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☆ Shale producer Pioneer's chief Sheffield to retire
▼ + stars: | 2023-04-26 | by ( ) www.reuters.com time to read: +2 min

April 26 (Reuters) - Pioneer Natural Resources Co (PXD.N) on Wednesday said its chief executive officer, Scott Sheffield, will retire by the end of 2023, sending the U.S. shale producer's shares down 2% in extended trading. Sheffield, an energy veteran, served as Pioneer’s founding CEO from 1997 to 2016 and chairman since 1999. Its net income also fell 39% to $1.2 billion from $2 billion last year as oil prices cooled. The oil and gas producer anticipates second-quarter oil production between 357,000 and 372,000 barrels per day and total oil and gas production of between 647,000 and 702,000 barrels of oil equivalent per day. Natural gas producer EQT Corp (EQT.N) also beat profit estimates for the first quarter on higher sales volumes.

☆ Amazon to shut down Halo division, lays off some staff
▼ + stars: | 2023-04-26 | by ( ) www.reuters.com time to read: +1 min

April 26 (Reuters) - Amazon.com Inc (AMZN.O) said on Wednesday it was shutting down its Halo division that sells health and sleep trackers as the technology giant kicks off wider company layoffs. The company said it will stop supporting Halo services from July 31, and will fully refund Halo devices purchases made in the preceding 12 months. The company had introduced the original Halo band in 2020, which came as a fitness tracker along with a subscription to certain health monitoring and analysis services from Amazon. It later released a new version called Halo View and Halo Rise, a contact-less sleep tracker and smart alarm clock. Heads of Amazon Web Services and the People Experience and Technology team emailed affected staff about the cuts, the company said.

☆ Roku forecasts robust second-quarter revenue as some ad spending improves
▼ + stars: | 2023-04-26 | by ( ) www.reuters.com time to read: +2 min

The company's ad-supported streaming platform has gained popularity with users trying to cut down on their discretionary spending. Moreover, with streaming giants like Netflix and Disney+ adding ad-supported tiers to their services, more advertising dollars are flowing to streaming from TV. Roku added 1.6 million "active accounts" in the reported quarter from the fourth quarter. Roku expects macro uncertainties to persist throughout this year as inflation and recession fears dent consumer spending on discretionary goods. Net revenue rose 1% to $741 million in the first quarter, compared with analysts' expectations of $708.5 million.

☆ SpaceX, Rogers to connect mobiles phones to satellites in remote Canadian areas
▼ + stars: | 2023-04-26 | by ( ) www.reuters.com time to read: +1 min

April 26 (Reuters) - Rogers Communications (RCIb.TO) and Elon Musk's SpaceX plan to connect mobile phones to satellite-based services aiming to expand coverage to remote areas in Canada, the companies said on Wednesday. The service, which will be delivered via the space company's Starlink satellite network, will cover 4G and 5G phones starting with SMS text and will eventually expand to voice and data service in Canadian areas without networks. "In the future, these investments will deliver wireless connectivity, including access to 911, to even the most remote areas," said Rogers CEO Tony Staffieri. T-Mobile US (TMUS.O) and SpaceX announced a similar partnership in the United States last year. Reporting by Chavi Mehta in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

☆ KLA Corp forecasts upbeat fourth-quarter on robust demand for chip tools
▼ + stars: | 2023-04-26 | by ( ) www.reuters.com time to read: +1 min

April 26 (Reuters) - Chip tools maker KLA Corp (KLAC.O) forecast fourth-quarter revenue and profit above Wall Street expectations on Wednesday, riding on plans by chipmakers to expand production and build new factories in Europe and the United States. Chipmakers are scrambling to boost capacity and tool makers including KLA and Applied Materials (AMAT.O) will gain from this. KLA makes tools for inspecting the silicon wafer discs, on which semiconductors are built, for defects. KLA forecast current-quarter revenue between $2.13 billion and $2.38 billon, compared to analysts' estimates of $2.17 billion, according to Refinitiv data. Revenue in the third quarter ended March 31 rose 6.3% to $2.43 billion, beating estimates of $2.38 billion.

