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CNBC Finance

Carvana stock falls as auto retailer’s 2026 earnings guidance misses Wall Street’s expectations

Shares of Carvana fell drastically during after-hours trading Wednesday after the company reported full-year guidance that failed to meet some of Wall Street's expectations for the auto retailer. Carvana's stock fell by more than 20% shortly after the company reported its second-quarter results and guiding for earnings of between $2.7 billion and $3 billion this year. The stock recovered some of those losses, but was still trading down roughly 10% before the company's earnings call with analysts at 5:30 p.m. ET. The guidance was lower than analyst expectations, which included forecasts of $3 billion to $3.2 billion from Deutsche Bank and $4.45 billion from Morgan Stanley. While topping Wall Street's EPS and revenue estimates during the second quarter, Carvana's total gross profit per unit, which is closely watched by investors, was down by roughly 6% and below some analyst expectations. The guidance means the company expects a relatively flat second half of the year compared with the first six months, with between $1.3 billion and $1.6 billion in adjusted earnings during the second half of this year. Such results would easily top Carvana's record $2.2 billion in adjusted earnings from 2025. The new guidance follows the company reporting $1.4 billion in adjusted earnings before interest, taxes, depreciation and amortization during the first half of this year, including a record $769 million during the second quarter that slightly topped LSEG estimates. Carvana's second-quarter results included net income of $513 million, up $205 million from a year earlier and a 38% increase in vehicle sales to 197,325 units from April through June. The company did not break out its sales of used versus new vehicles, which Carvana has been expanding into through Stellantis franchised dealerships. Carvana said it expects a sequential increase in retail units sold in the third quarter compared to the second quarter, which the company said marked its 10th straight quarter of being "the fastest-growing and most profitable automotive retailer - achieving both by large margins." "Q2 2026 was Carvana's 10th consecutive quarter of industry-leading growth and profitability, and it was made possible by the foundations we laid in the 10 years prior," Carvana CEO Ernie Garcia said in a release. "We built an experience customers love, our model gets better as we get bigger, and our execution is the key driver of our progress from here." Garcia in a quarterly letter to shareholders said the company remains on track to selling 3 million cars per year and achieving a 13.5% adjusted EBITDA margin by 2030 to 2035. The company's adjusted margin during the second quarter was 10.4%, down 2 percentage points from a year earlier as it pushes its expansion efforts.

Carvana stock falls as auto retailer’s 2026 earnings guidance misses Wall Street’s expectations
Europe
BBC Business

AI firms must answer for rogue bots, says boss of hacked company

Image source, GettyByJoe TidyCyber correspondent, BBC World ServicePublished9 hours agoThe boss of one of the companies recently hacked by out-of-control artificial intelligence (AI) says bot makers must be accountable for cyber attacks carried out by their creations. Clement Delangue's company Hugging Face was breached by a rogue OpenAI bot that broke out of a test environment and autonomously attacked his firm earlier this month. Hugging Face had to rebuild around a third of its IT network after the unprecedented incident. He told CNN his company - which is a small start-up - will not be taking legal action against OpenAI, but added that these types of hacks are illegal and should remain so. "Everyone has to remember that a cyber-attack is a crime and it is illegal," he said. Delangue said he hoped legal frameworks would ensure the companies that make mistakes leading to the hacks are "accountable." He added that he didn't want cyber attacks on other companies to become "normalised". His remarks come after Anthrophic, the maker of the chat bot Claude, also admitted that its bot had attacked three companies in similar circumstances in recent months. Anthropic revealed on Friday that it only realised its bot had escaped the containment system and hacked the organisations after doing a review prompted by the recent OpenAI incident. In both cases neither of the artificial intelligence giants knew that their models had roamed the internet attacking companies until long after the attacks had been carried out. The AI models were being tested on their hacking skills and carried out the attacks by breaking out of seemingly secure "sandboxes" to search the internet for ways to complete the tasks set by researchers. The unprecedented incidents have sparked fierce debates in the cyber-security and legal world about who, if anybody, should be held liable for attacks by out-of-control AI agents.

