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☆ Home Depot leans on small projects to top estimates as big-ticket spending wobbles
▼ + stars: | 2023-11-14 | by ( Deborah Mary Sophia | ) www.reuters.com time to read: +2 min

Americans have put big renovations and discretionary home-improvement projects on the back burner as they battle sticky inflation, higher interest rates and lingering caution around the economy. "We see great (customer) engagement... with smaller projects," CEO Ted Decker said on an earnings call. Per-share profit of $3.81 topped estimates of $3.76. "With continued pressure in certain big-ticket discretionary categories and a trend to smaller projects, HD took the conservative approach – which we agree with," Evercore analyst Greg Melich said. It now expects annual per-share profit to fall 9% to 11%, compared with a 7% to 13% slump estimated previously.

Persons: Lucy Nicholson, Ted Decker, Sarah Henry, Henry, Greg Melich, Deborah Sophia, Sriraj Organizations: REUTERS, U.S, Logan Capital Management, Home Depot, Thomson Locations: Los Angeles , California, Bengaluru

☆ Pfizer to cut 500 jobs at UK site as part of wider cost cuts
▼ + stars: | 2023-11-14 | by ( ) www.reuters.com time to read: +1 min

Pfizer company logo is seen at a Pfizer office in Puurs, Belgium, December 2, 2022. REUTERS/Johanna Geron/ File Photo Acquire Licensing RightsNov 14 (Reuters) - Pfizer (PFE.N) will cut 500 jobs at its Sandwich, Kent site in the U.K. as part of its $3.5 billion cost-cutting plan, the drugmaker said on Tuesday. The U.S. drugmaker announced the cost-cutting program in October after slashing its full-year revenue forecast due to lower-than-expected sales of its COVID-19 vaccine and treatment. Pfizer, which employs roughly 83,000 people globally, has not disclosed how many jobs will be affected by the cost-reduction program. The company said on Tuesday it would share further details on the program as part of the full-year forecast for 2024.

Persons: Johanna Geron, drugmaker, Christy Santhosh, Shailesh Kuber Organizations: Pfizer, REUTERS, Thomson Locations: Puurs, Belgium, Sandwich, Kent, U.S

☆ UAW workers at GM's Spring Hill plant vote against tentative deal
▼ + stars: | 2023-11-14 | by ( ) www.reuters.com time to read: +1 min

An independent contractor hauls vehicles made at the Spring Hill General Motors (GM) manufacturing plant as Union members picket General Motors (GM) in the midst of a tentative deal being reached with the United Auto Workers (UAW), which expanded its strike over the weekend to the General Motors (GM) engine plant in Spring Hill,... Acquire Licensing Rights Read moreNov 14 (Reuters) - Workers belonging to the United Auto Workers (UAW) union at General Motors' (GM.N) Spring Hill plant in Tennessee have voted against a proposed contract with the automaker, the union's vote tracker showed on Tuesday. The Spring Hill manufacturing plant employs 3,932 workers and makes the company's SUV models such as Cadillac XT5 and XT6. Union workers are voting on contracts from each of Chrysler-owner Stellantis (STLAM.MI), General Motors (GM.N) and Ford Motor (F.N), after the first coordinated strike against Detroit's Big Three automakers. GM in October also pulled its full-year profit forecast due to the strike and postponed a $4 billion electric truck plant in Michigan. Reporting by Nathan Gomes in Bengaluru; Editing by Sriraj Kalluvila and Devika SyamnathOur Standards: The Thomson Reuters Trust Principles.

Persons: Stellantis, Tesla, Nathan Gomes, Sriraj Kalluvila Organizations: General Motors, United Auto Workers, UAW, Workers, Chrysler, Ford, Detroit's Big, GM, Thomson Locations: Spring Hill, Tennessee, XT6, Michigan, Bengaluru

☆ Medical device stocks rise in relief after Wegovy heart benefits data
▼ + stars: | 2023-11-13 | by ( ) www.reuters.com time to read: +2 min

A 0.25 mg injection pen of Novo Nordisk's weight-loss drug Wegovy is shown in this photo illustration in Oslo, Norway, September 1, 2023. To be sure, the full results presented on Saturday at a major medical meeting gave analysts even more confidence in the heart protective benefits of the hugely popular drug. That lifted shares of Penumbra (PEN.N), which makes devices used in surgeries for stroke patients, 13% in morning trading. Its shares have tumbled about 28% as of last close since Novo in August said Wegovy had also shown a clear cardiovascular benefit. "The full detailed results ... do not shift our outlook that MedTech device stocks appear broadly oversold," said Leerink analyst Mike Kratky.

