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☆ Here's why some of Wall Street's biggest bulls are still calling for a recession in 2024 — and 4 investments they recommend right now
▼ + stars: | 2023-12-02 | by ( James Faris | ) www.businessinsider.com time to read: +6 min

After a year of steady, resilient growth, the US economy will finally slip into a recession in 2024. Deutsche Bank is also calling for double-digit profit growth in a weaker economic backdrop. "For 2024, the house economics view with a mild short US recession implies $250 (+10%)," Chadha wrote in reference to S&P 500 earnings. Deutsche Bank also foresees earnings growth next year. "We remain overweight the financials as well as consumer cyclicals as they are already priced for a recession and the biggest beneficiary of an eventual recovery," Chadha wrote.

Persons: That's, —, Chris Grisanti, Brian Belski, Chadha, Belski, Financials, BMO's Organizations: Wall, Business, BMO Capital Markets, Deutsche Bank, MAI Capital Management, CNBC, BMO, Deutsche, Labor, Investors, Tech Locations: Chadha

☆ Disney's 'Wish' disappoints during Thanksgiving, extending an animation box office rut
▼ + stars: | 2023-11-27 | by ( Sarah Whitten | ) www.cnbc.com time to read: +2 min

Its latest animated feature "Wish," billed as a celebration of 100 years of storytelling, fumbled at the box office during the Thanksgiving holiday weekend. It tallied just $31.6 million over the five-day period, far below box office analysts' expectations of between $45 million and $55 million. It's historically rare for Disney to lag at the Thanksgiving box office. The company has for more than a decade released top-grossing animated films during the Wednesday-to-Sunday frame and even set records for highest-grossing openings for films released on Thanksgiving. The underperformance of "Wish" extends an unfortunate pattern for the company, which operates two animation studios — Walt Disney Animation and Pixar.

Persons: Napoleon, Ridley Scott, it's, Paul Dergarabedian Organizations: Apple, Disney, Walt Disney Animation, Pixar

☆ Ford to scale back plans for $3.5 billion Michigan battery plant as EV demand disappoints, labor costs rise
▼ + stars: | 2023-11-21 | by ( Michael Wayland | ) www.cnbc.com time to read: +2 min

Ford CEO Jim Farley announces at a press conference that Ford Motor Company will be partnering with the worlds largest battery company, a China-based company called Contemporary Amperex Technology, to create an electric-vehicle battery plant in Marshall, Michigan, on February 13, 2023 in Romulus, Michigan. DETROIT – Ford Motor is scaling back plans for a $3.5 billion battery plant in Michigan as consumers move to electric vehicles more slowly than expected, labor costs rise and the company moves to cut costs. Ford executives including CEO Jim Farley and Chair Bill Ford initially announced the facility in February. Reductions at the Marshall, Michigan plant are part of Ford's plans announced last month to cut or delay about $12 billion in previously announced EV investments. The company will also postpone construction of another electric vehicle battery plant in Kentucky.

Persons: Jim Farley, Bill Ford, Ford, Mark Truby Organizations: Ford Motor Company, Technology, Ford, Amperex Technology, U.S, Marshall Locations: China, Marshall , Michigan, Romulus , Michigan, DETROIT, Michigan, EVs, Kentucky

☆ ‘Hell’s Kitchen’ Review: How Alicia Keys Got Her Groove
▼ + stars: | 2023-11-19 | by ( Jesse Green | More About Jesse Green | ) www.nytimes.com time to read: +2 min

Even in the Golden Age of musical theater, shows so commonly died after intermission that critics came up with a name for the disease. “Second act trouble” presented in many ways: unmoored songs, desperate cutting, illogical crises, hasty workarounds. Yet all those second act symptoms arose from the same underlying condition: first act ambitions. So it’s not really surprising that an enormously ambitious new musical like “Hell’s Kitchen,” the semi-autobiographical jukebox built on the life and catalog of Alicia Keys, disappoints after the mid-show break, tumbling directly into the potholes it spent its first half so smartly avoiding. And since those songs are the show’s selling point, they wind up wagging the story.

