Inflation check

Laura Buckman/Bloomberg via Getty Images

ECONOMY

Used car prices drop for second straight month

The wholesale price of used vehicles declined for the second month in a row in May, providing some relief to buyers after prices rose throughout the first quarter of 2023.

An auto metric closely watched by the Federal Reserve is showing inflation is coming down.

Carvana cruises higher

Carvana shares spiked over 60% in what is a record jump for the auto retailer which, several months ago, was speculated as a bankruptcy candidate due to its debt. On Wednesday, the company reported its gross profit per unit is expected to be above $6,000 [non-GAAP] - which is a new record and 63% higher than the same-period a year ago.

"Our record-breaking 2023 first quarter is evidence that our strategy is working, and our updated Q2 2023 outlook demonstrates that our progress continues to positively impact the business even faster than expected,” says Ernie Garcia, Carvana Founder and CEO. “The team’s persistent focus on driving profitability has resulted in significant savings and efficiencies, and this work will persist as we continue to execute our plan.”

A former Uber driver is living the dream after qualifying for the 2023 U.S. open.

Tesla's winning streak

MARKETS

Tesla shares target 10th win in a row, what gives?

Tesla shares are on pace to log their 10th-straight gain following reports of sales growth in China and the EV company’s new $7,500 tax credit.

Tesla's shares are on pace to do something they haven't done since January of 2021 a win for CEO Elon Musk.

PGA - LIV Golf

SPORTS

PGA Tour and LIV Golf combination: The players, investors, money

FOX Business takes a look at the surprising merger of the PGA Tour, DP World Tour and the Saudi Public Investment Fund, which backs LIV Golf.

The stunning merger between the PGA and LIV shocked the golfing world. Now, billions are at stake as FOX Business takes a deep dive into the players, the pay and Saudi Arabia's investors.

Uber enters rental market

MARKETS

Uber enters car rental market, taking on Hertz, Avis

Uber’s new Carshare option, part of its sustainability effort, provides a platform for car owners to list their vehicles to local borrowers at hourly and daily rates.

Uber is taking on Hertz and Avis announcing a new initiative that let's car owners rent their vehicles for extra cash.

GameStop shares slide

MARKETS

GameStop announces leadership shakeup, terminating CEO Matt Furlong

Retailer GameStop on Wednesday afternoon revealed a major leadership shake-up. CEO Matt Furlong was terminated and Ryan Cohen became executive chairman.

Gamestop fired CEO Matt Furlong and replaced him with the company's largest individual shareholder Ryan Cohen, founder of Chewy.