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☆ Elon Musk's AI firm xAI files to raise up to $1 bln in equity offering
▼ + stars: | 2023-12-05 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Gonzalo Fuentes/File Photo Acquire Licensing RightsDec 5 (Reuters) - Elon Musk's artificial intelligence startup xAI has filed with the U.S. securities regulator to raise up to $1 billion in an equity offering, according to a filing on Tuesday. In a Twitter Spaces event earlier in the year he said that rather than explicitly programming morality into its AI, xAI will seek to create a "maximally curious" AI. The billionaire, who has criticized Big Tech's AI efforts as ridden with censorship, in July launched xAI, calling it a "maximum truth-seeking AI" to rival Google's (GOOGL.O) Bard and Microsoft's Bing AI. In 2015, Musk co-founded OpenAI, the company behind ChatGPT, which has created a frenzy for generative AI technology around the world, but stepped down from the board in 2018. The team behind xAI, which launched in July this year, comes from Google's DeepMind, the Windows parent, and other top AI research firms.

Persons: Elon Musk, Porte, Gonzalo Fuentes, xAI, Google's, Bard, Microsoft's Bing, XAI, Musk, Google's DeepMind, Akash Sriram, Jaiveer, Arsheeya Bajwa, Shailesh Organizations: SpaceX, Tesla, Twitter, Viva Technology, Porte de, REUTERS, Elon, Securities and Exchange Commission, Microsoft Corp, Regulators, Thomson Locations: Paris, France, Bengaluru

☆ OpenAI delays launch of custom GPT store to early 2024
▼ + stars: | 2023-12-01 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsDec 1 (Reuters) - ChatGPT maker OpenAI has delayed the launch of its custom GPT store until early 2024, according to an internal memo seen by Reuters on Friday. During its first developer conference in November, OpenAI introduced the custom GPTs and store, which were set to be launched later that month. The company is continuing to "make improvements" to GPTs based on customer feedback, the memo said. The GPTs are early versions of AI assistants that perform real-world tasks such as booking flights on behalf of a user. It is also expected to allow users to share their GPTs and earn money based on the number of users.

Persons: Dado Ruvic, OpenAI, Sam Altman, Arsheeya, Shailesh Kuber, Arun Koyyur Organizations: REUTERS, Reuters, Thomson Locations: Bengaluru

For the company's enterprise and carrier business, inventory clearing has dampened prospects of new orders for chip makers like Marvell. For the current quarter, Marvell expects revenue of $1.42 billion plus or minus 5%, compared with estimates of $1.46 billion. However, Marvell beat Wall Street estimates for third-quarter revenue and profit, as the rapid adoption of artificial intelligence (AI) buoyed demand for its chips. Marvell posted net revenue of $1.42 billion for the quarter ended Oct. 28, compared with analysts' estimates of $1.40 billion, according to LSEG data. Excluding items, the company posted a profit of 41 cents per share, marginally beating estimates of 40 cents per share.

Persons: Matthew Murphy, you've, Murphy, It's, Marvell, Arsheeya, Max A, Shailesh Kuber, Sonali Paul Organizations: Marvell Technology, Reuters, Marvell, Wall, Thomson Locations: Bengaluru, Max, San Francisco

☆ Broadcom to lay off 1,300 VMware employees following takeover
▼ + stars: | 2023-11-30 | by ( ) www.reuters.com time to read: 1 min

A smartphone with a displayed Broadcom logo is placed on a computer motherboard in this illustration taken March 6, 2023. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsNov 30 (Reuters) - Chipmaker Broadcom (AVGO.O) will lay off about 1,300 VMware employees in California following its acquisition of the cloud-computing firm, Bloomberg News reported on Thursday. The chipmaker will also review strategic options for two business units of VMware, Insider had reported on Wednesday, citing a leaked email from CEO Hock Tan to employees. Broadcom closed its $69 billion acquisition of VMware on Nov. 22 after receiving regulatory approval from China. Reporting by Arsheeya Bajwa in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