Persons: Victoria Klesty, Wegovy, Baird, Jeff Johnson, Eli Lilly's, Mike Kratky, Leroy Leo, Medha Singh, Sriraj Organizations: REUTERS, Novo, Devices, Abbott Laboratories, Thomson Locations: Oslo, Norway, Victoria, MedTech, Penumbra, Novo, Friday's, Bengaluru

View of the Cobre Panama mine, of Canadian First Quantum Minerals, in Donoso, Panama, December 6, 2022. The disruption was caused by an "illegal blockade" of small boats at the mine's Punta Rincon port, the company said in a statement. The protests began after the Panamanian government and First Quantum signed a new contract on Oct. 20 for Cobre Panama, which contributes 1% to global copper production and 5% to Panama's gross domestic product. The demonstrators say the new terms are too generous to First Quantum and allege corrupt practices in its approval. A reduction of ore processing could potentially impact about 2% of Panama's national workforce, the company said, adding that two ore processing trains remain operational.

Persons: Sourasis Bose, Valentine Hilaire, Sriraj Kalluvila, Rosalba O'Brien Organizations: Minerals, REUTERS, Aris, Cobre, Reuters, Thomson Locations: Panama, Donoso, Rincon, Panamanian, Cobre Panama, Bengaluru, Mexico City

☆ Home Depot, Lowe's may signal more pain from muted consumer spending, housing demand
▼ + stars: | 2023-11-13 | by ( Deborah Mary Sophia | ) www.reuters.com time to read: +3 min

Nov 13 (Reuters) - Wall Street is bracing for another quarter of weak sales from U.S. home improvement chains Home Depot (HD.N) and Lowe's (LOW.N) as demand remained under pressure from uneven consumer spending and a subdued housing market. Expectations have been revised roughly 17% lower for Home Depot's same-store sales for the third quarter compared to early September, LSEG data showed, while estimates for Lowe's have come down about 19% during the same period. Key demand indicators - such as category sales figures from the U.S. Census Bureau and home sales - pointed to a sequential softening in the home improvement industry in the quarter, analysts said. "Most likely, a recovery won't be in sight until the second half of 2024," UBS analyst Michael Lasser said. U.S. existing home sales dropped to a 13-year low in September, weighed by rising mortgage rates and tight supply.

Persons: Michael Lasser, Wells, J.P, Morgan, Christopher Horvers, Stocks, Deborah Sophia, Sriraj Organizations: Lowe's, U.S . Census Bureau, UBS, Reuters, Thomson Locations: U.S, Wells Fargo, Bengaluru

☆ UAW workers at GM's Flint plant narrowly vote against new labor deal
▼ + stars: | 2023-11-10 | by ( Shivansh Tiwary | ) www.reuters.com time to read: +2 min

The GM logo is seen on the facade of the General Motors headquarters in Detroit, Michigan, U.S., March 16, 2021. REUTERS/Rebecca Cook Acquire Licensing RightsNov 10 (Reuters) - United Auto Workers (UAW) union members at General Motors' (GM.N) Flint assembly plant in Michigan have narrowly voted against a proposed contract with the U.S. automaker, the local chapter said. In a Facebook post on Thursday, the UAW Local 598 said 51.8% of votes cast were against the proposed deal. The vote signals that approval of the deal, which is set to raise costs significantly for GM, is not guaranteed. Union workers are voting on contracts from each of Chrysler-owner Stellantis (STLAM.MI), General Motors and Ford Motor (F.N), after the first coordinated strike against Detroit's Big Three automakers.

