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UnitedHealth Group (UNH.N) jumped 7.2% after the health insurer's quarterly profit beat analysts' average estimate, as the industry bellwether's expenses came in lower than feared. Wells Fargo (WFC.N) gained 0.8% after reporting a 57% rise in quarterly profit. Citigroup (C.N) fell 2.9% after the lender's quarterly profit tumbled 36% as weakness in its trading business blunted gains in its personal banking and wealth management unit. The S&P 500 banks index (.SPXBK) shed 0.8%, erasing early gains. Of the 30 companies in the S&P 500 index that have reported earnings to date, 80% beat analysts' expectations, as per Refinitiv Data.

Persons: Wells, JPMorgan Chase, First Republic Bank . Wells Fargo, Banks, They've, Robert Pavlik, bullish, Morgan, Johann M Cherian, Saumyadeb Chakrabarty, Sriraj, Maju Samuel, Vinay Dwivedi Organizations: JPMorgan, Dow, Nasdaq, Wall Street, UnitedHealth, JPMorgan Chase, Rivals, First Republic Bank . Wells, Dakota Wealth, Citigroup, BlackRock, Dow Jones, Microsoft, UBS, Nvidia, NYSE, Thomson Locations: Wells Fargo, U.S, Bengaluru

☆ Factbox: Analysts guarded as AI-driven US stock rally faces earnings test
▼ + stars: | 2023-07-13 | by ( ) www.reuters.com time to read: +4 min

Strategists expect profit at S&P 500 (.SPX) companies to have dropped 6.4% in the second quarter from a year earlier, according to Refinitiv data. Morgan Stanley:Much of the stock market rally this year has been driven by a price-to-earnings expansion, signaling investors likely remain unconcerned about near-term earnings pressure. Still, "better-than-feared" earnings are not going to be good enough in Q2 considering stocks have become more expensive, the strategists say. Goldman Sachs:Companies will likely be able to beat or surpass "the low bar" set for the second quarter. This suggests a "muted market reaction" to Q2 earnings is likely, given robust gains in stocks since the first quarter and an "overweight" equity positioning, the bank says.

Persons: Mike Segar, Morgan Stanley, Goldman Sachs, Laura Cooper, Cooper, Scott Wren, Amruta Khandekar, Shreyashi Sanyal, Sriraj Organizations: Citibank, REUTERS, Nasdaq, Companies, GS, Nvidia, iShares EMEA, BlackRock, Deutsche Bank, Investors, Wells, Wells Fargo Investment Institute, Citigroup, Thomson Locations: New York , New York, U.S, BlackRock, Wells Fargo, Bengaluru

☆ Nvidia deepens bets on AI in drug discovery with Recursion investment
▼ + stars: | 2023-07-12 | by ( ) www.reuters.com time to read: +2 min

July 12 (Reuters) - Chip designer Nvidia (NVDA.O) will invest $50 million to speed up training of Recursion's (RXRX.O) artificial intelligence models for drug discovery, the companies said on Wednesday, sending the biotech firm's shares surging about 62%. Recursion, whose advisers include AI pioneer Yoshua Bengio, will use its biological and chemical datasets exceeding 23,000 terabytes to train AI models on Nvidia's cloud platform. Nvidia, seen as a big winner of the boom in artificial intelligence, could then license those models to biotech firms through BioNeMo, a generative AI cloud service for drug discovery that it rolled out earlier this year. The investment comes as Recursion strengthened its AI focus in May by snapping up two companies in the AI-driven drug discovery space for $87.5 million. The Salt Lake City, Utah-based company's current partners include Bayer (BAYGn.DE) and Roche (ROG.S).

