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☆ Catalent shares tank on warning of $400 mln cut to annual revenue forecast
▼ + stars: | 2023-05-08 | by ( ) www.reuters.com time to read: +2 min

May 8 (Reuters) - Catalent Inc (CTLT.N) expects to cut by more than $400 million both its full-year revenue and core profit forecasts, the contract drug manufacturer said on Monday, sending its shares tumbling 27% to a three-year low. In April, Catalent had flagged productivity issues and warned that a slower-than-expected ramp up in production capacity would hit quarterly results. Catalent had been the sole contract manufacturer for Novo Nordisk's (NOVOb.CO) weight-loss drug Wegovy, but the Danish company last month unveiled a second contract manufacturer to help meet sky-rocketing demand. Catalent in February forecast full-year net revenue of $4.63 billion to $4.88 billion and adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) of $1.22 billion to $1.30 billion. Reporting by Sriparna Roy in Bengaluru; Editing by Savio D'SouzaOur Standards: The Thomson Reuters Trust Principles.

☆ Ant Group weighs stake sale of Hong Kong virtual banking unit - Bloomberg News
▼ + stars: | 2023-05-05 | by ( ) www.reuters.com time to read: 1 min

May 5 (Reuters) - Ant Group Co (688688.SS) is considering selling its stake in its virtual banking unit in Hong Kong, Bloomberg News reported on Friday citing people familiar with the matter. Reporting by Rishabh Jaiswal in Bengaluru; Editing by Savio D'SouzaOur Standards: The Thomson Reuters Trust Principles.

☆ European shares rise on smaller ECB rate hike, upbeat earnings
▼ + stars: | 2023-05-05 | by ( Shubham Batra | ) www.reuters.com time to read: +3 min

SummarySummary Companies STOXX 600 index up 0.1%Adidas jumps on upbeat earningsEvotec drops on leaving MDAXMay 5 (Reuters) - European shares rose on Friday, as the European Central Bank's smaller rate hike, and market-beating results from Adidas and Apple boosted sentiment. The pan-European STOXX 600 index (.STOXX) edged up 0.1%, but is on track for its second consecutive weekly loss. Energy (.SXEP) and utilities shares (.SXPP) led the gains on the index, rising 1.4% and 1.0% respectively, while food and beverage shares (.SX3P) slid 0.4%. "Inflation pressures worldwide help in driving equity markets although we don't like to pay higher prices, as consumers it eats into our pockets. The higher prices go to some company reaping the rewards of those higher prices," said Chi Chan, Portfolio Manager and Senior Research Analyst, Federated Hermes.

May 4 (Reuters) - Paramount Global Inc (PARA.O) missed first-quarter revenue estimates on Thursday amid a weak advertising market in its TV business and cut its dividend. The company incurred a $1.7 billion charge in connection with its plan to integrate Showtime into its Paramount+ streaming service and remove certain programming. Paramount Global said its dividend cut to 5 cents per share will result in approximately $500 million in annualized cash savings. Paramount+, the company's flagship streaming platform, added 4.1 million subscribers during the quarter, compared with 9.9 million in the preceding quarter. Sales for its TV media segment declined by 8% from a year earlier and advertising revenue fell by 11%.

Paramount invested in original content to try to attract subscribers to its streaming platform, but is up against competition from established players such as Netflix (NFLX.O) and Walt Disney Co's (DIS.N) Disney+. Paramount+, the company's flagship streaming platform, added 4.1 million subscribers during the quarter, compared with 9.9 million in the preceding quarter. Sales for its TV media segment declined by 8% from a year earlier, and advertising revenue fell by 11%. Investment in original content and expansion of its streaming platform are consuming cash at the owner of the CBS network. The operating loss was $1.23 billion for the quarter, compared with an operating income of $775 million a year earlier.

