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☆ Home Depot rides on smaller remodeling projects to top sales, profit estimates
▼ + stars: | 2023-08-15 | by ( Deborah Mary Sophia | ) www.reuters.com time to read: +2 min

REUTERS/Jim Young/File PhotoAug 15 (Reuters) - Home Depot (HD.N) on Tuesday reported a smaller-than-expected drop in quarterly same-store sales and topped profit estimates, as Americans spending on small-scale projects countered a pause in larger home remodeling and renovation work. "While there was strength in categories associated with smaller projects, we did see continued pressure in certain big-ticket, discretionary categories," Home Depot CEO Ted Decker said in a statement. Customer transactions fell for the ninth straight quarter, down 1.8% in the second quarter, but smaller than the 4.8% fall in the first quarter. Comparable sales fell 2% in the quarter, while analysts had expected a 3.54% drop, according to Refinitiv IBES data. "Whether the bottoming in the housing market would translate to sales or not - that's where there is caution from investors," Feldman said.

Persons: Jim Young, Ted Decker, Depot's, Wells, Joe Feldman, Feldman, Deborah Sophia, Sriraj Organizations: REUTERS, U.S, Walmart, Home, Advisory, Thomson Locations: Niles , Illinois, Bengaluru

The rally in the chipmaker's stock pushed the information technology index (.SPLRCT) 1.85% higher, making it the strongest of 11 S&P 500 sector indexes. The S&P 500 climbed 0.58% to end the session at 4,489.72 points. Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 19, 2023. Declining stocks outnumbered rising ones within the S&P 500 (.AD.SPX) by a 1.1-to-one ratio. The S&P 500 posted 8 new highs and 11 new lows; the Nasdaq recorded 50 new highs and 192 new lows.

Persons: Tesla, Morgan Stanley, Jay Hatfield, Brendan McDermid, Goldman Sachs, Alex Chriss, Amruta Khandekar, Saeed Azhar, Arun Koyyur, Maju Samuel, David Gregorio Our Organizations: Nvidia, China AMC, Nasdaq, Dow, Chipmaker Micron Technology, Dow Jones, Infrastructure Capital Advisors, NVIDIA, Walmart, New York Stock Exchange, REUTERS, Traders, Fed, PayPal Holdings, Intuit, AMC Entertainment, Hawaiian Electric Industries, Thomson Locations: China, New York, New York City, U.S, Delaware, Maui, Lahaina, Bengaluru

☆ Catalent, facing pressure from Elliott, had other activists in stock
▼ + stars: | 2023-08-14 | by ( Svea Herbst-Bayliss | ) www.reuters.com time to read: +2 min

A general view of the drug product manufacturing laboratory in biologics and sterile injectables, Catalent, in Brussels, Belgium June 27, 2023. Keith Meister's Corvex Management and Scott Ferguson's Sachem Head Capital Management each disclosed buying Catalent stock in the second quarter and owning it on June 30. Corvex initiated a new position in Catalent, buying 5.7 million shares during the second quarter, while Sachem Head purchased 662,000 shares during the quarter, also a new position for the fund. While Elliott is among the world's most prominent and busiest activist investors, both Corvex and Sachem Head have in the past targeted other companies and successfully lobbied for board seats. Representatives for Corvex and Sachem Head declined to comment beyond the filings.

Persons: Yves Herman, Keith Meister's, Scott Ferguson's, Corvex, Elliott, Catalent, Svea Herbst, Bayliss, Sonali Paul Organizations: REUTERS, Elliott Investment Management, Management, Capital Management, Sachem, Corvex, AstraZeneca, Johnson, Moderna, Svea, Thomson Locations: Brussels, Belgium, Catalent, Europe, United States

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 19, 2023. Nvidia's (NVDA.O) gain pushed the information technology index (.SPLRCT) higher, making it the strongest of 11 S&P 500 sector indexes. Other megacap growth stocks including Alphabet (GOOGL.O), and Amazon.com (AMZN.O) also posted gains, as did chipmaker Micron Technology (MU.O). According to preliminary data, the S&P 500 (.SPX) gained 26.28 points, or 0.59%, to end at 4,490.33 points, while the Nasdaq Composite (.IXIC) gained 143.81 points, or 1.05%, to 13,788.66. The Nasdaq and S&P 500 fell last week after hotter-than-expected U.S. producer prices data fanned concerns that the Federal Reserve could keep U.S. interest rates higher for longer.

