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☆ Walmart teams up with Expedia on travel perks
▼ + stars: | 2023-07-25 | by ( Doyinsola Oladipo | ) www.reuters.com time to read: +2 min

NEW YORK, July 25 (Reuters) - Retail giant Walmart (WMT.N) on Tuesday said it is teaming up with online travel agency Expedia Group (EXPE.O) to offer its subscription service members travel benefits for the first time as retailers increase service offerings to offset a slowing in spending on goods. "We're bringing together the ultimate savings membership and vacation booking site to deliver a first-ever travel-focused benefit for Walmart+ members," said Venessa Yates, senior vice president and general manager of Walmart+, the retailer's subscription service. Walmart+ members will be able to book travel on a Walmart travel website powered by Expedia and earn Walmart cash rewards. Walmart also partnered with veterinary telehealth provider Pawp in May to offer Walmart+ subscribers free access to virtual veterinarians for a year. Amazon.com (AMZN.O) partnered with travel booking site Priceline, owned by Booking Holdings, in July to offer discounts for Prime Day, the first time an online travel agency participated in the event.

Persons: Venessa Yates, Morgan Stanley, Doyinsola Oladipo, Siddharth Cavale, Sandra Maler Organizations: YORK, Retail, Walmart, Expedia, Amazon, Pawp, Booking Holdings, Thomson Locations: New York

☆ GE HealthCare raises 2023 profit forecast as supply chain woes ease
▼ + stars: | 2023-07-25 | by ( ) www.reuters.com time to read: +2 min

July 25 (Reuters) - GE HealthCare Technologies Inc (GEHC.O) raised its annual profit forecast on Tuesday, after beating quarterly earnings estimates due to easing supply chain issues that had largely impacted electronic components during the pandemic. Johnson & Johnson (JNJ.N) and Abbott Laboratories (ABT.N), which make medical devices like heart stents and implants, surpassed quarterly profit estimates last week as patients underwent their delayed procedures. GE HealthCare on Tuesday reported total quarterly sales of $4.8 billion, in line with analysts' estimates. Of this, $2.6 billion came from sales of imaging devices such as magnetic resonance imaging (MRI) and $839 million from ultrasound devices. The healthcare equipment firm operates four medical device businesses - imaging and ultrasound devices, patient care solutions and pharmaceutical diagnostics - with imaging being the largest.

Persons: Johnson, Khushi, Shailesh Organizations: GE HealthCare Technologies Inc, GE, Johnson, Abbott Laboratories, GE HealthCare, General Electric, Thomson Locations: Bengaluru

The number of monthly active users rose to 551 million in the second quarter, beating Spotify's guidance and analysts' forecast of 526.8 million. Premium subscribers, who account for most of the company's revenue, rose 17% to 220 million, topping estimates of 216.6 million, according to IBES data from Refinitiv. However, quarterly revenue was 3.18 billion euros ($3.51 billion), below analysts' estimate of 3.21 billion euros. REUTERS/Brendan McDermid/File Photo"If we have user growth, the revenue growth eventually comes - that's the lesson been learned at Spotify and we have seen it over and over," Ek said. Spotify expects premium subscribers to reach 224 million this quarter and revenue of 3.3 billion euros.

Persons: Daniel Ek, Brendan McDermid, Ek, Paul Vogel, Supantha Mukherjee, Louise Heavens, Mark Potter Organizations: Spotify, New York Stock Exchange, REUTERS, Thomson Locations: STOCKHOLM, New York, U.S, Stockholm

☆ Verizon profit beats on lower costs, surprise rise in wireless users
▼ + stars: | 2023-07-25 | by ( Samrhitha A | ) www.reuters.com time to read: +2 min

July 25 (Reuters) - Verizon (VZ.N) beat quarterly profit estimates on Tuesday on the back of lower costs and a surprise rise in wireless subscribers as efforts to grow its enterprise customer base and super-fast 5G network paid off. They are still down about 5% since the July 9 Wall Street Journal report, which also named AT&T (T.N) among firms that left behind the potentially toxic lead cables. Free cash flow, a metric closely watched by investors to help determine dividend payouts, came in at $5.6 billion, above estimates of $5.05 billion, according to Visible Alpha. Total revenue fell 3.5% to $32.6 billion, missing analysts' estimates of $33.24 billion, according to Refinitiv data. Reporting by Samrhitha Arunasalam in Bengaluru; Editing by Anil D'Silva and Devika SyamnathOur Standards: The Thomson Reuters Trust Principles.