Persons: Dado Ruvic, Hock Tan, Arsheeya, Shailesh Organizations: Broadcom, REUTERS, Bloomberg, VMware, Thomson Locations: California, China, Bengaluru

Nov 29 (Reuters) - Synopsys (SNPS.O) on Wednesday forecast first-quarter revenue above Wall Street expectations, as artificial intelligence (AI) adoption boosted demand for the company's chip designing software. Synopsys forecast current-quarter revenue between $1.63 billion and $1.66 billion, above analysts' average estimate of $1.60 billion. The rise in custom chip design efforts by firms like Microsoft (MSFT.O) and Alphabet (GOOGL.O) has also boosted demand. "You need a very specific silicon in order to power that (AI) training," Sassine Ghazi, the company's president and chief operating officer, said of the boom in AI chips in an interview. Ghazi told Reuters that increased use of Synopsys AI services helped boost the value of some of its contracts by 20% at renewal time.

Persons: Sassine Ghazi, Ghazi, Aart de Geus, Synopsys, Harshita Mary Varghese, Shailesh Kuber, Deepa Babington Organizations: Design, Microsoft, Intel, Mercedes, Benz, Reuters, Revenue, Thomson Locations: Sunnyvale , California

☆ Intuit beats first-quarter estimates on resilient demand for financial products
▼ + stars: | 2023-11-28 | by ( ) www.reuters.com time to read: +1 min

The logo of financial software company Intuit is displayed at the Collision conference in Toronto, Ontario, Canada June 23, 2022. REUTERS/Chris Helgren Acquire Licensing RightsNov 28 (Reuters) - Accounting software-maker Intuit (INTU.O) on Tuesday beat Wall Street estimates for first-quarter profit and revenue, on resilient demand for its artificial intelligence infused products that help businesses manage their financial needs. Products offered by Intuit include tax-preparation software TurboTax, personal finance portal Credit Karma, and QuickBooks that help small businesses. The company posted adjusted profit of $2.47 per share for the first quarter, compared with analysts' estimates of $1.98 per share. In the reported quarter, revenue at Credit Karma fell 5% to $405 million, while revenue at its Consumer Group rose 25% to $187 million.

Persons: Chris Helgren, Jaspreet Singh, Shailesh Organizations: Intuit, REUTERS, Products, Credit Karma, Consumer, Thomson Locations: Toronto , Ontario, Canada, View , California, Bengaluru

☆ CrowdStrike forecasts strong Q4 revenue on resilient cybersecurity demand
▼ + stars: | 2023-11-28 | by ( ) www.reuters.com time to read: +1 min

Nov 28 (Reuters) - CrowdStrike Holdings (CRWD.O) on Tuesday forecast fourth-quarter revenue above Wall Street estimates, driven by resilient demand for its cybersecurity offerings in the wake of rising online threats. Rising cyber threats, ransomware attacks and hacking incidents have triggered demand for cybersecurity offerings as businesses try to ensure safety against hackers who steal sensitive data. For the third quarter ended Oct. 31, the company posted revenue of $786.0 million, beating estimates of $777.1 million. Adjusted net income attributable to CrowdStrike for the third quarter rose to $199.2 million, from $96.1 million a year earlier. CrowdStrike raised its annual revenue outlook to a range of $3,046.8 million to $3,050.2 million, up from its earlier forecast of between $3,030.7 million and $3,042.9 million.

Persons: CrowdStrike, Jaspreet Singh, Shailesh Organizations: CrowdStrike Holdings, MGM Resorts International, Caesars Entertainment, Thomson Locations: Austin , Texas, Bengaluru

☆ US FDA flags new problem with Philips machines, shares fall
▼ + stars: | 2023-11-28 | by ( ) www.reuters.com time to read: +2 min

[1/2] Dutch technology company Philips' logo is seen at company headquarters in Amsterdam, Netherlands, January 29, 2019. The new issue identified by the FDA involves a humidifier used in the "DreamStation 2" sleep therapy device. "Philips Respironics is in discussions with the (FDA) regarding the reports," it said. Philips shares were down 6.7% at 18.26 euros by 0833 GMT. The FDA said it had received reports of people facing thermal issues such as fire, smoke, burns, and other signs of overheating while using Philips' DreamStation 2 CPAP machines.

