Carvana Co. CVNA shares traded sharply higher on Wednesday after the company reported better-than-expected second-quarter sales and guided positive adjusted EBITDA for the third quarter.
On CNBC’s "Options Action," Mike Khouw of Optimize Advisors said Carvana was the 6th busiest stock overall and traded at 3x its average daily options volume on Wednesday.
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There were buyers of 80,000 of the July 59-calls at an average price of around $2 per contract, Khouw mentioned.
Traders expect Carvana’s shares to continue to rally into the end of the week.
Carvana also agreed with noteholders representing over 90% of outstanding senior unsecured notes to reduce total debt, extend maturities, and lower near-term cash interest expense.
Price Action: Carvana shares jumped 40.2% to close at $55.80 on Wednesday, and added 1.6% in the after-hours trading session.
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