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☆ Crypto stocks surge as bitcoin hits fresh 2023 high
▼ + stars: | 2023-12-04 | by ( ) www.reuters.com time to read: +2 min

"What we have right now is a risk rally, and bitcoin is also benefiting big time from falling yields. Halving is a process designed to slow the release of bitcoin, and bitcoin prices have typically rallied following halvings. The stock rose nearly 62% in November, even as the crypto exchange reported a decline in third-quarter trading volumes. The ProShares Bitcoin Strategy ETF , which tracks bitcoin futures, rose 7.7% and looked set to touch an over one-year high, while the ProShares Short Bitcoin Strategy ETF that allows traders to bet on a fall in bitcoin futures fell 7.7%. However, the recent rally has sent bitcoin up more than 150% so far in 2023, on course for its best annual performance since 2020.

Persons: Dado Ruvic, Bitcoin, Ipek Ozkardeskaya, Microstrategy, Sruthi Shankar, Amruta, Tasim Zahid Organizations: REUTERS, Swissquote Bank, Thomson Locations: U.S, Bengaluru

☆ Volkswagen becomes the latest automaker to hike wages for U.S. factory workers
▼ + stars: | 2023-11-22 | by ( ) www.reuters.com time to read: +1 min

A Volkswagen logo is seen during the New York International Auto Show, in Manhattan, New York City, U.S., April 5, 2023. REUTERS/Andrew Kelly/File Photo Acquire Licensing RightsNov 22 (Reuters) - Volkswagen (VOWG.DE) said on Wednesday that it would hike salaries for production workers at its Tennessee-based Chattanooga assembly plant by 11%, weeks after the United Auto Workers union won significant pay and benefit hikes from the Detroit Three automakers. Japanese automakers Honda Motor (7267.T) and Toyota (7203.T) have raised wages for non-union U.S. factory workers in recent weeks amid signs that the union is turning its attention to organizing the workforce at foreign-owned and Tesla auto plants. Hyundai Motor (005380.KS) has also announced a 25% increase over the next four years for non-union production workers in Alabama and Georgia. UAW President Shawn Fain told Reuters last week that the union was getting expressions of interest in organizing from many Tesla (TSLA.O) workers.

Persons: Andrew Kelly, Shawn Fain, Elon, Mehr Bedi, Tasim Zahid Organizations: New York, REUTERS, United Auto Workers, Detroit Three automakers, UAW, Honda, Toyota, U.S, Hyundai, Reuters, Thomson Locations: Manhattan , New York City, U.S, Tennessee, Chattanooga, Alabama, Georgia, Bengaluru

☆ Chipmaker Analog Devices' forecasts held back by inventory corrections
▼ + stars: | 2023-11-21 | by ( ) www.reuters.com time to read: +2 min

Analog Devices' logo is pictured on a smartphone in this illustration taken, December 4, 2021. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsNov 21 (Reuters) - Chipmaker Analog Devices (ADI.O) projected first-quarter revenue and profit below market estimates on Tuesday, as it grapples with the ongoing supply glut in the semiconductor industry. Inflation-hit customers have refrained from placing new orders for chips, leading to excess supply at companies such as Analog Devices after a pandemic-driven buying spree fizzled out. First-quarter adjusted earnings are expected to be $1.70 per share, plus or minus 10 cents, below analysts' average estimates of $1.90. Cautious spending by automakers fearing a slowdown in their electric-vehicle businesses has also weighed on orders at Analog Devices.

Persons: Dado Ruvic, Vincent Roche, Arsheeya, Tasim Zahid Organizations: REUTERS, Texas, Analog Devices, Thomson Locations: Bengaluru

☆ Hyundai unveils its first high-performance electric car
▼ + stars: | 2023-11-16 | by ( ) www.reuters.com time to read: +2 min

The logo of Hyundai Motor Company is pictured at the New York International Auto Show, in Manhattan, New York City, U.S., April 13, 2022. REUTERS/Andrew Kelly/File Photo Acquire Licensing RightsNov 15 (Reuters) - Hyundai Motor (005380.KS) unveiled its first high-performance electric vehicle(EV), an N sport variant of its IONIQ 5 crossover SUV. The N brand is the company's high-performance brand, akin to AMG for the Mercedes and the M lineup for the BMW. The IONIQ's N variant will be powered by dual motors producing 641 horsepower, nearly double the output of the most powerful variant of the standard outgoing model. Hyundai unveiled the performance EV in Los Angeles on Wednesday, ahead of the Los Angeles Auto Show opening on Friday.