Persons: Eva Plevier, Philips, Toby Sterling, Christy Santhosh, Diana Alvarez, Shailesh Kuber, Jan Harvey Organizations: Philips, REUTERS, U.S . Food, Drug Administration, FDA, ING, Thomson Locations: Dutch, Amsterdam, Netherlands, U.S, Bengaluru, Gdansk

☆ Splunk beats quarterly revenue estimates on robust cybersecurity demand
▼ + stars: | 2023-11-28 | by ( ) www.reuters.com time to read: +1 min

Nov 28 (Reuters) - Splunk (SPLK.O) beat quarterly estimates for revenue on Tuesday, helped by resilient demand for its cybersecurity offerings in an uncertain economy. Cisco Systems (CSCO.O), which cut its annual revenue and profit forecasts earlier this month, entered into an agreement to buy Splunk for about $28 billion in September to strengthen its software business. Splunk is known for its strengths in the area of data observability, which helps companies monitor their systems for cybersecurity risks and other threats. Splunk's total annual recurring revenue for the third quarter ended Oct. 31 rose 15% to $4 billion. It reported total revenue of $1.07 billion, beating analysts' expectations of $1.03 billion, according to LSEG data.

Persons: laud Splunk's, Zaheer Kachwala, Shailesh Organizations: Cisco Systems, Thomson Locations: Bengaluru

☆ Rivian launches leasing for R1T electric pickup truck in some US states
▼ + stars: | 2023-11-27 | by ( ) www.reuters.com time to read: +1 min

R1T is seen outside startup Rivian Automotive's electric vehicle factory in Normal, Illinois, U.S. April 11, 2022. Picture taken April 11, 2022. REUTERS/Kamil Krzaczynski/File Photo Acquire Licensing RightsNov 27 (Reuters) - Rivian Automotive (RIVN.O) on Monday announced the launch of leasing for its R1T electric pickup truck for customers in select U.S. states. The $7,500 federal tax credit for electric vehicle purchases also applies to customers who prefer to lease, boosting demand. Rivian, earlier this month, raised its production forecast for the full year by 2,000 vehicles to 54,000 units on the back of sustained demand.

Persons: Kamil Krzaczynski, Tesla, Harshita Mary Varghese, Shailesh Organizations: REUTERS, Rivian, Monday, Thomson Locations: Normal , Illinois, U.S, California , New York , Florida, Texas

Signage is seen outside of the Food and Drug Administration (FDA) headquarters in White Oak, Maryland, U.S., August 29, 2020. REUTERS/Andrew Kelly/File Photo Acquire Licensing RightsNov 27 (Reuters) - The U.S. health regulator on Monday approved SpringWorks Therapeutics' (SWTX.O) drug for treating adult patients with desmoid tumors, making it the first approved treatment for this type of non-cancerous soft-tissue growth. The brokerage estimates U.S. sales of $3 million in 2023 and $79 million in 2024 and peak sales of $544 million in 2032. Desmoid tumors are rare, abnormal non-cancerous growths that occur in connective tissues and are associated with a high rate of recurrence. An estimated 1,650 people in the U.S. are diagnosed with desmoid tumors each year, according to data from the National Institutes of Health.