Persons: Rebecca Cook, Stellantis, Erik Gordon, Mack Trucks, Nathan Gomes, Shivansh, Sriraj Organizations: General Motors, REUTERS, United Auto Workers, UAW, U.S ., GM, Workers, Chrysler, Ford, Detroit's Big, Silverado, Detroit Three, University of Michigan, Detroit, Honda, Volvo Group, Thomson Locations: Detroit , Michigan, U.S, Flint, Michigan, Bengaluru

☆ Ad tech firm Trade Desk sinks as auto, Hollywood strikes hit forecast
▼ + stars: | 2023-11-10 | by ( Samrhitha A | ) www.reuters.com time to read: +2 min

Nov 10 (Reuters) - Shares of advertising tech firm Trade Desk (TTD.O) plunged 19% on Friday following a quarterly revenue forecast dented by a slowdown in spending from labor strike-hit automakers and media companies. Trade Desk has what it calls "a marketplace" of more than 200 companies, including ESPN, Hulu and Fox, where advertisers can choose to show their ads. The company also caters to brands such as Warner Bros Discovery (WBD.O), which warned this week the sluggishness in advertising trends could continue into the next year. Trade Desk expects fourth-quarter revenue of at least $580 million, which was $30 million lower than estimates, according to LSEG data. "We appreciate the near-term conservatism and think that Trade Desk sits in a unique position to deliver defensibility in a deteriorating macro but also growth in an improving one," RBC Capital Markets analysts said.

Persons: Piper Sandler, Jeff Green, Samrhitha, Sriraj Organizations: Google, ESPN, Hulu, Fox, Warner Bros Discovery, Trade, RBC Capital Markets, Thomson Locations: Alphabet's, Bengaluru

A vial labelled "Novavax V COVID-19 Vaccine" is seen in this illustration taken January 16, 2022. Still, the Maryland-based biotech, which has been banking on cost cuts and commercial sales of its retooled COVID shot to help it stay afloat, reiterated its "going concern warning". The company expects the 2023-2024 U.S. market for COVID shots to be between 30 million and 50 million doses. The company's updated COVID shot, using a more traditional technology than the mRNA-based vaccines of rivals Pfizer (PFE.N) and Moderna (MRNA.O), was authorized in the U.S. in October. Novavax missed out on the COVID vaccine windfall that benefited rivals due to manufacturing issues that delayed its filing for approval when the pandemic was raging.

Persons: Dado Ruvic, Novavax, Jim Kelly, John Jacobs, Jacobs, Bhanvi, Patrick Wingrove, Sriraj Kalluvila, Bill Berkrot Organizations: REUTERS, U.S, Department of Health, Human Services, Pfizer, Moderna, Thomson Locations: Maryland, U.S, United States, Bengaluru, New York

☆ Take-Two surges on report widely awaited 'GTA VI' may be unveiled this week
▼ + stars: | 2023-11-08 | by ( ) www.reuters.com time to read: +1 min

Grand Theft Auto The Trilogy by Take-Two Interactive Software Inc is seen for sale in a store in Manhattan, New York City, U.S., February 7, 2022. Take-Two, slated to report earnings later in the day, did not immediately respond to a Reuters request for comment. The game's predecessor, "GTA V", has garnered around $7.68 billion in sales since its launch in 2013 and ranks among one of the most profitable titles ever. Take-Two was on track to add nearly $2 billion to its market value, based on the premarket share price of $148.6. The stock has risen by nearly a third this year, partly due to growing expectations of a reveal for the "GTA VI".

Persons: Andrew Kelly, Aditya Soni, Sriraj Organizations: Inc, REUTERS, Bloomberg, Rockstar Games, Thomson Locations: Manhattan , New York City, U.S, Bengaluru

☆ Under Armour raises margin forecast as costs ease
▼ + stars: | 2023-11-08 | by ( ) www.reuters.com time to read: +1 min

The ticker symbol and company logo for Under Armour, Inc. is displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York, U.S., January 22, 2019. REUTERS/Brendan McDermid/ File Photo Acquire Licensing RightsNov 8 (Reuters) - Under Armour (UAA.N) on Wednesday raised its annual gross margin forecast as the company benefits from easing freight and raw material costs and keeps a tight lid on expenses. Shares of the company, which cut its annual revenue forecast, were up 2.3% in premarket trade. Under Armour sees annual gross margin to be up 100 to 125 basis points versus the previous expectation of up 25 to 75 basis points. Reporting by Aatrayee Chatterjee and Ananya Mariam Rajesh in Bengaluru; Editing by Sriraj KalluvilaOur Standards: The Thomson Reuters Trust Principles.

