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☆ Chronosphere raises additional $115 mln at $1.6 bln valuation
▼ + stars: | 2023-01-10 | by ( ) www.reuters.com time to read: +1 min

Jan 10 (Reuters) - Chronosphere has raised an additional $115 million in funding from new investors Alphabet Inc's GV (GOOGL.O) and Geodesic Capital, the cloud-based data organization platform said on Tuesday, valuing the company at $1.6 billion. The latest round saw participation from existing investors Addition, Founders Fund, General Atlantic and Greylock, among others, and brings the company's total funding to $343 million. The cloud native data manager, which counts online brokerage Robinhood Markets (HOOD.O) and payments giant Visa Inc (V.N) among its enterprise customers, said it will use the capital to support the go-to-market efforts of its platform. The extended round adds to Chronosphere's series C raise from last year, where it had raised $200 million led by private equity giant General Atlantic. Reporting by Anirban Chakroborti in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

☆ Disney asks employees to work from office four days a week - CNBC
▼ + stars: | 2023-01-09 | by ( ) www.reuters.com time to read: +1 min

Jan 9 (Reuters) - Walt Disney Co's (DIS.N) top boss Bob Iger told employees to return to corporate offices four days a week starting March 1, CNBC reported on Monday, citing an email. The entertainment giant did not immediately respond to a Reuters request for comment. The pandemic prompted companies across the world to turn to work-from-home or hybrid work models to prevent the spread of the virus. However, with the rise of vaccinations and fall in severe cases that require hospitalization, Disney's move mirrors other companies like Snap (SNAP.N), Tesla (TSLA.O) and Uber (UBER.N) in asking employees to return to office. read moreReporting by Eva Mathews in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

ET (1513 GMT), the Toronto Stock Exchange's S&P/TSX composite index (.GSPTSE) was up 128.88 points, or 0.65%, at 19,943.39, nearing four-week levels. Global markets extended gains as investors scaled back bets of aggressive Fed rate hikes after U.S. jobs data last week raised hopes that the wage-inflation spiral was showing signs of slowing. "People are speculating that the demand for resources could bounce back with China's reopening and so that's been helping crude oil, that's been helping copper, and a lot of the commodity markets." The materials group (.GSPTTMT), which includes precious and base metals miners and fertilizer companies, rose 0.4%. Reporting by Shristi Achar A and Johann M Cherian in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

☆ Lululemon Athletica sees margin squeeze in holiday quarter; shares slump
▼ + stars: | 2023-01-09 | by ( Granth Vanaik | ) www.reuters.com time to read: +2 min

Jan 9 (Reuters) - Lululemon Athletica Inc (LULU.O) forecast a decline in holiday-quarter gross margins on Monday as the apparel maker discounts more and grapples with higher costs, sending its shares down more than 9%. Lululemon said it expects gross margin to decline 90-110 basis points in the fourth quarter, compared with its previous expectation of an increase of 10-20 basis points. The company, however, raised its fourth-quarter net revenue forecast to between $2.66 billion and $2.70 billion, from its previous range of $2.61 billion to $2.66 billion. It also tightened its outlook for fourth-quarter earnings per share to between $4.22 and $4.27, compared with its prior forecast of $4.20 to $4.30. Reporting by Granth Vanaik in Bengaluru; Editing by Shailesh Kuber, Saumyadeb Chakrabarty and Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

☆ Morgan Stanley COO Jon Pruzan to retire
▼ + stars: | 2023-01-09 | by ( ) www.reuters.com time to read: +1 min

Jan 9 (Reuters) - Morgan Stanley Chief Operating Officer Jon Pruzan will retire from the bank at the end of the month, according to a memo seen by Reuters. Formerly the finance chief at the Wall Street titan, Pruzan was made COO as part of a leadership shakeup in mid-2021, which resulted in four new appointments. At the time, the bank's chief executive, Jamie Gorman, said he was "highly confident" one of the four would be the bank's CEO in the future. Investors have long been speculating about who would succeed Gorman, who joined the bank in 2006 and took over as CEO in 2010. With Pruzan gone, the list of potential successors to Gorman include co-presidents Ted Pick and Andy Saperstein and investment management chief Dan Simkowitz.