Persons: Anthony Skiadas, Hargreaves, Matt Britzman, Verizon's, Samrhitha, Anil D'Silva Organizations: Verizon, Alpha, Consolidated, Thomson Locations: Bengaluru

☆ Spotify’s awkward three-way dance leads to slip-up
▼ + stars: | 2023-07-25 | by ( ) www.reuters.com time to read: +2 min

LONDON, July 25 (Reuters Breakingviews) - Spotify (SPOT.N) is caught between the expectations of investors and major music labels. One bullish argument for Spotify’s stock is that higher prices will mean higher margins over time. First, some of Spotify’s customers pay annually, which means the price hike might take a while to come through. He’s locked in a long-term standoff with major labels like Universal Music Group (UMG.AS), which currently grab the overwhelming majority of Spotify’s revenue. In other words, Spotify’s future may be rosier than Ek is willing to let on.

Persons: Daniel Ek, Ek, coy, He’s, Karen Kwok, Liam Proud, Oliver Taslic Organizations: Reuters, Spotify, Universal Music, Twitter, Thales, Thomson Locations: Spain

July 24 (Reuters) - SoftBank Group (9984.T) is forming a joint venture with warehouse automation company Symbotic (SYM.O) to build AI-powered warehouses that will be majority owned by the Japanese technology investor, the companies said on Monday. The unit has also signed a contract to buy AI-powered systems from Symbotic that will be worth $7.5 billion in the next six years. Based in Wilmington, Massachusetts, Symbotic provides robotics warehouse automation solutions and counts Walmart (WMT.N) as its major backer and customer. The Japanese company will have a 65% stake in GreenBox, with Symbotic owning the rest. For fiscal year 2022, Symbotic reported revenue of $593.3 million, up 136% year over year, with a loss of $139.1 million.

Persons: Symbotic, Rick Cohen, upping, Masayoshi Son, Zaheer Kachwala, Krystal Hu, Shailesh Kuber, Anil D'Silva, Cynthia Osterman Organizations: SoftBank, Systems, SoftBank Group Corp, Walmart, JV, Tokyo bourse, Thomson Locations: SoftBank, Wilmington , Massachusetts, Tokyo, GreenBox

☆ Spotify raises prices for its premium plans across several countries
▼ + stars: | 2023-07-24 | by ( ) www.reuters.com time to read: +1 min

July 24 (Reuters) - Spotify Technology (SPOT.N) on Monday raised prices for its premium plans across several countries including the United States and United Kingdom, as the music-streaming company looks to boost profitability in an uncertain economy. The move will result in a $1 price increase for Spotify's U.S. plans, with the premium single now starting at $10.99, duo at $14.99, family at $16.99 and the student plan at $5.99. The price increases come at a time when streaming services, both audio and video, are under rising investor pressure to boost profitability after years of prioritizing user growth. Rivals services from Apple (AAPL.O) and Amazon.com (AMZN.O) and Tidal have all increased prices this year, while YouTube also hiked prices last week on its monthly and annual premium plans in the U.S. for the first time since the subscription service was launched in 2018. Spotify, which had indicated in April that it would raise prices in 2023, had also raised prices in 46 countries last year.

Persons: Samrhitha, Shailesh Organizations: Spotify Technology, U.S, Spotify, Rivals, Apple, YouTube, Thomson Locations: United States, United Kingdom, U.S, Sweden, Bengaluru

☆ Spotify raises prices for its premium plans in the US
▼ + stars: | 2023-07-24 | by ( ) www.reuters.com time to read: 1 min

July 24 (Reuters) - Spotify Technology (SPOT.N) said on Monday it was raising the prices for its premium plans by $1 each in the United States, as the music streaming company looks to boost profitability in an uncertain economy. Spotify, which competes with rival services from Apple (AAPL.O) and Amazon.com (AMZN.O), has been under pressure to focus on profitability over user growth as recession-wary customers cut down on unnecessary spending. The cost of Spotify's ad-free premium plans would now all be priced at an additional $1 with the premium single at $10.99, duo $14.99, family $16.99 and the student costing $5.99. Shares of the company were up more than 1% in trading before the bell. Reporting by Samrhitha Arunasalam in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

Persons: Samrhitha, Shailesh Organizations: Spotify Technology, Spotify, Apple, Thomson Locations: United States, Bengaluru

☆ Wall St sees bargains and lure of Europe buoying cruise, hotel earnings
▼ + stars: | 2023-07-24 | by ( Doyinsola Oladipo | ) www.reuters.com time to read: +4 min

Passenger ticket and onboard spending revenue is expected to increase 66% and 36%, respectively. Cabin bookings in the second quarter were up 58% compared to this time last year. For Carnival, booking volumes in the second quarter were 17% higher than in 2019, Carnival CEO Josh Weinstein told investors in June. Meanwhile, investors will be watching if record nightly rates for on-shore accommodations can offset revenue in the second quarter. Hotel and short-term rental rates were about 18% and 35% more expensive in the second quarter than in 2019, according to analytics firms CoStar and AirDNA.