Persons: Brendan McDermid, Tesla, Morgan Stanley, Jay Hatfield, Goldman Sachs, Alex Chriss, Amruta Khandekar, Saeed Azhar, Arun Koyyur, Maju Samuel, David Gregorio Our Organizations: New York Stock Exchange, REUTERS, China AMC, Nasdaq, Nvidia, Micron Technology, Dow Jones, Infrastructure Capital Advisors, NVIDIA, Federal Reserve, Walmart, Traders, Fed, PayPal Holdings, Intuit, AMC Entertainment, Hawaiian Electric Industries, Thomson Locations: New York City, U.S, China, New York, Delaware, Maui, Lahaina, Bengaluru

A customer leaves one of the stores of discount retail chain Target in Ancaster, January 15, 2015. REUTERS/Peter Power/File PhotoAug 14 (Reuters) - Target (TGT.N) is expected to post its first quarterly drop in revenue in about six years when it reports results on Wednesday, as the big-box retailer reels from a shift in consumer spending away from discretionary goods to services. "Target is going to suffer more versus the others because they have a much larger consumer discretionary element to their business," Edward Jones analyst Brian Yarbrough said. At least 16 analysts have cut their price targets on the retailer since the beginning of June as its merchandise is skewed towards discretionary items such as clothes, electronics and beauty products. THE CONTEXTTarget in May had warned of dour second-quarter results as inflation forces consumers to shun non-essential goods.

Persons: Peter Power, Edward Jones, Brian Yarbrough, Erik Carnell's Abprallen, Group's Joseph Feldman, Jane Hali, Jessica Ramirez, Granth, Vinay Dwivedi Organizations: REUTERS, Mastercard, American Express, Pride, Associates, Reuters, Refinitiv, Walmart, Target, Thomson Locations: Target, Ancaster, Bengaluru

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 19, 2023. Hotter-than-expected U.S. producer prices data last week fanned concerns that the Federal Reserve could keep interest rates higher for longer, driving up U.S. Treasury yields and weighing on rate-sensitive big technology and growth stocks. Market focus will be on quarterly earnings from major U.S. retailers including Walmart (WMT.N) and Target (TGT.N) this week. Economic data expected includes retail sales for July as well as industrial production and jobless claims numbers. ET, Dow e-minis were up 59 points, or 0.17%, S&P 500 e-minis were up 8 points, or 0.18%, and Nasdaq 100 e-minis were up 41.5 points, or 0.27%.

Persons: Brendan McDermid, Tesla, We've, Peter Cardillo, treasuries, Goldman Sachs, Amruta Khandekar, Arun Koyyur, Maju Samuel Organizations: New York Stock Exchange, REUTERS, China AMC, Dow, Nasdaq, Federal Reserve, U.S, Treasury, Investors, Spartan Capital Securities, Microsoft, Apple Inc, Fed, Walmart, Dow e, AMC Entertainment, Nikola, U.S . Steel, Thomson Locations: New York City, U.S, China, Delaware, Cleveland, Bengaluru

U.S.-listed shares of Chinese companies also fell, with Alibaba , Baidu Inc and Nio Inc down between 2% and 6%. Economic data expected includes retail sales for July as well as industrial production and jobless claims numbers to gauge the direction for U.S. interest rates. Investors are basically staying on the sidelines until we get the economic news of the week," said Peter Cardillo, chief market economist at Spartan Capital Securities. AMC Entertainment common shares (AMC.N) fell 39.2% after a Delaware judge approved the theater chain's revised stockholder settlement on Friday. The S&P index recorded three new 52-week highs and six new lows, while the Nasdaq recorded 27 new highs and 93 new lows.

