Julie Morgan

Novo Nordisk is on our list of the biggest movers of the day pre-market.

NVO is down 15% after the company's next-generation obesity drug delivered less weight loss than Eli Lilly's competing treatment in a Phase 3 trial, raising new concerns about its sales potential.

And on today's economic calendar at 8 30 a.m the Chicago Fed National Activity Index at 10 a.m factory orders and at 10 30 a.m the Dallas Fed Manufacturing Survey.

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Welcome to Seeking Alpha's Wall Street Breakfast, where we cover the top news for investors every morning.

Good morning.

Today is Thursday, February 19th.

I'm Julie Morgan.

Carvana sold more cars than Wall Street expected in the fourth quarter, but concerns over the company's profitability have pushed the stock into the red this morning.

Carvana is down 16% in pre-market action.

The used car marketplace experienced a 58% surge in revenue.

On a per-unit basis, retail vehicle sales were up 43%, while wholesale increased 66%.

However, when you break down the numbers further, it shows a $244 decline in gross profit per vehicle and an 18.2% decline in wholesale marketplace gross profit.

The company's profitability gave a mixed picture, as adjusted EBITDA increased to $511 million but missed the $539 million estimate.

while on a per-share basis, adjusted profits surged to $4.22 per share from $0.56 per share, although this was attributed to one-time charges and so is not comparable to $1.12 estimates.