Persons: Andrew Kelly, Nathan Gomes, Tasim Zahid Organizations: Hyundai Motor, New York, REUTERS, Hyundai, South, AMG, Mercedes, BMW, Los Angeles Auto, Audi, Porsche, Dodge, EV, Thomson Locations: Manhattan , New York City, U.S, Los Angeles, Bengaluru

☆ Amazon's prototype Kuiper satellites operating successfully
▼ + stars: | 2023-11-16 | by ( Joey Roulette | ) www.reuters.com time to read: +3 min

REUTERS/Joe Skipper/File Photo Acquire Licensing RightsNov 16 (Reuters) - Amazon.com (AMZN.O) said on Thursday its two prototype satellites for its planned Kuiper internet network have been operating successfully in orbit, with the project on track to start launching operational satellites by mid-2024. The Kuiper internet network is set to compete against billionaire Elon Musk's Starlink, the world's largest satellite operator, to offer broadband internet service globally to consumers, companies and governments. Amazon said it used the prototype satellites for brief two-way video calls, streaming a high-definition movie on Prime Video and ordering items off Amazon's website. Badyal declined to say how many satellites Amazon would launch per rocket. The Boeing-Lockheed joint venture United Launch Alliance is set to loft the first several batches of Kuiper satellites aboard its Atlas 5 and the company's upcoming Vulcan rocket.

Persons: Joe Skipper, Elon Musk's Starlink, Rajeev Badyal, Badyal, Jeff Bezos, Joey Roulette, Zaheer Kachwala, Tasim Zahid, Will Dunham Organizations: United, Alliance, Cape Canaveral Space Force, REUTERS, United Launch Alliance, U.S . Federal Communications Commission, Reuters, Vodafone, Verizon, Amazon, Boeing, Lockheed, Vulcan, SpaceX, Thomson Locations: Cape Canaveral , Florida, U.S, Florida, New York, Bengaluru

☆ BMW North America expands EV charging service across the U.S.
▼ + stars: | 2023-11-14 | by ( ) www.reuters.com time to read: +1 min

The logo of German automaker BMW is seen in Brussels, Belgium June 1, 2023. REUTERS/Yves Herman Acquire Licensing RightsNov 14 (Reuters) - BMW North America (BMWG.DE) on Tuesday said it would expand its electric vehicle (EV) charging service, ChargeForward, to 48 states in the U.S., increasing its footprint in the electric mobility sector. All BMW electric vehicles and plug-in hybrid vehicles models manufactured after 2018 will be eligible to enrol in the service, the New Jersey-headquartered company said. It currently partners with utilities PG&E in California and Duke Energy in North Carolina, among others, for the service. Reporting by Priyamvada C in Bengaluru; Editing by Tasim ZahidOur Standards: The Thomson Reuters Trust Principles.

Persons: Yves Herman Acquire, ChargeForward, Priyamvada, Tasim Zahid Organizations: BMW, REUTERS, BMW North America, Duke Energy, Thomson Locations: Brussels, Belgium, U.S, New Jersey, California, North Carolina, Canada, Bengaluru

Spot gold dipped 1.1% to $1,936.09 per ounce by 2:38 p.m. ET (1938 GMT) and was down 2.8% in its worst week in six. Benchmark 10-year U.S. Treasury yield and the dollar index (.DXY) headed for weekly gains, making non-yielding gold less attractive for investors. Platinum shed 2% to $842.34, on track for its worst week since mid-2021. Reporting by Ashitha Shivaprasad and Anushree Mukherjee in Bengaluru; Editing by Tasim Zahid and Shilpi MajumdarOur Standards: The Thomson Reuters Trust Principles.

