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June 16 (Reuters) - Ball Corp (BALL.N), the world's largest supplier of beer cans, is exploring a sale of its business that provides aerospace and national defense hardware, such as sensors and antennas, for over $5 billion, people familiar with the matter said on Friday. Ball launched an auction process to sell the aerospace unit in recent weeks, the sources said. Spokespeople for Ball and Textron did not immediately respond to requests for comment, while BAE declined to comment. Ball shares rose 7% to $58.57 in afternoon trading in New York on Friday, giving the company a market value of more than $18 billion. The aerospace business has been generating steady albeit limited cash flow for Ball, accounting for $170 million out of its $1.45 billion in comparable operating earnings in 2022.

Persons: Ball, David Carnevali, Leslie Adler, Bill Berkrot Organizations: Ball Corp, BAE Systems, Textron, Ball, BAE, National Aeronautics and Space Administration, NASA, Oceanic, Thomson Locations: Westminster , Colorado, New York

The International Longshore and Warehouse Union (ILWU) and the Pacific Maritime Association (PMA) employer group declined comment. Manufacturers, automakers and food producers which import or export goods also rely on the West Coast ports. "We urge the parties to quickly ratify the tentative agreement to bring certainty back to the West Coast ports," Shay said. Many of the ports' customers shifted a portion of their cargo to ocean trade gateways on the East Coast and Gulf Coast to avoid potential slowdowns from the Pacific Coast labor talks. After 72 hours, the ILWU and PMA hammered out a deal and credited Su with assisting in the efforts.

Persons: Labor Julie Su, Joe Biden, Suzanne Clark, Matthew Shay, Shay, Su, Lisa Baertlein, Barbara Lewis, Grant McCool, Deepa Babington Organizations: ANGELES, U.S ., Labor, Wall Street, Warehouse Union, Pacific Maritime Association, Biden, U.S . Chamber of Commerce, Walmart, Manufacturers, National Retail Federation, Pacific, PMA, Thomson Locations: WASHINGTON, U.S . West Coast, West Coast, U.S, COVID, West, East Coast, Gulf, San Francisco, Los Angeles, Long Beach, Oakland, Seattle, Washington

☆ SK Signet to launch EV chargers with Tesla's charging standard
▼ + stars: | 2023-06-15 | by ( ) www.reuters.com time to read: +1 min

June 15 (Reuters) - Electric-vehicle (EV) charger maker SK Signet (260870.KN) said on Thursday it was adding products compatible with the North American Charging Standard (NACS), after major U.S. automakers Ford (F.N) and GM (GM.N) said they were adopting Tesla's (TSLA.O) model of charging. Electric vehicle charging companies are cautiously embracing Tesla's charging technology as the main U.S. standard, as they are in danger of losing out on customers if they offer only the Combined Charging System (CCS). Earlier this week, EV charging equipment makers Blink Charging (BLNK.O), ChargePoint (CHPT.N) and Tritium (DCFC.O) said they will offer chargers with Tesla's connector. The White House aims to spur deployment of hundreds of thousands of chargers, which it sees as integral to EV adoption. SK Signet will continue to provide customers with the option of other widely used standards for EV charger connections, including the CCS, CHAdeMO and the Megawatt Charging System.

Persons: Samrhitha, Maju Samuel Organizations: SK Signet, American, U.S, Ford, GM, South Korea's SK Group, EV, Tesla, CCS, CHAdeMO, Thomson Locations: U.S, South, Bengaluru

Shares of the retailer, which had consistently raised its outlook over the past two years, fell 4.5% to $45.07 after the dull forecast. Last month, rival Walmart raised its annual forecasts as more Americans shopped for its lower-priced groceries and other essentials. However, Kroger's gross margins rose 21 basis points, compared to a fall a year earlier, benefiting from lower supply chain costs as well as its efforts to source some products closer to its distribution centers. It also profited from shoppers - including higher-income consumers looking for more economical options amid persistent inflation - preferring its store-label brands to pricier national brands. Reporting by Granth Vanaik in Bengaluru; Editing by Shinjini GanguliOur Standards: The Thomson Reuters Trust Principles.

