DIRS.INFO The most relevant business & tech news

☆ Bitcoin surges 5.56% to $27,171
▼ + stars: | 2023-06-06 | by ( ) www.reuters.com time to read: 1 min

June 6 (Reuters) - Bitcoin rose 5.56% to $27,171 at 19:57 GMT on Tuesday, adding $1,432 to its previous close. Bitcoin, the world's biggest and best-known cryptocurrency, is up 64.7% from the year's low of $16,496 on January 1. Ether , the coin linked to the Ethereum blockchain network, rose 4.72% to $1,896.1 on Tuesday, adding $85.4 to its previous close. Reporting by Yana Gaur in Bengaluru; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.

Persons: Yana Gaur, Krishna Chandra Organizations: Thomson Locations: Bitcoin, Bengaluru

☆ Lululemon shares surge as consumers snap up pricier athletic wear
▼ + stars: | 2023-06-02 | by ( ) www.reuters.com time to read: +2 min

Lululemon's first-quarter results also moved past estimates as the company saw traffic across both its stores and online up about 30%. The company also reported a 79% rise in sales in China, bolstered by the rollback of COVID restrictions. The company's strong results also lifted shares of other athletic wear makers including Nike Inc (NKE.N) and Athleta owner Gap Inc (GPS.N) by 3% and 1%, respectively, in premarket trading. "We continue to believe that Lululemon is best positioned in a consumer slowing cycle," said Adrienne Yih, analyst at Barclays. Reporting by Savyata Mishra and Aishwarya Venugopal in Bengaluru; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.

Persons: Piper Sandler, Abbie Zvejnieks, Lululemon's, Cowen, Adrienne Yih, Savyata Mishra, Aishwarya Venugopal, Krishna Chandra Organizations: Barclays, Nike Inc, Gap Inc, Adidas, Puma, Thomson Locations: China, U.S, Bengaluru

☆ Vanguard fined for providing misleading account statements to its customers
▼ + stars: | 2023-06-01 | by ( Jaiveer Shekhawat | ) www.reuters.com time to read: +1 min

June 1 (Reuters) - Vanguard Group, the world's largest issuer of mutual funds, was fined and censured by the Financial Industry Regulatory Authority (FINRA) for errors appearing in about 8.5 million customer account statements. "From at least October 2019 to June 2021, certain VMC account statements inaccurately presented market appreciation/depreciation and investment returns," the filing said. The regulatory organization said Vanguard "accepts and consents" without admitting or denying the findings and the sanctions will come into effect on a later date to be determined by FINRA. FINRA said a technical issue caused the errors and further added it did not affect customers' actual returns. After FINRA began its investigation, Vanguard self-reported to the regulatory organization's staff that other errors affected the presentation on certain account statements, according to the filing.

Persons: FINRA, Jaiveer Singh, Jonathan Stempel, Krishna Chandra Organizations: Vanguard Group, Financial Industry Regulatory Authority, Vanguard, Thomson Locations: Bengaluru, New York

☆ PacWest Bancorp to sell real estate loans to Kennedy-Wilson subsidiary
▼ + stars: | 2023-05-22 | by ( ) www.reuters.com time to read: 1 min

May 22 (Reuters) - Regional lender PacWest Bancorp (PACW.O) said on Monday it entered into an agreement to sell a portfolio of 74 real estate construction loans with an aggregate principal balance of around $2.6 billion currently outstanding to a subsidiary of Kennedy-Wilson Holdings Inc (KW.N). PacWest said in a filing it will also sell an additional six real estate construction loans with an aggregate principal balance of approximately $363 million to Kennedy-Wilson. The transaction is expected to close in multiple tranches during the second quarter and early part of the third quarter of 2023. Reporting by Mehnaz Yasmin in Bengaluru; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.

☆ Chevron to buy PDC Energy in $7.6 billion deal
▼ + stars: | 2023-05-22 | by ( ) www.reuters.com time to read: +1 min

May 22 (Reuters) - Chevron Corp (CVX.N) said on Monday it would acquire PDC Energy Inc (PDCE.O) in an all-stock transaction for $7.6 billion, including debt, adding new drilling inventory to its U.S. oil and gas reserves. The PDC Energy deal is the second in three years that bulks up Chevron's shale operations in Colorado and Wyoming. Chevron is already one of the larger producers in the Denver-Julesburg Basin after its acquisition of Noble Energy in 2020 for $13 billion. The PDC deal is expected to add $1 billion to annual free cash flow for Chevron. The deal values PDC at $72 per share, representing a premium of 10.56% to Friday's close and carries the equity value of $6.3 billion.

Catalent, one of the top contract manufacturers for pharmaceutical companies, said a drop in revenue from COVID vaccine manufacturing had coincided with higher-than-expected costs and production challenges at its facilities in Indiana and in Brussels. Adding to woes, its cost-cutting plans have been delayed due to regulatory inspections and subsequent corrective actions, the company said. Despite Friday's gain in shares, Catalent's stock is down 19% since it first disclosed production challenges at its three major production plants in April. Catalent cut its full-year revenue to a range of $4.25 billion to $4.35 billion, from its prior forecast of $4.63 billion to $4.88 billion. It also slashed its annual adjusted net income forecast to between $187 million and $228 million, from between $567 million and $648 million previously.

