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☆ EV startup Canoo names board member Greg Ethridge as CFO
▼ + stars: | 2023-08-28 | by ( ) www.reuters.com time to read: +1 min

Companies Canoo Inc FollowWalmart Inc FollowAug 28 (Reuters) - Electric-vehicle startup Canoo (GOEV.O) on Monday named board member Greg Ethridge as its chief financial officer, succeeding Ken Manget. The company, whose shares have fallen 57% so far this year, said this move was effective immediately. Ethridge has agreed to resign from Canoo's board of directors, a position he has held since 2020, by the end of the year. Canoo has contracts with the U.S. Defense Department for supply of advanced battery packs, Walmart (WMT.N) and National Aeronautics and Space Administration (NASA) for supplying electric vehicles. Reporting by Jaspreet Singh in Bengaluru; Editing by Shilpi MajumdarOur Standards: The Thomson Reuters Trust Principles.

Persons: Greg Ethridge, Ken Manget, Ethridge, Manget, Canoo, Jaspreet Singh, Shilpi Majumdar Organizations: Walmart, U.S . Defense Department, National Aeronautics and Space Administration, NASA, Thomson Locations: Bengaluru

☆ Exclusive: L&T, HAL vetted to bid on India rocket privatisation-source
▼ + stars: | 2023-08-25 | by ( Nivedita Bhattacharjee | ) www.reuters.com time to read: +3 min

BENGALURU, Aug 25 (Reuters) - Larsen & Toubro and Hindustan Aeronautics are among companies vetted to potentially bid in India's efforts to privatise its small satellite launch rocket, a source told Reuters, as the government seeks more investment in the booming space market. The Small Satellite Launch Vehicle (SSLV) was developed by the Indian Space Research Organisation (ISRO), the national space agency, as a low-cost means to launch satellites weighing up to 500 kg (1,102 lb) into low-earth orbit. They serve a booming market to launch clusters of satellites for communications and data that SpaceX and rivals compete in. India is aiming to increase its share of the global satellite launch market by fivefold within the next decade. Under that contract, the companies will manufacture and deliver five Polar Satellite Launch Vehicles (PSLV) - often called ISRO's "workhorse" rocket.

Persons: Larsen, Narendra Modi, Nivedita, Sharon Singleton Organizations: Toubro, Hindustan Aeronautics, Indian Space Research Organisation, ISRO, SpaceX, HAL, Launch, Indian, Thomson Locations: BENGALURU, India, Bengaluru

Wegovy is the first-to-market in a new class of highly effective weight-loss drugs. The self-injection drug has transformed the fortunes of Novo, whose shares have surged about 165% since Wegovy's U.S. launch two years ago. The lion's share may be claimed by frontrunners Novo and its U.S. rival Eli Lilly and Co (LLY.N). Last month, Novo launched Wegovy in Germany, its first big European market. Reporting by Maggie Fick and Jacob Gronholt-Pedersen Editing by Josephine Mason and Mark PotterOur Standards: The Thomson Reuters Trust Principles.

Persons: Novo Nordisk Lars Fruergaard Jorgensen, LUDOVIC MARIN, Lars Fruergaard Jorgensen's, Jorgensen, Eli Lilly, Wegovy, Novo, Maggie Fick, Jacob Gronholt, Pedersen, Josephine Mason, Mark Potter Organizations: Novo Nordisk, Chateau, BMI, Reuters, frontrunners Novo, Pfizer, Thomson Locations: Versailles, Paris, COPENHAGEN, Europe, Danish, United States, Denmark, Norway, Brussels, Wegovy, Germany

Invesco, a minor shareholder in Swiggy, in May valued the Indian company at around $5.5 billion, it said in a filing. Swiggy had initially considered raising $800 million to $1 billion via the IPO, banking sources who worked on it in early 2022 have said. Swiggy, JP Morgan and Morgan Stanley did not respond to requests for comment, while Bank of America declined to comment. The three sources said Swiggy is aiming to list between July-September 2024 which would be after national elections in India due by May. Swiggy in May said its core food delivery business had turned profitable, nine years after starting operations, even as its newer grocery delivery service, Instamart, continues to make losses.