Persons: Brendan McDermid, Armour, Aatrayee Chatterjee, Ananya Mariam Rajesh, Sriraj Organizations: Armour, Inc, New York Stock Exchange, REUTERS, Thomson Locations: New York, U.S, Bengaluru

☆ Ford's Chicago plant UAW workers vote to ratify deal with automaker
▼ + stars: | 2023-11-08 | by ( ) www.reuters.com time to read: +2 min

A United Auto Workers (UAW) union member wears a pin while picketing outside Ford's Kentucky truck plant after going on strike in Louisville, Kentucky, U.S. October 12, 2023. REUTERS/Luke Sharrett/File Photo Acquire Licensing RightsNov 8 (Reuters) - Workers at Ford Motor's (F.N) Chicago assembly plant have voted to ratify a proposed contract with the automaker, the United Auto Workers (UAW) union's local chapter said in a Facebook post on Wednesday. UAW Local 551 said 57% of votes cast were in favor of the deal. Ford employs about 4,500 hourly workers at the assembly plant, which also manufacturers the Ford Explorer. A majority of workers at Ford's Michigan assembly plant have already voted to approve the tentative deal.

Persons: Luke Sharrett, Stellantis, Tesla, Nathan Gomes, Shivansh, Sriraj Organizations: United Auto Workers, UAW, REUTERS, Workers, Ford, Ford Explorer ., Chrysler, General Motors, Detroit's Big, Thomson Locations: Ford's Kentucky, Louisville , Kentucky, U.S, Chicago, Ford's Michigan, Dearborn , Michigan, Bengaluru

Casino-resort operators have been earning record profits from a steady post-pandemic recovery in tourism to Las Vegas. Visits to the city in August were just 7% lower than in the same period in 2019, according to the Las Vegas Convention and Visitors Authority. The city is also gearing up for major events including the Formula 1 Las Vegas Grand Prix this month, which is expected to draw more than 100,000 tourists. TALKS WITH MGM, WYNN CONTINUETalks with operators MGM Resorts International (MGM.N) and Wynn Resorts (WYNN.O) are yet to yield an agreement ahead of the Nov. 10 deadline for a strike. Caesars shares were up about 3% in early trading, while MGM and Wynn Resorts rose 1.6% and 0.5%, respectively.

Persons: Steve Marcus, Erik Gordon, WYNN, Barry Jonas, Shivansh Tiwary, Ananta Agarwal, Sriraj Kalluvila, Arun Koyyur Organizations: Caesars Entertainment Corp, REUTERS, Las Vegas Sun, Caesars Entertainment, Culinary Workers, Bartenders Unions, Las, housekeepers, Las Vegas Convention, Visitors Authority, Las Vegas, Companies, University of Michigan, MGM, MGM Resorts International, Wynn Resorts, Wynn, Caesars, Thomson Locations: Las Vegas , Nevada, Las Vegas, Vegas, United States, Bengaluru

☆ Medical device maker Zimmer cuts revenue growth forecast as profit beats
▼ + stars: | 2023-11-07 | by ( ) www.reuters.com time to read: +2 min

Sales at Zimmer's knees unit rose 7.5% to $706.3 million, compared to analysts' estimate of $702.9 million. That helped cushion a miss at its hips unit, where sales of $465.3 million compared with estimates of $481.7 million. The Indiana-based company's third-quarter revenue rose 5% to $1.75 billion, in line with analysts' average estimates. Zimmer had said earlier that it expects second- and third-quarter revenue to be a "little bit lighter" compared to the first quarter. The hip and knee implant maker cut its full-year reported revenue forecast to a growth of 6% to 6.5% from 6.5% to 7.0% earlier while backing its full-year profit forecast of $7.47 to $7.57 per share.