AI firms must answer for rogue bots, says boss of hacked company
Europe
The Guardian

BTS are back: return of K-pop superstars sparks US economic boom

Fans at a BTS exhibition in Seoul in March. Photograph: Soo-hyeon Kim/ReutersView image in fullscreenFans at a BTS exhibition in Seoul in March. Photograph: Soo-hyeon Kim/ReutersBTSBTS are back: return of K-pop superstars sparks US economic boomCities in North America hosting 14 concerts in August and September – and economic impact is set to be significant BTS’s “Army” fanbase is descending on New York this weekend as the K-pop supergroup continues their first world tour after a four-year hiatus, sparking an economic boom wherever they land. After shows in South Korea and Europe, the group are back in North America, with 14 shows in six US cities in August and September. Following the rollout of BTS’s sixth album, Arirang, in March, fans have proved they are willing to spend. In Las Vegas, concertgoers who attended four sold-out shows in May generated an estimated $340m in economic activity, with events at huge hotels on the strip and at tiny Chinatown cafes. HYBE, the group’s label, has partnered with local businesses and cultural centers for the “BTS The City – Arirang” project in select cities, offering exclusive BTS programming for concertgoers. Ahead of two concerts at New Jersey’s MetLife Stadium on 1 and 2 August, fans can follow a map of activities, landmarks and eateries that celebrate the group. Manhattan’s Koreatown is bracing for thousands of fans. The economic impact of BTS concertgoers is expected to match that of soccer fans who crowded MetLife Stadium for the World Cup final – which included a BTS performance – a few weeks ago. BTS will “easily compare [to] or even exceed Fifa’s economic impact just on average spending”, said Michael Mariano, head of economic development at Tourism Economics. The group’s return has been a boon for HYBE, which reported a record-high revenue of $993m this past quarter. View image in fullscreenBTS merchandise at a pop-up store in Seoul. Photograph: Kim Hong-Ji/ReutersThe Korean Cultural Center New York will serve as the hub for fan activities. Participants who nabbed a coveted reservation can try on K-beauty products, sample desserts from Tous les Jours, a South Korean bakery chain, and customize the light sticks they’ll bring to the concert, known as “Army bombs”. “K-pop can serve as a gateway to learning the Korean language and discovering Korean beauty, food, technology, tourism and other aspects of Korean culture,” said Bora Yoon, visual arts manager at the center. The Arte Museum, which houses large-scale digital art, is hosting a special BTS exhibit that will feature music and digital art celebrating the group’s music. The museum expects a high demand for the exhibit, which will immerse BTS fans in “all five senses”, said Sang Jin Lee, head of the creative team and vice-president of d’strict, a creative design company that owns the Arte Museum.

BTS are back: return of K-pop superstars sparks US economic boom
Europe
The Guardian