Persons: Niharika Kulkarni, Swiggy, Morgan Stanley, JP Morgan, Zomato's, Sriram, Aditya Kalra, Jane Merriman Organizations: Bombay Stock Exchange, REUTERS, Bank of America, Thomson Locations: Mumbai, India, MUMBAI, Swiggy

☆ Novo Nordisk CEO 'confident' Catalent will resolve Wegovy output problems
▼ + stars: | 2023-08-25 | by ( Maggie Fick | ) www.reuters.com time to read: +2 min

[1/3] A general view of the drug product manufacturing laboratory in biologics and sterile injectables, Catalent, in Brussels, Belgium June 27, 2023. REUTERS/Yves Herman/File Photo Acquire Licensing RightsAug 25 (Reuters) - Novo Nordisk Chief Executive Lars Fruergaard Jorgensen said on Friday he was confident Catalent (CTLT.N) would resolves its problems making Novo's hugely-popular weight-loss drug Wegovy as the company scrambles to boost output to meet soaring demand. "I am confident in that," Jorgensen said at a Reuters Newsmaker event, when asked about the issues Catalent has had. Novo hopes to have a third external facility filling and finishing the injection pens by 2024, Jorgensen said. Even so, it will be "quite some years" before the company can satisfy the whole market for Wegovy, Jorgensen said.

Persons: Yves Herman, Lars Fruergaard Jorgensen, Jorgensen, Catalent, Novo, Maggie Fick, Josephine Mason, Mark Potter Organizations: REUTERS, Novo Nordisk, Reuters, Wegovy, Thomson Locations: Brussels, Belgium, Danish

REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsHOUSTON, Aug 24 (Reuters) - A draft environmental impact statement for the Dakota Access oil pipeline is now expected to be released in fall, a spokesperson for the U.S. Army Corps of Engineers said on Thursday. The review was initially expected to be completed last year and earlier was pushed back to spring of this year. A U.S. court last year ordered the federal government to undertake a more intensive environmental study of the pipeline's route under a lake that straddles the border of North Dakota and South Dakota. It is the biggest oil pipeline from the Bakken shale oil basin and can transport up to 750,000 barrels of oil per day from North Dakota to Illinois. "It's a real threat that DAPL could be shut down or shut down to temporarily move it," Lynn Helms, director at North Dakota regulator, Department of Mineral Resources, said last week.

Persons: Edwin Drake's, Brendan McDermid, Lynn Helms, Arathy Somasekhar, Gary McWilliams Organizations: Drake, Titusville , Pennsylvania U.S, REUTERS, Rights, Dakota, U.S . Army Corps of Engineers, South Dakota . Pipeline, Energy, North, of Mineral Resources, Thomson Locations: Titusville , Pennsylvania, U.S, North Dakota, South Dakota, Illinois, Dallas, Missouri, Houston

☆ Canada probing Walmart, Hugo Boss over allegations of forced labor in supply chains
▼ + stars: | 2023-08-24 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Mario Anzuoni//File Photo Acquire Licensing RightsOTTAWA, Aug 24 (Reuters) - Canada's corporate ethics watchdog on Thursday announced investigations into the Canadian units of Walmart (WMT.N) and Hugo Boss (BOSSn.DE) to probe allegations of Uyghur forced labor in the companies' supply chains and operations. The Canadian Ombudsperson for Responsible Enterprise (CORE) said it had published an initial assessment report after complaints filed by a coalition of 28 civil society organizations in June 2022. CORE will also investigate the Canadian unit of fashion firm Diesel, which is owned by Italy's OTB (OTB.L). In March, a U.N. committee said it was concerned about China's treatment of its Muslim minority, including the use of forced labor against Uyghurs. CORE was launched in 2019 to monitor and investigate human rights abuses, mainly by Canadian garment, mining and oil and gas companies operating abroad.