Persons: ”, it’s, Alicia Keys, disappoints, Kristoffer Diaz, Michael Greif, Ali Organizations: Public, verve Locations: Jersey, Midtown Manhattan

☆ Alibaba shares slide over 8% after it disappoints on profit, curbs cloud spinoff
▼ + stars: | 2023-11-16 | by ( Ryan Browne | ) www.cnbc.com time to read: +3 min

Signage at the Alibaba Group Holding Ltd. booth at the Smart China Expo in Chongqing, China, on Monday, Sept. 4, 2023. Here's how Alibaba did in the September quarter, compared with Refinitiv consensus estimates:Net income attributable to ordinary shareholders: 27.7 billion yuan ($3.8 billion) versus 29.7 billion yuan expected. 27.7 billion yuan ($3.8 billion) versus 29.7 billion yuan expected. Revenue: 224.79 billion yuan ($31 billion) versus 224.3 billion yuan expected. On Thursday, Alibaba said that the U.S. chip restrictions have "created uncertainties for the prospects of Cloud Intelligence Group."

Persons: Alibaba, Eddie Wu, Daniel Zhang, Joe Tsai Organizations: Alibaba, Holding, Smart, U.S, Cloud Intelligence, Amazon Web Services, Microsoft Locations: Chongqing, China, U.S

☆ ‘The Marvels’ Disappoints at Box Office, Showcasing Disney’s Studio Challenge
▼ + stars: | 2023-11-12 | by ( Robbie Whelan | ) www.wsj.com time to read: 1 min

‘The Marvels’ features an all-female trio of stars, including Teyonah Parris as Captain Monica Rambeau. Photo: Laura Radford/Disney/Marvel Studios/Associated Press“The Marvels,” Disney ’s latest superhero feature, landed with a thud at the box office only days after Chief Executive Bob Iger called for an overhaul of the entertainment company’s studio business. A sequel to 2019’s hit “Captain Marvel” from Disney’s Marvel Studios, the new movie features an all-female trio of stars in Brie Larson, Teyonah Parris and Iman Vellani. It sold $47 million in tickets in North America over its opening weekend, making it the weakest debut performance of any movie in the so-called Marvel Cinematic Universe.

Persons: Teyonah Parris, Monica Rambeau ., Laura Radford, Bob Iger, Marvel ”, Brie Larson, Iman Vellani Organizations: Disney, Marvel Studios, Associated Press, Disney’s Marvel Studios Locations: North America

☆ Cramer on why the emperor of this market has been naked long enough: Unpacking Apple, Amazon, Meta and Alphabet
▼ + stars: | 2023-11-12 | by ( Jim Cramer | ) www.cnbc.com time to read: +10 min

You think and think and think, and you still can't believe that things changed so radically in such a short period of time. So, let's pull apart Apple, Amazon, Meta and Alphabet to try to understand how unimportant what actually happened at these companies might be. Instead, Apple stock has climbed roughly 5% since it reported quarterly results on Nov. 2. Meta stock fell to $288 a share, down from $314, in a couple of sessions just because of that line in its earnings report. But like Apple and Amazon, Meta stock stabilized and has risen more than 14% since late October.

Persons: —, Lina Khan's, let's, Khan, Apple, Jim Cramer's, Jim Cramer, Jim, Alexi Rosenfeld Organizations: Apple, U.S . Federal Trade Commission, NFL, Amazon, Web Services, Google, YouTube, Amazon Web Services, Meta, Microsoft, Federal, Treasury, Procter & Gamble, CNBC, Getty Locations: wearables, Philippines, Indonesia, Brazil, Vietnam, China, Israel, Gaza, GOOGL, New York City

☆ Restaurant Brands revenue disappoints Wall Street as Burger King same-store sales miss estimates
▼ + stars: | 2023-11-03 | by ( Amelia Lucas | ) www.cnbc.com time to read: +3 min

Burger King said it demanded the main operator of its franchises suspend restaurant operations in Russia, but that "they have refused." Restaurant Brands International on Friday reported weaker-than-expected quarterly revenue, hurt by Burger King's disappointing same-store sales growth. Restaurant Brands said that unfavorable currency exchange rates hurt Tim Hortons, which accounts for roughly 60% of the company's revenue. Tim Hortons' same-store sales growth of 6.8% met Wall Street's expectations. Popeyes was Restaurant Brands' only chain to outperform expectations for same-store sales growth.

