Carvana's Debt Reduction Deal Sends Stock Soaring

Carvana announces a deal to reduce its debt by $1.2 billion, leading to a significant increase in its stock price. The company also reports a big sales beat for the second quarter, with a surge in a key profit metric. Carvana plans to raise up to $1 billion through a stock sale as part of its restructuring efforts. Despite a loss in Q2, the company's gross profit per unit increased by 94% compared to the previous year. Carvana stock has skyrocketed this year, but still remains below its all-time high.