Persons: Mario Anzuoni, Hugo Boss, Italy's OTB, Ralph Lauren, RL.N, Sheri Meyerhoffer, CORE's Ombudsperson, David Ljunggren, Jonathan Oatis Organizations: Walmart, REUTERS, Rights OTTAWA, Responsible Enterprise, Diesel, Nike Canada, CORE, Thomson Locations: Rosemead , California, U.S, China

☆ Dollar Tree forecasts tepid annual profit on costs, pivot to spending on essentials
▼ + stars: | 2023-08-24 | by ( ) www.reuters.com time to read: +2 min

A Dollar Tree sign is seen outside the store in Washington, U.S., June 1, 2021. REUTERS/Erin Scott/File Photo Acquire Licensing RightsAug 24 (Reuters) - Dollar Tree (DLTR.O) forecast annual profit largely below estimates on Thursday, owing to higher costs and a shift in spending towards lower-margin consumables. Chief Financial Officer Jeff Davis said the profit outlook was also impacted by unfavorable shrink trends and higher diesel fuel prices. Dollar Tree, like retailers Target (TGT.N) and Macy's (M.N), has been plagued by a rise in retail shrink, where inventory is lost, damaged, or stolen. Dollar Tree said it now expects to earn in the range of $5.78 to $6.08 per share in fiscal 2023, compared with its prior outlook of between $5.73 and $6.13.

Persons: Erin Scott, Jeff Davis, Savyata Mishra, Pooja Desai Organizations: REUTERS, Target, Thomson Locations: Washington , U.S, Chesapeake , Virginia, Bengaluru

☆ Lockheed's Sikorsky wins $2.7 billion U.S. Navy contract
▼ + stars: | 2023-08-24 | by ( ) www.reuters.com time to read: +1 min

A Sikorsky CH-53K King Stallion helicopter is seen in Berlin, Germany, April 26, 2018. REUTERS/Axel Schmidt/file photo Acquire Licensing RightsAug 24 (Reuters) - Sikorsky, a unit of Lockheed Martin (LMT.N), said on Thursday it was awarded a $2.7 billion contract by the U.S. Navy to build 35 additional CH-53K helicopters. The agreement includes 12 U.S. Marine Corps Lot 7 aircraft, 15 U.S. Marine Corps Lot 8 aircraft, and eight aircraft for Israel. "This contract award for 35 CH-53K helicopters stabilizes Sikorsky's nationwide supply base, creates additional production efficiencies," said Sikorsky's president Paul Lemmo. Sikorsky said it will begin delivery of these aircraft in 2026.

Persons: Axel Schmidt, Lockheed Martin, Paul Lemmo, Sikorsky, Pratyush Thakur, Shailesh Organizations: Sikorsky, King Stallion, REUTERS, Lockheed, U.S . Navy, Berlin Air, . Marine Corps, U.S . Marine Corps, Thomson Locations: Berlin, Germany, Israel, Bengaluru

[1/2] The Macy's logo is displayed on the trading floor at the New York Stock Exchange (NYSE) in Manhattan, New York City, U.S., August 19, 2021. A bellwether for back-to-school demand, Foot Locker joined rival Dick's Sporting Goods (DKS.N) on Wednesday to cut annual profit forecast, sending the shares of sportswear retailers tumbling. "We did see a softening in trends in July and are adjusting our 2023 outlook to allow us to best compete for price-sensitive consumers," Foot Locker CEO Mary Dillon said. Walmart last week raised its full-year forecasts and beat second-quarter results, benefiting from strong demand for its low-priced groceries. Reporting by Ananya Mariam Rajesh and Aishwarya Venugopal in Bengaluru; Editing by Arun KoyyurOur Standards: The Thomson Reuters Trust Principles.