Persons: Jerome Powell, Powell, Fawad, Bullion, Jim Wyckoff, Ashitha Shivaprasad, Anushree Mukherjee, Tasim Zahid, Shilpi Majumdar Organizations: Federal, Index, Reuters Graphics U.S, Federal Reserve, Treasury, Kitco Metals, Thomson Locations: East, India, Bengaluru

☆ Gartner lifts annual earnings forecast on stable demand for research, consulting
▼ + stars: | 2023-11-03 | by ( ) www.reuters.com time to read: +1 min

Nov 3(Reuters) - Information Technolgy Consultant Gartner Inc (IT.N) beat third-quarter results estimates on Friday and nudged up its annual earnings forecast, as it benefits from stable demand for its research and consulting services. The Stamford, Connecticut-based company also upgraded its annual earnings forecast and now expects revenue of $5.89 billion, up from its prior forecast of $5.85 billion. Gartner expects adjusted earnings for the year to be $10.9 per share, up 90 cents per share from its previous projection. The company's core research business saw a nearly 6% jump in revenue to $1.22 billion for the quarter ended Sept. 30. Gartner earned $2.56 per share on an adjusted basis in the three months ended Sept. 30, beating analyst estimates of $1.96 per share.

Persons: Gartner, Juby Babu, Tasim Zahid Organizations: Gartner Inc, Gartner, PayPal, Comcast, Revenue, Thomson Locations: Stamford , Connecticut, Bengaluru

☆ Lucid cuts prices of electric sedans for limited time amid EV price wars
▼ + stars: | 2023-11-03 | by ( ) www.reuters.com time to read: +2 min

A Lucid Air electric vehicle is displayed in Scottsdale, Arizona, U.S., September 27, 2021. Lucid slashed the price of its Air Touring model to $87,500 from $95,000 and the more powerful Grand Touring by $10,000 to $115,600. Tesla has cut the prices of its Model S premium sedan, Lucid Air's closest competitor, to $74,990. Lucid had previously cut prices for its cars in August as the company burned through cash as it ramped up production in a tough economy. The price cut offer will be valid till Nov 30, the company said.

Persons: Hyunjoo Jin, Elon, Lucid, Tesla, Zaheer Kachwala, Tasim Zahid Organizations: REUTERS, Cox Automotive, Saudi Arabia's Public Investment Fund, Thomson Locations: Scottsdale , Arizona, U.S, Newark , California, Bengaluru

☆ CDW misses third-quarter revenue estimates as customers lower tech spending
▼ + stars: | 2023-11-01 | by ( ) www.reuters.com time to read: +1 min

Nov 1 (Reuters) - CDW (CDW.O) reported third-quarter revenue below estimates on Wednesday on lower demand for the company's information technology solutions as customers struggling with high borrowing costs cut back spending and defer projects. The company, however, beat third-quarter profit estimates on the back of higher margins and reduced discretionary spending. CDW posted adjusted earnings of $2.72 compared with analysts' estimates of $2.60 per share. The Vernon Hills, Illinois-based company reported lower sales from its corporate and small business segments and also at its UK and Canadian operations. Its public unit was the only outlier, with healthcare and education customers driving sales up 1.5% compared to the year before.

Persons: CDW, Harshita Mary Varghese, Tasim Zahid Organizations: Thomson Locations: Vernon Hills , Illinois

☆ Canada to invest C$1.1 bln in satellite tech for better earth data
▼ + stars: | 2023-10-18 | by ( ) www.reuters.com time to read: +1 min

Oct 18 (Reuters) - Canada on Wednesday said it will invest C$1.01 billion ($740.90 million) over the next 15 years in satellite technology to boost the earth observation data that it uses to track wildfires and other environmental crises. The new initiative called Radarsat+ will gather information about Earth's oceans, land, climate, and populated areas, a statement by the Canadian Space Agency (CSA) said. Data collected from earth observation technologies allows scientists to see how the planet changes and make decisions to deal with emergencies like wildfires or longer-term issues like climate change. Canada has previously launched three satellite missions under the Radarsat program - Radarsat-1, Radarsat-2 and the Radarsat Constellation Mission (RCM). The investment will also help develop a replacement for RCM, CSA said.