Persons: Nvidia, Roche, Mubadala, Baillie Gifford, Chavi Mehta, Stephen Nellis, Mariam Sunny, Shilpi Majumdar, Sriraj Organizations: Nvidia, Bayer, Baillie Gifford & Co, Thomson Locations: BioNeMo, Salt Lake City , Utah, Abu, Bengaluru, San Francisco

☆ Explainer: Clock ticks down towards potential UAW strike against Detroit Three automakers
▼ + stars: | 2023-07-12 | by ( ) www.reuters.com time to read: +6 min

Detroit automakers, like their global counterparts, have been focused on cost reductions, which in some cases include job cuts, to help accelerate a shift to electric vehicles (EVs) from gasoline-powered vehicles. Contract talks between the UAW and the Detroit automakers have gone on until the strike deadline and beyond in past years. "To win, we're likely going to have to take action," UAW Fain said on Wednesday. The Detroit Three want to close the cost gap they have with foreign automakers with non-unionized U.S. factories. In fiscal 2019, GM's fourth-quarter profit took a $3.6 billion hit from a 40-day UAW strike.

Persons: Andrew Kelly, Shawn Fain, Fain, Jim Farley, we're, UAW Fain, Biden, Tesla, GM's, Nathan Gomes, Sriraj Organizations: United Auto Workers, UAW, International Workers, REUTERS, Detroit Three, General Motors, Ford Motor, Chrysler, Detroit, WHO, Ford, Detroit automakers, FROM, Reuters, EV, Deutsche Bank, Lear Corp, Anderson Economic Group, Thomson Locations: New York, Manhattan , New York City , New York, U.S, Bengaluru

July 10 (Reuters) - Meta Platforms' (META.O) Twitter rival Threads crossed 100 million sign-ups within five days of launch, CEO Mark Zuckerberg said on Monday, dethroning ChatGPT as the fastest-growing online platform to hit the milestone. The app's sprint to 100 million users was much speedier than that of OpenAI-owned ChatGPT, which became the fastest-growing consumer application in history in January about two months after its launch, according to a UBS study. Mastodon has about 7.7 million total users, although fewer than 2 million of them actively use the service, according to daily user counts it provides. [1/2]Meta Threads app logo is seen in this illustration taken, July 6, 2023. Currently, there are no ads on the Threads app and Zuckerberg said the company would only think about monetization once there was a clear path to 1 billion users.

Persons: Mark Zuckerberg, dethroning ChatGPT, Zuckerberg, Matthew Prince, Dado Ruvic, Jack Dorsey, Musk, Adam Mosseri, Meta, Katie Paul, Akash Sriram, Zaheer Kachwala, Sriraj Kalluvila, Rashmi Aich, Nick Zieminski Organizations: Elon Musk, UBS, Twitter, REUTERS, Meta, Thomson Locations: New York, Bengaluru

[1/2] Meta Threads app logo is seen in this illustration taken, July 6, 2023. REUTERS/Dado Ruvic/IllustrationJuly 10 (Reuters) - Meta Platforms' (META.O) Twitter rival Threads crossed 100 million sign-ups within five days of launch, CEO Mark Zuckerberg said on Monday, dethroning ChatGPT as the fastest-growing online platform to hit the milestone. "That's mostly organic demand, and we haven't even turned on many promotions yet," Zuckerberg said in a Threads post announcing the milestone. The app's sprint to 100 million users was much speedier than that of OpenAI-owned ChatGPT, which became the fastest-growing consumer application in history in January about two months after its launch, according to a UBS study. Currently, there are no ads on the Threads app and Zuckerberg said the company would only think about monetization once there was a clear path to 1 billion users.

Persons: Dado Ruvic, Mark Zuckerberg, dethroning ChatGPT, Zuckerberg, Matthew Prince, Musk, Adam Mosseri, Meta, Katie Paul, Akash Sriram, Zaheer Kachwala, Sriraj Kalluvila, Rashmi Aich, Nick Zieminski Organizations: REUTERS, Elon Musk, UBS, Twitter, Meta, Thomson Locations: New York, Bengaluru

☆ Israel's Oddity Tech seeks up to $1.7 bln valuation in U.S. IPO
▼ + stars: | 2023-07-10 | by ( ) www.reuters.com time to read: +1 min

July 10 (Reuters) - Israel-based Oddity Tech will seek a valuation of up to $1.7 billion in its U.S. initial public offering (IPO), the beauty and wellness products company said on Monday. The company is aiming to price its shares between $27 and $30 each to raise up to $315.8 million. Oddity, which owns the IL MAKIAGE and SpoiledChild brands, is seeking to list on the Nasdaq under the symbol "ODD." Goldman Sachs, Morgan Stanley and Allen & Co are the lead underwriters, Oddity said. Reporting by Niket Nishant in Bengaluru; Editing by Sriraj Kalluvila and Arun KoyyurOur Standards: The Thomson Reuters Trust Principles.