Persons: Joseph Feldman, Kroger, Rodney McMullen, Kroger's McMullen, Arun Sundaram, Granth, Shinjini Organizations: Kroger, Investors, Walmart, Albertsons, CFRA, Thomson Locations: Bengaluru

☆ Kroger beats profit estimates on easing costs, steady grocery demand
▼ + stars: | 2023-06-15 | by ( ) www.reuters.com time to read: +1 min

June 15 (Reuters) - Supermarket chain Kroger (KR.N) beat market expectations for quarterly profit and same-store sales on Thursday, benefiting from easing costs and steady demand for groceries and household essentials. Big-box retailers like Kroger and Walmart (WMT.N) have used their extensive nationwide operations to negotiate better deals with suppliers, which allowed them to keep prices substantially lower than competition and lure more people. The company said same-store sales, excluding fuel, rose 3.5% in the first quarter ended May 20, compared with analysts' average estimate of a 3.27% increase, according to Refinitiv IBES data. Excluding special items, Kroger earned $1.51 per share, beating estimates of $1.46 per share. Reporting by Granth Vanaik in Bengaluru; Editing by Shinjini GanguliOur Standards: The Thomson Reuters Trust Principles.

Persons: Kroger, Granth, Shinjini Organizations: Kroger, Walmart, pricier, Albertsons, Thomson Locations: Cincinnati , Ohio, Bengaluru

June 14 (Reuters) - The Longshore union and employers of 22,000 dockworkers at U.S. West Coast ports on Wednesday said they have reached a tentative deal on a new six-year contract, ending 13 months of talks and easing supply chain worries. "The tentative agreement delivers important stability for workers, for employers and for our country's supply chain," Su said in a statement on Wednesday. The tentative deal comes as retailers like Walmart (WMT.N) and Target (TGT.N) are starting to land merchandise for the critical back-to-school, Halloween and Christmas retail shopping seasons. Manufacturers, automakers and food producers who import or export goods also rely on the Pacific Coast ports. West Coast port market share dipped after some customers shifted cargo to rival East Coast and Gulf Coast ports to avoid potential labor disruptions during the negotiations.

Persons: Julie Su, Joe Biden, Su, James McKenna, Willie Adams, Gene Seroka, Lisa Baertlein, Kanjyik Ghosh, Christopher Cushing, Michael Perry, Simon Cameron, Moore Organizations: ., U.S, Labor, Warehouse Union, Pacific Maritime Association, ILWU International, West Coast, Los Angeles, Walmart, Manufacturers, East, Port of Los Angeles, Twitter, Thomson Locations: . West Coast, San Francisco, California, Washington State, Long, United States, West Coast, East Coast, Gulf Coast, Panama, China, Port of, Los Angeles, Bengaluru

The Google parent has advised employees not to enter its confidential materials into AI chatbots, the people said and the company confirmed, citing long-standing policy on safeguarding information. Alphabet also alerted its engineers to avoid direct use of computer code that chatbots can generate, some of the people said. A growing number of businesses around the world have set up guardrails on AI chatbots, among them Samsung (005930.KS), Amazon.com (AMZN.O) and Deutsche Bank (DBKGn.DE), the companies told Reuters. By February, Google told staff testing Bard before its launch not to give it internal information, Insider reported. A Google privacy notice updated on June 1 also states: "Don’t include confidential or sensitive information in your Bard conversations."

Persons: Bard, ChatGPT, OpenAI, Harry Potter, Yusuf Mehdi, Mehdi, Bing, Matthew Prince, Jeffrey Dastin, Anna Tong, Kenneth Li, Nick Zieminski Organizations: FRANCISCO, Reuters, Google, ChatGPT, Microsoft Corp, Samsung, Deutsche Bank, Apple, Data Protection, Politico, EU, cyberattacks, Microsoft, Thomson Locations: Bard, San Francisco

☆ Corporate boycotts clash with political reality
▼ + stars: | 2023-06-15 | by ( ) www.reuters.com time to read: +2 min

