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☆ J.P.Morgan puts India's HCL on 'negative catalyst watch' ahead of Q4 results
▼ + stars: | 2023-04-04 | by ( ) www.reuters.com time to read: +2 min

BENGALURU, April 4 (Reuters) - J.P.Morgan on Tuesday placed Indian IT services provider HCL Technologies Ltd (HCLT.NS) on "negative catalyst watch" ahead of the earnings season, citing the highest near-term risks for the company. The brokerage also expected Infosys to give "soft" guidance due to the uncertain macro environment and the departure of Mohit Joshi, its president and head of banking, financial services and insurance. TCS Chief Executive Officer Rajesh Gopinathan resigned last month, while Joshi was named CEO of Tech Mahindra (TEML.NS). Earlier, J.P.Morgan had said TCS and Infosys have the highest exposure to regional banks in the United States that are gripped by a financial turmoil. Reporting by Nallur Sethuraman in Bengaluru; Editing by Pooja DesaiOur Standards: The Thomson Reuters Trust Principles.

☆ Nikola tumbles to record low on $100 million stock sale
▼ + stars: | 2023-03-31 | by ( ) www.reuters.com time to read: +2 min

March 31 (Reuters) - Shares of Nikola Corp (NKLA.O) hit a record low on Friday after the electric-truck maker said it plans to sell shares and raise $100 million, amid high production costs. Nikola said late Thursday it will sell about 29.9 million shares in public offering and 59.4 million shares to hedge fund Antara Capital L.P., an existing holder of the company's convertible bonds. Nikola fell to $1.15 per share after offering shares to raise capital"Despite the $100 million cash injection, management still has a lot of work to do to balance cash burn against its existing cash," said BTIG analyst Gregory Lewis, and downgraded the stock to "neutral" from "buy". The company said it has $123 million in cash and $85 million in restricted cash as of March 28. Last year, the company had said it might sell shares to raise up to $400 million.

☆ Bed Bath & Beyond plans to sell $300 mln in stock, warns again of bankruptcy
▼ + stars: | 2023-03-31 | by ( ) www.reuters.com time to read: +2 min

The embattled retailer had planned to raise around $1 billion through the offering of preferred stock and warrants to avoid bankruptcy. Bed Bath said it had so far raised $360 million through the complex deal, repaid its loan defaults and made all interest payments for senior notes. The latest stock offering plan comes amid a risk of losing additional funding from key investor Hudson Bay Capital Management, as the stock price continues to trade below $1. Separately, Bed Bath said it expects fourth-quarter comparable sales to decline in the range of 40% to 50%, compared with analysts' estimates of a 26.3% drop, according to Refinitiv data. Reporting by Ananya Mariam Rajesh in Bengaluru; Editing by Krishna Chandra Eluri and Pooja DesaiOur Standards: The Thomson Reuters Trust Principles.

☆ Bed Bath & Beyond plans to sell $300 mln in stock, again warns of bankruptcy
▼ + stars: | 2023-03-30 | by ( ) www.reuters.com time to read: +2 min

March 30 (Reuters) - Bed Bath & Beyond Inc (BBBY.O) on Thursday announced plans to sell $300 million worth of its shares as the struggling retailer looks to raise more capital, and warned again that it would likely have to file for bankruptcy if it did not get the proceeds. The latest stock offering plan comes as the company risked losing additional funding from key investor Hudson Bay Capital Management, as its stock price trades below $1. On March 20, Bed Bath & Beyond stock dropped 21% to close at 81 cents after the company's announcement that it was seeking shareholder approval for a reverse stock split. Separately, Bed Bath said it expects fourth-quarter comparable sales to decline in the range of 40% to 50%, compared with analysts' estimates of a 26.3% drop, according to Refinitiv data. Reporting by Ananya Mariam Rajesh in Bengaluru; Editing by Krishna Chandra Eluri and Pooja DesaiOur Standards: The Thomson Reuters Trust Principles.