☆ Eisai, Biogen's Alzheimer's drug price should not dent demand, analysts say
▼ + stars: | 2023-01-09 | by ( ) www.reuters.com time to read: +2 min

Jan 9 (Reuters) - The $26,500-per-year price tag for Eisai Co Ltd (4523.T) and Biogen Inc's (BIIB.O) newly approved Alzheimer's disease drug is slightly above expectations, but should not dent demand for the promising therapy, Wall Street analysts said. The U.S. health regulator on Friday granted accelerated approval to the drug, Leqembi, and the decision was hailed by patient groups. However, the price tag is lower than that of Eisai and Biogen's first Alzheimer's disease drug, Aduhelm, which was initially priced at $56,000 annually before the drugmakers halved the price amid controversy over its approval. Eisai and Biogen said on Saturday the Japanese drugmaker had applied for full approval by the U.S. Food and Drug Administration. Some analysts expect broader coverage by Medicare if the drug is granted full approval.

☆ Lululemon Athletica expects margin squeeze in fourth quarter; shares down
▼ + stars: | 2023-01-09 | by ( ) www.reuters.com time to read: +1 min

Jan 9 (Reuters) - Lululemon Athletica Inc (LULU.O) said on Monday it expects holiday quarter gross margins to decline as the apparel maker grapples with increased costs amid a drop in consumer spending due to persistently-high inflation. The company said it expects gross margin to decline 90 to 110 basis points in the fourth quarter, compared to its previous expectation of an increase of 10-20 basis points. Lululemon, however, said it expects fourth-quarter net revenue to be in the range of $2.66 billion to $2.70 billion, compared with its previous range of $2.61 billion to $2.66 billion. It also expects diluted earnings per share to be in the range of $4.22 to $4.27, compared to its prior expectation of $4.20 to $4.30. Reporting by Granth Vanaik in Bengaluru; Editing by Shailesh Kuber and Saumyadeb ChakrabartyOur Standards: The Thomson Reuters Trust Principles.

☆ Qiagen acquires DNA-biometrics firm Verogen in $150 mln deal
▼ + stars: | 2023-01-09 | by ( ) www.reuters.com time to read: +1 min

Jan 9 (Reuters) - Life sciences firm Qiagen said on Monday it has acquired DNA-biometrics firm Verogen in a $150-million cash deal, strengthening its forensics portfolio. Qiagen expects about $20 million of sales from the Verogen portfolio this year. The deal is expected to be dilutive to Qiagen's 2023 adjusted profit per share by about 3 cents and neutral to the firm's 2024 profit. San Diego-based Verogen, founded in 2017, provides DNA-based human identification products and services, which are used in forensic analysis and to help resolve criminal and missing persons cases. Verogen's portfolio will complement Qiagen's sample collection and preparation kits, which are used to separate human DNA from forensic investigation samples for analysis.

☆ Canaccord's management seeks to acquire firm in C$1.13 bln deal
▼ + stars: | 2023-01-09 | by ( ) www.reuters.com time to read: +2 min

The offer price of C$11.25 per share marks a 31% premium to the Canaccord stock's last close. In prior talks with the management group, the committee had said it would not support an offer of C$11.25 per share, based on preliminary analysis. After discussion with company Chief Executive Officer Daniel Daviau, the shareholder said it would support a go-private deal. Funds affiliated with investment firm HPS Investment Partners have agreed to partially fund the deal through a C$825 million debt, Canaccord said. Canaccord offers wealth management, investment banking and broker research services.

