Pinterest forecasts quarterly revenue above estimates on robust ad spend
(Reuters) - Pinterest forecast second-quarter revenue above Wall Street estimates on Tuesday, expecting a boost from growing advertising spend on the image-sharing platform. The company has benefited from marketers turning to the digital platform t...
2h ago
Super Micro misses quarterly revenue estimates on stiff competition, shares fall
(Reuters) -Super Micro Computer reported third-quarter revenue below estimates on Tuesday, hurt by stiff competition in the server-making industry, however it forecast fourth-quarter revenue above estimates as it expects steady demand for its AI server...
2h ago
Starbucks reports surprise drop in same-store sales; shares tumble
By Juveria Tabassum (Reuters) -Starbucks on Tuesday reported a fall in same-store sales for the first time in about three years as it battled weak demand for its coffees in the U.S. and China, its two biggest markets, sending its shares down 11% in ext...
2h ago
Mondelez International beats Q1 sales, profit estimates on higher prices
By Anuja Bharat Mistry (Reuters) -Cadbury parent Mondelez International beat market expectations for first-quarter sales and profit on Tuesday helped by steady demand for its pricey products such as chocolates and salted crackers, despite rising costs....
2h ago
Chesapeake Energy misses quarterly profit estimates as natgas prices remain low
(Reuters) -Natural gas producer Chesapeake Energy Corp missed Wall Street estimates for first-quarter profit on Tuesday as persistently low natural gas prices weighed down on the company's top-line results. Natural gas prices had dropped 20.4% in the f...
2h ago
Clorox lifts annual profit forecast on pricing benefits
(Reuters) - Clorox Co raised its annual profit forecast on Tuesday after beating quarterly earnings expectations, banking on effects of price hikes taken to offset escalating costs. Consumer good companies, including Clorox, have been increasing pr...
2h ago
Musk disbands Tesla EV charging team, leaving customers in the dark
By Joseph White, Akash Sriram and Nora Eckert DETROIT (Reuters) -Elon Musk's abrupt decision to lay off employees who ran Tesla's electric vehicle charging business blindsided automakers gearing up to equip new EVs for customers to use the Tesla Superc...
2h ago
Trump social media firm's rising shares pressure short-sellers, S3 says
By David Randall NEW YORK (Reuters) - Short-sellers in Trump Media & Technology Group are feeling the heat from the recent rally in the company's stock and the higher cost of borrowing its shares, analytics firm S3 Partners said. Shares of the comp...
2h ago
Australian retailer Woolworths to sell $303 million stake in Endeavour Group
(Reuters) - Australian retailer Woolworths on Wednesday said it was selling a 5% stake in Endeavour Group, which operates liquor stores and pubs, generating proceeds of A$468 million ($302.98 million). The sale will happen via a block trade at a pr...
2h ago
Chipmaker AMD narrowly beats first-quarter revenue estimates
(Reuters) -Advanced Micro Devices beat first-quarter revenue estimates by a small margin on Tuesday as tepid demand for semiconductors used in traditional data centers added to weakness in the market for gaming chips. Shares of the Santa Clara, Califor...
2h ago
Explainer-How US change on marijuana would help cannabis companies
By Mrinalika Roy (Reuters) - The U.S. Justice Department is moving to make marijuana use a less serious federal crime with a proposal to reclassify the drug as on par with Tylenol with codeine, rather than heroin, according to sources. Here are som...
2h ago
EV maker Polestar to delay fourth-quarter results for a second time
(Reuters) - Swedish electric-vehicle maker Polestar Automotive will delay the publication of its fourth-quarter and full-year 2023 financial results for a second time, a spokesperson for the company said on Tuesday. Polestar did not provide a date ...
2h ago
IBM wins reversal of $1.6 billion judgment to BMC over software contract
(Reuters) - A federal appeals court on Tuesday overturned a judgment requiring IBM to pay rival BMC Software $1.6 billion, after a judge found IBM improperly replaced BMC's mainframe software at AT&T with its own. The 5th U.S. Circuit Court of Appe...