Persons: Johnson, Goldman Sachs, Morgan Stanley, Niket, Sriraj Kalluvila, Arun Koyyur Organizations: Tech, Nasdaq, Allen, Thomson Locations: Israel, Bengaluru

☆ EU probes Novo Nordisk drugs after reports of suicidal thoughts
▼ + stars: | 2023-07-10 | by ( ) www.reuters.com time to read: +2 min

Suicidal thoughts are not currently listed as a side effect in the EU product information of these treatments. Side effects have hobbled several previous attempts by the drug industry to develop lucrative weight-loss drugs. Sanofi's (SASY.PA) Acomplia, which never won a U.S. approval, was withdrawn in Europe in 2008 after being linked to suicidal thoughts. New weight-loss drugs such as Wegovy, however, regulate appetite by mimicking a gut hormone, and not directly interfere with brain chemistry. Safety data did not show any "causal association" between the suicidal or self-harming thoughts and the drugs, it added.

Persons: Acomplia, Bhanvi, Ludwig Burger, Savio D'Souza, Nivedita Organizations: European Medicines Agency, EMA, Icelandic Medicines Agency, Novo Nordisk, Thomson Locations: Danish, United States, Europe, Novo, Bengaluru, Frankfurt

☆ Dish's Charlie Ergen looks to merge Dish and EchoStar, Semafor reports
▼ + stars: | 2023-07-06 | by ( ) www.reuters.com time to read: +1 min

[1/2] Dish Network Chairman Charlie Ergen attends the Google's annual developers conference in San Francisco, California May 20, 2010. REUTERS/Robert Galbraith/File PhotoJuly 6 (Reuters) - Dish Network (DISH.O) Chairman Charlie Ergen is considering merging the two halves of his telecom empire, Dish and EchoStar (SATS.O), news publication Semafor reported on Thursday, citing people familiar with the matter. Dish and EchoStar did not immediately respond to Reuters' requests for comments. Dish's shares were 5% lower in afternoon trade while EchoStar's stock was down 3.4% amid weaker broader market. In 2008, EchoStar Communications, which was founded by Ergen as a satellite television equipment distributor in 1980, changed its name to Dish Network and spun off its technology arm as a new company named EchoStar Corp.

Persons: Charlie Ergen, Robert Galbraith, Yuvraj Malik, Sriraj Organizations: Dish, REUTERS, EchoStar Communications, Ergen, Dish Network, EchoStar Corp, Thomson Locations: San Francisco , California, Bengaluru

☆ Comcast president Cavanagh shakes up NBCUniversal leadership
▼ + stars: | 2023-07-06 | by ( ) www.reuters.com time to read: +1 min

Cavanagh, who has been running NBCUniversal since April, said he would continue to lead the division as president of Comcast and not name a new CEO. In his first major action since taking the helm of the unit, Cavanagh also named Mark Lazarus as chairman of NBCUniversal Media Group while Cesar Conde will expand his role as head of the news division to oversee NBCUniversal Local and Telemundo Enterprises Group. Pearlena Igbokwe will continue to lead the four TV studios under the Universal Studio Group umbrella. Cavanagh took charge after Jeff Shell left following the acknowledgment of an inappropriate relationship with a woman in the company. Before his role as president, Cavanagh had served as the finance chief.

Persons: Mike Cavanagh, Donna Langley, Cavanagh, Mark Lazarus, Cesar Conde, Pearlena Igbokwe, Jeff Shell, Akash Sriram, Tanya Jain, Dawn Chmielewski, Sriraj Organizations: NBCUniversal, Group, Reuters, Comcast, NBCUniversal Media, NBCUniversal Local, Telemundo Enterprises Group, Universal Studio Group, Thomson Locations: Bengaluru, Dawn, Los Angeles

☆ Explainer: Why U.S. labor unions are gaining leverage in contract talks with big employers
▼ + stars: | 2023-07-05 | by ( Aishwarya Nair | ) www.reuters.com time to read: +3 min