Persons: Andrew Kelly, Cristina Fernandez, Foot Locker, Mary Dillon, Macy's, Adrian Mitchell, Locker, Thomas Hayes, Hogan, Ananya Mariam Rajesh, Aishwarya Venugopal, Arun Koyyur Organizations: New York Stock Exchange, REUTERS, Dick's Sporting, Target, Walmart, Riley Wealth, Thomson Locations: Manhattan , New York City, U.S, Bengaluru

☆ Novo hires Thermo Fisher as second manufacturer for Wegovy weight-loss drug - source
▼ + stars: | 2023-08-23 | by ( Maggie Fick | ) www.reuters.com time to read: +2 min

A selection of injector pens for the Wegovy weight loss drug are shown in this photo illustration in Chicago, Illinois, U.S., March 31, 2023. REUTERS/Jim Vondruska/Illustration/File Photo Acquire Licensing RightsLONDON, Aug 23 (Reuters) - Novo Nordisk (NOVOb.CO) has hired Thermo Fisher (TMO.N) as its second contract manufacturer for its hugely popular weight-loss drug Wegovy, a source familiar with the matter told Reuters. Thermo is doing the filling of the Wegovy injection pens at its factory in Greenville, North Carolina, the source said, declining to be named because the information is confidential. Novo Chief Financial Officer Karsten Munk Knudsen told Reuters in May the company had signed up a second contract manufacturer in the United States, but the identity of the company has not previously been reported. Wegovy launched in the United States in June 2021, the first-to-market in a new class of highly effective weight-loss drugs.

Persons: Jim Vondruska, Karsten Munk Knudsen, Wegovy, Knudsen, Catalent's, Maggie Fick, Josephine Mason, Mark Potter Organizations: REUTERS, Novo Nordisk, Reuters, Novo, Thomson Locations: Chicago , Illinois, U.S, Greenville , North Carolina, United States, Danish, Brussels, Belgium

☆ SpaceX working with Cloudflare to speed up Starlink service- The Information
▼ + stars: | 2023-08-23 | by ( ) www.reuters.com time to read: +1 min

SpaceX logo and Elon Musk silhouette are seen in this illustration taken, December 19, 2022. REUTERS/Dado Ruvic/Illustration/File photo Acquire Licensing RightsAug 23 (Reuters) - Elon Musk-owned SpaceX is working with Cloudflare (NET.N) to boost the performance of its satellite internet service Starlink, the Information reported on Wednesday, citing a person with direct knowledge of the project. Starlink is one of a growing number of makers of small satellites that are focused on providing satellite-based internet, including Amazon.com's (AMZN.O) Kuiper, Britain's OneWeb and venture capital-backed Planet. Cloudflare did not immediately respond to a Reuters request for comment. Reporting by Jose Joseph and Chavi Mehta in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

Persons: Dado Ruvic, Elon Musk, Starlink, Cloudflare, Jose Joseph, Chavi Mehta, Shailesh Organizations: SpaceX, Elon, REUTERS, Thomson Locations: Bengaluru

☆ Novo hires Thermo Fisher as second manufacturer for Wegovy weight-loss drug -source
▼ + stars: | 2023-08-23 | by ( Maggie Fick | ) www.reuters.com time to read: +2 min

☆ US approves possible sale of F-16 search and track systems to Taiwan
▼ + stars: | 2023-08-23 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Paulo Whitaker Acquire Licensing RightsAug 23 (Reuters) - The U.S. State Department has approved a possible $500 million sale to Taiwan of infrared search and track systems for F-16 fighter jets, as well as other equipment, the Pentagon said on Wednesday. "The proposed sale of this equipment and support will not alter the basic military balance in the region," it said in a statement. The move could irritate Beijing, which repeatedly demanded the United States - Taiwan's most important arms supplier - halt the sale of weapons to the island. The $500 million is the maximum potential value of the contract and the actual dollar value will be lower, the Pentagon said. The United States unveiled a Taiwan weapons aid package worth up to $345 million late last month.

