Reuters

(Reuters) -Shares of Carvana surged nearly 30% in extended trading on Wednesday after the used-car seller forecast a surprise rise in current-quarter retail sales and core profit.

Carvana's results come as high interest rates prompt consumers to look for deals on second-hand cars instead of buying new ones.

Its shares, which have a short interest of 27% of free float, are up about 65% this year after recording an 11-fold rise last year.

(Reuters) - Wireless connectivity chipmaker Qorvo forecast first-quarter revenue and profit below Wall Street estimates on Wednesday as it expects weak demand from flagship smartphone market, sending shares down more than 11% in aftermarket trading.

Slowing sales of Apple's most popular product, iPhone, has hit suppliers such as Qorvo, as it accounted for about 37% of the chipmaker's total revenue in fiscal 2023, even when the global smartphone market... (continue reading...)

(Reuters) - Chipmaker Wolfspeed forecast current-quarter revenue below estimates on Wednesday as automakers grapple with high inventory levels due to slower-than-expected EV sales growth.

Shares of the company, which counts General Motors and Mercedes-Benz among its customers, fell about 4% in extended trading.

Wolfspeed makes chips out of silicon carbide, a more energy-efficient material than standard silicon for tasks such as... (continue reading...)

(Reuters) - The dollar tumbled against the yen late Wednesday afternoon, recoiling further from 34-year highs two days after traders said Japanese authorities were buying yen to support their currency, which had fallen 11% this year.

Dollar/yen suddenly fell more than 3% from late Tuesday levels, trading as low as 153.00. That was below the 154.40 low seen in Monday's recoil from 160.245. It was last at 154.845 down 1.85% from Tuesday.

(Reuters) - Oil and gas firm Marathon Oil narrowly beat first-quarter profit estimates on Wednesday, helped by higher oil and liquefied natural gas (LNG) pricing.

Crude oil prices in the quarter mirrored prices from the previous year as production cuts by OPEC+ countries offset lower demand, helping oil producers such as Marathon Oil.

The Houston-based company said average price for crude oil and condensate in the United States was up... (continue reading...)