Persons: Burger, Papa John's, Burger King, Tim Hortons, Josh Kobza, that's, Popeyes Organizations: McDonalds, Brands, LSEG, Restaurant Brands, U.S, U.S . Burger King's, Restaurant, CNBC, KFC Locations: Russia, U.S ., U.S . Burger King's U.S, Canada, China, U.S

Apple shares, which have risen 37% so far this year, dropped 3.4% after-hours, following the forecast. Maestri said Apple expects to have higher iPhone sales for the fiscal first quarter, even though this year's holiday quarter has one fewer week of sales than the year-ago. Cook said the company's new high-end handset models - the iPhone 15 Pro and Pro Max devices - are facing supply constraints. Apple's sales in China fell to $15.08 billion from $15.47 billion in the fourth quarter a year ago. Cook said that after accounting for foreign-exchange rates, Apple's business in China grew year-over-year, driven by iPhone sales and services revenue.

Persons: Tim Cook, Apple, Cook, Luca Maestri, Bob O'Donnell, Davidson, Tom Forte, Aly, Max, Nabila Popal, Lionel Messi, Stephen Nellis, Yuvraj Malik, Sayantani Ghosh, Peter Henderson, Matthew Lewis, Leslie Adler Organizations: Huawei, Apple, TECHnalysis Research, Mac, REUTERS, Huawei Technologies, U.S, Reuters, Pro, Apple Watch, Thomson Locations: China, Cupertino , California, Shanghai, San Francisco, Bengaluru

☆ Humana shares fall as reaffirmed 2023 profit view disappoints
▼ + stars: | 2023-11-01 | by ( Khushi Mandowara | ) www.reuters.com time to read: +2 min

Signage for Humana Inc. is pictured at a health facility in Queens, New York City, U.S., November 30, 2021. The health insurer stuck to its 2023 adjusted profit target of at least $28.25 per share. As of Sept. 30, 5.9 million members were enrolled in its Medicare Advantage plans, up 14.7% from a year ago. The company raised its forecast for 2023 Medicare Advantage membership for the second time this year, and now expects to add at least 860,000 people. It reported a quarterly adjusted profit of $7.78 per share, beating analysts' estimate of $7.16 per share.

Persons: Andrew Kelly, Humana, Julie Utterback, Utterback, UnitedHealth, Khushi, Milla Nissi Organizations: Humana Inc, REUTERS, Wednesday, Health, Humana, Medicare, Thomson Locations: Queens , New York City, U.S, Bengaluru

A man walks past a logo of HSBC at its headquarters in Kuala Lumpur, Malaysia August 6, 2019. The results from Europe's biggest bank showed the pressure it is under to deliver returns to long-suffering investors now that interest rates worldwide are rising. In the third-quarter results, the lender booked a $500 million impairment related to the commercial real estate sector in mainland China. HSBC's Asia-focused competitor Standard Chartered (STAN.L) reported last week an unexpected one-third plunge in third-quarter profit due to a nearly $1 billion combined hit from its exposure to China's real estate and banking sectors. Reporting by Selena Li in Hong Kong and Lawrence White in London; Editing by Jamie FreedOur Standards: The Thomson Reuters Trust Principles.