Persons: Brendan McDermid, Tesla, We've, Peter Cardillo, Alex Chriss, advancers, Amruta Khandekar, Arun Koyyur, Maju Samuel Organizations: New York Stock Exchange, REUTERS, China AMC, Dow, Nasdaq, Tesla, Alibaba, Baidu Inc, Nio Inc, Walmart, Federal Reserve, U.S, Treasury, Investors, Spartan Capital Securities, Traders, Dow Jones, PayPal Holdings, Intuit, AMC Entertainment, U.S . Steel, NYSE, Thomson Locations: New York City, U.S, China, Delaware, Cleveland, Bengaluru

☆ Insight: Insurers poised for US break on investment losses from high rates
▼ + stars: | 2023-08-14 | by ( Koh Gui Qing | ) www.reuters.com time to read: +7 min

A negative IMR forces insurers to tap pots of money they would have otherwise spent on their business or returned to shareholders. Among those insurers are Prudential Financial (PRU.N), OneAmerica Financial Partners, Principal Financial (PFG.O) and Massachusetts Mutual Life Insurance Company, according to Fitch. That compares to $1.8 billion in net fixed income-related losses Prudential recorded in 2022. They do not give banks the option of deferring interest rate-related losses, fearing excesses that led to the 2008 financial crisis. DEFERRING LOSSESFollowing the rule change, insurers will be allowed to amortize interest rate-related losses over time equivalent to 10% of their statutory surplus.

Persons: Dado Ruvic, Fitch, Edward Stone, Stone, Ken Tanji, MassMutual, OneAmerica, Steven Zabel, Zabel, Koh Gui Qing, David French, Greg Roumeliotis, Anna Driver Organizations: Prudential Financial, REUTERS, SEATTLE, Sunday, National Association of Insurance, Reuters, Federal Reserve, OneAmerica Financial Partners, Massachusetts Mutual Life Insurance, Prudential, Silicon Valley Bank, First Republic Bank, Insurance, American Council of, Equitable Holdings, MetLife, U.S . Securities, Exchange Commission, SEC, MassMutual, OneAmerica, Financial, Unum, Thomson Locations: United States, U.S, Seattle, Fitch, Silicon, New York

☆ EV maker Canoo posts smaller-than-expected loss on lower costs
▼ + stars: | 2023-08-14 | by ( ) www.reuters.com time to read: +2 min

A view shows a Canoo LDV (Lifestyle Delivery Van) electric vehicle in a manufacturing site in Livonia, Michigan, U.S. November 29, 2022. REUTERS/Rebecca Cook/File PhotoAug 14 (Reuters) - Electric-vehicle maker Canoo (GOEV.O) posted a smaller-than-expected quarterly loss on Monday on lower research and development costs, sending its shares up 2% in extended trading. The company also unveiled its new lifestyle delivery vehicle 190, that has increased payload load capacity and body length compared with the original lifestyle delivery vehicle 130. Canoo's loss narrowed to $70.9 million in the second quarter from $164.4 million a year earlier. Research and development costs fell about 67% in the quarter, lowering operating expenses to $73.6 million from $173.5 million a year earlier.