Persons: Juby Babu, Tasim Zahid Organizations: Canadian Space Agency, MDA, CSA, RCM, Thomson Locations: Canada, Radarsat, CSA, Bengaluru

☆ Snap shares jump as leaked 2024 user target exceed Wall St expectations
▼ + stars: | 2023-10-16 | by ( ) www.reuters.com time to read: +1 min

A woman stands in front of the logo of Snap Inc. on the floor of the New York Stock Exchange (NYSE) while waiting for Snap Inc. to post their IPO, in New York City, New York, U.S. on March 2, 2017. REUTERS/Lucas Jackson/File Photo Acquire Licensing RightsOct 16 (Reuters) - Snap (SNAP.N) shares jumped 11% on Monday after a media report said the social media company is expected to have more than 475 million daily active users (DAUs) in 2024, above Wall Street expectations. Snap also expects advertising revenue to grow more than 20% in 2024 as part of its "stretch goals", the report said, putting it above Wall Street estimates of 14% growth. Snap was the first ad-reliant social media firm to flag a demand downturn last year as brands cut budgets amid red-hot inflation and high interest rates. Macroeconomic woes coupled with rising competition from social media platforms like Tiktok, saw Snap lose 80% of its valuation last year.

Persons: Lucas Jackson, Evan Speigel, Bernstein, Mark Schilsky, Chavi Mehta, Tasim Zahid Organizations: Inc, New York Stock Exchange, REUTERS, Thomson Locations: New York City , New York, U.S, Bengaluru

The Art Deco facade of the original Toronto Stock Exchange building is seen on Bay Street in Toronto, Ontario, Canada January 23, 2019. The Toronto Stock Exchange's S&P/TSX composite index (.GSPTSE) ended down 244.46 points, or 1.2%, at 19,556.15, its lowest closing level since June 23. "Gold is back in the danger zone as Treasury yields rise alongside a stronger (U.S.) dollar," Edward Moya, a senior market analyst at OANDA, said in a note. Energy was a bright spot, rising 0.8%, as the price of oil settled 0.8% higher at $90.39 a barrel. Shares of Westshore Terminals Investment Corp (WTE.TO) ended 10% lower as RBC cut its price target on the stock.

Persons: Chris Helgren, Peter Anderson, Edward Moya, Industrials, Fergal Smith, Khushi Singh, Tasim Zahid, Marguerita Choy Organizations: Toronto Stock Exchange, REUTERS, Energy, Toronto Stock, Andersen Capital Management, Investment Corp, RBC, Thomson Locations: Toronto , Ontario, Canada, Toronto, Bengaluru

☆ Traditional TV adds viewers in August as back-to-school dents streaming
▼ + stars: | 2023-09-19 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Elijah Nouvelage Acquire Licensing RightsSept 19 (Reuters) - More people in the U.S. turned to traditional TV for news and drama shows in August, with the start of the back-to-school season making a slight dent on the streaming viewership, market researcher Nielsen said. Broadcast viewership, which has declined since January, rose 1.6% in August, thanks to shows like "America's Got Talent" on NBC and "Big Brother" on CBS. Streaming saw a sequential decline of 1.6% in viewers to 38.3% last month, but still accounted for the largest share of viewership. Reuters GraphicsNielsen said that despite the seasonal weakness in streaming, the category has gained 7.0 share points since August last year. Legal dramas "Suits" and "The Lincoln Lawyer" were the top two streaming titles in August, Nielsen said.

Persons: Raphael Warnock, Herschel Walker, Elijah Nouvelage, Nielsen, Reuters Graphics Nielsen, Peacock, Mario, Samrhitha, Dawn Chmielewski, Tasim Zahid Organizations: Republican, Georgia Public Broadcasting, REUTERS, NFL, NBC, CBS, Reuters Graphics, WWE, Hall of Fame, Lincoln, Thomson Locations: Atlanta , Georgia, U.S, Bengaluru, Dawn, Los Angeles

☆ Traditional TV Adds Viewers in August as Back-To-School Dents Streaming
▼ + stars: | 2023-09-19 | by ( Sept. | At A.M. | ) www.usnews.com time to read: +1 min

(Reuters) - More people in the U.S. turned to traditional TV for news and drama shows in August, with the start of the back-to-school season making a slight dent on the streaming viewership, market researcher Nielsen said. The combined share of broadcast and cable television, rose to 50.6% of total TV usage in August from 49.6% in July, according to Nielsen's monthly report on the state of the television market. Streaming saw a sequential decline of 1.6% in viewers to 38.3% last month, but still accounted for the largest share of viewership. Nielsen said that despite the seasonal weakness in streaming, the category has gained 7.0 share points since August last year. Legal dramas "Suits" and "The Lincoln Lawyer" were the top two streaming titles in August, Nielsen said.