Persons: Lim Huey Teng, Jefferies, Joe Dickerson, Selena Li, Lawrence White, Jamie Freed Organizations: HSBC, REUTERS, Barclays, Europe's, Global Banking, Markets, Standard Chartered, Thomson Locations: Kuala Lumpur, Malaysia, HONG KONG, London, Hong Kong, Asia, China

☆ Shares of ON Semiconductor fall 21% as fourth-quarter guidance disappoints Wall Street
▼ + stars: | 2023-10-30 | by ( Ashley Capoot | ) www.cnbc.com time to read: +2 min

Shares of ON Semiconductor closed down more than 21% Monday after the company's third-quarter report beat expectations but offered weak guidance for the rest of the year. ON Semiconductor said it expects to report fourth-quarter earnings between $1.13 and $1.27 per share, excluding certain items, which is short of the $1.36 analysts had anticipated. Similarly, the company said revenue will come in between $1.95 billion and $2.05 billion, while Wall Street was expecting $2.18 billion. Analysts at Deutsche Bank said ON Semiconductor's guidance suggests the company has "finally succumbed to macro pressures" such as softening demand for cars. Craig-Hallum analysts said they believe weakening demand for electric vehicles will adversely affect ON Semiconductor in the near term.

Persons: Michael Bloom Organizations: ON Semiconductor, Deutsche Bank, Semiconductor, UAW, Wolfe Research, CNBC

☆ Vatican synod ends without clear stances on women deacons, LGBT
▼ + stars: | 2023-10-28 | by ( Philip Pullella | ) www.reuters.com time to read: +2 min

[1/3] Pope Francis attends a meeting of General Congregation during the Synod of Bishops at the Vatican, October 28, 2023. Vatican Media/Handout via REUTERS Acquire Licensing RightsVATICAN CITY, Oct 28 (Reuters) - A month-long Vatican meeting on the future of the Roman Catholic Church ended on Saturday without clear stands on hot-button issues such as women deacons and welcoming the LGBT community. The 365 synod participants included 300 bishops along with lay men and about 50 women who were mostly lay people. At the synod, the pope gave women and lay people a vote on Church affairs for the first time. The final report did not take a stand on LGBT issues despite discussion beforehand that the synod might call on the Church to be more welcoming to the LGBT community.

Persons: Pope Francis, Cardinal Jean, Claude Hollerich, Francis DeBernardo, Philip Pullella, Cynthia Osterman Organizations: Vatican, Handout, REUTERS Acquire, CITY, Roman Catholic Church, New Ways Ministry, Catholic Church, Thomson Locations: St, Peter's

☆ Vatican Synod Ends Without Clear Stances on Women Deacons, LGBT
▼ + stars: | 2023-10-28 | by ( Oct. | At P.M. | ) www.usnews.com time to read: +2 min

By Philip PullellaVATICAN CITY (Reuters) - A month-long Vatican meeting on the future of the Roman Catholic Church ended on Saturday without clear stands on hot-button issues such as women deacons and welcoming the LGBT community. The 365 synod participants included 300 bishops along with lay men and about 50 women who were mostly lay people. At the synod, the pope gave women and lay people a vote on Church affairs for the first time. The body released a final document with 81 paragraphs that each received at least two-thirds approval. The final report did not take a stand on LGBT issues despite discussion beforehand that the synod might call on the Church to be more welcoming to the LGBT community.

Persons: Philip Pullella, Cardinal Jean, Claude Hollerich, Francis DeBernardo, Cynthia Osterman Organizations: CITY, Roman Catholic Church, New Ways Ministry, Catholic Church Locations: St, Peter's

When 2023 began, a single bitcoin could be had for less than $17,000 after losing more than 75% of its value. Now, bitcoin is getting another boost on the prospects of creating a much larger pool of investors. IShares Bitcoin Trust appeared to be temporarily removed Tuesday, but was back online as of Wednesday. Still, the most recent surge bitcoin goes beyond single developments or participants, Kaiko research analyst Riyad Carey notes — crediting “more of a broad market rally" around spot bitcoin ETF prospects. Despite the recent excitement around bitcoin, crypto is still a risky bet.