Persons: Andrew Kelly, Saqib Islam, Ogsiveo, Cowen, Yaron, Islam, Pratik Jain, Christy Santhosh, Shilpi Majumdar, Shailesh Organizations: Food and Drug Administration, FDA, REUTERS, Therapeutics, Food, National Institutes of Health, Thomson Locations: White Oak , Maryland, U.S, United States, Bengaluru

☆ Wyndham board deems Choice Hotels' new offer "a step backwards"
▼ + stars: | 2023-11-21 | by ( ) www.reuters.com time to read: +2 min

A screen displays the logo for Wyndham Hotels & Resorts, Inc. at the New York Stock Exchange (NYSE) in New York City, U.S., June 5, 2023. REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsNov 21 (Reuters) - U.S. budget hotel operator Wyndham Hotels and Resorts (WH.N) said on Tuesday a new letter from Choice Hotels (CHH.N) "represents a step backwards" and the terms outlined are not in the best interests of Wyndham or its shareholders. Choice had made a $7.8 billion cash-and-stock acquisition offer worth $49.50 in cash and 0.324 shares of its common stock for each share of Wyndham. It said it first approached Wyndham in April with an $80 per share offer, which it later bumped up to $85 and then to $90 per share. A potential merger would have married Choice Hotels' brands such as Econo Lodge, Quality Inn and Clarion with Wyndham's Days Inn and Travelodge, offering inflation-hit customers a wide choice of affordable hotels.

Persons: Brendan McDermid, Wyndham, Patrick Pacious, Stephen Holmes, Pacious, Kannaki, Shailesh Organizations: Wyndham Hotels & Resorts, Inc, New York Stock Exchange, REUTERS, Wyndham Hotels, Resorts, Choice, Wyndham, Thomson Locations: New York City, U.S, Clarion, Bengaluru

☆ Crypto exchange Bullish buys news website CoinDesk
▼ + stars: | 2023-11-20 | by ( ) www.reuters.com time to read: 1 min

Nov 20 (Reuters) - Cryptocurrency exchange Bullish said on Monday it has acquired crypto news website CoinDesk from Barry Silbert's Digital Currency Group (DCG). Financial terms of the deal, which was first reported by the Wall Street Journal, weren't disclosed. CoinDesk, which was launched in 2013 and bought by DCG three years later, will continue to be led by Kevin Worth and operate as an independent subsidiary within Bullish, the firm said. CoinDesk also announced the appointment of Matt Murray, former editor-in-chief of the WSJ, to serve as chair of its editorial committee tasked with ensuring journalistic independence. Reporting by Manya Saini in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

Persons: Bullish, Barry, weren't, Kevin Worth, CoinDesk, Matt Murray, Manya Saini, Shailesh Organizations: Barry Silbert's Digital Currency Group, Wall Street, Thomson Locations: Bullish, Bengaluru

☆ US FDA to delay decision on Bristol Myers-2seventy bio cancer therapy
▼ + stars: | 2023-11-20 | by ( ) www.reuters.com time to read: +2 min

Signage is seen outside of the Food and Drug Administration (FDA) headquarters in White Oak, Maryland, U.S., August 29, 2020. The U.S. Food and Drug Administration (FDA) has not yet confirmed when the advisory panel would meet, they added. Shares of Bristol Myers Squibb fell more than 2% and those of 2seventy bio slid nearly 20% in early morning trade. The therapy was originally co-developed by bluebird bio (BLUE.O) but following its spin-off in 2021 became part of 2seventy's portfolio. Bristol Myers and 2seventy bio, however, have faced manufacturing constraints, and a month-long planned maintenance shutdown of one of Abecma's manufacturing facility in June had also negatively impacted sales.

Persons: Andrew Kelly, 2seventy bio's, Bristol Myers, Johnson, Biotech's, Khushi, Sriraj Kalluvila Organizations: Food and Drug Administration, FDA, REUTERS, Bristol Myers Squibb, U.S . Food, Drug Administration, Bristol, Johnson, Thomson Locations: White Oak , Maryland, U.S, Bengaluru

☆ TJ Maxx parent lifts annual sales forecast on steady off-price demand
▼ + stars: | 2023-11-15 | by ( ) www.reuters.com time to read: 1 min