July 5 (Reuters) - U.S. union workers are finding more solid footing during contract negotiations with employers as a tight labor market allows employees to flex more bargaining power. Airline pilots, railroad employees, dockworkers, and others have pushed for higher pay and better benefits, rebuffing offers from companies that in some contracts appeared significant. The two on Wednesday accused each other of walking away from negotiations over a new contract. WHAT ARE SOME NOTABLE UPCOMING CONTRACT NEGOTIATIONS? Among U.S. airlines, Southwest Airlines (LUV.N) is yet to reach an agreement with its pilots union.

Persons: Joe Biden, Aishwarya Nair, Sriraj Organizations: Airline, United Parcel Service, Teamsters Union, Congress, Unions, United Auto Workers ', UAW, Detroit, Stellantis, General Motors Co, Ford Motor, U.S, Southwest Airlines, Southwest Airlines Pilots Association, Thomson Locations: Washington, Bengaluru

☆ Arrival, Nikola signal more pain for EV startups
▼ + stars: | 2023-07-03 | by ( ) www.reuters.com time to read: +2 min

July 3 (Reuters) - Arrival SA will terminate plans to merge with a blank-check firm and Nikola Corp will offload its newly acquired battery unit, the companies said on Monday, amplifying concerns over the struggles electric vehicle (EV) startups face in building scale. Meanwhile, Nikola Corp (NKLA.O) will liquidate the assets of Romeo Power, an EV battery maker it acquired less than a year ago, to energize the business. In contrast, electric vehicle behemoth Tesla (TSLA.O) and California-based Rivian Automotive (RIVN.O) beat market estimates for second-quarter deliveries. Arrival had in April bet that the second reverse merger would release $283 million of cash held in trust before redemptions. The EV startup in May reported a 37% slump in cash and cash equivalent at the end of the first three months of the year, from the preceding quarter.

Persons: Nikola Corp, Romeo Power, Tesla, Van, Akash Sriram, Sriraj Organizations: Nikola Corp, Kensington Capital, Corp, Romeo, EV, CIIG Merger Corp, United Parcel Service, Thomson Locations: British, Kensington, California, Charlotte , North Carolina, Bengaluru

☆ Tesla extends blistering rally after quarterly deliveries beat
▼ + stars: | 2023-07-03 | by ( Aditya Soni | ) www.reuters.com time to read: +3 min

July 3 (Reuters) - Tesla (TSLA.O) shares jumped about 7% on Monday after better-than-expected quarterly deliveries showed that Chief Executive Elon Musk's plan of boosting volumes through discounts was working. The stock, which hit the highest in more than four months, closed up 17.4% in a holiday-shortened session. [1/2]The Tesla logo is seen on a car in Los Angeles, California, U.S., July 9, 2020. The median price target on the stock stands at $210, which is about 20% below its last closing price. Tesla has a forward price-to-earnings ratio of around 62.9, far above Ford's (F.N) 8.82 and near the 62.66 of Amazon.com (AMZN.O).

Persons: Elon Musk's, Lucy Nicholson, Gene Munster, Tesla, Bernstein, Toni Sacconaghi, Aditya Soni, Akash Sriram, Shounak Dasgupta, Sriraj Organizations: U.S, Rivian, REUTERS, Asset Management, Thomson Locations: Irvine , California, Los Angeles , California, U.S, Bengaluru

☆ US FDA declines to approve Amneal's Parkinson's drug over safety concerns
▼ + stars: | 2023-07-03 | by ( ) www.reuters.com time to read: +2 min

July 3 (Reuters) - The U.S. Food and Drug Administration (FDA) has declined to approve Amneal Pharmaceuticals' (AMRX.N) drug designed to help control symptoms in Parkinson's disease patients for a longer duration, citing inadequate safety data. The complete response letter comes as a surprise, said Barclays analyst Balaji Prasad. The decision does not impact 2023 forecast as it did not include the revenue from the drug, the company said. Amneal has another Parkinson's drug, Rytary, on the market but has been struggling to gain a foothold in the treatment space. Only 4% of patients use the drug since its approval in 2015, as per company estimates.