☆ Novavax's longtime CEO Stanley Erck to retire
▼ + stars: | 2023-01-09 | by ( ) www.reuters.com time to read: +1 min

Jan 9 (Reuters) - Novavax Inc (NVAX.O) said on Monday its longtime chief executive officer, Stanley Erck, would retire and be succeeded by industry veteran John Jacobs, at a time when the COVID-19 vaccine maker looks to catch up with larger rivals. He joins Novavax from Harmony Biosciences (HRMY.O), where he served as CEO since June 2018. Erck, who has been at the helm of the company since 2011, was responsible for bringing Novavax's COVID vaccine, its first commercial product, to the market. However, the shot has been plagued by manufacturing snags, regulatory delays and sluggish uptake amid a global supply glut for vaccines and waning demand. Reporting by Raghav Mahobe in Bengaluru; Editing by Saumyadeb Chakrabarty and Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

☆ Vista to take Duck Creek Technologies private in $2.6 bln deal
▼ + stars: | 2023-01-09 | by ( Manya Saini | ) www.reuters.com time to read: +2 min

Jan 9 (Reuters) - Duck Creek Technologies (DCT.O), which serves some of the biggest clients in the property and casualty sector, will be taken private by Vista Equity Partners in an all-cash deal valued at about $2.6 billion, the insurance tech firm said on Monday. The deal for Duck Creek at a purchase price of $19 per share, represents a premium of 46% to Duck Creek's last close. Duck Creek provides cloud-based property and casualty insurance solutions to its customers including Berkshire Hathaway Specialty Insurance and American International Group (AIG.N). Duck Creek expects the deal to close in the second-quarter of this year. J.P. Morgan is acting as financial advisor to Duck Creek.

☆ American Airlines pilots raise concerns over new cockpit protocols
▼ + stars: | 2023-01-06 | by ( ) www.reuters.com time to read: +1 min

Jan 6 (Reuters) - The union representing 15,000 American Airlines (AAL.O) pilots has voiced concerns regarding the new cockpit protocols enforced by the airline, without adequate training. The carrier on Tuesday implemented new procedures for cockpit communications during critical events such as low visibility landings, according to the union. "The operational changes that management is attempting to implement without fulsome training alters how pilots communicate, coordinate, and execute flight safety duties at some of the most high-threat times of flight," Allied Pilots Association (APA) said in a post on Monday. "This attempt to train by bulletin, while ignoring serious safety concerns and well-established best practices, runs the risk of dramatically eroding margins of safety," it added. Reporting by Aishwarya Nair in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

☆ Party City plans bankruptcy filing within weeks - WSJ
▼ + stars: | 2023-01-06 | by ( ) www.reuters.com time to read: +1 min

Jan 6 (Reuters) - Party City Holdco Inc (PRTY.N) is preparing to file for bankruptcy within weeks as its cash dwindled and inflation dampened sales, the Wall Street Journal reported on Friday, citing people familiar with the matter. The company is in discussions with its bondholders to convert debt into equity to trim the balance sheet, the report said. The report further added that Party City has engaged AlixPartners LLP as a restructuring adviser. Party City and AlixPartners did not immediately respond to Reuters requests for comment. Reporting by Granth Vanaik in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

☆ Salesforce aims to cut costs by $3 bln to $5 bln -Fortune
▼ + stars: | 2023-01-06 | by ( ) www.reuters.com time to read: +1 min

Jan 6 (Reuters) - Cloud-based software firm Salesforce Inc (CRM.N) is looking to cut costs by $3 billion to $5 billion, Chief Executive Marc Benioff told company insiders this week after announcing layoffs, Fortune reported, citing an audio recording of a meeting. Salesforce said on Wednesday that it plans to cut jobs by 10% and close some offices, after rapid pandemic hiring left it with a bloated workforce amid an economic slowdown. Real estate will be a major part of the cost restructuring process, Benioff told employees in a meeting on Thursday, the Fortune report said. According to a company blog post, Salesforce has 110 offices globally in 89 cities. "We don't need the same level of real estate that we had pre-pandemic," Benioff reportedly told staff.