Persons: Zimmer Biomet, Moritz Hager, Zimmer, Johnson, Ivan Tornos, Christy Santhosh, Sriraj Organizations: REUTERS, Zimmer Biomet Holdings, Laboratories, Boston, Thomson Locations: Winterthur, Switzerland, Indiana, Bengaluru

☆ GlobalFoundries projects profit above estimates in positive sign for chip market
▼ + stars: | 2023-11-07 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsNov 7 (Reuters) - Contract chipmaker GlobalFoundries (GFS.O) forecast fourth-quarter profit above analysts' estimates on Tuesday, providing the latest sign that a supply glut in the semiconductor industry was easing. Both Intel (INTC.O) and Advanced Micro Devices (AMD.O) have indicated that a recovery is afoot in the personal computer market, a key source of revenue for semiconductor makers. GlobalFoundries said it expects adjusted profit per share to be in the range of 53 cents to 64 cents in the three months to December, above estimates of 52 cents, according to LSEG data. The company, whose customers range from mobile phone chip designer Qualcomm (QCOM.O) to the U.S. Department of Defense, said net revenue fell 11% to $1.85 billion in the third quarter, but came in line with estimates. Adjusted earnings of 55 cents per share beat estimates of 49 cents.

Persons: Brendan McDermid, Thomas Caulfield, GlobalFoundries, Arsheeya, Sriraj Organizations: Nasdaq, REUTERS, Intel, Devices, Qualcomm, U.S . Department of Defense, Thomson Locations: New York City, U.S, Bengaluru

☆ Birkenstock gets Wall Street's top rating on capacity boost, expansion
▼ + stars: | 2023-11-06 | by ( ) www.reuters.com time to read: +2 min

Nov 6 (Reuters) - Wall Street brokerages largely initiated Birkenstock (BIRK.N) with their top ratings, pointing to a likely boost from the German luxury sandal maker's recent investments to increase capacity, expansion into newer styles and brand loyalty. Birkenstock's shares dropped to as low as $35.83 in the days after listing on Oct. 11 and has traded below the IPO price of $46 apiece. Citigroup was among the most bullish, with a price target of $52, a more than 26% jump from the last close. Telsey Advisory Group analysts said Birkenstock has further avenue to expand into footwear categories such as orthopedics and professional, outdoor and active, kids, home, and sneakers. Morgan Stanley assigned a price target of $41 and an "equal-weight" rating, saying most catalysts were already priced in.

Persons: Birkenstock's, Morgan, Goldman Sachs, Jefferies, Birkenstock, Bernard Arnault, Lorraine Hutchinson, Morgan Stanley, Hogan, Riley, Reshma Rockie George, Susan Mathew, Savyata Mishra, Amruta Khandekar, Maju Samuel, Sriraj Organizations: Arm Holdings, Citigroup, Telsey Advisory, U.S ., Global, Thomson Locations: U.S, French, Bengaluru

☆ Bristol Myers buys Orum's blood cancer therapy for up to $180 mln
▼ + stars: | 2023-11-06 | by ( ) www.reuters.com time to read: 1 min

A sign stands outside a Bristol Myers Squibb facility in Cambridge, Massachusetts, U.S., May 20, 2021. REUTERS/Brian Snyder/File Photo Acquire Licensing RightsNov 6 (Reuters) - Bristol Myers Squibb (BMY.N) has acquired Orum Therapeutics' experimental therapy to treat a type of blood cancer for a total value of up to $180 million, the privately held company said on Monday. The therapy, ORM-6151, which helps degrade a specific protein hard to treat previously, has received the U.S. Food and Drug Administration's (FDA) clearance for an early stage study. The deal includes an upfront payment of $100 million and milestone payments, Orum said, without disclosing further details. Reporting by Khushi Mandowara in Bengaluru; Editing by Dhanya Ann Thoppil and Sriraj KalluvilaOur Standards: The Thomson Reuters Trust Principles.

Persons: Brian Snyder, Orum, Khushi, Dhanya Ann Thoppil Organizations: Bristol Myers Squibb, REUTERS, Orum Therapeutics, U.S . Food, Thomson Locations: Cambridge , Massachusetts, U.S, Bengaluru

☆ Disney taps PepsiCo veteran Johnston as CFO
▼ + stars: | 2023-11-06 | by ( ) www.reuters.com time to read: +2 min

A screen shows the logo and a ticker symbol for The Walt Disney Company on the floor of the New York Stock Exchange (NYSE) in New York, U.S., December 14, 2017. REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsNov 6 (Reuters) - Walt Disney (DIS.N) on Monday hired PepsiCo (PEP.O) veteran Hugh Johnston as its chief financial officer, strengthening top boss Bob Iger's hands as he tries to turn around the media giant facing a decline in its cable business and investor pressure. Johnston had also helped guide the Doritos maker through its bitter battle with activist investor Nelson Peltz's Trian Fund Management. At PepsiCo, Johnston will be replaced by Jamie Caulfield, currently CFO at the company's North America business. Johnston will receive an annual base salary of $2 million, Disney said, compared with the $1 million base salary he received at PepsiCo at of the end of 2022, according to a regulatory filing.