Persons: Balaji Prasad, Amneal, Raghav Mahobe, Khushi, Sriparna Roy, Pooja Desai, Shweta Agarwal, Sriraj Organizations: U.S . Food, Drug Administration, Amneal Pharmaceuticals, FDA, Barclays, Thomson Locations: U.S, Bengaluru

☆ EV truck maker Nikola to pull the plug on battery supplier Romeo
▼ + stars: | 2023-07-03 | by ( ) www.reuters.com time to read: +1 min

July 3 (Reuters) - Nikola Corp (NKLA.O) will start liquidating the assets of battery maker Romeo Power, the electric truck maker said on Monday, less than a year after buying it. Nikola in August agreed to buy Romeo Power for about $144 million in stock, as it looked to jump-start efforts to make battery packs. "Nikola is discontinuing its operations with Romeo Power and has commenced a proceeding under the California Assignment for the Benefit of Creditors (ABC) statutory scheme," a company spokesperson said in a statement on Monday. In contrast, market leader Tesla (TSLA.O) topped market expectations for second-quarter deliveries, after price cuts and U.S. federal credits helped make its electric vehicles more affordable. Romeo Power is one of the battery suppliers for Nikola's prototype electric trucks along with LG Energy Solution (373220.KS) and Proterra Inc (PTRA.O).

Persons: Nikola Corp, Romeo Power, Nikola, Romeo, Tesla, Power, Nathan Gomes, Akash Sriram, Sriraj Organizations: Nikola, EV, Lordstown Motors, LG Energy, Proterra Inc, Thomson Locations: California, Bengaluru

☆ Tesla beats second-quarter delivery estimates as price cuts pay off
▼ + stars: | 2023-07-02 | by ( ) www.reuters.com time to read: +2 min

July 2 (Reuters) - Tesla Inc (TSLA.O) on Sunday said it delivered a record number of vehicles in the second quarter, topping market estimates as price cuts and U.S. federal credits helped make its electric vehicles more affordable. "The price cuts was a smart poker move for Tesla and paying major dividends in the field especially for the China market," Dan Ives, an analyst at Wedbush Securities, said. Tesla is expected to hit record sales in China, its second-largest market after North America, despite stiff competition from market leader BYD . Tesla has cut prices starting in China since late last year, eroding its first-quarter margins. Reuters GraphicsThe company delivered 446,915 Model 3 compact cars and Model Y sport-utility vehicle, as well as 19,225 of its Model S and Model X premium vehicles.

Persons: Elon, Tesla, Dan Ives, BYD, Ives, Elon Musk, Akash Sriram, Shivani, Hyun Joo Jin, Sriraj Kalluvila, Lisa Shumaker Organizations: Tesla Inc, Refinitiv, Tesla, Wedbush Securities, Reuters Graphics, Ford, General Motors, Reuters, Thomson Locations: China, North America, United States, Shivani Tanna, Bengaluru

☆ Tesla beats second-quarter delivery estimates
▼ + stars: | 2023-07-02 | by ( ) www.reuters.com time to read: 1 min

July 2 (Reuters) - Tesla Inc (TSLA.O) on Sunday delivered a record number of vehicles in the second quarter, topping market estimates after the electric carmaker increased discounts and incentives. The Elon Musk-led company handed over 466,000 vehicles in the three months ended June 30. Analysts on average had expected Tesla to deliver 445,000 cars, according to nine analysts polled by Refinitiv, with the lowest estimate of 439,875 and highest of 450,000. Reporting by Akash Sriram and Shivani Tanna in Bengaluru; Editing by Sriraj Kalluvila and Lisa ShumakerOur Standards: The Thomson Reuters Trust Principles.

Persons: Elon, Tesla, Akash Sriram, Sriraj Kalluvila, Lisa Shumaker Organizations: Tesla Inc, Refinitiv, Thomson Locations: Bengaluru

In North America, the company's biggest market, still-high inflation has led to consumers buying essential goods and reducing discretionary spending. Sales rose 5% in the region in the fourth quarter, the slowest in four quarters as U.S. wholesalers became more prudent in placing newer orders. Peer Under Armour (UAA.N) forecast annual sales and profit below Wall Street estimates in May due to waning demand and higher discounts. The company expects full-year reported revenue to rise mid-single-digits, compared with analysts expectations of a revenue of a 6.3% rise. The company's fourth-quarter revenue rose to $12.83 billion and beat estimates of $12.59 billion, while earnings per share of 66 cents missed estimates by 1 cent.