A TJ Maxx store logo is pictured on a building in North Miami, Florida March 19, 2016. REUTERS/Carlo Allegri Acquire Licensing RightsNov 15 (Reuters) - TJX Cos (TJX.N) raised its annual sales forecast on Wednesday, boosted by steady demand from budget-conscious customers looking for promotional deals and bargains ahead of the crucial holiday shopping season. The discount store operator now expects full-year 2024 comparable store sales to be up 4% to 5%, from its earlier forecast of 3% to 4%. Reporting by Juby Babu and Granth Vanaik in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

Persons: TJ, Carlo Allegri, Cos, Juby Babu, Granth, Shailesh Organizations: TJ Maxx, REUTERS, Thomson Locations: North Miami , Florida, Bengaluru

REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsNov 15 (Reuters) - The U.S. health regulator's staff on Wednesday flagged concerns that data on Merck's (MRK.N) chronic cough drug might not be enough to prove the treatment's meaningful benefit, documents released ahead of a meeting of independent experts showed. The concerns were raised after the company had submitted additional efficacy data to the U.S. Food and Drug Administration (FDA), which declined to approve the drug in January last year. A panel of expert advisers to the FDA is set to meet on Friday to discuss the efficacy of Merck's drug gefapixant. Staff assessment of the data submitted by Merck showed a small reduction in cough frequency and side effects such as loss of taste in patients who were administered the drug. The European Union and Japan have approved Merck's drug for the condition and it is sold under the brand name Lyfnua.

Persons: Brendan McDermid, Mara Goldstein, Christy Santhosh, Shinjini Ganguli, Anil D'Silva, Shailesh, Shounak Organizations: Merck, Co, REUTERS, U.S . Food, Drug Administration, FDA, Staff, European Union, Thomson Locations: Rahway , New Jersey, U.S, United States, Japan, Bengaluru

☆ US FDA approves CorMedix's drug for bloodstream infections
▼ + stars: | 2023-11-15 | by ( Christy Santhosh | ) www.reuters.com time to read: +2 min

Signage is seen outside of the Food and Drug Administration (FDA) headquarters in White Oak, Maryland, U.S., August 29, 2020. REUTERS/Andrew Kelly/File Photo Acquire Licensing RightsNov 15 (Reuters) - The U.S. health regulator on Wednesday approved CorMedix's (CRMD.O) antimicrobial drug for reduction of catheter-related bloodstream infections (CRBSIs) in patients with kidney disease, allowing the company to launch its first commercial product. The company plans to ready the drug for commercialization by end of the first quarter of 2024, CorMedix CEO Joe Todisco told Reuters. DefenCath, a combination of the antimicrobial active ingredient taurolidine and blood thinner heparin, has previously been rejected twice by the U.S. Food and Drug Administration (FDA) on manufacturing concerns. Ahead of the drug approval, CorMedix said it had changed its heparin supplier and the FDA had inspected its current manufacturing facility and was comfortable with it.

Persons: Andrew Kelly, Joe Todisco, CorMedix, Christy Santhosh, Shailesh Organizations: Food and Drug Administration, FDA, REUTERS, Reuters, U.S . Food, Drug Administration, RBC, DefenCath, Thomson Locations: White Oak , Maryland, U.S, New Jersey, DefenCath, Bengaluru

☆ Pfizer to cut 500 jobs at UK site as part of wider cost cuts
▼ + stars: | 2023-11-14 | by ( ) www.reuters.com time to read: +1 min

Pfizer company logo is seen at a Pfizer office in Puurs, Belgium, December 2, 2022. REUTERS/Johanna Geron/ File Photo Acquire Licensing RightsNov 14 (Reuters) - Pfizer (PFE.N) will cut 500 jobs at its Sandwich, Kent site in the U.K. as part of its $3.5 billion cost-cutting plan, the drugmaker said on Tuesday. The U.S. drugmaker announced the cost-cutting program in October after slashing its full-year revenue forecast due to lower-than-expected sales of its COVID-19 vaccine and treatment. Pfizer, which employs roughly 83,000 people globally, has not disclosed how many jobs will be affected by the cost-reduction program. The company said on Tuesday it would share further details on the program as part of the full-year forecast for 2024.