Washington Post’s opinion editor resigns after just one year in role

The Washington Post building sign in February 2026 during a rally outside the newspaper's offices following sweeping layoffs. Photograph: Mehmet Eser/Sopa Images/ShutterstockView image in fullscreenThe Washington Post building sign in February 2026 during a rally outside the newspaper's offices following sweeping layoffs. Photograph: Mehmet Eser/Sopa Images/ShutterstockWashington PostWashington Post’s opinion editor resigns after just one year in roleAdam O’Neal did not give reason for his departure at end of August in another major shakeup at US publication The Washington Post had realized a state of relative calm in the five months since the paper was turned upside down in February, when nearly half the newsroom was laid off and its unpopular publisher, Will Lewis, abruptly resigned. But on Friday, staffers were shocked to find out that Adam O’Neal, a millennial hired last year to lead its opinion section, was already leaving. In a memo to colleagues in the paper’s opinion section titled “A Remarkable Year”, O’Neal gave no reason for his departure, only saying that he had decided to leave and that 31 August would be his last day. Opinion staffers had been given no indication that O’Neal was on the verge of leaving the publication. “It has been a remarkable year, and I’m very proud of everything we’ve accomplished together,” he wrote in the memo obtained by the Guardian. “While this was not an easy decision, I am leaving proud of how far the opinion section has come and optimistic that its best days lie ahead.” In the memo, O’Neal nodded to the controversial decision last year by owner Jeff Bezos to reorient the paper’s opinion section to focus on championing free markets and personal liberties, a move that served to alienate many subscribers. “I joined The Post to lead the opinion section as it began a new chapter, and we have made dramatic changes over the past year. We quickly embraced our mission of championing free markets and personal liberties while simultaneously putting Post Opinions on a sustainable footing,” he wrote. “Our work has become more relevant, accessible and consequential. We regularly publish world-class journalism that finds the audience where it is. This includes agenda-setting columns; news-breaking op-eds; highly influential editorials; and social media content that reaches millions of new people.” Still, one of the section’s top priorities, the launch of a new video podcast called Make It Make Sense, drew backlash on social media for what seemed like warmed-over hot takes and did not draw a large viewership despite generous investment and support from the Post. Following O’Neal’s announcement, Jeff D’Onofrio, who took over as the interim publisher after Lewis departed, emailed the entire staff with the subject line “Thank You Adam.” “This past year, under the leadership of Adam O’Neal, Post Opinions has become more balanced in perspective, more financially sustainable and more accessible to readers than ever before,” he wrote. “I want to thank him for his leadership and hard work in reimagining the section.” Still, it’s extremely unusual for a top Post leader to depart so quickly, particularly one who served as the face of a dramatic reorientation of the section. O’Neal’s predecessor, the veteran journalist David Shipley, resigned after failing to convince Bezos to not move forward with his new mandate for the section, which made the work of many of its longtime writers no longer relevant. Many such writers were encouraged to take a buyout in the summer of 2025 and leave the publication.

Washington Post’s opinion editor resigns after just one year in role
Europe
BBC Business

BP puts North Sea business up for sale

Image source, WPA PoolByShanaz MusaferBusiness reporterPublished31 July 2026, 08:48 BSTUpdated 2 hours agoBP has said it is putting its North Sea business up for sale in a move that would end 60 years of production in the region by the oil giant. The decision follows a review of BP's operations as it seeks to slim down the group. Its North Sea business has five production hubs - two in the central North Sea and three west of Shetland - and employs about 1,100 people. Earlier this week, Prime Minister Andy Burnham said he told US President Donald Trump he would take a "pragmatic approach" to the issue of North Sea oil and gas. Trump, some trade unions, industry figures and some Labour MPs all back increased drilling in the North Sea. "The UK has been our home for more than 100 years and will continue to play an important role in our future," BP chief executive Meg O'Neill said. "We're proud of the jobs we create, the contribution we make to the UK economy, and the work we do to keep energy flowing every day," she said. The company said it remained committed to operating the business safely and reliably throughout the sale process. Its North Sea business produced 117,000 barrels of oil equivalent per day in 2025, a small fraction of the oil giant's 2.3 million barrels of daily production. O'Neill, who took the helm at BP in April, said earlier this year there was "untapped potential" in the North Sea. However, in announcing Friday's decision she said: "As we focus our portfolio and direct capital to our highest-value opportunities, we believe our North Sea business will be better positioned as part of another company. "It has world-class people, resilient assets and a proud heritage, and it is precisely these qualities that can attract an owner ready to back its next chapter. We are seeking an outcome that recognizes that value." The sale could potentially bring in £2bn to BP. Last month, the FT reported the company was in talks with Ithaca Energy to sell its North Sea assets for around this amount, although the talks fell through.