Persons: Florence, John Donahoe, Armour, Jane Hali, Jessica Ramirez, Granth Vanaik, Ananya Mariam Rajesh, Sriraj Organizations: Nike Inc, REUTERS, Nike, Wall, Associates, Reuters, Thomson Locations: Beijing, China, North America, Europe, Middle East, Africa, Jessica Ramirez . Greater China, Bengaluru

☆ Explainer: What is aspartame, the 'possible carcinogen' in diet sodas, sugar-free juices?
▼ + stars: | 2023-06-29 | by ( ) www.reuters.com time to read: +3 min

WHAT PRODUCTS CONTAIN ASPARTAME? Aspartame's use in food products has been debated for decades and has also prompted some companies to remove the compound from their products. PepsiCo (PEP.O) removed aspartame from some U.S. diet sodas. General Mills' (GIS.N) Yoplait also removed aspartame from its yogurts in 2014. Saccharin, sucralose and neotame are among five other artificial sweeteners alongside aspartame authorized by a WHO expert committee on food additives.

Persons: James Schlatter, Mills, Yoplait, Savyata Mishra, Deborah Sophia, Sriraj Kalluvila, Aurora Ellis Organizations: World Health Organization, Reuters, U.S . Food, Drug Administration, PepsiCo, FDA, National Library of Medicine, Thomson Locations: Diet, Spain, France, Italy, Denmark, Germany, Australia, New Zealand, Bengaluru

☆ Silver Lake secures 63% stake in Software AG after months-long pursuit
▼ + stars: | 2023-06-29 | by ( ) www.reuters.com time to read: +1 min

June 29 (Reuters) - U.S. private equity firm Silver Lake said on Thursday it has secured a majority of 63% in Software AG (SOWGn.DE) and intends to pursue a delisting of the business software developer. Earlier this month, Bain Capital and Rocket Software sold all their shares in Software AG to Silver Lake, helping the company gain a 41% stake. Silver Lake had in April offered to buy Software AG for 30 euros per share, valuing the German software developer at 2.2 billion euros ($2.39 billion). The bid prompted a counteroffer from Rocket Software, owned by private equity firm Bain Capital. In May, the software developer said it supported a sweetened 32 euros per share offer from Silver Lake for the company.

Persons: Silver Lake, Silver, Juby Babu, Shweta Agarwal, Sriraj Organizations: Silver, Software AG, Bain Capital, Rocket Software, Software, Silver Lake, Thomson Locations: Silver, Bengaluru

☆ Chipmaker Micron beats revenue estimates on demand from booming AI
▼ + stars: | 2023-06-28 | by ( ) www.reuters.com time to read: +1 min

[1/2] The company logo is seen on the Micron Technology Inc. offices in Shanghai, China May 25, 2023. REUTERS/Aly Song/File PhotoJune 28 (Reuters) - Micron Technology (MU.O) beat analysts' estimates for third-quarter revenue on Wednesday, driven by demand for its memory chips from the fast-growing artificial intelligence sector. The company reported revenue of $3.75 billion for the quarter ended May 31, compared with estimates of $3.65 billion, according to IBES data from Refinitiv. Micron forecast fourth-quarter revenue of $3.9 billion plus or minus $200 million for the quarter ending Aug. 31, largely in line with expectations. The company, which makes DRAM and NAND flash memory chips, reported a net loss of $1.9 billion, compared with a profit of $2.63 billion a year earlier.