Persons: Brendan McDermid, Walt Disney, Hugh Johnston, Bob Iger's, Johnston, Nelson Peltz's, Trian, Michael Ashley Schulman, Christine McCarthy, Jamie Caulfield, Disney, Akash Sriram, Aishwarya Venugopal, Sriraj Organizations: Walt Disney Company, New York Stock Exchange, REUTERS, Monday, PepsiCo, ESPN, Fund Management, Disney, Running, Microsoft, HCA Healthcare, Hollywood, Thomson Locations: New York, U.S, America, Bengaluru

For the week, the S&P 500 gained 5.9%, for its biggest gain since November 2022 and Nasdaq added 6.6%, also showing its biggest gain since Nov. 2022. The Dow showed a weekly gain of 5.1%, its biggest since late October 2022. The jobs data also helped push U.S. Treasury yields lower for the fourth consecutive session. Most of the 11 major S&P 500 sectors advanced, led by rate-sensitive real estate (.SPLRCR), which finished up 2.4%, after hitting its highest since late September. The S&P 500 posted 20 new 52-week highs and no new lows; the Nasdaq Composite recorded 53 new highs and 77 new lows.

Persons: Brendan McDermid, nonfarm, Matt Palazzolo, Palazzolo, Dow, Tony Welch, Russell, SignatureFD's Welch, Welch, Sinéad Carew, Amruta, Sriraj Kalluvila, Maju Samuel, David Gregorio Our Organizations: New York Stock Exchange, REUTERS, Apple, Dow, Nasdaq, Federal, Labor, Big, Bernstein Private Wealth Management, Fed, Dow Jones, Treasury, SignatureFD, NYSE, Thomson Locations: New York City, U.S, Atlanta Georgia, New York

Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., October 26, 2023. Such hopes, coupled with upbeat earnings reports, have put all three major Wall Street indexes on course for their biggest weekly percentage gain in about a year. Apple (AAPL.O) was an outlier, down 1.3% after its sales forecast for the holiday quarter fell short of Wall Street expectations. Most major S&P 500 sectors traded in the green, led by real estate (.SPLRCR), which jumped 3.3% to an over one-month high. The S&P index recorded 17 new 52-week highs and no new low, while the Nasdaq recorded 42 new highs and 51 new lows.

Persons: Brendan McDermid, nonfarm, Paul Nolte, Murphy, Russell, Amruta Khandekar, Sriraj Kalluvila, Maju Samuel Organizations: New York Stock Exchange, REUTERS, Apple, Dow, Nasdaq, Federal, Labor, Big, Fed, Sylvest Wealth Management, Federal Reserve, Treasury, Nvidia, Dow Jones, NYSE, Thomson Locations: New York City, U.S

☆ Cboe tops Q3 profit estimates on strong trading volumes
▼ + stars: | 2023-11-03 | by ( ) www.reuters.com time to read: +1 min

Chicago Board Options Exchange (CBOE) Global Markets sign hangs at its headquarters building in Chicago, Illinois, U.S., September 19, 2018. REUTERS/Michael Hirtzer Acquire Licensing RightsNov 3 (Reuters) - Exchange operator Cboe Global Markets Inc (CBOE.Z), on Friday sailed past analysts' estimates for third-quarter profit as transaction volumes surged amid spiraling volatility in the global markets across asset classes. Revenue from its options segment surged 14%, while total revenue rose 9% to $480.5 million. On an adjusted basis, Cboe posted a profit of $2.06 per share, compared to analysts' average estimate of $1.86, according to LSEG data. Cboe expects organic net revenue growth to be at the high end of its target of 7% to 9% in 2023.