Persons: Brandt Montour, McKinsey, Sylvia Jablonski, Patrick Scholes, Josh Weinstein, AirDNA, Hilton, Doyinsola Oladipo, Granth, Susan Heavey Organizations: YORK, Investors, Hilton Worldwide Holdings, Royal Caribbean Cruises, Barclays, Royal, Carnival Corp, Cruise Line Holdings, Airlines, Cruises, Cruise, Truist Securities, Thomson Locations: Europe, United States, AirDNA . U.S, Asia, New York, Bangalore

☆ Strike at trucking firm Yellow averted after deal
▼ + stars: | 2023-07-23 | by ( ) www.reuters.com time to read: +2 min

July 23 (Reuters) - U.S. trucking firm Yellow (YELL.O) averted a threatened strike by 22,000 Teamsters-represented workers on Sunday, saying the company will pay the more than $50 million it owed in worker benefits and pension accruals. Yellow is the third-biggest U.S. trucking company specializing in the less-than-truckload segment that combines shipments from different customers in the same trailer. Competitors, who are grappling with a sharp drop in freight volume, are expected to cherry-pick the company's customers, trucking experts and analysts said. It has successfully won such concessions in the past, but this time was rebuffed by new Teamsters General President Sean O'Brien. A federal judge in Kansas on Friday rejected Yellow's request to block the Teamsters from striking over the delinquent benefit payments.

Persons: Donald Trump, Sean O'Brien, O'Brien, O’Brien, Yellow's, Lisa Baertlein, Ananta Agarwal, Mrinmay Dey, Diane Craft, Chris Reese Organizations: Teamsters, Central, U.S, Walmart, Uber, Apollo Global Management, . Company, International Brotherhood of Teamsters, United Parcel Service, Thomson Locations: U.S, Central States, Nashville , Tennessee, Kansas, Los Angeles, Bengaluru

☆ Spotify plans to raise premium plan price in US - WSJ
▼ + stars: | 2023-07-21 | by ( ) www.reuters.com time to read: 1 min

July 21 (Reuters) - Music-streaming service Spotify (SPOT.N) plans to raise the price of its ad-free premium monthly plan by $1 in the United States, the Wall Street Journal reported on Friday, citing people familiar with the matter. Reporting by Yuvraj Malik in Bengaluru Editing by Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.

Persons: Yuvraj Malik, Vinay Dwivedi Organizations: Spotify, Wall Street, Thomson Locations: United States, Bengaluru

July 20 (Reuters) - New York Governor Kathy Hochul on Thursday directed state departments to investigate health risks associated with old lead-clad cables left by telecommunication companies. The Wall Street Journal this month reported that telecom companies, including AT&T (T.N) and Verizon Communications (VZ.N), had left toxic lead cables on poles, underwater and buried under ground across the U.S. including in New York. The investigation is to better understand the inventory and ownership of such cables in New York, Hochul said. "AT&T’s commitment to addressing our members’ exposure to lead must go beyond point-in-time testing of blood lead levels and incorporate proper follow up," the union said. U.S. Representative Pat Ryan of New York on Thursday wrote to the CEOs of Verizon, AT&T and industry group U.S. Telecom, demanding that they remove lead cables.

Persons: Kathy Hochul, Hochul, John Stankey, Jessica Rosenworcel, Rosenworcel, Pat Ryan, Ryan, Mrinalika Roy, Vinay Dwivedi, Marguerita Choy Organizations: Verizon Communications, Verizon, The Communications Workers, America, Federal Communications, Environmental Protection Agency, White House Council, Environmental, U.S . Telecom, Thomson Locations: New, New York, Bengaluru

☆ India's Infosys halves FY revenue growth outlook as clients cut spending
▼ + stars: | 2023-07-20 | by ( Sethuraman N R | ) www.reuters.com time to read: +1 min