WASHINGTON, June 15 (Reuters Breakingviews) - Republicans are firing from the hip when it comes to corporate boycotts. Conservative Americans’ changing beer habits may have contributed to Bud Light being pulled from its spot as the number one beer in the United States for the first time in more than two decades. In May, Bud Light sales dropped a quarter compared to the same month last year, consulting companies Bump Williams and NielsenIQ said Wednesday. As conservatives encourage consumption based on political views, they may in some cases pull cash from their own pockets. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Bud Light, Marjorie Taylor Greene, Ted Cruz, Marsha Blackburn of, Busch, influencer Dylan Mulvaney, Bud, Bump Williams, NielsenIQ, Ben Winck, Lauren Silva Laughlin, Streisand Neto Organizations: Reuters, Conservative, Republican, Anheuser, Bud Light, Democratic, Constellation Brands, Target, Twitter, Thomson Locations: United States, Marjorie Taylor Greene of Georgia, Ted Cruz of Texas, Marsha Blackburn of Tennessee

June 14 (Reuters) - Anheuser-Busch InBev's (ABI.BR) Bud Light has lost its top spot in the U.S. beer market to Constellation Brands' (STZ.N) Modelo Especial, following a backlash from conservatives over a social media promotion with transgender influencer Dylan Mulvaney. Cans of AB InBev's Bud Light hard seltzer are displayed in a fridge in Jewel-Osco supermarket in Chicago, Illinois, U.S. October 21, 2020. REUTERS/Richa NaiduConstellation's Modelo Especial was the top-selling beer brand in the United States with an 8.4% share of overall beer sales through retail stores for the period ending June 3, data from Bump Williams showed. Bud Light came in second with a 7.3% share. AB InBev's overall sales growth declined 12% in the four weeks ended May 20, data from NielsenIQ and TD Cowen showed.

Persons: Busch, Bud Light, influencer Dylan Mulvaney ., Bump Williams, Michel Doukeris, Bud Light's, Dylan Mulvaney, Miller, Jon Reynolds, Bud, seltzer, Richa Naidu, TD Cowen, Cowen, Vivien Azer, Ananya Mariam Rajesh, Anil D'Silva Organizations: Anheuser, Constellation Brands, Modelo, Budweiser, Modelo Especial, InBev, Conservative, Target, Molson Coors, University of Vermont, REUTERS, Euromonitor International, Reuters, Thomson Locations: U.S, NielsenIQ, Chicago , Illinois, United States, Bengaluru

☆ Walmart-backed fintech ONE raises savings rate as battle for deposits heats up
▼ + stars: | 2023-06-14 | by ( Siddharth Cavale | ) www.reuters.com time to read: +1 min

NEW YORK, June 14 (Reuters) - ONE, a fintech company backed by Walmart Inc (WMT.N), is offering 5% interest on savings accounts of up to $100,000 as of Wednesday, a source close to the company said, as the battle for consumer deposits intensifies. The rate is more than 12 times the national average of 0.4%, the source said, citing Federal Deposit Insurance Corporation data. Apple Inc began offering 4.15% on its Apple Card savings accounts in April in partnership with Goldman Sachs Inc. Step, a fintech app catering to younger customers, offered 5% in May. All other savings balances will continue to receive a 1.00% annual percentage yield.

Persons: Goldman Sachs, Siddharth Cavale, Richard Chang Organizations: YORK, Walmart Inc, Federal Deposit Insurance Corporation, Apple Inc, Apple, Goldman, Goldman Sachs Inc, Valley Bank, Signature Bank, Coastal Community Bank, Walmart, Thomson Locations: U.S, New York

☆ Flipkart and PhonePe could be $100 billion businesses in India, Walmart says
▼ + stars: | 2023-06-14 | by ( Siddharth Cavale | ) www.reuters.com time to read: +2 min

NEW YORK, June 14 (Reuters) - Walmart's (WMT.N) Flipkart marketplace and PhonePe payments business in India could be $100 billion businesses buoyed by strong growth, the retailer's chief financial officer said on Wednesday at an investor conference. In its most recent quarter ended April 30, Walmart said its Flipkart business generated double-digit sales growth, boosted by new shoppers in some cities and a 50% jump in ad sales. Flipkart was valued at more than $40 billion in 2022 and counts itself among India's most valuable startups. PhonePe controlled 46% share of the payments market in December, according to National Payments Corporation of India, and has 400 million registered users. "It is not crazy to think that both those businesses could be $100 billion businesses in the future," Walmart's Chief Financial Officer John David Rainey said.

