Carvana shares soar on upbeat forecast for core profit, retail sales
(Reuters) - Shares of Carvana surged more than 30% in extended trading on Wednesday after the used-car seller forecast a surprise rise in current quarter retail sales and core profit. Carvana's results come as high interest rates prompt consumer...
14m ago
Chipmaker Wolfspeed forecasts quarterly revenue below estimates as EV sales growth slows
(Reuters) - Chipmaker Wolfspeed forecast current-quarter revenue below estimates on Wednesday as automakers grapple with high inventory levels due to slower-than-expected EV sales growth. Shares of the company, which counts General Motors and Merce...
17m ago
MetLife Q1 profit rises on higher premiums, investment income
(Reuters) - MetLife reported a rise in first-quarter profit on Wednesday, helped by higher premiums and strong returns from investments. Adjusted premiums, fees and other revenues - excluding pension risk transfers at the insurance firm - rose 4% f...
18m ago
Marathon Oil narrowly beats first quarter profit estimates on higher prices
(Reuters) - Oil and gas firm Marathon Oil narrowly beat first-quarter profit estimates on Wednesday, helped by higher oil and liquefied natural gas (LNG) pricing. Crude oil prices in the quarter mirrored prices from the previous year as production ...
20m ago
Dollar/yen nosesdives again as market watches for BOJ intervention
(Reuters) - The dollar tumbled against the yen late Wednesday afternoon, recoiling further from 34-year highs two days after traders said Japanese authorities were buying yen to support their currency, which had fallen 11% this year. Dollar/yen sud...
21m ago
Comcast pulls Bally Sports channels, imperiling US broadcaster's restructuring
By Dietrich Knauth NEW YORK (Reuters) - Cable provider Comcast stopped broadcasting Bally Sports channels on Wednesday, taking some MLB games off the air and imperiling the bankruptcy restructuring of the sports channels' operating company. Diamond...
24m ago
Airbnb launches new global marketing strategy as ad engagement falls flat
By Doyinsola Oladipo NEW YORK (Reuters) - Airbnb announced its newest marketing strategy geared towards bringing in new customers by offering unique experiences as it expands beyond its core business of vacation rentals, the company said on Wednesd...
30m ago
DoorDash projects quarterly core profit below estimates on higher costs
By Granth Vanaik and Waylon Cunningham (Reuters) - DoorDash projected second-quarter core profit below expectations on Wednesday despite beating first-quarter revenue estimates, indicating that higher costs were offseting some of its gains from ris...
31m ago
EBay forecasts quarterly revenue below expectations
(Reuters) - Ecommerce firm eBay forecast second-quarter revenue below Wall Street estimates on Wednesday, as demand cools for product categories like collector's items and auto parts. The company expects revenue in the range of $2.49 billion to $2....
33m ago
Qualcomm forecast beats estimates as AI revives smartphone market
By Stephen Nellis and Arsheeya Bajwa (Reuters) - Qualcomm on Wednesday forecast fiscal third-quarter sales and adjusted profit above Wall Street expectations, driven by a faster-than-expected recovery in smartphone markets thanks to artificial-int...
36m ago
Devon Energy beats Q1 profit estimate on higher production
(Reuters) - U.S. shale producer Devon Energy beat first-quarter profit estimates on Wednesday as higher production helped it offset a decline in natural gas prices. Higher production from Delaware basin helped Devon counter lower commodity prices. ...
37m ago
AIG beats profit estimates on underwriting strength
(Reuters) - American International Group exceeded first-quarter profit expectations on Wednesday, driven by growth in its general insurance as well as life and retirement divisions, and lower catastrophe losses. AIG, one of the world's biggest comm...
39m ago
Albemarle misses first quarter profit estimates on lower lithium prices
(Reuters) - Albemarle, the world's largest producer of lithium for electric vehicle batteries, on Wednesday missed first quarter profit estimates on lower prices. Softening Electric Vehicle (EV) demand has knocked down global lithium prices, impact...