BP puts North Sea business up for sale
North America
CNBC Finance

Jersey Mike's stock falls 6% in public market debut after pricing shares at $23

Shares of Jersey Mike's closed down about 6% during trading on Thursday afternoon after the company made its public market debut on the New York Stock Exchange under the ticker "JMKE." The stock opened at $21 per share, below its initial public offering pricing of $23 per share, at the midpoint of the expected range of $21 to $25 per share. Jersey Mike's sold 43.5 million shares, raising about $1 billion and valuing the company at $7.3 billion. With those proceeds, the chain is now among the largest-ever initial fundraises for a restaurant IPO. Jersey Mike's has nearly 3,300 locations, making it the second-largest hoagie sandwich chain in the U.S. behind Subway. It's now the largest public chain in the category. The company reported net income of $55 million on total revenue of $724 million last year. Its same-store sales increased 3% over the same period. The metric tracks sales growth at restaurants open at least a year. Broadly, diners are eating out less often or seeking deals to save money, and the restaurant industry has seen traffic and sales soften. But Jersey Mike's has largely bucked the trend, and its high average unit volumes and asset-light franchise model made the stock attractive to investors. CEO Charlie Morrison told CNBC that Jersey Mike's customer base typically skews "a little higher income," insulating the chain from some of the pullback in consumer spending. "We're seeing the consumer come back," Morrison said. "We've seen positive transition growth. In fact, most of our same-store sales growth this year to date has been driven primarily by transaction growth." Jersey Mike's successful IPO is a positive harbinger for other consumer companies looking to go public. Rival restaurant company Inspire Brands, which counts Dunkin' and Jimmy John's among its brands, has confidentially filed for an initial public offering and could easily snatch Jersey Mike's title for biggest-ever restaurant IPO. Clothing company Reformation made its public market debut on Thursday; the retailer priced shares at $15, on the low end of its expected range of $15 to $17. Its shares closed up less than 1%. Jersey Mike's founder, Peter Cancro, began working at a Jersey Shore sandwich shop at age 14 in 1971. Four years later, he pulled together enough money to buy Mike's Subs. Cancro later changed the name and began franchising the chain. Today, franchisees operate 99.2% of Jersey Mike's locations. In late 2024, Jersey Mike's announced that Blackstone had bought a majority stake reportedly valued at around $8 billion including debt.

Jersey Mike's stock falls 6% in public market debut after pricing shares at $23
North America
CNBC Finance

Retailer Reformation closes flat in NYSE debut as CEO says company is 'ready to scale'

Women's clothing retailer Reformation began trading on the New York Stock Exchange on Thursday, with the stock ending the day essentially unchanged after pricing its IPO at $15. The company, which is trading under the ticker symbol "REF," is offering 14,062,500 shares, putting its IPO raise at $210.9 million. "Reformation is ready, and that is really the driving reason we've spent a lot of time working to build a business that redefines retail, really innovates on what the role of a brand is in the fashion space, and we've done a great job at that," CEO Hali Borenstein told CNBC on Thursday. "Today, we have a foundation that is ready to scale." It joins just a handful of consumer and retail companies that have gone public this year amid a slump in IPOs since the 2021 boom. Reformation went public the same day as sandwich chain Jersey Mike's, which also listed on the NYSE. According to its S-1 fact sheet, Reformation has seen 20 consecutive quarters of double-digit net revenue growth through the first quarter of 2026. Its net revenue for the full year 2025 came in at $507.1 million, and net income was $12.6 million, including the impact of President Donald Trump's tariffs. As of the first quarter of 2026, the company owns 70 stores across the U.S., UK, Canada and France. "We believe we will continue to benefit from operating within the highly fragmented fashion industry, and that we are well positioned to capitalize on growing global demand for sustainable fashion," the company wrote in its S-1 filing. Borenstein said Reformation's focus in its next phase of growth is to increase its distribution with more stores, accelerate its e-commerce business, invest in category diversification and expand overseas. She added that the retailer is seeing "really strong double-digit growth" across the U.S., with 70% of its revenue coming from outside of New York and California. Reformation also said it saw more than 1 million active customers across its direct-to-consumer channel in 2025. The majority of its customers, 70%, are aged between 25 and 50 years old. Borenstein told CNBC's "Morning Call" that the company's customer base is diverse, with 20% of new customers last year under the age of 25 and 20% over the age of 50. She added that the company's average consumer makes over $100,000 in a year, making it more insulated from macroeconomic pressures hitting other retailers.