Persons: Flipkart, John David Rainey, Siddharth Cavale, Lisa Shumaker Organizations: YORK, Walmart, Unified, National Payments Corporation of India, Thomson Locations: India, New York

REUTERS/Caitlin OchsJune 13 (Reuters) - Shares of U.S. banks rose on Tuesday after inflation data backed the view that the Federal Reserve will keep interest rates unchanged on Wednesday while leaving the door open for more hikes later that will further boost interest income. The data lifted the S&P 500 Banks Index (.SPXBK) 1.5%, while the KBW Regional Banking Index (.KRX) gained about 1.6%. Higher net interest income has helped cushion a slump in the banking sector's market-sensitive business units such as investment banking and trading. On Tuesday, Wells Fargo CFO Mike Santomassimo said the lender expected an upside to interest income this year going ahead. Missing the rally were shares of Zions Bancorporation (ZION.O) after executives said at a conference that interest income at the regional lender was trending toward.

Persons: Caitlin Ochs, Wells, Mike Santomassimo, JPMorgan Chase, Goldman Sachs, Morgan Stanley, Zions, Manya Saini, Sriraj Organizations: JPMorgan Chase Bank, REUTERS, Federal Reserve, Banks, JPMorgan, Citigroup, Bank of America, PacWest Bancorp, Western Alliance, Comerica, U.S . Bancorp, Thomson Locations: New York City, U.S, KBW, Monday's, Wells Fargo, Bengaluru

☆ Walmart to invest $257 million in beef-packing plant in Kansas
▼ + stars: | 2023-06-13 | by ( ) www.reuters.com time to read: 1 min

June 13 (Reuters) - Walmart (WMT.N) said on Tuesday it would invest $257 million to open a beef-packing plant in Olathe, Kansas in 2025, which would create more than 600 jobs. The facility will package and distribute cuts of the higher grade Angus beef from Sustainable Beef LLC. Walmart had acquired a minority stake in the ranch-based beef processing plant last year, which is expected to be functional in late-2024. The company's investment plans come at a time when consumers have been trading down to cheaper private labels due to high inflation. Reporting by Juveria Tabassum in Bengaluru; Editing by Shilpi MajumdarOur Standards: The Thomson Reuters Trust Principles.

Persons: Juveria, Shilpi Majumdar Organizations: Walmart, Sustainable Beef LLC, Thomson Locations: Olathe , Kansas, Angus, Bengaluru

☆ NATO pushes for common standards to tackle shortfalls in artillery munitions
▼ + stars: | 2023-06-13 | by ( Sabine Siebold | ) www.reuters.com time to read: +5 min

But the lack of common standards among the various manufacturers has hampered the flow of munitions supplies. It will take place on the sidelines of a NATO defence ministers' meeting in Brussels on Thursday and Friday. Demand for 155mm artillery rounds has soared in the wake of the invasion of Ukraine in February 2022. "If national governments could bring themselves to throw national standards over board and agree on common NATO standards – in particular with regard to munitions – this would be a landslide change," the defence source said. Before that many NATO countries had already run down their stocks as governments considered wars of attrition with big artillery battles a thing of the past.

Persons: Caesar, Jens Stoltenberg, KMW, Leonardo, Northrop, Abrams, Armin Papperger, Sabine Siebold, Gwladys Fouche, Angus MacSwan Organizations: Separate Artillery Brigade, REUTERS, NATO, BAE Systems, Turkish, Dynamics, Leopard, Lockheed, Northrop Grumman, British Storm Shadow, Rheinmetall, RND, Thomson Locations: Ukraine, Avdiivka, Donetsk region, BRUSSELS, Kyiv, NATO, Brussels, Kongsberg, Vilnius, Oslo

☆ Lockheed Martin collaborates with GlobalFoundries to secure defense chip supply
▼ + stars: | 2023-06-12 | by ( ) www.reuters.com time to read: +1 min

June 12 (Reuters) - Chipmaker GlobalFoundries (GFS.O) and missile manufacturer Lockheed Martin (LMT.N) on Monday announced their partnership to secure domestic semiconductor supply for defense systems. The strategic collaboration will secure manufacturing across a range of advanced and next-generation chips, and will allow leveraging of GlobalFoundries' technology to increase anti-fragility in microelectronics systems and supply chains. Defense companies have been grappling with supply chain disruptions including that from global chip shortages, which continue to hurt production. Lockheed Martin along with GlobalFoundries will also pursue external funding opportunities, technology development and collaboration with the U.S. government. GlobalFoundries' manufacturing facilities in New York and Vermont have accreditation from the U.S. government and are authorized to produce secure chips used in sensitive mission systems.