Persons: Bitcoin, hasn't, Edward Moya, IShares Bitcoin, iShares, Moya, Riyad Carey, “, —, “ We’re, it’s, ”, it's, ” Moya, bitcoin Organizations: Federal Reserve, Industry, Columbia, Securities and Exchange Commission, Grayscale's, SEC, Depository Trust, Clearing Corporation, Associated Press Locations: Silicon, bitcoin, cryptocurrencies

☆ Alphabet Has Strong Ad Sales but Cloud Business Disappoints
▼ + stars: | 2023-10-24 | by ( Nico Grant | More About Nico Grant | ) www.nytimes.com time to read: 1 min

A rebound in digital advertising led to an uptick in revenue and profit for Alphabet, Google’s parent company, but investors were underwhelmed by its cloud computing business, which badly trails those of rivals Microsoft and Amazon. Alphabet reported $76.7 billion in quarterly sales, up 11 percent from a year earlier, and roughly in line with analysts’ estimate of $76 billion, according to data compiled by FactSet. The internet giant said that its profit jumped 42 percent to $19.7 billion, exceeding Wall Street expectations of $18.5 billion. “Investors were disappointed by the relatively weak performance at its Google Cloud Platform, which is at risk of falling further behind” Microsoft Azure and Amazon Web Services, Jesse Cohen, an analyst at investing.com, wrote in a note.

Persons: FactSet, Jesse Cohen Organizations: Microsoft, Google, Web Services, investing.com

WAYNE, Mich. (AP) — Throughout its 5-week-old strikes against Detroit’s automakers, the United Auto Workers union has cast an emphatically combative stance, reflecting the style of its pugnacious leader, Shawn Fain. Officials at all three companies note that they have sweetened pay offers and offered numerous other concessions. Fain has even sought 32-hour work weeks for 40 hours of pay — a demand that even many union workers call unrealistic. In a departure from the style of past UAW leaders, Fain has insulted CEOs and publicly revealed the companies' pay offers. Parker, whom Fain tapped to be an assistant, says he feels sure Fain has a plan to end the strike.

Persons: WAYNE, Shawn Fain, Fain, they've, “ He’s, ”, Harley Shaiken, he’s, Ford, Dawn Krunzel, Krunzel, haven't, “ I'm, Doc Killian, Bill Ford, Killian, ” Killian, “, Bernie Sanders, Paul Nicodemus, Nicodemus doesn't, “ Shawn, ” Nicodemus, Bill Parker, Parker, ” Parker, Brian Rothenberg, Rothenberg Organizations: Detroit’s automakers, United Auto Workers, UAW, Toyota, University of California, General Motors, GM, Ford's, Ford, Facebook, Indiana, Taylor High School, Chrysler, Delco, “ Locations: Mich, University of California Berkeley, Toledo , Ohio, Ford's Michigan, Wayne, Detroit, Kokomo

A spokesperson from the United Food and Commercial Workers International Union told CNN that they support the organizers planning a walkout and protests. “We support all health care workers who are organizing and taking a stance to improve staffing.”A Walgreens pharmacy store in Austin, TX. In a statement to CNN, Walgreens said about 20 stores out of about 9,000 had “disruptions over three days,” Oct. 9-11. Walgreens walkout organizers told CNN that their tally is much higher, with about 600 employees participating. The following three Walgreens employees told CNN their reasons for walking out.

Persons: Shane Jerominski, Renée Saldaña, Mohammad Khursheed, Tim Wentworth, Wentworth, ” Fraser Engerman, Engerman, “, ” ‘ We’ve, ”, “ We’ve Organizations: New, New York CNN, Walgreens, Workers, CNN, United Food, Commercial Workers International Union, SEIU, United Healthcare Workers, West Health, Reuters Organizers, “ Locations: New York, West, Austin , TX, Friday’s, Oregon, Wisconsin, Oklahoma

☆ AstraZeneca shares fall as abstract for lung cancer trial data disappoints
▼ + stars: | 2023-10-18 | by ( ) www.reuters.com time to read: 1 min