Retailer Reformation closes flat in NYSE debut as CEO says company is 'ready to scale'
North America
CNBC Finance

UEFA threatens World Cup boycott over FIFA private equity investment plan

European soccer governing body UEFA said Thursday it will boycott FIFA competitions including the World Cup if the global organization goes through with its proposal to sell a stake to private investors. Following an emergency meeting, UEFA, which represents 55 of FIFA's 211 member associations, called it "irresponsible and indefensible" for FIFA leadership to bring forth such a proposal without seeking feedback from the countries that make up the organization. On Tuesday, FIFA announced a plan to sell a 20% stake in a new entity it calls FIFA Forward Enterprise that would take over all commercial and event operations. FIFA said FFE would raise up to $4.2 billion from third party investors. The move championed by FIFA President Gianni Infantino has drawn backlash across the sport. The proposed deal has also sparked fresh scrutiny of Infantino's relationship with President Donald Trump. Thrive Eternal, a private equity firm founded by Joshua Kushner, the brother of Trump's son-in-law Jared Kushner, is "expected to lead the proposed investor group for FFE," FIFA said when it announced the deal. In a statement, UEFA said its member nations would boycott FIFA competitions unless the organization canceled the plan for good. UEFA said "football's future cannot be dictated" by stakeholders seeking financial gain. "As a result of today's discussion, no UEFA national teams will participate in any FIFA competition for so long as these proposals remain alive, unless this proposal has been abandoned in its entirety and binding assurances have been given that FIFA will never again open its governance or competitions to private ownership," the statement read. Concacaf, which runs soccer in North and Central America and the Caribbean, said on Thursday that it also held an emergency meeting with its 41 member associations and rejected FIFA's proposal. "The discussion reinforced the need for greater transparency and proper governance," the organization said in a statement. In response to the fallout, Infantino appeared in a video on Wednesday reassuring fans that the "beautiful game, and sport they watch and love will not change." He added that the proposal is "a golden opportunity to turbocharge the development of the game globally." Infantino also said that the proposal is "simply a choice for our members" and not an obligation. Get this delivered to your inbox, and more info about our products and services. Data is a real-time snapshot *Data is delayed at least 15 minutes. Global Business and Financial News, Stock Quotes, and Market Data and Analysis.

UEFA threatens World Cup boycott over FIFA private equity investment plan
Europe
BBC Business

Passenger on British Airways mayday flight describes fear and shout of 'I don't want to die'

A passenger on a British Airways flight that issued a distress call on approach to Heathrow Airport earlier this month has described the rising fear in the cabin and a lack of information from the crew. Edward Killiwick had been travelling back from a friend's birthday party with his partner Julie, on the flight from Dusseldorf in Germany on 6 July. He said passengers were told that the landing had been aborted, and then he felt a "very violent manoeuvre" and "did think we could crash". He and his partner had to comfort a woman who "completely lost it and started screaming, 'I don't want to die'". The flight landed safely, but the incident is being investigated with assistance from BA. The UK's Air Accidents Investigation Branch (AAIB) said it was "investigating a serious incident", and France's accident investigation authority, the BEA, said on Wednesday that the plane, an Airbus A320, had issued a distress call. Edward said: "The violent manoeuvre almost felt like it was avoiding another aircraft. You could feel the engines going at full power. "It was a bit odd going around in a holding pattern with no information. I thought if they're not talking, then they're not in a good place." The BEA said that as the plane approached Heathrow, there was a data system failure which triggered a stall warning. The crew then flew the aircraft in a different mode called "alternate law", which removes some automated flight protection systems. Another stall warning then occurred at 3,000 feet — which experts say was likely to have been just miles away from the airport. The urgency call the crew had already made was upgraded to mayday, indicating imminent danger. A British Airways spokesperson said the airline was assisting the AAIB with its investigation and was not legally able to comment further at this stage. Edward said: "I was definitely scared. After the violent manoeuvre I thought, there is definitely something very badly wrong here. I did think we could crash.

Passenger on British Airways mayday flight describes fear and shout of 'I don't want to die'