Persons: Paulo Whitaker, Tsai Ing, Katharine Jackson, David Ljunggren, Caitlin Webber Organizations: U.S . Air Force, Brazilian Air Force, REUTERS, U.S . State Department, Pentagon, Lockheed Martin Corp, United, State Department, Thomson Locations: CRUZEX, Natal, Brazil, Taiwan, Beijing, United States, China

☆ How many F-16 jets will Ukraine get and how will they change war?
▼ + stars: | 2023-08-23 | by ( ) www.reuters.com time to read: +5 min

Denmark this month began training eight Ukrainian pilots in flying the jets, the Danish armed forces said. Officials from a coalition of 11 nations have said F-16 training will also take place in Romania. A Ukranian air force spokesman has said he did not expect Ukraine to be able to operate F-16 jets this coming winter. Designed in the 1970s and produced in the 1980s by General Dynamics, now a part of Lockheed Martin (LMT.N), the F-16 jets that Ukraine will receive are around 40-years-old. Russia warned that supplying jets to Ukraine would escalate the war.

Persons: Volodymyr Zelenskiy, Mark Rutte, de Wouw, Mette Frederiksen, Zelenskiy, Oleksiy Reznikov, Lockheed Martin, Esben Salling Larsen, Salling Larsen, Vladimir Barbin, Johannes Birkebaek, Jacob Gronholt, Terje Solsvik, Angus MacSwan Organizations: Dutch, REUTERS, Rights, Danish, Russian, Ukraine's Defence, NATO, General Dynamics, Lockheed, Royal Defence College, WHO, JETS, Gripen, Saab, Pedersen, Thomson Locations: Eindhoven, Netherlands, Denmark, Ukraine, UKRAINE, Danish, Skrydstrup, Greece, Romania, Poland, Slovakia, RUSSIA, Russia, Russian, Norway, Portugal, Belgium, Sweden, Copenhagen

☆ US FDA panel votes against use of Medtronic's blood pressure treatment device
▼ + stars: | 2023-08-23 | by ( ) www.reuters.com time to read: +2 min

The same panel on Tuesday voted in favor of rival ReCor's device for use in a surgery called renal denervation in patients whose high blood pressure cannot be controlled by drugs. Separately, while all panel members voted the device was safe to use, 6 of 13 voted against its effectiveness. Japan-based Otsuka Holdings' (4578.T) unit ReCor's device was shown to provide a benefit in lowering blood pressure in clinical trials. Medtronic's device helped to lower blood pressure at the doctor's clinic but not at home, which is considered a more accurate measure of blood pressure monitoring. The company was seeking the health regulator's nod for the device indicated for patients whose hypertension, or high blood pressure, cannot be controlled with drugs.

Persons: Andrew Kelly, Jason Weidman, Sriparna Roy, Krishna Chandra Eluri Organizations: Food and Drug Administration, FDA, REUTERS, U.S . Food, Wednesday, Otsuka Holdings, Thomson Locations: White Oak , Maryland, U.S, Japan, Europe, Bengaluru

A Home Depot store is shown in the Little Havana neighborhood in Miami, Florida, September 18, 2015. "Mega-retailers are returning to 'just-in-time' inventory strategies, killing the 'just in case' promise of the pandemic's supply chain snarl," said Susquehanna analyst Bascome Majors. During the second quarter, the Big 4 retailers combined reduced inventories by 4%, the largest quarter-over-quarter drawdown since 2015, Majors said in a client note. No longer swimming in unsold merchandise puts them in a better position to bring in new seasonal goods for the all-important peak holiday season. Despite enthusiasm for new seasonal products, retailers remain cautious.