Persons: Johanna Geron, drugmaker, Christy Santhosh, Shailesh Kuber Organizations: Pfizer, REUTERS, Thomson Locations: Puurs, Belgium, Sandwich, Kent, U.S

REUTERS/Arnd Wiegmann/File Photo Acquire Licensing RightsNov 13 (Reuters) - Tyson Foods (TSN.N) on Monday forecast revenue for its next fiscal year below Wall Street estimates after fourth-quarter sales missed expectations due to falling chicken and pork prices and slowing demand for its beef. Tyson is operating more efficiently, however, and demand for protein remains strong, CEO Donnie King told analysts on a call. Chief Financial Officer John R. Tyson said in an interview on Monday that it is "business as usual" in China. Tyson reported operating margins of 1.8% in its chicken business in the quarter ended Sept. 30, after losses during the previous two quarters. Adjusted profits were 37 cents per share versus analysts' expectations for 29 cents.

Persons: Arnd, Tyson, Donnie King, John R, Arun Sundaram, Granth, Tom Polansek, Shailesh Kuber, Jan Harvey, Chizu Nomiyama, Deepa Babington Organizations: Tyson Foods, REUTERS, Wall, Reuters, CFRA Research, Reuters Graphics Reuters, Thomson Locations: Davos, Switzerland, China, U.S, Bengaluru, Chicago

☆ Arm shares sink as some analysts question valuation after weak forecast
▼ + stars: | 2023-11-09 | by ( Arsheeya Bajwa | ) www.reuters.com time to read: +2 min

A smartphone with a displayed Arm Ltd logo is placed on a computer motherboard in this illustration taken March 6, 2023. Qualcomm (QCOM.O) sees 10% sequential sales growth in smartphones given overall Android smartphone restocking. On the other hand, Arm only guided for mid to high single-digit sequential sales growth for its royalty revenues, the brokerage added. Arm on Wednesday forecast a third-quarter revenue range with a midpoint of $760 million, below analysts' estimates of $767.84 million, according to LSEG data. But its annual revenue forecast was above estimates, as it benefited from a surge in companies designing new chips to tap the boom in artificial intelligence applications.

Persons: Dado Ruvic, Frank Lee, Lee, Nvidia's, Justin Sumner, Arsheeya, Shailesh Organizations: REUTERS, Holdings, Apple, Qualcomm, HSBC, Voya Investment Management, Thomson Locations: Bengaluru

India is considering a policy to mandate equipping smartphones with hardware to receive live TV signals without the need for cellular networks. It has proposed use of so-called ATSC 3.0 technology popular in North America that allows precise geo-locating of TV signals and provides high picture quality. The policy pushback is the latest from firms operating in India's smartphone sector. For India's government, the live TV broadcast features are a way to offload the congestion on telecom networks due to higher video consumption. Samsung tops India's smartphone market with a 17.2% share, while Xiaomi follows with a 16.6% share, according to research firm Counterpoint.

Persons: Shailesh Andrade, Munsif Vengattil, Aditya Kalra, Raju Gopalakrishnan Organizations: REUTERS, Samsung, Qualcomm, Reuters, Ericsson, Nokia, India Cellular and Electronics Association, Apple, Thomson Locations: Mumbai, India, DELHI, North America, South Korea, United States

☆ Emerson Electric misses estimates for fourth-quarter sales, profit
▼ + stars: | 2023-11-07 | by ( ) www.reuters.com time to read: +1 min

Emerson Electric Co is displayed on a screen on the floor at the New York Stock Exchange (NYSE) in New York, U.S., January 13, 2020. REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsNov 7 (Reuters) - U.S. industrial conglomerate Emerson Electric Co (EMR.N) on Tuesday reported fourth-quarter sales and profit below Wall Street estimates, hit by supply chain disruptions. Higher cost of raw materials and supply chain disruptions have impacted companies across sectors by hitting their ability to produce enough. Net sales rose about 5% to $4.09 billion in the quarter ended Sept. 30, but fell short of LSEG estimates of $4.19 billion. On an adjusted basis, the company earned $1.29 per share, compared with analysts' estimates of $1.31 per share.