April 25 (Reuters) - Texas Instruments (TXN.O) forecast second-quarter revenue and profit below Wall Street estimates on Tuesday, signaling demand weakness is spreading to most of the analog chipmaker's end-markets. The company's revenue in both the personal electronics segment and the division that caters to data center servers fell 30% in the first quarter from the fourth quarter. Industrial market revenue was flat. Still automotive was a bright spot in the first quarter, with revenue up mid-single digits, the company said. The company forecast revenue in the current quarter in the range of $4.17 billion to $4.53 billion versus estimates of $4.44 billion.

☆ Enphase Energy second-quarter revenue forecast disappoints, shares fall
▼ + stars: | 2023-04-25 | by ( Arshreet Singh | ) www.reuters.com time to read: +2 min

Companies Enphase Energy Inc FollowApril 25 (Reuters) - Enphase Energy Inc (ENPH.O) reported market-beating profit in the first quarter on strong sales in Europe, but forecast second-quarter revenue below Wall Street expectations, sending its shares down as much as 17% in extended trading on Tuesday. The company expects second-quarter revenue between $700 million and $750 million, below analysts' estimate of $773 million, according to Refinitiv data. Enphase in February had expected first-quarter revenue in the range of $700 million to $740 million. Raymond James' Molchanov sees revenue growing in the second half of the year with the second quarter remaining flat. The company in March said shipments of its microinverters from Romania are expected to begin in the second quarter of this year.

☆ Senior Citi banker departs shortly after report of Epstein meetings
▼ + stars: | 2023-04-25 | by ( ) www.reuters.com time to read: +1 min

April 25 (Reuters) - Citigroup (C.N) senior executive Paul Barrett has left the bank, it said on Tuesday, days after media reports that he met with disgraced financier Jeffrey Epstein while he was employed at rival JPMorgan Chase (JPM.N) became public. "Until recently, Citi was unaware of Paul Barrett's association with Jeffrey Epstein, which predated his employment at our firm. Mr. Barrett is no longer employed by Citi," the bank said in a statement. JPMorgan, the largest U.S. bank, faces lawsuits seeking damages by women who claim that Epstein sexually abused them, and by the U.S. Virgin Islands, where the late financier had a home. Reporting by Manya Saini in Bengaluru and Saeed Azhar in New York; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

☆ Deloitte to cut 1,200 jobs in the US - FT
▼ + stars: | 2023-04-21 | by ( ) www.reuters.com time to read: +1 min

April 21 (Reuters) - Deloitte will cut around 1,200 jobs or 1.5% of its U.S. workforce, the Financial Times reported on Friday, citing internal employee communications. As growth in select practices moderates, we are taking modest personnel actions where necessary," Deloitte said in an emailed statement to Reuters. Several financial firms have slashed jobs in recent months including major Wall Street banks, asset managers and fintechs amid a turbulent macroeconomic environment that has pressured consumers and soured demand in several mainstay business units. Deloitte is part of the Big Four accounting firms that include EY, KPMG and PricewaterhouseCoopers. Reporting by Jaiveer Singh Shekhawat in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

☆ Solar firm Sunnova gets $3 billion loan guarantee from US energy department
▼ + stars: | 2023-04-20 | by ( ) www.reuters.com time to read: +1 min

April 20 (Reuters) - Sunnova Energy International (NOVA.N) said on Thursday the U.S. Department of Energy (DOE) will provide the solar company up to $3 billion in a partial loan guarantee to expand clean energy access. The company last month said it was in discussion with the DOE regarding the potential issuance of an indirect guarantee of 90% for up to $3.3 billion in solar loans. The DOE's Loan Program Office aims to speed development of the clean energy sector with loans to automakers, miners, recyclers and others, many of which would struggle to obtain private financing given their large capital needs. "The DOE financing would accelerate the adoption of solar and storage, decrease greenhouse gas emissions, and expand the availability of reliable, clean, and affordable energy to those communities who benefit the most from low-cost energy," Sunnova CEO William Berger said in a statement. Sunnova also expects the DOE loan guarantee to support up to $4 billion - $5 billion in the company's loan originations, reduce its weighted average cost of capital and generate interest savings.