May 4 (Reuters) - Canadian lender Toronto-Dominion Bank Group (TD.TO) has called off its deal to acquire First Horizon Corp (FHN.N) for $13.4 billion on Thursday, sending the U.S. bank's shares down 44.5% in premarket trading. As part of the termination, TD will pay $200 million to First Horizon in addition to a $25 million fee reimbursement, the banks said. TD first agreed to buy First Horizon in February last year to expand its presence in the United States. Since then, the lender has acquired New York-based boutique investment bank Cowen Inc for $1.3 billion this year. ORTEX data from early last month showed the second-largest Canadian lender was the world's most shorted banking stock.

☆ US regional bank PacWest says in talks with potential partners, investors
▼ + stars: | 2023-05-04 | by ( ) www.reuters.com time to read: +1 min

May 4 (Reuters) - PacWest Bancorp (PACW.O) said on Thursday that it has been approached by several potential partners and investors, and that those talks are ongoing as it continues to evaluate all options to maximize shareholder value. The Los Angeles-based lender said it has explored strategic asset sales, including moving its $2.7 billion lender finance loan portfolio to held-for-sale. PacWest said its cash and available liquidity remains "solid" and has exceeded its uninsured deposits, representing 188% as of May 2. The bank said it has not experienced out-of-the-ordinary deposit flows following the sale of First Republic Bank to JPMorgan Chase & Co (JPM.N). PacWest's core customer deposits increased since March 31, with deposits totaling $28 billion as of May 2, the company said in a statement.

First Horizon and TD said in a statement they had mutually decided to end the deal because there was no clarity on when they would get regulatory approvals. TD will pay $200 million to First Horizon, in addition to a $25 million fee reimbursement. 2 lender came under pressure from some investors to scrap the purchase after the U.S. regional banking crisis. TD agreed to buy First Horizon in February last year to expand its presence in the United States. Average deposits at First Horizon fell 4% to $62.2 billion in the first quarter, compared to the end of last year.

☆ UK's WANdisco starts reorganisation review, could cut 30% jobs
▼ + stars: | 2023-05-04 | by ( ) www.reuters.com time to read: 1 min

May 4 (Reuters) - British software company WANdisco (WAND.L) said on Thursday it will begin a reorganisation and review process that could lead to about 30% reduction of its overall jobs. Reporting by Radhika Anilkumar in Bengaluru; Editing by Savio D'SouzaOur Standards: The Thomson Reuters Trust Principles.

☆ India's Adani Ports sells Myanmar port for a discounted $30 mln
▼ + stars: | 2023-05-04 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, May 4 (Reuters) - India's Adani Ports and Special Economic Zone Ltd (APSE.NS) said on Thursday that it has completed the sale of its port in sanction-hit Myanmar for $30 million, significantly lower than its investment in the project. Inputs from key minority shareholders were a key driver in the company's decision to exit the project, Adani Ports previously said, reiterating it would not engage with a sanctioned entity. However, a source familiar with the matter said Adani Ports had invested $195 million in the greenfield project, which had not become operational yet. Adani Ports did not immediately respond to Reuters' request for comment. Shares of Adani Ports rose as much as 1.2% after the announcement.

☆ Vodafone, CK Hutchison set to unveil 15 bln pounds UK mobile tie-up - FT
▼ + stars: | 2023-05-04 | by ( ) www.reuters.com time to read: +1 min

May 4 (Reuters) - Vodafone (VOD.L) and CK Hutchison (0001.HK) are close to agreeing to a 15 billion pounds (about $19 billion) combination of their UK telecoms businesses that would create the country's biggest mobile operator, the Financial Times reported on Thursday. The deal will value the equity of the combined group at about 9 billion pounds, with roughly 6 billion pounds of debt, the FT said, citing three people familiar with the matter. The combination could also enable Hong Kong-based CK Hutchison to withdraw from the UK telecoms market, the newspaper added. Vodafone and CK Hutchison did not immediately respond to Reuters' request for comment. ($1 = 0.7948 pounds)Reporting by Akriti Sharma in Bengaluru; Editing by Savio D'SouzaOur Standards: The Thomson Reuters Trust Principles.