☆ Omicron subvariant XBB.1.5 accounts for 27.6% of U.S. COVID cases - CDC
▼ + stars: | 2023-01-06 | by ( ) www.reuters.com time to read: 1 min

Jan 6 (Reuters) - The Omicron subvariant, XBB.1.5, is estimated to account for 27.6% of COVID-19 cases in the United States for the week ending Jan. 7, data from the Centers for Disease Control and Prevention showed on Friday. The CDC revised its estimate for the week ended Dec. 31 to say XBB.1.5 made up 18.3% of cases, not about 40% of cases. The agency did not immediately respond to a Reuters request seeking details about the change in estimated data. The World Health Organization's senior epidemiologist, Maria Van Kerkhove, earlier this week said XBB.1.5 is the most transmissible Omicron sub-variant that has been detected so far. Reporting by Leroy Leo and Sriparna Roy in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

☆ Intel's Mobileye sees $17 bln in assisted-driving product revenues by 2030
▼ + stars: | 2023-01-05 | by ( ) www.reuters.com time to read: +1 min

Jan 5 (Reuters) - Intel Corp's (INTC.O) self-driving tech unit Mobileye Global Inc (MBLY.O) said on Thursday it sees more than $17 billion in revenues for its advanced driver assistance systems (ADAS) products by 2030. Jerusalem, Israel-based Mobileye, which went public in October last year, is a top player in the ADAS market, which shares components with fully automated self-driving systems but costs much less. A push to incorporate assisted-driving capabilities to bolster safety features in cars has led to greater adoption of self-driving technology, helping companies such as Mobileye. It also expects an additional $3.5 billion in revenues through 2028, for its autonomous mobility-as-a-service products. It is up about 48% from the IPO price of $21, valuing Mobileye at nearly $25 billion.

☆ Crypto lender Genesis lays off 30% of staff - source
▼ + stars: | 2023-01-05 | by ( ) www.reuters.com time to read: +1 min

Several firms have suffered from waning investor appetite for crypto after major exchange FTX blew up in September. "As we continue to navigate unprecedented industry challenges, Genesis has made the difficult decision to reduce our headcount globally," a spokesperson for the company confirmed. The company now has a headcount of 145, the source said, compared to 260 before the two rounds of layoffs. The crypto firm's lending arm, Genesis Global Capital, froze customer withdrawals in November, citing "unprecedented market dislocation" following the collapse of major crypto exchange FTX. Higher interest rates and worries of an economic downturn have also piled pressure on the crypto industry, as investors flee risky assets.

☆ WWE confirms former chief Vince McMahon's return to board
▼ + stars: | 2023-01-05 | by ( ) www.reuters.com time to read: +1 min

Jan 6 (Reuters) - Vince McMahon, the former chief of World Wrestling Entertainment (WWE.N), is returning to the board of the company that he transformed from a regional player in a highly fragmented industry of the 1980s to a global giant, WWE said on Friday. Shares of the entertainment firm rose about 16%, as WWE also said that it would explore strategic alternatives confirming an earlier statement by McMahon. McMahon, 77, said on Thursday that he expects to assume the role of executive chairman at WWE, to involve himself in the company's media rights negotiation process. The company did not state what position Vince McMahon would hold at the board. McMahon retired in July last year as the company's CEO and chairman, following an investigation into his alleged misconduct.

☆ Former WWE chief Vince McMahon plans return as executive chairman
▼ + stars: | 2023-01-05 | by ( ) www.reuters.com time to read: +1 min

Jan 5 (Reuters) - Vince McMahon, the former chief of World Wrestling Entertainment (WWE.N), plans to return to the company that he transformed from a regional player in a highly fragmented industry of the 1980s to a global giant, he said in a statement on Thursday. McMahon said that he expects to assume the role of executive chairman at WWE, to involve himself in the company's media rights negotiation process and review of strategic alternatives. McMahon, who has majority voting power in the company, has informed WWE that he is electing himself and two former co-presidents and directors Michelle Wilson and George Barrios to the board. The former executive, who ran the company for four decades, said that the only way for WWE to fully capitalize on growing demand for content and live entertainment was for him to return as executive chairman. McMahon retired in July last year as the company's CEO and chairman, following an investigation into his alleged misconduct.