2h ago
Trump raises stake in his media firm to nearly 65%
(Reuters) - Donald Trump has raised his stake in the company that operates his social media app Truth Social to nearly 65% as of last week, according to a filing on Tuesday. The former U.S. president and Republican presidential candidate secured 36...
2h ago
Pot stocks jump as U.S. DOJ moves to reclassify cannabis as a less dangerous drug
(Reuters) - Shares of cannabis companies surged on Tuesday afternoon after the U.S. Department of Justice (DoJ) moved to reclassify marijuana as a less dangerous drug. U.S.-listed shares of Cronos Group, Tilray Brands and Canopy Growth rose between...
5h ago
US labor official calls on companies to exit China's Xinjiang
WASHINGTON (Reuters) - International companies cannot responsibly operate in Xinjiang and should leave the western Chinese region due to forced labor concerns, a U.S. Labor Department official said on Tuesday. The U.S. government says Chinese offic...
6h ago
US newspapers sue OpenAI for copyright infringement over AI training
By Blake Brittain (Reuters) - A group of newspapers, including the New York Daily News and Chicago Tribune, sued Microsoft and OpenAI in New York federal court on Tuesday, accusing them of misusing reporters' work to train their generative artifici...
6h ago
BlackRock to launch PIF-backed Saudi investment platform
By Iain Withers LONDON (Reuters) - The world's largest asset manager BlackRock said on Tuesday it plans to launch a new investment platform in Saudi Arabia, backed by up to $5 billion from Saudi sovereign wealth fund the Public Investment Fund (PIF...
6h ago
Ancora scores win with ISS endorsement in Norfolk Southern proxy fight
By Svea Herbst-Bayliss NEW YORK (Reuters) - Ancora Holdings scored a second victory in its battle with Norfolk Southern when prominent proxy advisory firm Institutional Shareholder Services (ISS) recommended on Tuesday that shareholders elect five ...
6h ago
Ex-Google workers say firings for protesting Israel contract were illegal
By Daniel Wiessner (Reuters) - A group of workers at Alphabet Inc's Google have filed a complaint with a U.S. labor board claiming the tech company unlawfully fired them for protesting its cloud contract with the Israeli government. The complaint w...
6h ago
Enbridge selects contractors for its Great Lakes Tunnel Project
(Reuters) - Canadian energy company Enbridge has retained a joint venture partnership between Barnard Construction Company, Inc. and Civil and Building North America, Inc (CBNA). to construct the Great Lakes Tunnel in the Straits of Mackinac, the c...
6h ago
Wells Fargo investors approve executive pay, CEO underscores risk controls
By Nupur Anand NEW YORK (Reuters) - Wells Fargo shareholders on Tuesday approved its plans for executive compensation with a majority vote, including hiking CEO Charlie Scharf's 2023 package to $29 million. His compensation for 2022 was $24.5 milli...
6h ago
Comcast's Peacock to raise streaming prices ahead of Paris Olympics
(Reuters) - Peacock, a Comcast-owned NBCUniversal's streaming service, will raise prices of its premium and premium plus plans by $2 per month, as it looks to cash in on its streaming rights to the Olympic Games in Paris this summer. NBCUniversal h...
7h ago
Bracing for shallow Fed easing, bond investors take the middle of the curve road
By Gertrude Chavez-Dreyfuss NEW YORK (Reuters) - Bond investors are selectively adding longer-dated maturities to their portfolios on bets the Federal Reserve will delay cutting interest rates and reduce them at a slower pace than in previous easin...
7h ago
Exclusive-S&P Global weighs options for mobility unit, sources say
By Amy-Jo Crowley and Milana Vinn LONDON/NEW YORK (Reuters) - Financial information firm S&P Global is weighing options for its mobility business, including a full sale, three people with knowledge of the matter told Reuters. The New York-listed gr...
8h ago