Persons: Lockheed Martin, GlobalFoundries, Pratyush Thakur, Shilpi Majumdar Organizations: Lockheed, Monday, U.S, U.S ., Thomson Locations: United States, New York, Vermont, Bengaluru

☆ Analysis: EV charger makers guardedly look to adopt Tesla standard
▼ + stars: | 2023-06-12 | by ( Abhirup Roy | ) www.reuters.com time to read: +5 min

The White House said on Friday that EV charging stations that offer Tesla plugs would be eligible for billions of dollars in federal subsidies as long as they included CCS connectivity. The White House aims to spur deployment of hundreds of thousands of chargers, which it sees as integral to EV adoption. The person, who now works for a charging company, is not authorized to speak to the media and declined to be named. The company that is developing CCS chargers, is "reviewing" its strategy because of the Tesla-GM deal. Logvinov, who is also chief executive of EV charging parts supplier IoTecha, said CCS was worth backing because it had worked for more than a decade with multiple vendors.

Persons: Biden, Tesla, Asaf Nagler, Ashley Horvat, BLNK.O, Jonathan Levy, Aatish Patel, Patel, Superchargers, Oleg Logvinov, Abhirup Roy, Hyunjoo Jin, Jarrett Renshaw, Sayantani Ghosh, Jonathan Oatis Organizations: Ford, GM, Tesla Inc, Tesla's, EVgo Inc, ABB, America, ABB Ltd, Schneider, EV, Ford Motor Co, General Motors Co, ChargePoint Holdings, Reuters, Tesla, CharIN, Logvinov, IoTecha, Thomson Locations: U.S, Swiss, America, CharIN North America, San Francisco, Philadelphia

☆ Catalent posts bigger-than-expected loss as production snags persist
▼ + stars: | 2023-06-12 | by ( ) www.reuters.com time to read: +1 min

Companies Catalent Inc FollowJune 12 (Reuters) - Catalent Inc (CTLT.N) on Monday posted a bigger-than-expected loss for the third quarter and cut its annual forecast for a second time, hurt by persistent production challenges at the contract drug manufacturer's major facilities. The company will also amend its annual filing for 2022 to reflect a $26 million deduction caused by a revenue recognition error. Catalent had delayed its quarterly results report thrice in less than a month, pending the adjustments needed on historical financial statements related to its Bloomington operations. In May, Catalent said production snags at three of its facilities - Maryland, Indiana and Brussels - had driven up costs and also contributed to the delay in reporting results. Catalent is yet to provide details of what was behind the production issues.

Persons: Catalent, Bhanvi Satija, Sriparna Roy, Devika Organizations: Catalent, Thomson Locations: Bloomington, Maryland , Indiana, Brussels, Bengaluru

☆ EV charging body says Tesla's charger connector is not standardized yet
▼ + stars: | 2023-06-12 | by ( ) www.reuters.com time to read: +1 min

June 12 (Reuters) - CharIN, the industry body promoting the Combined Charging System (CCS) standard to power electric vehicles, said on Monday Tesla's (TSLA.O) charging model is not a standard yet and does not provide an open charging ecosystem for the industry. U.S. automakers General Motors (GM.N) and Ford (F.N) said they will adopt Tesla's model of charging cars with their vehicles having North American Charging Standard (NACS) ports, starting 2025. Charging equipment makers Blink Charging (BLNK.O), ChargePoint (CHPT.N) and Tritium (DCFC.O) said they will offer NACS as a connector option along with CCS in their charger offerings. Tesla's NACS connector is known to be more compact and lighter than a CCS charger for fast charging, making it easier for motorists to use. The partnerships between Tesla, Ford and GM will enable the NACS standard to dominate 60% of the U.S. EV market.