A company logo is seen at the AstraZeneca site in Macclesfield, Britain, May 11, 2021. REUTERS/Phil Noble/File Photo Acquire Licensing RightsOct 18 (Reuters) - Shares in AstraZeneca (AZN.L) fell more than 4% on Wednesday after the publication of an abstract on its experimental precision drug's use in lung cancer in a late-stage trial disappointed some analysts. The abstract was published ahead the European Society for Medical Oncology's (ESMO) congress that kicks off in Madrid on Friday. By 1219 GMT, AstraZeneca shares were dwon 3.7% in London, while the broader STOXX Health Care (.SXDP)index was off 1%. Reporting by Danilo Masoni and Maggie FickOur Standards: The Thomson Reuters Trust Principles.

Persons: Phil Noble, Danilo Masoni, Maggie Fick Organizations: AstraZeneca, REUTERS, European Society for Medical, Thomson Locations: Macclesfield, Britain, Madrid, London

☆ Morgan Stanley beats estimates on trading, but shares dip as wealth management disappoints
▼ + stars: | 2023-10-18 | by ( Hugh Son | ) www.cnbc.com time to read: +2 min

Morgan Stanley CEO James Gorman attends the Reuters NEXT Newsmaker event in New York, December 1, 2022. Morgan Stanley posted third-quarter results Wednesday that topped profit estimates on better-than-expected trading revenue. But the bank's all-important wealth management division generated $6.4 billion in revenue, below the $6.63 billion estimate by more than $200 million, as compensation costs in the division rose. Shares of Morgan Stanley dipped 3.2% in premarket trading. Led by CEO James Gorman since 2010, Morgan Stanley has managed to avoid the turbulence afflicting some rivals lately.

Persons: Morgan Stanley, James Gorman, Morgan Stanley's, Goldman Sachs, Gorman, Wells Organizations: Reuters, Revenue, Investment, Citigroup, JPMorgan Chase, Bank of America Locations: New York, LSEG, Wells Fargo

☆ AstraZeneca shares fall as lung cancer drug trial data abstract disappoints
▼ + stars: | 2023-10-18 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Phil Noble/File Photo Acquire Licensing RightsOct 18 (Reuters) - Shares in AstraZeneca (AZN.L) fell more than 4% on Wednesday after a data abstract on its experimental precision drug's use in lung cancer patients in a late-stage trial disappointed some analysts. Fernandez added that progression-free survival in lung cancer patients came in below expectations. Barclays analyst Emily Field also said in a note that safety looked better than expected for lung cancer patients and the data abstracts were "collectively positive" for AstraZeneca. London-listed shares of AstraZeneca were down 3.7% at 1219 GMT, while the broader STOXX Health Care (.SXDP) index was off 1%. Shares of AstraZeneca's Japanese partner Daiichi Sankyo (4568.T), which is jointly developing the cancer drug, closed 4.6% lower on Tuesday.

Persons: Phil Noble, datopotamab deruxtecan, Jefferies, Stephen Barker, Barker, Seamus Fernandez, Fernandez, Emily Field, GSK's, Danilo Masoni, Maggie Fick, Bhanvi, Shinjini Organizations: AstraZeneca, REUTERS, European Society for Medical, Friday, Guggeinheim, Barclays, AstraZeneca ., Thomson Locations: Macclesfield, Britain, Madrid, AstraZeneca . London, U.S, Milan, London, Bengaluru

☆ Google VP teases Gemini's multimodal future: 'I've seen some pretty amazing things.'
▼ + stars: | 2023-10-12 | by ( Hugh Langley | ) www.businessinsider.com time to read: +6 min

She also discussed how the company is rethinking the future of Google Assistant. AdvertisementAdvertisementThere's a lot of pressure on Google right now. A key person in the middle of all this is Sissie Hsiao, Google's VP and general manager of Bard and Google Assistant. If it disappoints, it will embolden critics who say Google has fallen behind. Google Assistant was the answer, and in 2021 Google reshuffled its search team to put Hsiao in charge of its voice assistant.