☆ Block says Cash App has 44 mln verified monthly users after Hindenburg report
▼ + stars: | 2023-03-30 | by ( ) www.reuters.com time to read: +2 min

March 30 (Reuters) - Block Inc (SQ.N) said on Thursday 44 million of its more 51 million monthly active customers on Cash App were verified through its identity program as of Dec. 31. The payments firm also estimated that the verified accounts constituted roughly 97% of Cash App inflows. After taking a short position in Block, the report alleged that the payments firm led by Twitter co-founder Jack Dorsey overstated its Cash App user numbers and understated its customer acquisition costs. Block has denied the allegations, saying it would explore legal action against the short seller for its "factually inaccurate and misleading report" that was "designed to deceive and confuse investors". Reporting by Manya Saini in Bengaluru; Editing by Pooja Desai and Arun KoyyurOur Standards: The Thomson Reuters Trust Principles.

☆ US FDA seeks to allow salt substitutes in everyday foods
▼ + stars: | 2023-03-24 | by ( ) www.reuters.com time to read: +1 min

Companies U.S. Food and Drug Administration FollowMarch 24 (Reuters) - The U.S. Food and Drug Administration (FDA) on Friday said it was proposing a rule to allow the use of salt substitutes in everyday foods including cheese, frozen peas and canned tuna, in a bid to cut Americans' salt consumption. The FDA had in 2021 set a new voluntary goal for manufacturers and chain restaurants to cut salt levels by an average of 12% in packaged foods, because excessive salt consumption has been linked to high blood pressure, a leading cause of heart attack and stroke. The majority of sodium consumed comes from processed, packaged and prepared foods, not from salt people add to their food when cooking or eating," said Susan Mayne, the director of FDA's food safety and nutrition division. Friday's proposed rule looks to change the FDA's "standards of identity" (SOI) for over 20 items, ranging from cheese to cereal flour. The SOIs list ingredients that standardized foods must contain, and which ingredients are optional.

☆ Kerrisdale takes short position in Uranium Energy; shares fall
▼ + stars: | 2023-03-23 | by ( ) www.reuters.com time to read: +1 min

March 23 (Reuters) - Kerrisdale Capital said on Thursday that it had built a short position in Uranium Energy Corp (UEC.A), sending the miner's shares down more than 10%. The short seller said in a report that the company had failed to exploit a spike in uranium prices during the last two bull markets. Uranium Energy did not immediately respond to a request for comment. Kerrisdale said that of the company's stated 140 million pounds of estimated uranium resources in the United States, none can be mined profitably at current prices. "Only about a quarter of the resources will be economically viable even at the much higher uranium prices."

☆ Pentagon probes lapse in Boeing security credentials for Air Force One
▼ + stars: | 2023-03-23 | by ( ) www.reuters.com time to read: +2 min

On March 14, Boeing discovered that "Yankee White" credentials for about 250 employees who work on the Air Force One planes had lapsed, the Air Force and Boeing confirmed. All of the workers involved have retained current top secret clearances, according to the Air Force and Boeing. However, the additional Yankee White clearance is required for individuals working on matters connected to the presidential aircraft. "When Boeing discovered this administrative issue, we quickly notified the Air Force, and, in coordination with the Air Force, we temporarily suspended access to the VC-25A and VC-25B areas for those Boeing employees who were affected," a Boeing spokesperson said. On March 19, "the vast majority of employees" with lapsed Yankee White credentials were approved to begin working in the secured areas where Air Force One planes are built and maintained, the Air Force said.

☆ Pacific Western Bank raises $1.4 bln, says deposits have stabilized
▼ + stars: | 2023-03-22 | by ( ) www.reuters.com time to read: +2 min

March 22 (Reuters) - Pacific Western Bank (PACW.O) said on Wednesday it had raised $1.4 billion from investment firm Atlas SP Partners as regional banks rush to contain the fallout of a recent collapse of two mid-sized lenders. The bank said deposits insured by the Federal Deposit Insurance Corporation, including accounts eligible for pass-through insurance, exceeded 65% of its total deposits, as of March 20. Total deposits at the bank fell 20% to $27.1 billion from $33.9 billion as of Dec. 31. "The update that put out today versus the update that put out last Friday, the read on it is a little bit more negative," Tenner said. Reporting by Jaiveer Shekhawat and Manya Saini in Bengaluru; Editing by Pooja DesaiOur Standards: The Thomson Reuters Trust Principles.