Persons: Rebecca Cook, Canoo, Tony Aquila, Zaheer Kachwala, Shounak Dasgupta Organizations: REUTERS, Research, EV, U.S Defense Department, Walmart, National Aeronautics and Space Administration, NASA, Department of Defense, Thomson Locations: Livonia , Michigan, U.S, Bengaluru

☆ Wall St Week Ahead Sluggish US earnings may need pick-me-up to support 2023 stock rally
▼ + stars: | 2023-08-11 | by ( Lewis Krauskopf | ) www.reuters.com time to read: +5 min

Raindrops hang on a sign for Wall Street outside the New York Stock Exchange in Manhattan in New York City, New York, U.S., October 26, 2020. The S&P 500 (.SPX) has edged higher since earnings season began in July, with the benchmark index up 16% in 2023. Third-quarter S&P 500 earnings are seen rising 1.3% on a year-over-year basis, according to Refinitiv, before a 9.7% fourth-quarter earnings rise and a 11.9% full-year increase in 2024. Reuters Graphics Reuters GraphicsMeanwhile, the S&P 500 has become more richly valued. Q2 RESULTSWith 91% of S&P 500 companies having reported second-quarter results, 78.7% posted earnings above analysts' expectations, according to Refinitiv IBES.

Persons: Mike Segar, Eric Freedman, Refinitiv, Anthony Saglimbene, Julian Emanuel, Evercore, Emanuel, John Lynch, Ned Davis, Comerica's Lynch, Lewis Krauskopf, Ira Iosebashvili, Richard Chang Organizations: Wall, New York Stock Exchange, REUTERS, Stock, U.S, Bank Asset Management, Reuters Graphics Reuters, Credit Suisse, Ameriprise Financial, Comerica Wealth Management, Apple, Walmart, Ned Davis Research, Thomson Locations: Manhattan, New York City , New York, U.S

Two long-time industry executives told Reuters that Yellow's rates were roughly 10% to 20% below those of rivals. Loads in the so-called LTL market do not trade on the spot market and they vary based on the type and size of shipments, they said. "Yellow was way below" market rates, said Ken Adamo, chief of analytics at DAT Freight and Analytics, which operates one of North America's largest truck freight marketplaces. Unlike the highly fragmented trucking market, LTL is dominated by about a dozen players. Some providers are already raising rates, which could send LTL rates up 10% to 15% from current levels, Pickett said.

Persons: Mike Blake, Ken Adamo, Chris Pickett, Pickett, Adamo, Thomas Schmitt, Schmitt, Lisa Baertlein, Marguerita Choy Organizations: U.S, Rivals, Reuters, Analytics, Flock, Walmart, International Brotherhood of Teamsters, Forward, Forward Air, Thomson Locations: Mexico, San Diego , California, U.S, North, Los Angeles

☆ Amazon switches rockets for first test satellites to avoid launch delay
▼ + stars: | 2023-08-10 | by ( Joey Roulette | ) www.reuters.com time to read: +2 min

The logo of Amazon is seen at the company logistics center in Lauwin-Planque, northern France, November 15, 2022. Amazon last year announced plans to launch the satellite pair aboard the first flight of ULA's new Vulcan rocket, moving them off previously planned rockets from launch startup ABL Space to avoid delays in ABL's rocket development. But delays with Vulcan have prompted Amazon to again switch rides as the e-commerce giant faces a 2026 regulatory deadline to deploy half of the 3,200 satellites planned for its Kuiper internet network. ULA in 2021 stopped selling the Atlas V and has 19 more missions to fly before the rocket retires, ULA spokeswoman Jessica Rye said. It was unclear whether the Atlas V launch planned for September counts as one of the nine that Amazon previously procured.

Persons: Pascal, James Watkins, ULA, Jessica Rye, Joey Roulette, Leslie Adler, Aurora Ellis Organizations: REUTERS, Amazon.com Inc, Boeing, Lockheed, United Launch, Amazon, Vulcan, Elon Musk's SpaceX, Atlas V, NASA, Atlas, Thomson Locations: Lauwin, France, U.S, ULA

Monrovia NSU CHALLENGER bulk carrier transits the expanded canal through Cocoli Locks at the Panama Canal, on the outskirts of Panama City, Panama April 19, 2023. REUTERS/Aris Martinez/File PhotoPANAMA CITY, Aug 10 (Reuters) - The drought-hit Panama Canal has temporarily limited the number of new reserved passage slots to help ease a bottleneck of ships that are waiting to transit without reservations, the waterway's authority said on Thursday. The canal, however, in June postponed further restrictions that would have required ships to lighten their loads to more easily pass. The bottleneck of vessels waiting to pass, however, has grown, prompting logistics and supply chain experts to predict more disruptions. Still, the bottleneck will not fall as hard on shippers as pandemic-era mishaps, including the Suez Canal blockage in 2021, according to shipping firms and customers.