☆ Spotify back up for most users after global outage
▼ + stars: | 2023-04-19 | by ( ) www.reuters.com time to read: +1 min

April 19 (Reuters) - Audio streaming platform Spotify (SPOT.N) was back up for most users, the company said on Wednesday, after a brief outage that disrupted service for tens of thousands of users globally. The company did not disclose the number of users affected by the disruption, but outage tracking website Downdetector.com showed more than 20,000 incidents in the United States and over 8,000 in the UK at the peak of the outage. "Everything's looking much better now!," Spotify Status said in a tweet. Many users took to Twitter to share updates and memes about the service disruption, with 'Spotify' trending at number seven in the U.S. In January, Downdetector reported that the audio streaming platform's outage impacted over 45,000 users in the United States.

☆ Google to open up UK in-app payments to satisfy regulator's concerns
▼ + stars: | 2023-04-19 | by ( ) www.reuters.com time to read: +2 min

April 19 (Reuters) - Britain's competition regulator said proposals from Alphabet Inc's (GOOGL.O) Google to give app developers the freedom to break away from Google Play's billing system looked to be sufficient to address its concerns about in-app payments. Britain's Competition and Markets Authority (CMA) said in June that Google's complete control over in-app payments unfairly restricted developers by forcing them to use Google Play's billing system, reducing competition and hurting users. "Under the commitments, developers will be able to add an alternative in-app billing system, alongside Google Play's billing system, for their mobile and tablet users in the UK," Google said in a blog post. "At checkout, users will be able to choose which billing system to use." The CMA invited comments on Google's proposals by May 19 before it makes a final judgment.

April 18 (Reuters) - Goldman Sachs Group Inc (GS.N) is exploring the sale of its Greensky fintech business, the bank's CEO said on Tuesday, its latest move to scale down its retail ambitions. Greensky, which facilitates home improvement loans to consumers, was acquired by Goldman in September 2021 in a $2.24 billion stock deal, which closed a year ago. At the time, Goldman said it expected "significant growth" from combining GreenSky's products with those offered by its Marcus digital bank. GreenSky is a "good business" that is performing well, Goldman CEO David Solomon told analysts after the company reported first quarter earnings that sank 19%. Goldman booked a $470 million loss on the sale of some Marcus loans, which dragged down first quarter results.

☆ UK's THG gets buyout proposal from Apollo, shares jump
▼ + stars: | 2023-04-17 | by ( ) www.reuters.com time to read: +2 min

Apollo must announce a firm intention to make an offer by May 15 or walk away, the British company said. Oil services company John Wood Group (WG.L) said on Monday it is engaging with Apollo over a possible 1.66 billion-pound offer, while CVC Capital and Francisco Partners have tabled a 2.1 billion-pound takeover bid for payments provider Network International (NETW.L). Last week, EQT entered talks with veterinary pharma group Dechra (DPH.L) over a 4.63 billion-pound deal. THG, formerly known as The Hut Group, is set to publish full-year results on Tuesday. ($1 = 0.8063 pounds)Reporting by Muhammed Husain in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

☆ Banknote printer De La Rue's chairman steps down
▼ + stars: | 2023-04-14 | by ( ) www.reuters.com time to read: +1 min

April 14 (Reuters) - British banknote printer De La Rue Plc (DLAR.L) said on Friday chairman Kevin Loosemore has resigned from his role and will leave office on May 1. Loosemore's resignation comes weeks after its third-largest shareholder Crystal Amber Fund Limited (CRSL.L) had called for a general meeting to oust the company's chairman. Crystal Amber has nominated Pepyn Dinandt as a candidate. Earlier this week, De La Rue, which designs paper and polymer banknotes for government and central banks across the world, warned on its 2023 profits as demand for cash hit its lowest in over two decades. Crystal Amber was concerned that going concern doubts, which were raised by the company in November, could hurt De La Rue's ability to win new contracts and retail existing ones.