Persons: Michael Hirtzer, Cboe, Sri Hari, Sriraj Organizations: Exchange, REUTERS, Cboe, Markets Inc, Revenue, Nasdaq, Intercontinental Exchange, Sri, Thomson Locations: Chicago , Illinois, U.S, Bengaluru

☆ Fortinet, rivals fall on concerns around cybersecurity spending
▼ + stars: | 2023-11-03 | by ( Samrhitha A | ) www.reuters.com time to read: +2 min

REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsNov 3 (Reuters) - Fortinet (FTNT.O) sank nearly 18% and sparked a selloff in cybersecurity stocks with a dismal forecast that compounded fears of slowing client spending in an uncertain economy. The current losses, if they hold, were set to wipe out nearly $8 billion from the company's market value. Fortinet cut its annual revenue target on Thursday and said it expects current-quarter sales between $1.38 billion and $1.44 billion, below estimates of $1.50 billion, LSEG data showed. Overall, eight brokerages downgraded the company and at least 18 analysts cut their price targets, pushing the median to $59, LSEG data showed. Fortinet shares have risen nearly 18% this year.

Persons: Dado Ruvic, Raymond James, Keith Jensen, Samrhitha, Sriraj Kalluvila Organizations: REUTERS, Competition, Palo, Thomson Locations: Palo Alto, Fortinet, Bengaluru

☆ AMD soars as AI chip sales prediction bodes well for rivalry with Nvidia
▼ + stars: | 2023-11-01 | by ( Samrhitha A | ) www.reuters.com time to read: +2 min

REUTERS/Florence Lo/Illustration/File Photo Acquire Licensing RightsNov 1 (Reuters) - Shares of Advanced Micro Devices (AMD.O) jumped 8% on Wednesday, after an upbeat AI chip sales forecast signaled the company was making progress in its bid to catch up with market leader Nvidia (NVDA.O). The optimism over AI chip sales helped ease worries about a disappointing fourth-quarter forecast and put it on course for market value gains of nearly $13 billion, based on the $106.41 share price. CEO Lisa Su on Tuesday provided a 2024 sales forecast for the first time for the MI300 chips, designed to compete against the advanced H100 chips sold by Nvidia. That would make the MI300 the fastest product to ramp to $1 billion in sales in AMD's history. The CEO also said the MI300 chips had won commitments from "multiple, large hyperscale customers", a term that refers to large tech and cloud computing companies.

Persons: Florence Lo, Lisa Su, TD Cowen, Morningstar, Brian Colello, Samrhitha, Sriraj Organizations: Devices Inc, REUTERS, Micro Devices, Nvidia, Thomson Locations: Bengaluru

☆ Nutrien misses quarterly profit estimates as potash prices plummet
▼ + stars: | 2023-11-01 | by ( ) www.reuters.com time to read: +1 min

Nov 1 (Reuters) - Nutrien (NTR.TO) fell short of analysts' estimates for third-quarter profit on Wednesday, as lower potash prices weighed on the world's biggest fertilizer producer. Potash prices have been falling after shipments from Belarus and Russia resumed. Demand for fertilizers was also weak during much of the year, analysts have said, as farmers waited for prices to settle down. Potash prices averaged $250 per tonne during the reported quarter, the company said, compared with $633 per tonne a year earlier. Nutrien said potash sales volumes, however, climbed 23% on strong sales in North America.

Persons: Steve Byrne, Nutrien, Sourasis Bose, Sriraj Organizations: BofA Global, Thomson Locations: Belarus, Russia, Ukraine, U.S, North America, Borger, Bengaluru

[1/2] A smartphone with displayed "Disney" logo is seen on the keyboard in this illustration taken March 24, 2020. Disney said it expected to pay NBCUniversal (NBCU) parent Comcast about $8.61 billion by Dec. 1. Hulu had 48.3 million subscribers at the end of Disney's third quarter, compared with 28 million paid subscribers for Comcast's Peacock streaming service at the end of Comcast's third quarter. Disney+ had 146.1 million global subscribers at the end of Disney's third quarter. If the value is determined to be greater than the guaranteed floor value, Disney will pay NBCU the difference.

Persons: Dado, Walt Disney, Disney, Bob Iger, Goldman Sachs, Brian Roberts, Dawn Chmielewski, Helen Coster, Sriraj Kalluvila, Sayantani Ghosh, Jamie Freed Organizations: REUTERS, ANGELES, Wednesday, Disney, Comcast, Hulu, Goldman, Thomson Locations: Hulu, Burbank , California, U.S, Los Angeles, New York

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