Persons: Aris Martinez, Ricaurte Vasquez, Anatol Feygin, Rolf Habben Jansen, Lloyd, Elida Moreno, Marianna Parraga, Lisa Baertlein, Marguerita Choy Organizations: Monrovia NSU CHALLENGER, REUTERS, PANAMA CITY, Reuters, El, El Nino, Walmart, Cheniere Energy, Thomson Locations: Cocoli, Panama, Panama City, China, El, Suez

☆ Verizon signs technology deal with HCLTech
▼ + stars: | 2023-08-10 | by ( ) www.reuters.com time to read: +1 min

Signage is seen at a Verizon store in Manhattan, New York City, U.S., November 22, 2021. 1 U.S. telecom company by subscribers, said on Thursday it had signed a technology deal with India's HCLTech (HCLT.NS) to help manage networks for business customers in a bid to stem a decline in its wireline business. Verizon's wireline business, which includes selling to business customers, has been a drag on its revenue for several years. Under the terms of the deal, Verizon Business will lead sales and development, while HCLTech will take care of post-sale network roll-out and support. Some Verizon employees will also move to HCLTech.

Persons: Andrew Kelly, India's, Scott Lawrence, HCLTech, Lawrence, Supantha Mukherjee, Mark Potter Organizations: Verizon, REUTERS, Verizon Business, Thomson Locations: Manhattan , New York City, U.S, Stockholm

☆ News Corp beats profit estimates on cost cuts, touts AI boost to future sales
▼ + stars: | 2023-08-10 | by ( ) www.reuters.com time to read: +2 min

Aug 10 (Reuters) - Rupert Murdoch's News Corp (NWSA.O) on Thursday beat quarterly profit estimates thanks to its cost-cutting efforts and talked up how generative artificial intelligence will support future results. For the first time, digital revenue accounted for over half of the company's total revenue for the full year, News Corp said. Higher digital subscription revenue in its fiscal fourth quarter helped News Corp absorb the impact of a 11.5% decline in advertising revenue. Revenue in its professional information business, which includes data and analytics platforms such as Oil Price Information Service, rose 10%. Excluding items, News Corp earned 14 cents per share, beating estimates of 8 cents, according to Refinitiv data.

Persons: Rupert, Robert Thomson, OpenAI, Thomson, Chavi Mehta, Dawn Chmielewski, Anil D'Silva, Stephen Coates Organizations: Rupert Murdoch's News Corp, News Corp, Sunday Times, Wall Street, Associated Press, Corp, Revenue, Price Information Service, New York Times Co, Fox Corp, Thomson Locations: Bengaluru, Dawn, Los Angeles

☆ Wall St ends lower after bank rating cuts spark wider sell-off
▼ + stars: | 2023-08-09 | by ( David French | ) www.reuters.com time to read: +4 min

The S&P 500 Banks index (.SPXBK) has slipped 2.5% year to date, compared with a 17.2% gain by the S&P 500, and the downgrades exposed the fragility of investors' confidence towards financial stocks. The banks index slid 1.1% on Tuesday, while the KBW Regional Banking index (.KRX) dipped 1.4%. Reaction to the bank downgrades pushed up the CBOE Market Volatility index (.VIX), Wall Street's fear gauge, at one point hitting a two-month high. Eight of the 11 major S&P 500 sectors fell. The S&P 500 posted 13 new 52-week highs and 17 new lows; the Nasdaq Composite recorded 46 new highs and 195 new lows.

