clients were net buyers of US equities for the sixth consecutive week, with hedge fund clients driving the largest buying week in the firm's data history since 2008.
The buying activity occurred during a week when the S&P 500 rose 3.6%, marking its best weekly performance since April. Equity exchange-traded funds attracted $4.1 billion in inflows during their seventh straight week of gains, while single stocks saw $2.4... (continue reading...)
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