☆ Tesla resumes U.S. orders for a Model 3 version at lower price, range
▼ + stars: | 2023-05-03 | by ( ) www.reuters.com time to read: +1 min

The long-range version of the entry-level Model 3 is priced at $47,240 currently, about 18.5% less than the $57,990 it was priced at last August when Tesla halted taking orders in the United States and Canada. Model 3 Long Range has a range of “325+” miles per charge, down from 358 miles. It is eligible for a $3,750 government subsidy, compared with a full $7,500 subsidy for a Model 3 Performance version. Tesla expects to resume delivery of the long-range Model 3 electric sedan in June, according to the website. The long-range version of the entry-level Model 3 has a range of more than 325 miles (523 kilometers) on a single charge.

☆ Centene to divest AI platform Apixio
▼ + stars: | 2023-05-03 | by ( ) www.reuters.com time to read: +1 min

May 3 (Reuters) - Centene Corp (CNC.N) will sell its artificial intelligence-powered healthcare analytics platform Apixio to investment firm New Mountain Capital as part of an ongoing portfolio review, the U.S. health insurer said on Wednesday. The company, which acquired Apixio in December 2020, did not disclose the terms of the transaction. Apixio compiles and analyzes large volumes of unstructured patient data, including medical charts and physician's notes, into insights and curated data. "As part of our ongoing portfolio review, it was important for us to find a strategic partner for Apixio with whom the business can continue to grow," said Centene Chief Executive Office Sarah London said in a statement. Centene said it expects the sale of the platform to be neutral to its adjusted profit for this year.

☆ Tesla resumes US orders for Model 3 long-range version at lower price
▼ + stars: | 2023-05-03 | by ( ) www.reuters.com time to read: +1 min

May 3 (Reuters) - Tesla Inc (TSLA.O) has resumed taking orders for its Model 3 long-range version in the United States, the company's website showed late on Tuesday, after a temporary halt last year due to delivery backlogs. The long-range version of the entry-level Model 3 is priced at $47,240 currently, about 18.5% less than the $57,990 it was priced at last August when Tesla halted taking orders in the U.S. and Canada. Tesla expects to resume delivery of the long-range Model 3 electric sedan in June, according to the website. The long-range version of the entry-level Model 3 has a range of more than 325 miles (523 kilometers) on a single charge. To boost sales, Tesla has been regularly modifying the prices of its vehicles since the start of this year.

☆ Hindenburg takes on billionaire Icahn with latest short position
▼ + stars: | 2023-05-02 | by ( ) www.reuters.com time to read: +2 min

May 2 (Reuters) - Hindenburg Research said on Tuesday it has a short position in activist investor Carl Icahn-controlled energy-to-pharma conglomerate Icahn Enterprises (IEP.O), making it the latest in a string of recent high-profile targets of the U.S. short seller. Icahn Enterprises did not immediately respond to a request for comment and Reuters could not independently verify the claims the short-seller has made in its report. Hindenburg also claimed Icahn was operating a "ponzi-like economic structure," selling its units to new investors to support its dividend payouts. Based in Sunny Isles Beach, Florida, Icahn Enterprises is one of the most successful activist investment firms and the chief investment vehicle of Icahn, who is known for his face-offs with several high-profile firms. As of last close, shares were down marginally this year, giving Icahn Enterprises a valuation of roughly $18 billion.

☆ India's Go First Airways files for insolvency proceedings, suspends flights - report
▼ + stars: | 2023-05-02 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, May 2 (Reuters) - Cash-strapped Indian airline Go First Airways has suspended its flights for May 3 and 4, and filed for insolvency resolution proceedings in the National Company Law Tribunal, local media reported on Tuesday. Go First is suspending flights due to a severe funding crunch, PTI said in a report carried by ET Now, citing the airline's Chief Executive Kaushik Khona. The grounded flights have led to Go First's market share falling to 6.9% in March from 8.4% in January, latest data from the Indian aviation regulator showed. Go First has also sued Pratt & Whitney in a U.S. federal court, seeking to enforce an arbitral award that asks the engine maker to supply the airline, the ET report said. Reporting by Varun Vyas in Bengaluru; Editing by Savio D'SouzaOur Standards: The Thomson Reuters Trust Principles.