Persons: Eli Lilly, Moody's, Goldman Sachs, Jason Pride, Brendan McDermid, Bansari Mayur Kamdar, Johann M, David French, Sriraj Kalluvila, Vinay Dwivedi, Richard Chang Organizations: Dow, Nasdaq, Bank of New York Mellon, U.S . Bancorp, Truist, Silicon Valley Bank, Bank of America, Traders, New York Stock Exchange, REUTERS, Dow Jones, Novo Nordisk, Dish Network, United Parcel Service, Thomson Locations: U.S, Silicon, KBW, New York City, China, Denmark, Bengaluru, New York

Kellogg's Corn Flakes, owned by Kellogg Company, are seen for sale in a store in Queens, New York City, U.S., February 7, 2022. "Management has discarded the company's long-held family friendly marketing approach to politicize and sexualize its products," the group said. The EEOC can sue companies if it finds that their employment practices amount to illegal discrimination. "Kellogg’s employment practices are unlawfully based on 'equity,' which is a euphemism for illegal discrimination," Reed Rubenstein, a lawyer with the group, wrote in the letter. America First said it also had sent a letter to Kellogg's board of directors on Wednesday threatening shareholder litigation if the company maintains the allegedly illegal policies.

Persons: Andrew Kelly, Kellogg, Stephen Miller, Donald Trump, RuPaul, Reed Rubenstein, America, Daniel Wiessner, Stephen Coates Organizations: Kellogg Company, REUTERS, Wednesday, America, Donald Trump . America, U.S, Opportunity Commission, Management, Supreme, Tuesday, Target Corp, Thomson Locations: Queens , New York City, U.S, Albany , New York

☆ Verizon to raise prices again
▼ + stars: | 2023-08-09 | by ( ) www.reuters.com time to read: +1 min

People visit the Verizon stand at the Mobile World Congress (MWC) in Barcelona, Spain February 27, 2023. REUTERS/Nacho DoceAug 9 (Reuters) - Verizon Communications (VZ.N) is raising prices on some of its wireless plans as the No. Last month, Bloomberg reported that Verizon was raising the monthly price on its wireless home internet offering by $10. The company beat second-quarter profit estimates last month and posted a surprise rise in subscriber additions defying analyst expectations for a loss. But its consolidated operating revenue fell 3.5% in the quarter, after falling nearly 2% in the previous three months.

Persons: Nacho Doce, Tony Skiadas, Skiadas, Samrhitha, Anil D'Silva Organizations: Verizon, Mobile World Congress, REUTERS, Verizon Communications, Bloomberg, Thomson Locations: Barcelona, Spain, Bengaluru

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 19, 2023. The ratings agency also warned that the sector's credit strength would likely be tested by funding risks and weaker profitability. Big banks Goldman Sachs (GS.N) and Bank of America (BAC.N) eased 0.8% and 1.4%, respectively, in premarket trading, while Bank of New York Mellon and U.S. Bancorp shed 2.3% each. "It also means that the concern that we had in March over those three bank defaults, is not over yet." Remarks by Philadelphia Fed President Harker and Richmond Fed President Barkin will be closely watched for cues about the U.S. central bank's rate path after mixed messages from New York Fed President John Williams and Fed Governor Michelle Bowman on Monday.

Persons: Brendan McDermid, Eli Lilly, Moody's, Goldman Sachs, Sam Stovall, Chris Montagu, Thursday's, Harker, Barkin, John Williams, Michelle Bowman, LLY.N, Zachary Kirkhorn, Elon Musk, Bansari Mayur Kamdar, Johann M, Sriraj Organizations: New York Stock Exchange, REUTERS, Dow, Nasdaq, Bank of New York Mellon, US Bancorp, Truist, Bank of America, U.S . Bancorp, U.S . Treasury, CFRA, Silicon Valley Bank, Signature Bank, Citi, Wall Street, Dow e, Philadelphia, Richmond Fed, New York Fed, United Parcel Service, Elon Musk ., Alibaba, Thomson Locations: New York City, U.S, Silicon, Richmond, New, Elon Musk . U.S, Bilibili, Bengaluru