BENGALURU, July 20 (Reuters) - Infosys (INFY.NS), India's second-largest IT services firm by revenue, halved its full-year revenue forecast on Thursday and posted a first-quarter profit that missed estimates as clients cut back spending in a cloudy economic environment. Infosys' U.S.-listed shares fell nearly 7% in pre-market trading after the company cut its full-year revenue growth of 1%-3.5% on a constant currency basis from 4%-7% previously. There are some discretionary spending cuts from clients in the short-term and overall decision-making has slowed down, CEO Salil Parekh said in a media conference. Consolidated net profit rose 10.9% to 59.45 billion rupees ($725.5 million) in the three months to June 30, missing analysts' view of 61.41 billion rupees as per Refinitiv IBES. Businesses are cutting back spending on discretionary IT projects amid steep inflation that stoked interest rates.

Persons: Salil Parekh, Sonia Cheema Organizations: Infosys, U.S, Consolidated, Tata Consultancy Services, Wipro, Sethuraman NR, Thomson Locations: BENGALURU, Bengaluru

[1/3] The sign outside the Sam's Club is seen at its store in Shanghai, China July 12, 2023. The membership stores are also gaining ground amid a sales decline in China's hypermarket sector, which struggled with a shift towards online purchases during the pandemic. The club warehouse format "is the only bright spot," said Derek Deng, who leads Bain & Company's consumer products practice in greater China. "Sam's Club are doing well. But Sam's Club was ultimately confident it is currently miles ahead, one of the people said.

Persons: Aly, Liu Zheng, lockdowns, Derek Deng, Bain, Kantar Worldpanel, Judith McKenna, Bain's Deng, Christina Zhu, Sophie Yu, Brenda Goh, Jamie Freed Organizations: Sam's, REUTERS, Sam's Club, Costco, Walmart, HK, Freshippo, Carrefour, Yonghui, Bain, Reuters Graphics, Reuters, Sun, Retail, M, Beijing Yaodi Agriculture, M Club, Thomson Locations: Shanghai, China, BEIJING, Beijing, U.S, United States, Carrefour China, Peking, Yangzhou, Lanzhou, Sam's

☆ New York Governor Hochul directs agencies to probe toxic lead cables
▼ + stars: | 2023-07-20 | by ( ) www.reuters.com time to read: +1 min

July 20 (Reuters) - Democratic Governor Kathy Hochul on Thursday directed the public service, health and environmental conservation departments to investigate risks associated with old lead-clad cables left by telecommunication companies following a recent report. The Wall Street Journal earlier this month reported that telecom companies including AT&T (T.N) had left toxic lead cables on poles, underwater and buried under ground across the U.S. including the State of New York. The purpose of the investigation is to better understand the inventory and ownership of such cables in New York, according to a statement from the governor's office. "Lead-covered cables pose a serious threat to communities across New York ... We will hold the telecommunication companies responsible and take swift action to remediate any problems," Hochul said in a statement. Reporting by Mrinalika Roy in Bengaluru Editing by Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.

Persons: Kathy Hochul, Hochul, Mrinalika Roy, Vinay Dwivedi Organizations: Democratic, Street, Thomson Locations: New York, Bengaluru

Abbott CEO Robert Ford said the great momentum in device and diagnostics sales during the quarter was due to improving market conditions in healthcare. Rival J&J's (JNJ.N) medical device segment also topped estimates, aided by a recovery in demand for medical procedures. Shares of rival medical device makers Medtronic (MDT.N) and Boston Scientific Corp (BSX.N) rose nearly 3%. Abbott clocked quarterly sales for its medical devices at $4.3 billion, with $1.3 billion coming from diabetes device Freestyle Libre, beating analysts' estimates of $4.10 billion. Abbott's adjusted profit of $1.08 per share in the quarter beat analysts' estimates of $1.05.

Persons: Robert Ford, J, Shagun Singh, Abbott, Khushi Mandowara, Pooja Desai Organizations: Abbott Laboratories, RBC Capital Markets, Boston Scientific Corp, U.S, Thomson Locations: Michigan, Bengaluru

[1/5] A Domino's staff member stands next to a sign for a 49-rupee pizza at a restaurant in Noida, India, July 4, 2023. A: With the world's cheapest Domino's pizza. "You are coming to the store or open the app, because there is a 49-rupee callout," he said, adding that Domino's global team supported the plans. Domino's global HQ referred queries about India to its local franchisee. When Khetarpal visited Domino's stores in Chennai and other cities, he said he saw customers emptying out their pockets and only being able to scrape together 49 rupees.