Persons: Aly, OpenAI's, Akash Sriram, Sriraj Organizations: Micron Technology Inc, REUTERS, Micron Technology, Refinitiv, Micron, Thomson Locations: Shanghai, China, Bengaluru

☆ Qantas names Rob Marcolina new CFO in latest management overhaul
▼ + stars: | 2023-06-28 | by ( ) www.reuters.com time to read: +1 min

June 28 (Reuters) - Qantas Airways (QAN.AX) has appointed Rob Marcolina as its new chief financial officer, the company said on Wednesday, succeeding Vanessa Hudson who was in May named the carrier's first woman CEO. Marcolina, who joined in 2012, is currently group executive of strategy, people and technology and will take over once Hudson starts as CEO in November. Australia's flagship carrier also named Chief Customer Officer Markus Svensson its new domestic CEO as it plans to create 8,500 new jobs locally within the next decade. Catriona Larritt, with the carrier for about eight years and former chief commercial officer at its budget arm, Jetstar, will become the chief customer and digital officer, the company said. (This story has been corrected to fix Rob Marcolina’s surname in the headline and paragraphs 1 and 2)Reporting by Rishav Chatterjee in Bengaluru; Editing by Sriraj KalluvilaOur Standards: The Thomson Reuters Trust Principles.

Persons: Rob Marcolina, Vanessa Hudson, Marcolina, Hudson, Markus Svensson, Catriona, Rob Marcolina’s, Rishav Chatterjee, Sriraj Organizations: Qantas Airways, Australia's, Jetstar, Thomson Locations: Bengaluru

☆ Chipmaker Micron tops revenue estimates on demand from booming AI
▼ + stars: | 2023-06-28 | by ( ) www.reuters.com time to read: +2 min

[1/2] The company logo is seen on the Micron Technology Inc. offices in Shanghai, China May 25, 2023. REUTERS/Aly Song/File PhotoJune 28 (Reuters) - Micron Technology (MU.O) beat analysts' estimates for third-quarter revenue on Wednesday, driven by demand for its memory chips from the fast-growing artificial intelligence sector. Micron reported revenue of $3.75 billion for the quarter ended May 31, compared with estimates of $3.65 billion, according to IBES data from Refinitiv. Micron, the biggest U.S. memory chipmaker, has said that it expects the ban to impact about half of its revenue from China-headquartered firms, which equates to a low-double-digit percentage of total revenue. Micron fourth-quarter revenue of $3.9 billion plus or minus $200 million for the quarter ending Aug. 31, largely in line with expectations.

Persons: Aly, Sanjay Mehrotra, OpenAI's, Akash Sriram, Sriraj Organizations: Micron Technology Inc, REUTERS, Micron Technology, Micron, U.S ., Thomson Locations: Shanghai, China, U.S, Bengaluru

☆ Jefferies quarterly profit falls as dealmaking in doldrums
▼ + stars: | 2023-06-27 | by ( ) www.reuters.com time to read: 1 min

June 27 (Reuters) - Jefferies Financial Group Inc's (JEF.N) second-quarter profit slumped 89% as subdued dealmaking and a lull in new initial public offerings weighed on its advisory and underwriting fees, the investment bank said on Tuesday. Reporting by Jaiveer Singh Shekhawat in Bengaluru; Editing by Sriraj KalluvilaOur Standards: The Thomson Reuters Trust Principles.

Persons: Jaiveer Singh, Sriraj Organizations: Jefferies, Thomson Locations: Bengaluru

☆ US FDA declines to approve Regeneron's higher-dose Eylea, shares tumble
▼ + stars: | 2023-06-27 | by ( ) www.reuters.com time to read: +2 min

The Food and Drug Administration cited an ongoing review of inspection findings at a third-party filler of the higher dose for the decision. Eylea, which recorded $9.65 billion in global sales last year, has been hit since Roche's (ROG.S) rival treatment Vabysmo was approved last year for wet AMD. Two late-stage trials had shown Eylea was as effective as the lower dose version when given at 8 milligrams at longer intervals without any additional safety issues. The two trials included treatment of patients with wet AMD and diabetic macular edema (DME). An estimated 1.1 million people in the U.S. have wet AMD, while 1.2 million are estimated to have DME, according to Regeneron.

Persons: Vabysmo, Regeneron, Eylea, Raghav Mahobe, Krishna Chandra Eluri, Maju Samuel, Sriraj Organizations: Regeneron Pharmaceuticals, Drug Administration, FDA, AMD, biosimilars, Thomson Locations: U.S, Bengaluru

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