☆ Morning Bid: China trade data disappoints, again
▼ + stars: | 2023-08-08 | by ( ) www.reuters.com time to read: +3 min

U.S. equity markets saw their first positive day in August on Monday, but then along came Chinese trade data. Parsing the export data, David Chao, global market strategist at Invesco, says the miss was driven by lower prices rather than lower volumes, and that Chinese export volumes remain surprisingly robust. Though, he says, "looking at other export-related data such as export orders, the outlook appears weak." Even Chinese imports from Russia fell year-on-year in July, the first fall since Feb 2021. Tuesday looks quiet on the U.S. data front, but traders are bracing for the big one - Thursday's CPI data.

Persons: Alun John ., David Chao, Hong, Intesa, Banca, Banks, Moody's, Fed's Harker, Alun John, Barbara Lewis Organizations: Shipping, cnsphoto, REUTERS, Nasdaq, BPER Banca, Bank of New York Mellon, US Bancorp, Truist, Thomson, Reuters Locations: Shanghai, China, U.S, Hong Kong, Russia, Europe

☆ US bank stocks drop as Moody's downgrade sours sentiment
▼ + stars: | 2023-08-08 | by ( ) www.reuters.com time to read: +2 min

Raindrops hang on a sign for Wall Street outside the New York Stock Exchange in Manhattan in New York City, New York, U.S., October 26, 2020. REUTERS/Mike Segar/File PhotoAug 8 (Reuters) - Shares of U.S. banks fell in premarket trading on Tuesday after ratings agency Moody's downgraded 10 mid-sized lenders, reigniting investor concerns about the challenges facing the industry. Moody's also warned it may cut ratings of some of the biggest U.S. lenders, and placed six of them under review for a potential downgrade. "It is significant for U.S. growth too, as U.S. regional banks are the financing lifeblood for small and mid-size enterprises." Shares of Bank of America (BAC.N), Citigroup (C.N) and JPMorgan Chase (JPM.N) fell more than 1%.

Persons: Mike Segar, Moody's, Stuart Cole, JPMorgan Chase, Georgios Leontaris, Niket Nishant, Mayur, Shashwat Chauhan, Shounak Dasgupta, Saumyadeb Organizations: Wall, New York Stock Exchange, REUTERS, Bank of New York Mellon, U.S . Bancorp, Truist, Equiti, Bank of America, Citigroup, JPMorgan, Bank, EMEA, HSBC Global Private Banking, Wealth, Thomson Locations: Manhattan, New York City , New York, U.S, Silicon, Switzerland, Bengaluru

Moody's cut the ratings of 10 U.S. banks by one notch and placed some banking giants on review for potential downgrades. The downgraded banks include M&T Bank (MTB.N), Pinnacle Financial Partners (PNFP.O), Prosperity Bank and BOK Financial Corp (BOKF.O). The banks placed on review for downgrade include BNY Mellon (BK.N), US Bancorp (USB.N), State Street (STT.N) and Truist Financial (TFC.N). Moody's changed its outlook to negative from stable for Capital One (COF.N), Citizens Financial (CFG.N) and Fifth Third Bancorp (FITB.O), among others. The ratings agency also affirmed the ratings of PNC Financial Services Group (PNC.N), Citizens, and Huntington Bancshares (HBAN.O) alongside other banks.