Persons: Joe Skipper, Bascome Majors, Majors, Susquehanna's Majors, Lisa Baertlein, Bill Berkrot Organizations: REUTERS, Susquehanna, Walmart, Big, Thomson Locations: Little Havana, Miami , Florida, U.S, United States, splurging, Los Angeles

☆ Macy's warning of weak second-half demand hits retail sector shares
▼ + stars: | 2023-08-22 | by ( Savyata Mishra | ) www.reuters.com time to read: +2 min

Its cautious view also weighed on the retail sector shares, including Kohl's (KSS.N) and Nordstrom (JWN.N). In a clear sign that higher borrowing costs were straining customers, Macy's credit card revenue, which accounted for about 2% of the total revenue in the quarter, slumped 41%. Throughout the quarter, Macy's cleared excess stock after a move to convert its merchandise for the spring and summer hurt demand, leading to a slip in gross margin. Macy's reaffirmed its expectations for 2023 sales of $22.8 billion to $23.2 billion and adjusted full-year profit per share between $2.70 and $3.20. At $12.8, Macy's shares were set for their worst session since March last year.

Persons: Macy, Brendan McDermid, Adrian Mitchell, Paul Lejuez, Mitchell, Macy's, Jessica Ramirez, Jane Hali, Savyata Mishra, Arun Koyyur Organizations: REUTERS, Nordstrom, Citi, Target, Thomson Locations: New York , New York, U.S, Bengaluru

Medtronic Plc logo is seen displayed in this illustration taken, April 10, 2023. Medtronic, which makes pacemakers, catheters and other tools used in heart and gastrointestinal surgeries, joins rivals, including Abbott Laboratories (ABT.N), Stryker (SYK.N) and Boston Scientific (BSX.N), on benefiting from a rise in non-urgent surgeries. CEO Geoff Martha said trends pointed to a recovery in surgical volumes as some procedures returned to stronger than pre-pandemic levels. Whereas, revenue from its medical surgical unit rose 5.5% to $2.04 billion. Medtronic also said that it was expecting to split its patient monitoring and respiratory interventions businesses in the first half of fiscal 2025.

Persons: Dado Ruvic, Stryker, Geoff Martha, It's, Martha, Edward Jones, John Boylan, Medtronic, Bhanvi Satija, Christy Santhosh, Shweta Agarwal Organizations: REUTERS, Abbott, Abbott Laboratories, Boston, Thomson Locations: Dublin, Bengaluru

☆ Macy's results beat estimates, maintains forecasts on weak consumer spending
▼ + stars: | 2023-08-22 | by ( ) www.reuters.com time to read: +2 min

The R.H. Macy and Co.flagship department store is seen in midtown New York, New York, U.S. November 11, 2015. REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsAug 22 (Reuters) - Macy's (M.N) kept its annual forecasts unchanged even though its second-quarter sales and profit beat market expectations on Tuesday as the upscale department store chain expects consumer spending to stay under pressure. It reaffirmed its 2023 sales expectations of $22.8 billion to $23.2 billion and adjusted full-year profit per share between $2.70 and $3.20. "Despite beating profit and sales expectations, Macy’s earnings show that discretionary demand remains constrained as shoppers allocate more of their budgets to everyday necessities," Insider Intelligence analyst Rachel Wolff said. Comparable sales for Macy's-owned and licensed stores fell 7.3%, compared with expectations of a 6.48% drop, according to Refinitiv data.

Persons: Macy, Brendan McDermid, Macy's, Gross, Rachel Wolff, Savyata Mishra, Arun Koyyur Organizations: REUTERS, Target, Insider, Thomson Locations: New York , New York, U.S, Bengaluru

☆ Medtronic raises forecast as demand for heart devices powers upbeat results
▼ + stars: | 2023-08-22 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsAug 22 (Reuters) - Medtronic (MDT.N) on Tuesday raised its annual profit forecast, after beating first-quarter estimates on higher demand for its medical devices used in heart and gastrointestinal surgeries. A recovery in non-urgent procedures and easing staffing shortages following a decline in COVID-19 cases has boosted the demand for medical devices. Sales at Medtronic's heart devices unit, its biggest revenue driver, increased 5.5% to $2.85 billion for the first quarter, above analysts' estimates of $2.78 billion. Revenue for the quarter rose 4.5% to $7.70 billion, topping analysts' average estimate of $7.57 billion. Its adjusted profit of $1.20 per share for the quarter ended July 28 beat estimates of $1.11 per share.