40m ago
Bank of Canada closer to be able to cut rates, says Governor
OTTAWA (Reuters) - The Bank of Canada is getting closer to being able to start cutting interest rates from their current 23-year highs, Governor Tiff Macklem said on Wednesday. In opening remarks to the Senate banking committee, Macklem said: "We a...
42m ago
JPMorgan says its Russia assets may be seized after lawsuits in Russia, US
By Nupur Anand NEW YORK (Reuters) - JPMorgan Chase said its Russia assets may be seized after lawsuits in Russian and U.S. courts, the bank said in a filing on Wednesday. The value of claims and orders to freeze assets exceed JPMorgan's available a...
43m ago
Kroger in talks to bring Disney+ to its grocery delivery program, Bloomberg News says
(Reuters) - Kroger and Walt Disney's are in talks to bring streaming service Disney+ to the food retailer's grocery delivery program, Bloomberg News reported on Wednesday, citing people familiar with the matter. The deal, if it goes through, would ...
47m ago
US Treasury keeps auction sizes unchanged through July, launches buyback
By Gertrude Chavez-Dreyfuss NEW YORK (Reuters) - The Treasury Department said on Wednesday it intends to keep auction sizes steady for U.S. notes and bonds over the next several quarters, in line with expectations, as it announced total refunding o...
49m ago
Fed announces reduction in balance sheet runoff pace
By Michael S. Derby (Reuters) - The Federal Reserve announced plans on Wednesday to slow the speed of its balance sheet drawdown, after having spent much of the earlier part of the year warning of this shift. The Fed said that starting on June 1 it...
52m ago
Fed's Powell says looming election won't sway rate decisions
NEW YORK (Reuters) - Federal Reserve Chairman Jerome Powell reiterated Wednesday that political considerations around the looming presidential election will not affect the central bank's interest rate decisions. When it comes to the election, "we'r...
1h ago
US lawmaker probes FTC work with EU to block Amazon iRobot merger
WASHINGTON (Reuters) - The chair of the House Oversight Committee said Wednesday he is investigating the Federal Trade Commission's (FTC) work with the European Commission in the collapse of Amazon.com's plan to acquire iRobot Corp in a $1.4 billio...
4h ago
Brazil's Lula asserts no tax exemptions for the wealthy, pledges relief for workers
(Reuters) - Brazil will substantially increase income tax exemptions for individuals by the end of the current government's term and grant no tax breaks for companies lacking job commitments, President Luiz Inacio Lula da Silva said on Wednesday. S...
4h ago
FOMC holds rates in place and will slow balance sheet drawdown
(Reuters) - The Federal Reserve on Wednesday said it would leave interest rates unchanged and announced plans to slow the speed of its balance sheet drawdown, after having spent much of the earlier part of the year warning of this shift. The Fed sa...
4h ago
New York City pension leader opposes election of Aramco's chief as BlackRock director
By Davide Barbuscia and Ross Kerber NEW YORK/BOSTON (Reuters) - A pension fund for New York City employees urged BlackRock's shareholders to vote against the election of Saudi Aramco's chief executive as director, citing potential conflicts of in...
4h ago
Analysis-Tesla's restructuring hits executive bench hailed by Elon Musk
By Joseph White, Aditya Soni and Kevin Krolicki (Reuters) - Just over a year ago, Elon Musk shared the stage at Tesla's investor day in Texas with 16 executives who gave detailed presentations on the company's technology and growth plans, then line...
4h ago
Advisory Glass Lewis recommends Shell investors oppose shareholder climate resolution at AGM
By Ron Bousso LONDON (Reuters) -Investor proxy advisory Glass Lewis recommended Shell shareholders vote against a resolution filed by a group of 27 investors urging the energy company to set tighter climate targets. The resolution, led by activist shar...
4h ago