Persons: Brendan McDermid, Emerson, Nathan Gomes, Shailesh Organizations: Emerson Electric, New York Stock Exchange, REUTERS, Emerson Electric Co, Wall, Thomson Locations: New York, U.S, Louis , Missouri, Bengaluru

☆ Cybersecurity firm Gen Digital beats revenue estimates on stable demand
▼ + stars: | 2023-11-07 | by ( ) www.reuters.com time to read: +1 min

Nov 7 (Reuters) - Gen Digital (GEN.O) beat second-quarter revenue estimates on Tuesday as rising digital threats and hacks drove stable demand for its cybersecurity products, sending the company's shares more than 3% higher before the bell. Growing worries about privacy and cyber attacks have in the past year supported demand for cybersecurity services. Gen Digital, which brings in a large chunk of its revenue from products aimed at consumers, has also leaned on its freemium options to spark demand at a time of high inflation. Gen Digital, whose products also include security solutions like firewalls, narrowed its fiscal year 2024 expectations to a range of $3.81 billion to $3.84 billion, from $3.80 billion to $3.85 billion previously. Annual earnings per share is expected between $1.95 to $2.00 per share, compared with its earlier forecast of $1.95 to $2.02 per share.

Persons: Avira, Gen, Akshita Toshniwal, Shailesh Organizations: Gen, Norton, Thomson

☆ Bain Capital to buy consulting firm Guidehouse in $5.3 bln deal
▼ + stars: | 2023-11-06 | by ( ) www.reuters.com time to read: +1 min

The logo of Bain Capital is displayed on the screen during a news conference in Tokyo, Japan October 5, 2017. REUTERS/Kim Kyung-Hoon/FIle photo Acquire Licensing RightsNov 6 (Reuters) - Private equity firm Bain Capital will acquire government and business consulting firm Guidehouse in a deal valued at $5.3 billion, the companies said on Monday. Bain Capital declined to comment on specific terms of the Guidehouse deal, when contacted by Reuters. Guidehouse has been owned by Veritas Capital since 2018, when the PE firm acquired Big Four firm PwC's U.S. public sector business and rebranded it as Guidehouse. It also agreed to acquire 90% of India's Adani Capital and Adani Housing, buying out all of the Adani family's private investments in the company.

Persons: Kim Kyung, Guidehouse, Grant, Pritam Biswas, Devika Nair, Savio D'Souza, Shailesh Organizations: Bain Capital, REUTERS, U.S . Department of Defense, Homeland Security, Reuters, Veritas Capital, Big, Macquarie, Dovel Technologies, Chindata, Adani, Thomson Locations: Tokyo, Japan, United States, Bengaluru

Nov 6 (Reuters) - Vacation property operator Hilton Grand Vacations (HGV.N) said on Monday it would buy peer Bluegreen Vacations (BVH.N) in a $1.5 billion deal including debt, to get more customers for its timeshares and expand its offerings. Under the deal terms, shareholders of Bluegreen Vacations will get $75 in cash for each share held, more than double the stock's closing price on Friday, valuing the company at $1.28 billion. Both Hilton Grand and Bluegreen Vacations market and sell timeshares, or vacation ownership interests - a model where multiple owners have exclusive use of a property for a period of time. Shares of Bluegreen Vacations more than doubled to $73.1 in morning trade, while shares of Hilton Grand were down 8.7%. Credit Suisse Securities and Wells Fargo are acting as financial advisors to Bluegreen Vacations, and BofA Securities is acting as the exclusive financial advisor for Hilton Grand Vacations.

Persons: Hilton, Aatreyee Dasgupta, Kannaki, Abhinav Parmar, Shailesh Kuber Organizations: Hilton, Truist Securities, Hilton Grand, U.S ., Bass Pro, Credit Suisse Securities, BofA Securities, Thomson Locations: United States, U.S, U.S . East Coast, Wells, Bengaluru

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