Car Retailer Skyrockets

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Good Morning Wake-Up Watchlisters! While you’re sipping coffee you’ll see stocks took a breather after a record-breaking rally yesterday. Nvidia’s $277 billion one-day led to a market capitalization surge that was the biggest single-session increase in value ever – surpassing a $197 billion gain by Meta Platforms. The next question will be if the tech rally can seep over into other sectors, which would increase bets that the Fed will cut rates.

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Here’s a look at the top-moving stocks this morning.

Maravai LifeSciences Holdings, Inc. (MRVI)

Maravai is up 21.53% in premarket after its latest earnings report. Despite a net loss of $138 million, the company achieved an adjusted EBITDA margin of 23% for the full year, reflecting the company’s effort to reduce costs and maintain operational efficiency. Overall, the net loss came as a result of reduced demand for COVID-19 related products, and the biotech group will look at new products and patents to weather the storm in 2024.

Carvana (NYSE: CVNA)

Carvana is up 35.18% in premarket after recording its first-ever annual profit on Thursday, helped by its pact with bondholders to cut its outstanding debt by $1 billion. The company also forecast an adjusted core profit for the first quarter “significantly above” $100 million.