☆ Germany air taxi firm Lilium plans to raise $250 mln, shares jump
▼ + stars: | 2023-05-02 | by ( ) www.reuters.com time to read: +1 min

Tencent-affiliate Aceville Pte Ltd will get 184.2 million Lilium warrants worth $1 per Class A share, Lilium said. Lilium did not disclose the valuation at which it planned to raise the funds. The company had a market capitalisation of $152.43 million as of the close of trade on Monday, according to Refinitiv data. Lilium is competing in a crowded market for eVTOL vehicles, hoping to replace cars with aircraft or helicopters for road trips or short hops. It had about $157.5 million of cash, cash equivalents and other financial assets as of March 31.

In a report published on Tuesday, Hindenburg accused IEP of overvaluing its holdings and relying on a "Ponzi-like" structure to pay dividends. The subsequent plunge in IEP shares wiped $2.9 billion off Icahn's net worth, leaving him with an estimated $14.7 billion, according to Forbes. NAV is a key gauge of a fund's performance, measuring the market value of securities held by the fund. Driving the frothiness in IEP's stock, Hindenburg argued, is its dividend yield of 15.8%, the highest of any U.S. large cap company by far. Hindenburg also offered examples it said showed IEP itself was valuing its holdings way above their market value.

Fabrizio Campelli, who oversees Deutsche's investment bank, said it had been looking to grow its business in Britain. Deutsche Bank shares rose as much as 2.5% in early trade before erasing gains. MOVING INAs part of the deal, 35 Deutsche Bank corporate finance employees will move in with more than 300 London-based Numis staff. As part of its strategy, Deutsche Bank - a leading bank in Germany with strong European roots - said earlier this week that it aims to accelerate "growth initiatives" including potential acquisition of portfolios and assets. Britain is the largest investment banking market in Europe and Numis is a diversified investment bank with a UK franchise.

☆ Mobileye lowers annual revenue forecast
▼ + stars: | 2023-04-27 | by ( ) www.reuters.com time to read: +1 min

April 27 (Reuters) - Mobileye Global Inc (MBLY.O) on Thursday lowered its forecast for annual revenue, hurt by increasing competition from start-ups as well as automakers developing their own driver-assistance products. The autonomous driving technology company now expects revenue to range between $2.07 billion and $2.11 billion from $2.19 billion and $2.28 billion estimated previously. The timeline for autonomous vehicle deployment due to tough regulatory scrutiny and delayed commercial adoption of the technology has also left investors worried. Mobileye, however, posted revenue of $458 million in the first quarter, compared with analysts' estimates of $454.7 million, according to Refinitiv IBES data. Reporting by Yamini Kalia and Tiyashi Datta in Bengaluru; Editing by Savio D'SouzaOur Standards: The Thomson Reuters Trust Principles.

☆ Gap to lay off about 1,800 employees in second round of job cuts
▼ + stars: | 2023-04-27 | by ( ) www.reuters.com time to read: +2 min

April 27 (Reuters) - Gap Inc (GPS.N) said on Thursday it would cut about 1,800 jobs in a second round of layoffs, joining a set of big U.S. companies that are downsizing in earnest as high inflation eats into consumer wallets. In September, Gap eliminated about 500 corporate workers across a range of departments as it struggled to protect margins and battled weak sales. As of Jan. 28, the apparel chain had about 95,000 employees, according to a regulatory filing. The Wall Street Journal first reported on the new round of job cuts earlier this week. Reporting by Anne Florentyna Gnanaraja Sekar and Ananya Mariam Rajesh in Bengaluru; Editing by Savio D'SouzaOur Standards: The Thomson Reuters Trust Principles.