Persons: Dado Ruvic, Medtronic, Stryker, Bhanvi Satija, Christy Santhosh, Shweta Agarwal Organizations: REUTERS, Abbott Laboratories, Boston, Revenue, Thomson Locations: COVID, Dublin, Bengaluru

☆ S&P downgrades multiple US banks citing 'tough' operating conditions
▼ + stars: | 2023-08-22 | by ( ) www.reuters.com time to read: +2 min

S&P downgraded the ratings of Associated Banc-Corp (ASB.N) and Valley National Bancorp (VLY.O) on funding risks and a higher reliance on brokered deposits. It also downgraded UMB Financial Corp (UMBF.O), Comerica Bank (CMA.N) and Keycorp (KEY.N), citing large deposit outflows and prevailing higher interest rates. A sharp rise in interest rates is weighing on many U.S. banks' funding and liquidity, S&P said in a summarized note, adding that deposits held by Federal Deposit Insurance Corp (FDIC)-insured banks will continue to decline as long as the Federal Reserve is "quantitatively tightening." The rating agency also downgraded the outlook of S&T Bank and River City Bank to negative from stable on high commercial real estate (CRE) exposure among other factors. Reporting by Gokul Pisharody in Bengaluru; Additional reporting by Akanksha Khushi; Editing by Varun H KOur Standards: The Thomson Reuters Trust Principles.

Persons: Moody's, Bank of New York Mellon BK.N, Gokul, Akanksha Khushi, Varun Organizations: Global, National Bancorp, UMB Financial Corp, Comerica Bank, Federal Deposit Insurance Corp, Federal, T Bank, City Bank, Bank of New York Mellon, US Bancorp, Truist, Silicon Valley Bank, Signature Bank, Thomson Locations: New York City, U.S, Silicon, Bengaluru

The company logo for Financial broker Charles Schwab is displayed at a location in the financial district in New York, U.S., March 20, 2023. REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsNEW YORK, Aug 22 (Reuters) - Shares of Charles Schwab (SCHW.N) fell by nearly 5% to a one-month low on Tuesday after the U.S. brokerage unveiled a cost-cutting plan that came with steep one-time charges. Charles Schwab announced on Monday that it planned to layoff staff and close or downsize some corporate offices to save about $500 million. But Charles Schwab is expected to incur one-time charges of up to $500 million from the cost-cutting measure, potentially dampening its profit in the second half of this year. Charles Schwab's stock fell as much as 5.3% to $56.26, the lowest level since July and the biggest one-day percentage drop since March.

Persons: Charles Schwab, Brendan McDermid, Charles Schwab's, Morningstar, Michael Wong, Chibuike Oguh, Lisa Shumaker Organizations: REUTERS, State, Northern Trust, Bank of New York Mellon, U.S . Federal Reserve, Thomson Locations: New York, U.S, Northern

☆ Dick's Sporting shares slide as costs, inventory shrink slam annual profit outlook
▼ + stars: | 2023-08-22 | by ( ) www.reuters.com time to read: +2 min

Aug 22 (Reuters) - Dick's Sporting Goods shares (DKS.N) slumped as much as 24.5% on Tuesday as the footwear retailer slashed its full-year profit target after missing expectations for the second quarter. A shopper browses merchandise at a Dick's Sporting Goods store in Collegeville, Pennsylvania U.S. November 20, 2020. REUTERS/Mark Makela Acquire Licensing RightsRetailers including Dick's Sporting Goods have been trying to find ways to cut costs as margins take a hit from soaring supply chain and labor expenses. On an adjusted basis, the company expects to earn $11.50 per share to $12.30 per share for the full year. Dick's shares were trading at $111.14 and dragged shares of rival retailers.

Persons: Mark Makela, Lululemon, Armour, Foot, Juveria, Eileen Soreng Organizations: Sporting Goods, Dick's Sporting, Collegeville , Pennsylvania U.S, REUTERS, Dick's Sporting Goods, Nike, Thomson Locations: United States, Collegeville , Pennsylvania

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