Persons: Bard, —, OpenAI's, Sundar Pichai, Demis Hassabis, Sissie Hsiao, Google's, She's, Hsiao, Gemini, I've, OpenAI, Josh Edelson, Getty Hsiao, It's, it's Organizations: Google, Service, Gemini, Microsoft Locations: Bard

☆ China's Golden Week: expected consumption boom disappoints
▼ + stars: | 2023-10-09 | by ( Laura He | ) edition.cnn.com time to read: +5 min

Hong Kong CNN —China has concluded its Golden Week holiday on a muted note, with key travel and spending data showing weaker-than-expected recovery in consumption amid a wider economic slump. Before the holiday, the ministry had expected domestic travel to hit 896 million trips, and tourism spending to reach 782.5 billion yuan ($107 billion). According to the National Immigration Administration, on average 1.48 million people crossed the border every day during the Golden Week holiday. Weakness at the box officeChina’s box office hit multi-year lows during the holiday week. A recovery in domestic consumption not related to the Golden Week also fell short of expectations.

Persons: ” Goldman Sachs, Tesla, BYD Organizations: Hong Kong CNN, Ministry of Culture, Tourism, National Immigration Administration, Shenyang North Railway, Stringer, Getty, Citi, Entertainment, Tencent, China Passenger Car Association Sunday, CNN, EV Locations: China, Hong Kong, Beijing, China's, Liaoning, AFP, Tourism

☆ Puma tumbles as analysts flag possible earnings disappointment
▼ + stars: | 2023-10-05 | by ( ) www.reuters.com time to read: +2 min

[1/2] A pair of Puma sports shoes is shown at an event in Berlin, Germany February 21, 2019. Analysts at brokerage Stifel said Puma's third-quarter earnings before interest and tax might decline by a low double-digit rate compared with last year, a worse performance than consensus expectations for a 6% decline. The drop in Puma's shares put them on course for their worst day since March 2020. Puma said it was fully on track to achieve its full-year guidance, while declining to comment on its share price movement. Puma is targeting EBIT of between 590 million euros and 670 million euros for 2023, from 641 million euros in 2022.

Persons: Annegret, Stifel, Puma, overstock, Jefferies, Danilo Masoni, Helen Reid, Linda Pasquini, Alexander Huebner, Susan Fenton, Jane Merriman Organizations: REUTERS, Nike, Adidas, Puma, RBC, Thomson Locations: Berlin, Germany, North America, China, U.S, London, Gdansk, Munich

The five-year plan includes proposed sales in the Gulf of Mexico — the nation’s primary offshore source of oil and gas — in 2025, 2027 and 2029. The three lease sales are the minimum number the Democratic administration could legally offer if it wants to continue expanding offshore wind development. The lease program will guard against environmental damage caused by oil and gas drilling and other adverse impacts to coastal communities, Haaland said. “The (oil leasing) program is definitely informed by the IRA and the connection that the IRA makes between offshore oil and gas leasing and renewable energy leasing,” he said Thursday, referring to the Inflation Reduction Act. The Interior Department can’t sell the rights to drill for oil and gas offshore without first publishing a schedule that outlines its plans.

Persons: Joe Biden's, Biden, Democratic Sen, Joe Manchin, Manchin, Harris, Deb Haaland, ”, Haaland, “, Biden's, Ryan Lance, Willow, Dyani Chapman, Tommy Beaudreau, Interior Department can’t, Rene Santos, Santos, Beth Lowell, Abigail Dillen, Sen, Dan Sullivan, ___ Brown, Becky Bohrer Organizations: WASHINGTON, Democratic, Biden, Interior Department, Interior Department’s, of Ocean Energy Management, drillers, BP, ExxonMobil, ConocoPhillips, Alaska Environment, Interior, P, Gulf, American Petroleum Institute, Chevron, Associated Press Locations: Gulf of Mexico, Alaska, Gulf, Mexico, West Virginia, Chevron, Brazil, Guyana, Louisiana, Oceana, Gulf Coast, Billings, Mont, Juneau , Alaska

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