Persons: Adnan Abidi, Sameer Khetarpal, Khetarpal, Merrill Pereyra, They'll, Akshay Jatia, Westlife, It's, Devanshu Bansal, Kiran Raj, Praveen Paramasivam, Aditya Kalra, Saurabh Sharma, Jatindra, Brenda Goh, Hilary Russ, Abhirup Roy, Miyoung Kim, Pravin Organizations: REUTERS, U.S, India, Sapphire Foods, Domino's, Burger King's, Restaurant Brands, Euromonitor, Yum Brands, Global Financial Services, Pravin Char, Thomson Locations: Noida, India, CHENNAI, DELHI, America, Shanghai, San Francisco, Burger, zeroing, Pizza, New Delhi, Chennai, Burger King's India, United States, U.S, Lucknow, Bhubaneswar, New York, Singapore

The S&P 500 banking index (.SPXBK) added 1.5%, but was still down 1.8% this year in the aftermath of a banking crisis that took down three lenders and pummeled the regional banking sector. The benchmark S&P 500 index (.SPX) has notched a 19.2% gain in the same period. Elevance Health (ELV.N) advanced 5.1% and was among top gainers on the S&P 500 after the health insurer forecast an upbeat annual profit. Halliburton(HAL.N) shed 2.8% after posting disappointing quarterly revenue, while Baker Hughes(BKR.O) edged up 0.5% after beating quarterly earnings expectations. The S&P index recorded 36 new 52-week highs and no new lows, while the Nasdaq recorded 117 new highs and 42 new lows.

Persons: Goldman, Goldman Sachs, Mike Loewengart, Dow, Baker Hughes, Bansari Mayur Kamdar, Johann M, Saumyadeb Chakrabarty, Maju Samuel Organizations: T Bank, Dow, Nasdaq, Big, Morgan Stanley Global Investment, Citizens, U.S, U.S . Federal, US Bancorp, Dow Jones, Netflix, IBM, Verizon, Elevance, Halliburton, NYSE, Thomson Locations: Big U.S, U.S ., Minneapolis, Bengaluru

July 19 (Reuters) - The U.S. Securities and Exchange Commission (SEC) has accepted applications to create spot bitcoin exchange-traded funds from six firms including BlackRock (BLK.N) for review, the first step in the agency's process for deciding whether or not to approve the latest round of proposals. The SEC also formally acknowledged applications from Bitwise, VanEck, WisdomTree (WT.N), Fidelity and Invesco (IVZ.N) for similar spot bitcoin ETFs, with those proposals appearing on the Federal Register Tuesday and Wednesday. The SEC has previously rejected dozens of spot bitcoin ETF applications, saying the proposals did not meet anti-fraud and investor protection standards. The first bitcoin futures ETF was approved in October 2021, helping send the volatile bitcoin to an all-time high of $69,000 in November 2021. Spot ETFs directly track the price of the cryptocurrency, while futures-based ETFs follow the price of bitcoin futures contracts.

Persons: Hannah Lang, Andrea Ricci Organizations: U.S . Securities, Exchange Commission, SEC, BlackRock, Fidelity, Federal Register, Nasdaq, Coinbase, CBOE Global, Thomson Locations: U.S, Washington

Big U.S. lenders rallied on Tuesday after they said higher interest rates had helped boost profits in the second quarter. The S&P 500 banking index (.SPXBK) has fallen 3.4% this year in the aftermath of a banking crisis that took down three lenders and pummeled the regional banking sector. The benchmark S&P 500 index (.SPX) has notched an 18.6% gain in the same period. Among other lenders, Citizens Financial(CFG.N) and M&T Bank(MTB.N) beat Wall Street estimates for second-quarter profit, benefiting from the U.S. Federal Reserve's rapid rate hikes. ET, Dow e-minis were up 7 points, or 0.02%, S&P 500 e-minis remained unchanged, and Nasdaq 100 e-minis were up 22.5 points, or 0.14%.