☆ ChatGPT creator OpenAI in talks for tender offer valuing company at $29 bln - WSJ
▼ + stars: | 2023-01-05 | by ( ) www.reuters.com time to read: 1 min

Jan 5 (Reuters) - OpenAI, the artificial intelligence research lab behind chatbot ChatGPT, is in talks to sell existing shares in a tender offer that would value the company at about $29 billion, the Wall Street Journal reported on Thursday, citing people familiar with the matter. The report added that the deal is structured in a way in which venture capital firms Thrive Capital and Founders Fund will buy shares from existing shareholders such as employees. The deal would attract investment of at least $300 million in share sales, it added. OpenAI and the VC firms did not immediately respond to Reuters requests for comment. Reporting by Akash Sriram in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

☆ Bed Bath & Beyond's road to potential bankruptcy
▼ + stars: | 2023-01-05 | by ( ) www.reuters.com time to read: 1 min

Jan 5 (Reuters) - From a failed merchandising strategy to activist investor pressure over overpayed executives, Bed Bath & Beyond Inc (BBBY.O) has been on a largely downhill ride over the last few years. The company said on Thursday it was exploring options including a bankruptcy, which sources told Reuters could come within weeks. Here's a look at some of the major developments at the retailer over the past year:Reporting by Uday Sampath in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

☆ WhatsApp announces new proxy support feature to bypass internet shutdowns
▼ + stars: | 2023-01-05 | by ( ) www.reuters.com time to read: +1 min

A proxy server is an intermediary between users and web services and acts as a web filter that allow netizens to circumvent restrictions and censorship. WhatsApp said proxy support on the app is now officially available for users with the latest version. Users in countries such as Iran and Syria have used virtual private network (VPN) services to navigate around internet censorship. The messaging service said, "in case these shutdowns continue, we hope this solution helps people wherever there is a need for secure and reliable communication." WhatsApp "will do anything" within its technical capacity to keep the service accessible and that it was not blocking Iranian phone numbers, the messaging service had said in September.

Jan 5 (Reuters) - Walgreens Boots Alliance (WBA.O) said on Thursday it will not strike new deals in the short term after a spate of acquisitions in recent years, as it focuses on ramping up sales at its newer healthcare business. "We're not considering any M&A type activity in the short term. We need to focus on integration activities," Chief Financial Officer James Kehoe said in a post-earnings conference call. Walgreens said same-store pharmacy sales rose 4.8% in the reported quarter from a year earlier, but below Evercore ISI's estimates of 5% growth. Net loss attributable to Walgreens was $3.72 billion, for the quarter ended Nov. 30, compared with a profit of $3.58 billion, a year earlier.

☆ Amazon to lay off over 17,000 workers - WSJ
▼ + stars: | 2023-01-04 | by ( ) www.reuters.com time to read: +1 min

Jan 4 (Reuters) - Amazon.com Inc (AMZN.O) is planning to lay off more than 17,000 workers, a higher number than the e-commerce giant initially planned, the Wall Street Journal reported on Wednesday, citing people familiar with the matter. Some of the additional layoffs are from Amazon's corporate ranks, according to the WSJ report. The Seattle-based company began laying off staff in its devices division in November, with a source telling Reuters at the time that Amazon was targeting 10,000 job cuts. Amazon, America's second-largest private employer with more than 1.5 million workers including warehouse staff, has been bracing for likely slower growth as soaring inflation forces businesses and consumers to cut back spending. Reporting by Uday Sampath in Bengaluru; Editing by Shailesh Kuber and Sherry Jacob-PhillipsOur Standards: The Thomson Reuters Trust Principles.

Jan 4 (Reuters) - Amazon.com Inc's (AMZN.O) layoffs will now stretch to more than 18,000 roles as part of a workforce reduction it previously disclosed, Chief Executive Andy Jassy said in a public staff note on Wednesday. The layoff decisions, which Amazon will communicate starting Jan. 18, will largely impact the company's e-commerce and human-resources organizations, he said. Amazon has more than 1.5 million workers including warehouse staff, making it America's second-largest private employer after Walmart Inc (WMT.N). It began letting staff go in November from its devices division, with a source telling Reuters at the time it was targeting 10,000 job cuts. In number, its layoffs now surpass the 11,000 job cuts at Facebook-parent Meta Platforms Inc (META.O) as well as reductions at other tech-industry peers.

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