Carvana Co. (NYSE: CVNA), an e-commerce company for buying and selling used cars, yesterday offered 4,200,000 shares of its Class A common stock at a price of $65 per share. The SEC does not yet have a filing confirming the results of the proposed transaction, but lately the market has been wary of such offerings from companies that are not solidly profitable. Carvana’s negative net “profit” is more than -3%. During Q1 the company reported ($0.55) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.49) by ($0.06). In addition, Carvana wanted to grant the underwriters the right to purchase up to 630,000 additional shares of Class A common stock at the offering price. The offering was increased from the previously announced offering size of 3,500,000 shares of Class A common stock.
The offering is subject to customary closing conditions. Wells Fargo Securities, Citigroup and Deutsche Bank Securities acted as book-running managers for the proposed offering. Continue reading
Pagenaud Driving a Chevrolet for Penske Wins Indy 500
Simon Pagenaud, driver of the #22 Penske IndyCar Chevrolet V6, takes the checkered flag Sunday May 26, 2019, to win the NTT IndyCar Series 103rd running of the Indianapolis 500.
The 103rd running of the Indianapolis 500 was clear demonstration that Chevy Indy car Engines were more powerful than ones supplied by Honda. Still in a surprising show of driving skill Honda drivers – notably Alexander Rossi who swapped the lead with a maneuvering Pagenaud during the closing 10 laps – made for an exciting finish that lived up to the ever present Indy hype at Indianapolis Motor Speedway in Indianapolis, Indiana.
The win is the second straight for Roger Penske – Will Power won in 2018 – who now has a total of 18 wins at the Indy 500, which is the most by any team and more than Chevrolet. It’s was the 13th Indy Car win of Pagenaud’s career and his first 500 checkered flag. Continue reading →