Persons: Moody's, BNY Mellon, Huntington, Juby Babu, Muralikumar Anantharaman Organizations: Moody's Corporation, T Bank, Pinnacle Financial Partners, Prosperity Bank, BOK Financial Corp, BNY, US Bancorp, Truist, Silicon Valley Bank, Signature Bank, Citizens, Fifth Third Bancorp, PNC Financial Services, Thomson Locations: Manhattan , New York, U.S, Silicon, Bengaluru

☆ Security firm ADT's commercial unit to be taken private by GTCR for $1.6 bln
▼ + stars: | 2023-08-08 | by ( ) www.reuters.com time to read: 1 min

A security sign for ADT is seen outside a home in Port Washington, New York, September 30, 2014. REUTERS/Shannon Stapleton/File PhotoAug 8 (Reuters) - Home and small business security firm ADT (ADT.N) said on Tuesday it will sell its commercial security, fire and life safety unit to private equity firm GTCR for $1.6 billion. ADT expects to use the net proceeds of about $1.5 billion from the deal to cut debt. "This transaction is mutually beneficial for ADT and ADT Commercial, which will benefit from GTCR's support and expertise," ADT CEO Jim DeVries said. Reporting by Aishwarya Jain; Editing by Savio D'Souza and Arun KoyyurOur Standards: The Thomson Reuters Trust Principles.

Persons: Shannon Stapleton, Jim DeVries, Aishwarya Jain, Savio D'Souza, Arun Koyyur Organizations: REUTERS, ADT, Thomson Locations: Port Washington , New York

☆ US to send Kyiv first $200 mln of arms freed by $6.2 bln 'accounting error'
▼ + stars: | 2023-08-07 | by ( Mike Stone | ) www.reuters.com time to read: +2 min

REUTERS/Wolfgang... Read moreWASHINGTON, Aug 7 (Reuters) - President Joe Biden's administration will announce $200 million of new weapons aid for Ukraine as soon as Tuesday, U.S. officials told Reuters, as it begins to dole out $6.2 billion of funds discovered after a Pentagon accounting error over-valued billions of Ukraine aid, two U.S. officials said on Monday. Ukraine needs weaponry that can be shipped from U.S. stocks in a matter of days or weeks so it can keep up its fight to repel Russia's invasion - the accounting error worked to Kyiv's benefit because more equipment can be sent. Washington is currently working on a supplemental budget request to continue to aid Kyiv, the U.S. officials said. Tuesday's expected announcement of $200 million would be the first tranche of the $6.2 billion windfall of previously authorized Presidential Drawdown Authority (PDA), the officials said. Reporting by Mike Stone in Washington; Editing by David GregorioOur Standards: The Thomson Reuters Trust Principles.

Persons: Boris Pistorius, Lloyd Austin, Jens Stoltenberg, Wolfgang, Read, Joe Biden's, Tuesday's, Lockheed Martin, Mike Stone, David Gregorio Our Organizations: German, NATO, Ramstein Air Base, REUTERS, Reuters, Pentagon, Lockheed, Lockheed Martin Corp, Patriot, RTX Corp, Thomson Locations: Ukraine, U.S, Ramstein, Miesenbach, Germany, WASHINGTON, Kyiv, Washington

REUTERS/Dado Ruvic/IllustrationBENGALURU, Aug 7 (Reuters) - Indian e-commerce startup Meesho has posted its first-ever profit and is targeting a stock market listing in the next 12-18 months, a senior company executive said in an interview. An initial public offering (IPO) is now being planned in the next 12-18 months, Bansal added. Meesho, which was founded by Indian Institute of Technology graduates Vidit Aatrey and Sanjeev Barnwal, clocked more than 1 billion orders in the last 12 months. Many Indian startups have fired thousands of employees and cut costs aggressively in recent months. Last week, Indian food delivery giant Zomato (ZOMT.NS) also posted its first-ever profit.

Persons: Dado Ruvic, Meesho, Japan's SoftBank, Dhiresh Bansal, Bansal, Vidit Aatrey, Sanjeev Barnwal, Meesho's, Munsif, Aditya Kalra Organizations: REUTERS, Amazon, Meesho, Reuters, Indian Institute of Technology, Vidit, Thomson Locations: Bengaluru

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