☆ Wells Fargo names Saul Van Beurden as CEO for consumer banking unit
▼ + stars: | 2023-04-13 | by ( ) www.reuters.com time to read: 1 min

April 13 (Reuters) - Wells Fargo (WFC.N) has named Saul Van Beurden as the chief executive officer of its consumer and small business banking (CSBB) unit, effective May 15, it said in a statement on Thursday. Reporting by Siddarth S in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

☆ American Airlines profit forecast disappoints; shares tumble
▼ + stars: | 2023-04-12 | by ( Aishwarya Nair | ) www.reuters.com time to read: +2 min

April 12 (Reuters) - American Airlines Group Inc (AAL.O) on Wednesday forecast first-quarter profit below market expectations, joining rival United Airlines (UAL.O) in signaling a hit from persistently high labor and fuel costs. "We had expected American to come in towards the better end in a similar manner as JetBlue's guidance update provided in mid-March," Syth added. Airlines' shares in 2023The airline industry has been able to survive the broader economic slowdown in the United States, thanks also to tight airline capacity due to shortages of aircraft and spare parts. On an adjusted basis, it forecast a quarterly per-share profit of between 1 cent and 5 cents, compared with its previous forecast of a near break-even. Southwest Airlines Co (LUV.N) closed down 1.4%, United was down 6.5% and Delta was down 2.4%.

☆ American Airlines signals profit hit from rising labor, fuel costs
▼ + stars: | 2023-04-12 | by ( ) www.reuters.com time to read: +2 min

April 12 (Reuters) - American Airlines Group Inc (AAL.O) on Wednesday forecast first-quarter profit below market expectations, joining bigger rival United Airlines (UAL.O) to signal a hit from persistently high labor and fuel costs. The dull outlook pushed its shares more than 8% lower and weighed on other major U.S. airlines. Higher fares amid rising global travel have so far helped the airlines industry mitigate rising costs, but concerns over the sustainability of consumer demand have gained ground against the backdrop of high borrowing costs, inflation and job losses. American had in January said that its fuel price has increased by nearly 70%. However, on an adjusted basis, it forecast quarterly profit per share between 1 and 5 cents compared to analysts' expectation of 6 cents, according to Refinitiv data.

☆ Waymo vehicles pull over in California due to fog
▼ + stars: | 2023-04-12 | by ( ) www.reuters.com time to read: +1 min

April 12 (Reuters) - Alphabet Inc's (GOOGL.O) self-driving technology unit Waymo said on Wednesday that some of its vehicles in San Francisco encountered dense fog and briefly pulled over to the side of the road. The incident, which occurred at around 6.00 a.m. Pacific Time, impeded some traffic movement before the cars moved out of the area as the fog began to clear, Waymo said. "We have software updates planned to improve our fog and parking performance to address such situations in the future," the company said in a statement to Reuters. The company's cars use a system consisting of lidar sensors, cameras and radar sensors to perceive their surroundings. Last week, General Motors' (GM.N) robotaxi unit Cruise said it is recalling self-driving software in 300 vehicles after one of its driverless vehicles crashed into the back of a San Francisco bus.