Persons: Nielsen, Comcast's Peacock, Mario, Samrhitha, Dawn Chmielewski, Tasim Zahid Organizations: Reuters, NFL, Republican, NBC, CBS, WWE, Hall of Fame, Lincoln Locations: U.S, Bengaluru, Dawn, Los Angeles

☆ Salesforce launches AI assistant across its apps including Slack and Tableau
▼ + stars: | 2023-09-12 | by ( ) www.reuters.com time to read: +1 min

The company logo for Salesforce.com is displayed on the Salesforce Tower in New York City, U.S., March 7, 2019. REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsSept 12 (Reuters) - Enterprise software maker Salesforce (CRM.N) on Tuesday launched a generative AI tool that would be available across its suite of apps from instant messaging service Slack to data visualization tool Tableau and can be tailored by its clients to meet their needs. Salesforce says its Einstein Copilot can tap customer and enterprise data available on its Data Cloud to generate appropriate responses. Users will be able to embed the assistant into their websites or integrate them with messaging platforms such as Slack and Meta Platform's (META.O) WhatsApp. The company also doubled its venture capital fund for generative AI startups to $500 million in June.

Persons: Brendan McDermid, Slack, Einstein, Salesforce, Marc Benioff, OpenAI's ChatGPT, Zaheer Kachwala, Tasim Zahid Organizations: REUTERS, Enterprise, Tuesday, Meta, Microsoft, Thomson Locations: New York City, U.S, San Francisco, Bengaluru

☆ Potential UAW strike presents a near-term headwind for auto insurers - JPM
▼ + stars: | 2023-09-07 | by ( Reshma Rockie George | ) www.reuters.com time to read: +2 min

A view of the exterior of the JP Morgan Chase & Co. corporate headquarters in New York City May 20, 2015. REUTERS/Mike Segar/File Photo Acquire Licensing RightsSept 7 (Reuters) - J.P.Morgan on Thursday said supply chain disruptions from a potential United Auto Workers (UAW) union strike would cut new vehicle production, drive up used car prices and put pressure on margins in the personal auto insurance business. The automakers "represent about 40% of light vehicle auto sales (by units) in the U.S., and IHS Markit estimates that a strike would disrupt North American vehicle production by roughly 75%," J.P.Morgan said. The brokerage identifies Allstate Corp (ALL.N) and Progressive Corp (PGR.N) as the insurers with the most exposure to a potential UAW strike, with Allstate more susceptible due to its weaker capital position. Used-car prices have had the most impact on auto margins in recent years compared to other factors such as higher spare part costs, labor costs, increased litigation, and severe accidents, the brokerage added.

Persons: Morgan Chase, Mike Segar, J.P.Morgan, Jimmy Bhullar, Reshma Rockie, Tasim Zahid Organizations: Co, New York City, REUTERS, United Auto Workers, UAW, Detroit Three, Ford, Chrysler, General Motors, Allstate Corp, Progressive Corp, Allstate, Anderson Economic Group, Thomson Locations: New York, U.S, Michigan, Reshma Rockie George, Bengaluru

☆ Toronto stocks extend losses for third day as BlackBerry tanks
▼ + stars: | 2023-09-07 | by ( Siddarth S | ) www.reuters.com time to read: +2 min

The Art Deco facade of the original Toronto Stock Exchange building is seen on Bay Street in Toronto, Ontario, Canada January 23, 2019. ET (1419 GMT), the Toronto Stock Exchange's S&P/TSX composite index (.GSPTSE) was down 90.43 points, or 0.45%, at 20,136.53. Both the U.S.- and Canadian-listed shares of BlackBerry (BB.TO), tumbled over 15% after the technology company forecast a 21.4% decline in second-quarter revenue, due to weakness in its cybersecurity segment. Technology stocks (.SPTTTK) slumped 1.8%, leading sectoral declines and hitting their lowest levels in more than a month. Peyto Exploration & Development (PEY.TO) shares fell 2.4%, after the natural gas firm agreed to buy Spanish energy company Repsol's (REP.MC) assets in Canada for $468 million.

