Carvana's bonds gain along with stock but high debt levels remain a worry

Carvana Co.’s bonds rose Friday, after the online used-car seller surprised investors with fourth-quarter earnings that highlighted some positive metrics.The company’s loss was wider than expected and revenue fell below forecasts. But Carvana CVNA, +31.02% reported record gross profit per unit (GPU) and projected that adjusted Ebitda would top $100 million in the first quarter, which was better than a FactSet consensus at the end of January of under$80 million. (Ebitda, or earnings before interest, taxes, ...