IBUY

Consumers are slightly more concerned over the economy this month as they assess current business and labor market conditions, according to data released Tuesday. The Conference Board said its Consumer Confidence Index dipped from 101.3 in May to 100.4 in June, while its Present Situation Index — based on consumers' gauge of current business and labor market conditions — improved from 140.8 last month to 141.5 in June. But the nonprofit entity’s Expectations Index, which tracks consumers' short-term outlook for income, business and labor market conditions, fell from 74.9 in May to 73.0 in June. It has stayed below 80, the threshold which usually signals a recession ahead, for five str

U.S. retail sales for May fell short of expectations, concerning economists, as it could signal a slowdown in economic growth. The U.S. Census Bureau reported that sales ticked up 0.1% from April to May, missing expectations of a 0.2% month-on-month increase. May sales, which totaled $703.1 billion, were up 2.3% from a year ago, while sales for the March 2024 to May 2024 period gained 2.9% from the same period a year earlier, the agency reported. Nonstore retailers were up 6.8% from last year, while food services and drinking places were up 3.8 % from May 2023. The market reacted calmly to the retail sales miss, as exchange-traded funds in the retail and food services sectors saw

Online used car retailer Carvana Co (NYSE:CVNA) anticipates a surge in used car sales amid a potential oversupply of new vehicles, according to Chief Executive Officer Ernest Garcia III.  Speaking at an event hosted by the Automotive Press Association near Detroit, Garcia stated that increased car production by major automakers is likely to benefit the online used-car retailer, reported Bloomberg. Garcia highlighted automakers’ efforts to mitigate swelling inventories by offering incentives and directing more new cars to fleet purchasers like rental companies.  According to Deutsche Bank AG (NYSE:DB), average new car inventories in the U.S. reached 50 days’ worth of supply by the en

Carvana Co. (NYSE:CVNA) shares are trading slightly lower in the morning session on Thursday. Yesterday, after the closing bell, the company shared a Letter of Interpretation from the National Highway Traffic Safety Administration (NHTSA) affirming the legality of electronic signatures on physical odometer disclosure documents.   “We are pleased to share NHTSA’s Letter of Interpretation, which affirms the federal legality of using e-signatures on physical odometer disclosure documents and paves the way for Motor Vehicle Administrations across the country to swiftly authorize and adopt this customer-friendly paradigm,” said Tony Hall, Senior Government Affairs Manager at Carvana. Ear

Carvana Co. (NYSE:CVNA) shares are jumping today following yesterday’s first-quarter FY24 results. Several analysts raised the price target on the stock. Carvana reported revenue of $3.061 billion, which beat the consensus estimate of $2.673 billion. The company reported adjusted EBITDA of $235 million. The company anticipates a sequential increase in its year-over-year growth rate in retail units in the second quarter. The company also expects a sequential increase in adjusted EBITDA. Wedbush analyst Seth Basham raised the price target from $80 to $120 while maintaining a Neutral rating. The analyst writes that the company is better positioned to support growth than in the past,

Needham analyst Kyle Peterson initiated coverage on Affirm Holdings Inc (NASDAQ:AFRM) with a Hold rating. Affirm is a leading provider of “buy now, pay later” (BNPL) services, with a broad range of product offerings and notable partnerships, most notably with Amazon.Com Inc (NASDAQ:AMZN) and Shopify Inc (NYSE:SHOP), the analyst noted.  While Peterson flagged Affirm’s diverse product suite and expects the market for BNPL services to generate healthy growth, he rated the stock Hold due to a combination of valuation (~32x his fiscal 2026 EPS estimate), elevated stock-based compensation expense (46% of LTM revenue), and a growing mix share of interest and other lending-related income (~65%

As Americans gear up for the holiday season, the latest Bank of America Winter Spending Survey has unveiled a significant shift in holiday spending trends, particularly among younger Americans. With more than 40% of respondents expressing their intention to tighten their belts this festive season, what stands out most is the resilience of the younger generations when it comes to their holiday shopping plans. In fact, millennials and Generation Z seem least inclined to reduce their holiday expenditures. However, to maintain a healthy spending pattern, the survey also sheds light on a significant surge in the adoption of “Buy Now, Pay Later” services within this population cohort. This

CHICAGO, Dec. 29, 2020 (GLOBE NEWSWIRE) -- Amplify ETFs announces the firm has accumulated over $3 billion in assets under management since the inception of its first exchange-traded fund (ETF) in 2016. Additionally, the firm’s assets have grown 285% just in 2020 across a diverse product line of ten ETFs, with four ETFs each exceeding $250 million in assets. The product suite of Amplify ETFs encompasses three primary categories: Core ($770 million), Income ($450 million), and Thematic ($1.87 billion). Total firm assets stood at $3.1 billion as of December 28, 2020. “We’re extremely proud of Amplify’s growth to-date, particularly during a year of unprecedented uncertainty and challengi

First-to-market online retail ETF delivers 1-year return of 83.80% CHICAGO, Nov. 12, 2020 (GLOBE NEWSWIRE) -- Amplify ETFs announces the Amplify Online Retail ETF (NYSE: IBUY) has surpassed $1 billion in assets under management. IBUY is the first and largest ETF to focus on the online retail segment, holds a 5-star Overall Morningstar rating, and is ranked the #1 fund among 40 funds in the Consumer Cyclical category over a 3-year period. Since its inception in April 2016, IBUY has delivered a 255.98% cumulative return versus the S&P Retail Select Industry Index’s 9.41% return through October 31, 2020. Other broad based indexes, including the S&P 500 Total Return and the NASDAQ 100 Total