Persons: Chris Helgren, Peyto, Morningstar, Siddarth, Tasim Zahid, Shilpi Majumdar Organizations: Toronto Stock Exchange, REUTERS, Spain's, Toronto Stock, BlackBerry, Peyto, Development, U.S, Thomson Locations: Toronto , Ontario, Canada, Toronto, U.S, Bengaluru

☆ TSX futures up on higher oil prices; bank earnings start on mixed note
▼ + stars: | 2023-08-24 | by ( ) www.reuters.com time to read: +2 min

The Art Deco facade of the original Toronto Stock Exchange building is seen on Bay Street in Toronto, Ontario, Canada January 23, 2019. REUTERS/Chris Helgren/File Photo Acquire Licensing RightsAug 24 (Reuters) - Toronto futures crept higher on Thursday, pushed by oil prices, while Canadian big banks' quarterly earnings kicked off on a mixed note as Royal Bank of Canada beat profit estimates, while Toronto-Dominion Bank missed analyst expectations. Canada's main stock index (.GSPTSE) rebounded from a two-month low to close nearly 1% higher on Wednesday. Canada's largest bank, Royal Bank of Canada (RBC) (RY.TO) beat analysts' estimates for the third-quarter profit, boosted by cost-cutting measures and higher interest rates. The country's second-largest bank, Toronto-Dominion Bank (TD.TO), missed Bay Street estimates for quarterly profit as it set aside money to cover unpaid loans.

Persons: Chris Helgren, Jerome Powell, Siddarth, Tasim Zahid Organizations: Toronto Stock Exchange, REUTERS, Royal Bank of Canada, Dominion Bank, Oil, U.S . Federal, RBC, Nvidia, Brent, Thomson Locations: Toronto , Ontario, Canada, Toronto, Canada's, Bengaluru

☆ AI startup Modular raises $100 mln in General Catalyst-led funding
▼ + stars: | 2023-08-24 | by ( ) www.reuters.com time to read: +1 min

Aug 24 (Reuters) - AI startup Modular said on Thursday it had raised $100 million in a new funding round, led by venture capital firm General Catalyst, with participation from existing investors Google Ventures, SV Angel, Greylock and Factory. Modular is among a clutch of AI startups that have benefited from a boom in the hi-tech sector following the runaway success of ChatGPT, attracting strong interest from venture capital firms and other investors. The company did not disclose the valuation at which it raised capital in the new round, but a report by The Information put it at $600 million earlier this month. It had raised $30 million in June last year. "This new funding will enable us to scale to the incredible customer demand we are seeing," co-founder and CEO Chris Lattner said in a statement.

Persons: Catalyst, Chris Lattner, Jaiveer Singh, Tasim Zahid Organizations: Google Ventures, SV Angel, Nvidia, Thomson Locations: Bengaluru

☆ Higher oil prices lift TSX at open
▼ + stars: | 2023-08-21 | by ( ) www.reuters.com time to read: 1 min

The Art Deco facade of the original Toronto Stock Exchange building is seen on Bay Street in Toronto, Ontario, Canada January 23, 2019. REUTERS/Chris Helgren/File Photo Acquire Licensing RightsAug 21 (Reuters) - Canada's main stock index rebounded on Monday after a sharp selloff last week, led by a jump in oil prices, while investors awaited Federal Reserve Chairman Jerome Powell's comments later this week for clues on interest rates. At 9:31 a.m. ET (13:31 GMT), the Toronto Stock Exchange's S&P/TSX composite index (.GSPTSE) was up 12.91 points, or 0.07%, at 19,831.3. Reporting by Shubham Batra in Bengaluru, Editing by Tasim ZahidOur Standards: The Thomson Reuters Trust Principles.

Persons: Chris Helgren, Jerome Powell's, Shubham Batra, Tasim Zahid Organizations: Toronto Stock Exchange, REUTERS, Federal, Toronto Stock, Thomson Locations: Toronto , Ontario, Canada, Bengaluru

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