☆ Catalent cuts annual forecast hurt by operational challenges
▼ + stars: | 2023-05-19 | by ( ) www.reuters.com time to read: +2 min

May 19 (Reuters) - Catalent Inc (CTLT.N) cut its full-year net revenue and profit forecast on Friday, reflecting operational challenges and higher-than-expected costs after it flagged an over $400 million hit to both its annual sales and core profit forecasts earlier this month. The contract drug manufacturer now sees its full-year revenue in the range of $4.25 billion to $4.35 billion compared with its prior forecast of $4.63 billion to $4.88 billion. Catalent said it now sees adjusted net income for the year in the range of $187 million to $228 million, compared with the previous forecast of $567 million to $648 million. Shares of Catalent reversed losses to be up 7.7% at $34.63 before the bell. Reporting by Bhanvi Satija, Sriparna Roy and Pratik Jain in Bengaluru; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.

☆ Canada Goose caution on U.S. eclipses upbeat annual sales forecast
▼ + stars: | 2023-05-18 | by ( Deborah Mary Sophia | ) www.reuters.com time to read: +2 min

However, shoppers in the United States are putting a pause to a post-pandemic splurge on high-end clothing and accessories, with companies including ultra-luxury fashion houses like LVMH (LVMH.PA) and Gucci owner Kering (PRTP.PA) seeing sagging demand. Canada Goose, popular for its bright-red parkas and pricey puffer jackets, saw U.S. revenues decline 4.5% in the reported quarter. Still, a 65.4% surge in Asia Pacific revenue, coupled with robust demand in Europe and Canada, helped the luxury winterwear maker beat expectations in its fourth-quarter results. Toronto, Ontario-based Canada Goose said it expects fiscal 2024 revenue between C$1.40 billion ($1.05 billion) and C$1.50 billion, while analysts were expecting C$1.33 billion. ($1 = 1.3372 Canadian dollars)Reporting by Deborah Sophia in Bengaluru; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.

☆ Canada Goose sees upbeat annual sales as China recovery gains steam
▼ + stars: | 2023-05-18 | by ( Deborah Mary Sophia | ) www.reuters.com time to read: +2 min

Canada Goose, popular for its bright-red parkas and pricey puffer jackets, has about 18 retail stores in Mainland China - the highest number of outlets it has in any country. The company is also planning to double its store count worldwide over the next five years, from 51 permanent stores currently. Toronto, Ontario-based Canada Goose said it expects fiscal 2024 revenue between C$1.40 billion ($1.05 billion) and C$1.50 billion, while analysts were expecting C$1.33 billion, according to Refinitiv data. However, it forecast annual per-share profit in the range of C$1.20 to C$1.48, compared with estimates of C$1.46 per share. ($1 = 1.3372 Canadian dollars)Reporting by Deborah Sophia in Bengaluru; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.

☆ Canada Goose sees annual sales above estimates on China rebound
▼ + stars: | 2023-05-18 | by ( ) www.reuters.com time to read: +1 min

May 18 (Reuters) - Canada Goose Holdings Inc (GOOS.TO), forecast annual sales above Wall Street estimates on Thursday, betting that a sharp rebound in key luxury market China would help the luxury winterwear maker ride out a slowdown in U.S. demand. Revenue from Canada Goose's Asia Pacific segment jumped 65.4% to C$114.1 million in the quarter ended April 2, compared with a 5.2% drop in the previous quarter. That has buttressed sales at a time when luxury shoppers in the United States have paused a post-pandemic splurge on high-end goods, with companies including LVMH (LVMH.PA) and Gucci-owner Kering (PRTP.PA) reporting sagging sales in the market. Toronto, Ontario-based Canada Goose said it expects fiscal 2024 revenue between C$1.40 billion ($1.05 billion) and C$1.50 billion, compared with analysts average estimate of C$1.33 billion, according to Refinitiv data. ($1 = 1.3372 Canadian dollars)Reporting by Deborah Sophia in Bengaluru; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.

☆ Air Canada nears 787 Dreamliners deal with Boeing -Bloomberg News
▼ + stars: | 2023-05-17 | by ( ) www.reuters.com time to read: 1 min

May 17 (Reuters) - Air Canada (AC.TO) is closing in on the purchase of up to 20 787 Dreamliners from Boeing Co (BA.N) to renew and expand its long-haul fleet, Bloomberg News reported on Wednesday, citing people familiar with the matter. Airlines are looking to shore up their wide-body fleets amid a rebound in demand for long-haul flying ahead of a busy summer travel season. The Canadian carrier has neared an agreement to order between 15 and 20 of the twin-aisle aircraft, according to the report. An Air Canada spokesman said the airline has not made any decisions yet. Reporting by Priyamvada C in Bengaluru; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.