☆ Japan's SMFG boosts U.S. presence via bigger stake in Jefferies
▼ + stars: | 2023-04-27 | by ( ) www.reuters.com time to read: +1 min

April 27 (Reuters) - Japan's Sumitomo Mitsui Banking Corp (SMBC) said it will combine its U.S. equity and M&A business with Jefferies Financial Group Inc (JEF.N) as part of a deal in which its parent, Sumitomo Mitsui Financial Group (8316.T), will boost its stake in the U.S firm and its presence in the country. Sumitomo Mitsui Financial Group (SMFG) will raise its stake in Jefferies from 4.5% currently to as much as 15%, giving it the right to nominate a member to the U.S. company's board of directors, the companies said in a joint statement on Thursday. Its SMBC Nikko Securities unit, formerly Citigroup Inc's (C.N) Japanese broker and a key investment banking unit that SMFG bought in 2009, has a limited footprint abroad. SMFG's bigger domestic rival, Mitsubishi UFJ Financial Group Inc (8306.T), has boosted its U.S. presence through a $9 billion investment in Morgan Stanley (MS.N) in 2008, which gave MUFG some 20% ownership of the Wall Street bank. The Financial Times first reported the news on SMBC and Jefferies.

☆ Teck Resources profit misses estimates as Glencore circles
▼ + stars: | 2023-04-26 | by ( ) www.reuters.com time to read: +1 min

Teck reported an adjusted profit of C$1.81 per share for the three months ended March 31, compared with the average analyst estimate of C$1.82, according to Refinitiv IBES data. read moreSome Teck shareholders have already cast their votes on the miner's proposal to split its coal and metals businesses. Glencore has said that there is no deal if shareholders vote in favor of Teck's split. Teck's quarterly gross profit for its copper business unit fell 42.1% due to a drop in sales volumes and average realized copper prices. Teck reported a revenue decline of 18% to C$3,785 million.

☆ Carlyle eyes fresh backers for McDonald's China arm - Bloomberg News
▼ + stars: | 2023-04-21 | by ( ) www.reuters.com time to read: +1 min

April 21 (Reuters) - Carlyle Group Inc (CG.O) is considering bringing in fresh backers for its investment in McDonald's Corp's (MCD.N) China operations, seeking a valuation of $8-$10 billion for the business, Bloomberg News reported on Friday. Carlyle, which controls McDonald's China along with Trustar Capital, could sell down part of their stakes in the fast-food giant in the deal while still retaining control, the report added, citing people familiar with the matter. In 2017, the U.S fast-food chain agreed to sell most of its China and Hong Kong business to CITIC and Carlyle for up to $2.1 billion. Trustar Capital is a private equity affiliate of CITIC Capital Holdings. Carlyle, McDonald's and Trustar did not immediately respond to a Reuters request for comment.

☆ Credit Suisse bondholders sue Swiss regulator over $17 bln bond wipeout -FT
▼ + stars: | 2023-04-21 | by ( ) www.reuters.com time to read: +1 min

April 21 (Reuters) - Credit Suisse Group AG (CSGN.S) bondholders, representing $4.5 billion of the $17 billion of wiped-out Additional Tier 1 bonds of the company, have filed a lawsuit against Switzerland's banking regulator, the Financial Times reported on Friday. The complaint says the regulator, Finma, acted unconstitutionally when it ordered Credit Suisse to cancel the AT1 debt, the FT report said. This move by the Swiss regulator in mid-March angered bondholders who thought they would be better protected than shareholders in a rescue deal with UBS (UBSG.S) earlier in the month. The lawsuit was filed by the law firm Quinn Emanuel in the city of St. Gallen in eastern Switzerland on Wednesday, FT said. The bondholder group holds a "significant" percentage of the total notional value of the bonds, Quinn Emanuel said earlier this month when it was hired by the bondholders group.

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