Persons: CharIN, Akash Sriram, Krishna Chandra Organizations: U.S, General Motors, Ford, CCS, GM, EV, Thomson Locations: Bengaluru

☆ Blink, ChargePoint to launch EV chargers with Tesla's charging connector
▼ + stars: | 2023-06-12 | by ( ) www.reuters.com time to read: +1 min

June 12 (Reuters) - Electric vehicle charging equipment makers Blink Charging (BLNK.O), ChargePoint (CHPT.N) and Tritium (DCFC.O) said on Monday they will offer chargers with Tesla's connector, as the standard Combined Charging System (CCS) connector falls out of favor with automakers. Tesla's NACS is known to be more compact and lighter, making it easier for motorists to use. ChargePoint said it will offer an NACS connector option for its products, and upgrades for chargers that are already in service. Meanwhile, Australia-based Tritium said it will add the NACS connector to its chargers in the United States and other markets that decide to adopt it. "Given recent announcements by Tesla, GM, and Ford, we are clearly witnessing the continued evolution of the EV charging industry as technologies advance and industry stakeholders come together and evaluate best practices," Blink said.

Persons: ChargePoint, Tesla, Blink, Piper Sandler, Akash Sriram, Shinjini Organizations: General Motors, U.S, Ford, EV, Consumer Electronics, GM, Thomson Locations: Australia, United States, U.S, Bengaluru

The company reported a larger-than-expected quarterly loss and cut its annual revenue forecast for the second time, but strength in its biologics unit drove quarterly sales past tempered Wall Street estimates. Catalent's "results cleared an admittedly low bar", Stephens analyst Jacob Johnson said. "After a number of shoes dropping and a lot of noise recently, today was a good first or second step." Catalent reported a third-quarter loss of 9 cents per share, compared with Wall Street estimates for a loss of 3 cents, according to IBES data from Refinitiv. The company will also amend its 2022 results filing with a $26 million deduction caused by a revenue recognition error at its Bloomington plant.

Persons: Stephens, Jacob Johnson, Alessandro Maselli, Maselli, Catalent, Bhanvi Satija, Sriparna Roy, Devika Organizations: Novo Nordisk's, Thomson Locations: Maryland, Brussels, Indiana, Bloomington, Bengaluru

June 9 (Reuters) - The White House on Friday said electric-vehicle charging stations using Tesla (TSLA.O) standard plugs would be eligible for billions of dollars in federal subsidies as long as they included the U.S. charging standard connection, CCS, as well. The statement follows separate announcements by U.S. automakers Ford Motor (F.N) and General Motors (GM.N) that they were adopting the Tesla model of charging, known as the North American Charging Standard (NACS). Tesla shares rose 4.1%. Some of them said on Friday that they would work to adapt to the Tesla standard. [1/2] Tesla charging stations are pictured in a parking lot in Shanghai, China March 13, 2021.

Persons: Biden, Tesla, Robyn Patterson, Patterson, Tesla's, Oleg Logvinov, Aly, Logvinov, Sam Houston, Danni Hewson, AJ Bell, Blink, Jonathan Levy, We've, They've, Asaf Nagler, ChargePoint, Jarrett Renshaw, Abhirup Roy, Hyunjoo Jin, Chavi Mehta, Bhanvi, Sayantani Ghosh, David Gaffen, Peter Henderson, Matthew Lewis Organizations: U.S, Ford Motor, General Motors, American, CCS, Analysts, Ford, GM, EV, Reuters, Volkswagen, Hyundai Motor, Kia, IoTecha, REUTERS, CharIN, Union of Concerned, Tesla, ABB, America, Thomson Locations: United States, Shanghai, China, CharIN North America, Swiss, Philadelphia, San Francisco, Bengaluru

The benchmark S&P 500 (.SPX) built on Thursday's 20% rise from its Oct. 12 finishing low, heralding the start of a new bull market as defined by some market participants. The S&P 500 (.SPX) gained 4.93 points, or 0.11%, at 4,298.86, taking this week's advance to 0.38% and extending its winning streak to four weeks, the longest since the July-August 2022 period. The Dow Jones Industrial Average (.DJI) rose 43.17 points, or 0.13%, to 33,876.78, for a weekly gain of 0.33%. Declining issues outnumbered advancing ones on the NYSE by a 1.49-to-1 ratio; on Nasdaq, a 1.84-to-1 ratio favored decliners. The S&P 500 posted 15 new 52-week highs and five new lows; the Nasdaq Composite recorded 84 new highs and 53 new lows.