Glencore latest offer is for Teck's shareholders to receive 24% of the combined metals group and up to $8.2 billion in cash for those who may not want exposure to thermal coal, which is the most polluting fossil fuel. Teck said its board will review and evaluate the offer, but nevertheless believes it is "largely unchanged" from the original bid. "The revised proposal does not provide an increase in the overall value to be received by Teck shareholders or appear to address material risks previously raised," Teck said in a Tuesday statement. "Getting Teck's Class A shareholders on board is a separate, more substantial challenge," LaFemina added. Reuters on Monday reported that Glencore Chief Executive Gary Nagle plans to meet with some of Teck's Canadian shareholders in Toronto on Thursday to personally lobby them for support.

☆ Blackstone raises $30.4 billion for latest real estate fund
▼ + stars: | 2023-04-11 | by ( ) www.reuters.com time to read: +1 min

April 11 (Reuters) - Blackstone Inc (BX.N) said on Tuesday it had raised $30.4 billion for its latest global real estate fund, as the private equity behemoth looks to double down on the industry. The fund, called Blackstone Real Estate Partners X, is 48% bigger than the asset management giant's previous real estate fund which closed in 2019. "Sector selection has never been more critical as we witness the bifurcation of performance within real estate," Ken Caplan, global co-head of Blackstone Real Estate, said in a statement. Blackstone shares were up nearly 1% in premarket trading. Reporting by Niket Nishant in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

☆ Glencore adds cash option to Teck bid in effort to sway shareholders
▼ + stars: | 2023-04-11 | by ( ) www.reuters.com time to read: +2 min

LONDON, April 11 (Reuters) - Glencore (GLEN.L) proposed introducing a cash component to its $22.5 billion bid for Teck Resources (TECKb.TO) on Tuesday and urged its board to delay an impending vote on a restructuring. Glencore is now proposing that Teck shareholders receive 24% of the combined metals group and up to $8.2 billion in cash for those who may not want exposure to thermal coal, which is the most polluting fossil fuel. Teck, which did not immediately respond to a request for comment, had said in its rejection that it did not want to expose its shareholders to thermal coal. "This new bid from Glencore raises the odds of the vote (on proposed restructuring) not going Teck's way." Reuters on Monday reported that Glencore CEO Gary Nagle plans to meet with some of Teck's Canadian shareholders in Toronto on Thursday to personally lobby them for support.

Companies Robinhood Markets Inc FollowApril 6 (Reuters) - The California Department of Financial Protection and Innovation (DFPI) said on Thursday it has joined a multi-state settlement with Robinhood Financial LLC (HOOD.O), which will pay up to $10.2 million in penalties for operational and technical failures. Reporting by Manya Saini in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

☆ Dominion Energy, National Grid pursuing pipeline sales - WSJ
▼ + stars: | 2023-04-06 | by ( ) www.reuters.com time to read: +1 min

April 6 (Reuters) - Utility firms Dominion Energy (D.N) and National Grid Plc (NG.L) are separately considering a potential sale of parts of their natural gas pipeline networks, the Wall Street Journal reported on Thursday, citing people familiar with the matter. National Grid on the other hand is exploring a possible sale of part of its pipeline network serving the Northeastern U.S. Eliminating natural gas appliances would mean transitioning to electric equipment such as heat pumps. Dominion and National Grid's shares on the New York Stock Exchange were trading 0.4% and 1% higher, respectively. Dominion and National Grid declined to comment when contacted by Reuters.

☆ AI stocks tumble after short-seller attack on C3.ai
▼ + stars: | 2023-04-05 | by ( ) www.reuters.com time to read: +2 min

Shares of C3.ai were down 10% in early trading, while those of Thai security firm Guardforce AI (GFAI.O) fell more than 14%. Data analytics firm BigBear.ai (BBAI.N) lost 7% and conversation intelligence company SoundHound AI (SOUN.O) declined 4%. C3.ai was one of the trending stocks on investor-focused social media platform Stocktwits.com. Kerrisdale had disclosed its short position in C3.ai last month and accused the company of "poor customer traction, failing sales partnerships and financial pressures." "It is not necessarily a systemic risk and should not affect other AI stocks near-term.

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