Arm's quarterly revenue forecast beats Street; annual rev guidance misses
By Max A. Cherney and Stephen Nellis (Reuters) -Chip designer Arm Holdings gave a fiscal first-quarter revenue forecast on Wednesday that beat Wall Street's expectations, but its full-year forecast was below expectations. Shares of Arm fell about 4% in...
2h ago
US sues Hyundai, Kia finance arm for repossessing service members' vehicles
By Jonathan Stempel (Reuters) - The U.S. government on Wednesday sued Hyundai and Kia's American financing arm, accusing it of repossessing vehicles leased by military service members without first obtaining court permission as required by law. Acc...
2h ago
Exclusive-In Tesla Autopilot probe, US prosecutors focus on securities, wire fraud
By Mike Spector and Chris Prentice (Reuters) - U.S. prosecutors are examining whether Tesla committed securities or wire fraud by misleading investors and consumers about its electric vehicles' self-driving capabilities, three people familiar with ...
2h ago
Theater chain AMC posts quarterly revenue above estimates
(Reuters) -AMC Entertainment on Wednesday beat analysts' estimates for first-quarter revenue, as films like "Dune: Part Two", "Civil War" and "The Fall Guy" brought audiences to the world's largest theater chain. Shares of the Leawood, Kansas-based com...
2h ago
Airbnb posts higher profits on global travel demand
(Reuters) - Vacation rental company Airbnb reported a higher quarterly profit on Wednesday, boosted by an increase in travel in international markets as North American bookings decelerated during the period. Shares of the company were up 3% after t...
3h ago
Robinhood swings to profit from year-ago loss
(Reuters) -Robinhood Markets reported a profit in the first quarter on Wednesday compared with a loss last year, helped by strong trading volumes and rate hikes that boosted its net interest revenue. The company reported a profit of $157 million or 18 ...
3h ago
Argentina industrial output sinks 21% amid Milei austerity, worst since pandemic
BUENOS AIRES (Reuters) - Argentina's industrial output plunged 21.2% in March from a year ago, the INDEC statistics agency said on Wednesday, the worst slide since the depths of the Covid-19 pandemic as libertarian President Javier Milei pushes a t...
3h ago
PIMCO adds bond exposure outside the US on inflation risks
By Davide Barbuscia NEW YORK (Reuters) - U.S. bond giant PIMCO said on Wednesday it is increasing its bond exposure in developed markets outside the United States as inflation could complicate the shift of the Federal Reserve to lower interest rate...
4h ago
Fed's Cook says households, banks, firms largely in solid financial shape
By Howard Schneider WASHINGTON (Reuters) - U.S. households, banks and firms are largely in solid financial shape, with the means at hand to cover debt payments and with strong enough buffers to absorb potential shocks, Federal Reserve Governor Lisa...
5h ago
GM to end production of Chevy Malibu as it shifts to EVs
(Reuters) - General Motors said Wednesday it will end production of its gasoline-powered Chevrolet Malibu car later this year in order to produce new electric vehicles. GM has sold more than 10 million Malibus since 1964 worldwide and will end prod...
6h ago
China approves first gene-edited wheat in step to open up GM tech to food crops
By Mei Mei Chu BEIJING (Reuters) - China has approved the safety of gene-edited wheat for the first time as Beijing cautiously moves forward with commercial growing of genetically modified food crops. China has in the past year ramped up approvals ...
7h ago
Fed's Collins says economy may need to weaken to get 2% inflation
By Michael S. Derby NEW YORK (Reuters) - Federal Reserve Bank of Boston President Susan Collins said on Wednesday that the U.S. economy needs to cool off as an avenue toward getting inflation back to the central bank's 2% target. "A slowdown in act...
7h ago
China outbound investment rule to be completed by end of year -- US official
By David Shepardson WASHINGTON (Reuters) - Commerce Secretary Gina Raimondo said Wednesday she expects rules to implement U.S. outbound investment restrictions on China will be completed by the end of the year. President Joe Biden in August issued ...
7h ago
NYCB stock cheapest among US lenders with over $3 billion in assets, S&P Global says
(Reuters) - New York Community Bancorp was the cheapest U.S. bank stock among lenders with more than $3 billion in assets for the second straight month, an analysis by S&P Global Market Intelligence showed on Wednesday. The evaluation based on adj...
8h ago
Google fights $17 billion UK lawsuit over adtech practices
LONDON (Reuters) - Google parent Alphabet has urged a London tribunal to block a mass lawsuit which accuses it of abusing its dominance in the online advertising market, in the latest case to focus on the search giant's business practices. The laws...
8h ago
ECB can cut rates and should rethink how it sets policy, Wunsch says
FRANKFURT (Reuters) - The European Central Bank can press ahead with interest rate cuts this year but needs to rethink how it forecasts inflation and sets policy based on these projections, Belgian policymaker Pierre Wunsch said on Wednesday. The E...
8h ago
Mercedes CEO speaks against restrictions on trade with China
BERLIN (Reuters) - Mercedes-Benz Chief Executive Ola Kaellenius on Wednesday spoke against imposing restrictions on trade with China, stressing that the country remains the group's most important market. "We are closely monitoring potential trade p...
8h ago
Mercedes rejects claims it prevented unionising at US plant
BERLIN (Reuters) - German premium carmaker Mercedes-Benz on Wednesday rejected claims that it has been trying to prevent the formation of a union at its Alabama plant. The group "respects the decision of the employees to establish a trade union org...
8h ago
US wholesale inventories drop by unrevised 0.4% in March
WASHINGTON (Reuters) - U.S. wholesale inventories fell in March, confirming that inventory investment was a drag on economic growth in the first quarter. The Commerce Department's Census Bureau said on Wednesday that wholesale inventories fell 0.4%...
8h ago
Reddit shares soar as earnings show advertising, AI licensing revenue potential
(Reuters) - Reddit shares soared 14% on Wednesday after the social media firm floored investors with strong revenue growth and improving profitability in the first earnings since its market debut. The company surprised Wall Street late on Tuesday w...
8h ago
Fox profit beats estimates as lower costs help offset ad revenue weakness
(Reuters) - Fox Corp beat Wall Street estimates for third-quarter profit on Wednesday, due to lower expenses, even as its revenue tumbled more than 15% on weakness in its advertising business. The media company benefited from a near 25% fall in ope...
8h ago
Teva Pharm Q1 profit misses estimates, revenue risea
By Steven Scheer JERUSALEM (Reuters) - Teva Pharmaceutical Industries reported a smaller than expected rise in first-quarter profit citing higher impairments of tangible assets, while sales of copycat medicines and its branded drugs to treat migrai...
8h ago
SpaceX's unit Starlink secures Indonesia operating permit
JAKARTA (Reuters) - The satellite unit of Elon Musk's SpaceX, Starlink, has secured a permit to operate in Indonesia, its communications minister told Reuters on Wednesday. Starlink had obtained a permit to operate as an internet service provider f...
10h ago
Emerson Electric boosts 2024 profit view on measurement tools demand
(Reuters) - Emerson Electric raised its full-year profit forecast on Wednesday on steady demand in its unit that makes valves, regulators and actuators, sending the engineering solutions firm's shares up about 2% in premarket trade. The company's m...
10h ago
Uber shares tumble as second-quarter forecast disappoints
By Yuvraj Malik (Reuters) -Uber forecast second-quarter gross bookings below expectations after missing the target for the first three months on Wednesday, sending it shares down nearly 7% before the bell. The weakness in a key metric that indicates th...
10h ago