The Toronto Stock Exchange's S&P/TSX composite index (.GSPTSE) ended up 131.71 points, or 0.7%, at 19,519.43, preliminary data showed. The financial sector (.SPTTFS), which accounts for nearly 30% of the TSX, added 0.5%. Energy was up 2.9% as oil rebounded from a 15-month low. The materials sector, which includes precious and base metals miners and fertilizer companies, gained 0.8%. Reporting by Johann M Cherian in Bengaluru; Editing by Pooja Desai and David GregorioOur Standards: The Thomson Reuters Trust Principles.

☆ TSX set to commence week slightly higher
▼ + stars: | 2023-03-20 | by ( ) www.reuters.com time to read: +2 min

March 20(Reuters) - Futures for Canada's main stock index edged higher on Monday, aided by gains in the prices of safe-haven assets like bullion, as investors returned to markets plagued by uncertainty in the global financial sector. March futures on the S&P/TSX index , which tracks commodity prices, were up 0.3% at 7:10 a.m. Later in the week, investors also await February domestic consumer inflation data and January retail sales data. The Toronto Stock Exchange's S&P/TSX composite index (.GSPTSE) ended 0.7% down on Friday and hit its lowest weekly levels this year, weighed down by financials. ET, while S&P 500 e-minis were up 2.25 points, or 0.06%, and Nasdaq 100 e-minis were up 2.5 points, or 0.02%.

☆ Walmart offers affordable Easter meals to lure thrifty shoppers
▼ + stars: | 2023-03-13 | by ( ) www.reuters.com time to read: +1 min

March 13 (Reuters) - Walmart Inc (WMT.N) said on Monday it would offer Easter meals and bundles at affordable prices, a move aimed at drawing more customers to its stores at a time when egg prices have surged and consumers are keeping a tight grip on their wallets. The price of eggs, a staple of Easter baskets, has been near a record high for months as outbreaks of avian flu have killed more than 58 million backyard and commercial chickens and turkeys since February 2022. Walmart said on Monday it would keep the prices of its Easter essentials consistent with 2022 and offer the Easter meal and basket combo for less than $100, both online and in stores. This year, Walmart's Easter meals and baskets will include staples like ham, green beans and cherry pies, along with decorative grass, Hershey's (HSY.N) Milk Chocolate Bunnies and Reese's Eggs. Reporting by Mehr Bedi in Bengaluru and Siddharth Cavale in New York; Editing by Pooja DesaiOur Standards: The Thomson Reuters Trust Principles.

☆ Opko Health soars after deal with Merck for experimental Epstein-Barr vaccine
▼ + stars: | 2023-03-08 | by ( ) www.reuters.com time to read: +1 min

March 8 (Reuters) - Opko Health Inc (OPK.O) said on Wednesday it signed a deal with Merck & Co Inc (MRK.N) potentially worth up to $922.5 million for its experimental Epstein-Barr virus vaccine. Merck will take over the clinical and regulatory activities related to the vaccine, as well its commercialization once the drugmaker files a joint application with Opko unit ModeX Therapeutics to test it in humans, the company said. Opko will receive an upfront payment of $50 million and is eligible for milestone payments of up to $872.5 million, plus royalties on global sales. There is currently no vaccine for the Epstein-Barr virus, which is the leading cause of mononucleosis, or mono, commonly called the "kissing disease". Reporting by Aditya Samal in Bengaluru; Editing by Pooja DesaiOur Standards: The Thomson Reuters Trust Principles.

☆ Microsoft expands ChatGPT integration to more developer tools
▼ + stars: | 2023-03-06 | by ( ) www.reuters.com time to read: +1 min

March 6 (Reuters) - Microsoft Corp (MSFT.O) on Monday bundled the technology behind ChatGPT with its Power Platform that allows users to develop applications with little or no coding, the latest integration of artificial intelligence into its products. Big tech companies from Alphabet Inc (GOOGL.O) to Baidu Inc (9888.HK) are speeding up the integration of generative AI - technology that has gained popularity for its ability to generate human-like text responses to queries - into their offerings. Microsoft said a line of business-intelligence and app-development tools within Power Platform, including Power Virtual Agent and AI Builder, was updated with the new capabilities. Power Virtual Agent, a tool for businesses to build chatbots, can now connect to internal company resources to generate summaries of weekly reports and customer queries. Microsoft has also added generative AI capabilities to AI Builder, which lets businesses automate workflows, and Dynamics 365, a business management platform.

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