Persons: Dow Jones, Tim Holland, Brendan McDermid, Rick Meckler, Wells, Sruthi Shankar, Shristi, Vinay Dwivedi, Richard Chang Organizations: Adobe, Citi, Nasdaq, Tesla Inc, General Motors Co, GM, Orion, Dow Jones, Apple Inc, Devices, Nvidia Corp, NYSE, American Stock Exchange, New York Stock Exchange, REUTERS, Brendan McDermid Traders, Cherry Lane Investments, Target Corp, Adobe Inc, Netflix Inc, Thomson Locations: Wells Fargo, New York City, U.S, Bengaluru

☆ Wall Street Week Ahead: Investors rethink recession plays, boosting U.S. stock market laggards
▼ + stars: | 2023-06-09 | by ( David Randall | ) www.reuters.com time to read: +5 min

"There's reason to believe that the pessimism we saw at the start of the year is giving way to a stronger-than-expected market." Murray has increased his allocation to small-cap stocks, which tend to be among the most direct beneficiaries of economic growth. Other rebounding segments in June include the S&P 500 energy sector, which has gained 6% this month and S&P 500 industrials, up 5.7%. Ten of the 11 S&P 500 sectors are firmer for the month to date, compared to only six for the year. Stronger-than-expected jobs growth and robust consumer spending have been among the data points that have bolstered investors' economic outlook.

Persons: Tim Murray, T Rowe Price's, Murray, Russell, Dow, Howard Silverblatt, Goldman Sachs, Saira Malik, Max Wasserman, David Randall, Saqib Iqbal Ahmed, Lewis Krauskopf, Ira Iosebashvili, Richard Chang Organizations: YORK, Energy, Reuters, Apple Inc, Microsoft Corp, Inc, Amazon.com Inc, Nvidia Corp, Tesla Inc, Dow Jones, Capital Economics, Miramar Capital, Starbucks Corp, Target Corp, Thomson Locations: U.S

☆ White House welcomes Tesla to take advantage of federal dollars
▼ + stars: | 2023-06-09 | by ( Jarrett Renshaw | ) www.reuters.com time to read: +5 min

June 9 (Reuters) - The White House on Friday said electric-vehicle charging stations using Tesla (TSLA.O) standard plugs would be eligible for billions of dollars in federal subsidies as long as they included the U.S. charging standard connection, CCS, as well. Tesla shares rose as much as 7.5% on Friday but pared gains to close 4.1% higher at $244.40. Analysts said the Ford and GM news was a big win that could make Tesla Superchargers an industry standard in the United States. GM and Ford shares closed up 1.1% and 1.3%, respectively. Musk on Friday said in a tweet it would be "ideal" for Tesla chargers to need only CCS adapters to meet federal charging standards.

Persons: Biden, Tesla, Robyn Patterson, Patterson, Tesla's, Sam Houston, Danni Hewson, AJ Bell, Blink, Jonathan Levy, ChargePoint, Musk, Jarrett Renshaw, Hyunjoo Jin, Abhirup Roy, Chavi Mehta, Bhanvi, Sayantani Ghosh, David Gaffen, Peter Henderson, Matthew Lewis Organizations: U.S, Ford Motor, General Motors, American, CCS, Ford, GM, EV, Reuters, Volkswagen, Hyundai Motor, Kia, Union of Concerned, Tesla, Elon, Thomson Locations: United States, Philadelphia, San Francisco, Bengaluru

June 9 (Reuters) - TriNet Group (TNET.N), an online payroll services provider with a market value of close to $7 billion, is exploring a potential sale of the company, according to people familiar with the matter. The Dublin, California-based company is working with investment bank Morgan Stanley (MS.N) to engage with potential acquirers, the sources said. TriNet shares rose 15% on the news to $111.85 in afternoon trading in New York on Friday. Founded in 1988, TriNet provides a wide range of human resources services to small and medium-sized businesses, including payroll, compliance and tax credit services. TriNet shares are up 44% so far this year, significantly outperforming an 11% return in the Russell 1000 index, as its business benefited from companies continuing to hire despite a spike in inflation.

Persons: Morgan Stanley, Michael Angelakis, TriNet, Milana Vinn, Marguerita Choy, Kirsten Donovan Organizations: TriNet, Comcast, General Atlantic, Federal Reserve, Thomson Locations: Dublin, California, New York, TriNet

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