Persons: Goldman Sachs, Goldman, Dennis Dick, noteholders, Bansari Mayur Kamdar, Johann M, Saumyadeb Chakrabarty, Maju Samuel Organizations: T Bank, Dow, Nasdaq, Street, Big, Triple D, Citizens, U.S, U.S . Federal, Dow e, Credit Suisse, Netflix, IBM, Microsoft, Verizon, Elevance, VMware, Federal Reserve, Thomson Locations: Big U.S, U.S ., Bengaluru

☆ AT&T bounces back after it eases fears over lead cable exposure
▼ + stars: | 2023-07-19 | by ( ) www.reuters.com time to read: +1 min

July 19 (Reuters) - Shares of AT&T (T.N) rose 5% in premarket trading on Wednesday after the telecom company said lead cables made up only a small part of its wireline network, easing fears of an expensive clean-up. Several brokerages including J.P. Morgan and Citi had downgraded AT&T after the report, which said the cables may have contaminated neighboring soil and drinking water sources. AT&T said on Tuesday lead-clad cables "represent less than 10% of its copper footprint of roughly two million sheath miles of cable, the overwhelming majority of which remains in active service." AT&T shares have fallen about 14% since the WSJ report and hit a three-decade low on Monday, while Verizon has lost about 10%. AT&T is scheduled to report its second-quarter results next Wednesday.

Persons: Morgan, Samrhitha, Anil D'Silva Organizations: Verizon, Wall, Citi, Thomson Locations: Bengaluru

☆ AT&T does not intend to immediately remove lead cables from Lake Tahoe
▼ + stars: | 2023-07-19 | by ( David Shepardson | ) www.reuters.com time to read: +3 min

REUTERS/Brendan McDermid/File PhotoJuly 18 (Reuters) - AT&T (T.N) said on Tuesday it does not intend to immediately remove lead cables from Lake Tahoe pending further analysis, according to its court filing. AT&T on Tuesday harshly criticized the newspaper's reporting and testing, saying it "differs dramatically from the expert testing commissioned by AT&T." In Tuesday's court filing, AT&T argued that lead-clad cables "make up a small part" of its network. EDF's goal was to use scientifically sound principles to determine the extent that lead-clad cables may pose health risks. We did not pick the lab - the Wall Street Journal did that."

Persons: Brendan McDermid, Tom Neltner, Neltner, David Shepardson, Chris Reese, Matthew Lewis, Muralikumar Organizations: New York Stock Exchange, REUTERS, Journal, AT, Wall, EPA, . Environmental Protection Agency, Environmental Defense Fund, Environmental Defense, Safer Chemicals, Reuters, EDF, Marine Taxonomic Services, Street, Thomson Locations: New York, U.S, Tahoe, California, Nevada, Washington

☆ Post-it maker 3M is in danger of coming unstuck
▼ + stars: | 2023-07-19 | by ( Jeffrey Goldfarb | ) www.reuters.com time to read: +10 min

There will be up to $1.5 billion of costs related to separating the health care business, 3M has said. Its interest cover, after backing out estimated operating income from health care, would fall to about 4 times from 11 times. And its net debt, using all these assumptions and excluding the health care division, would swell to nearly 5 times EBITDA from less than 2 times. Back out $2.5 billion from health care, as estimated by the Morgan Stanley team, and $1.5 billion of capital expenditure costs noted by Wolfe Research. For example, the water settlement, as drafted, only envisions $4.6 billion of outlays through 2025, and the rest over the ensuing 11 years.

Persons: Mike Roman, Roman, Sackler, Johnson, Aearo, ”, Morgan Stanley, Smith, Nephew, Lauren Silva Laughlin, Streisand Neto Organizations: YORK, Reuters, U.S . Environmental, Purdue Pharma’s, Association of Metropolitan Water Agencies, Bayer, Monsanto, Aearo Technologies, Partners, Honeywell International, Siemens, 3M, Refinitiv, Reuters Graphics, Wolfe Research, Thomson Locations: . Oregon, Republic, Corning

July 19 (Reuters) - The shares of Northern Trust (NTRS.O) jumped by more than 14% on Wednesday after the asset and wealth manager reported a smaller-than-expected drop in second quarter net interest income underpinned by higher interest rates and slower deposit losses. Analysts were, however, expecting a bigger drop in Northern Trust's quarter-on-quarter NII just like State Street. Northern Trust's shares were trading at $82.14, on track for its biggest one-day percentage gain since March 2020. Total revenue fell 1% to $1.77 billion in the quarter as Northern Trust generated fewer fees from its custodial, investment, and wealth management businesses. Northern Trust said its total assets under custody increased 5% to $14.48 trillion, while total asset management also rose 5% to $1.37 trillion.

Persons: Goldman Sachs, Alexander Blostein, NII, Sri Hari, Krishna Chandra Organizations: Northern Trust, Street Corp, Trust, Sri, Thomson Locations: Northern Trust's, Northern, Bengaluru

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