☆ UK's Melrose Industries lifts 2025 expectations on aerospace focus
▼ + stars: | 2023-05-17 | by ( ) www.reuters.com time to read: +1 min

The company raised its adjusted operating margin outlook for aerospace to between 17% and 18% by 2025, compared with 14% previously. The operating margin for the Engines business is expected to be 28% in 2025, compared with 22% in 2023. Shares in Melrose, which spun out its automotive business into Dowlais (DWL.L) last month, rose 6% by 1232 GMT, topping London's blue-chip index. Melrose, which makes airframe and engine structures and electrical interconnection systems for the aerospace industry, said last week it had decided to continue as a pure-play aerospace firm. The outlook for 2025 laid out on Wednesday divides its aerospace business into two divisions, namely engines and structures, for the first time.

[1/3] Smoke rises above the southeast perimeter of the Paskwa fire (HWF030) as it burns near Fox Lake, Alberta, Canada May 16, 2023. Alberta Wildfire/Handout via REUTERSMay 17 (Reuters) - Smoke blanketed the skies over much of Alberta on Wednesday as firefighters from Canada and the United States battled raging wildfires that have prompted evacuations, disrupted rail service and shuttered energy production in Canada's main oil-producing province. Of estimated May production volumes, about 60% are currently subject to extreme wildfire danger levels, with the remaining 40% subject to very high danger, Oslo-based Rystad said. Wildfire smoke has covered a large part of Western Canada. Air quality in places including Edmonton and Alberta has deteriorated to category 10+, the worst level on Environment Canada's Air Quality Health Index, indicating "very high risk."

Berkshire acquired 9.92 million shares in Capital One, a stake worth $954 million based on the closing price on March 31, regulatory filings showed on Monday. The bank's shares have shed around 15% since early March as the banking crisis has clobbered shares of U.S. regional lenders. Silicon Valley Bank, Signature Bank, and First Republic Bank are the three banks that have so far collapsed during the current crisis. The KBW Regional Banking Index (.KRX) fell 0.38%. Fed Vice Chair for Supervision Michael Barr said the central bank was "carefully considering" rule changes for larger regional banks, including requiring them to account for unrealized losses on their banks when considering capital levels.

☆ Capital One shares up after billionaire investor Buffett's near $1 bln bet on bank
▼ + stars: | 2023-05-16 | by ( ) www.reuters.com time to read: +1 min

May 16 (Reuters) - Shares of Capital One Financial Corp (COF.N) rose in premarket trading on Tuesday after billionaire investor Warren Buffett's holding company disclosed it had taken a stake in the credit cards-focused bank. The bank's stock, which was trading up 7% at $95.37, would open at its highest in more than two weeks, if gains hold. In its quarterly disclosure after the bell on Monday, Berkshire Hathaway (BRKa.N) said it had a 9.92 million share stake in the company. As of Monday, Capital One shares had lost around 8% so far this month, as financial stocks felt the effects of First Republic Bank's collapse. Besides credit cards, the McLean, Virginia-based Capital One also has a huge auto lending and commercial banking business.

☆ Glass Lewis backs two of Icahn's nominees for Illumina
▼ + stars: | 2023-05-11 | by ( ) www.reuters.com time to read: +2 min

May 10(Reuters) - Proxy adviser Glass Lewis said on Wednesday Illumina Inc (ILMN.O) shareholders should vote for two of Carl Icahn's nominees to the firm's board, as representatives who can challenge the current board would be beneficial to the company. Glass Lewis added shareholders should vote against the re-election of the current chief Francis deSouza and chair John Thompson, saying they had enough reasons to advocate for a new chair. Icahn, who owns 1.4% of Illumina, began a boardroom battle at the gene sequencing company in March. Glass Lewis said in a report it recommends shareholders support Icahn's nominees, Vincent Intrieri and Andrew Teno, adding the company's $7.1 billion acquisition of cancer-testing firm Grail had been a "costly, distracting, value-crimping millstone" for Illumina. However, it did not extend support to Icahn's third candidate, Jesse Lynn, adding that election of all three candidates was not needed.

May 10 (Reuters) - Roblox Corp (RBLX.N) on Wednesday topped quarterly bookings estimates on Wednesday, as a wider audience swarmed to the platform for games such as "Adopt Me!" However, adjusted loss of 44 cents per share was bigger than analysts' expectation of 40 cents loss per share, according to Refinitiv data. Roblox said higher expenses due to developer exchange fees, personnel costs and infrastructure were the reason behind the bigger loss. "We also expect our operating expenses to increase significantly in future periods", the company said, adding it intends to continue to make investments to grow its business and hire more people. Reporting by Yamini Kalia and Tiyashi Datta in Bengaluru; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.

☆ Roblox quarterly loss widens on higher expenses, shares tank
▼ + stars: | 2023-05-10 | by ( ) www.reuters.com time to read: +1 min

May 10 (Reuters) - Roblox Corp (RBLX.N) posted a larger-than-expected quarterly loss on Wednesday, hurt by higher expenses to support the expansion of its business, sending the company's shares down 12% in premarket trading. California-based Roblox said higher expenses due to developer exchange fees, personnel costs and infrastructure were the reason behind the bigger loss. Net loss attributable to common stockholders was $268.3 million, or 44 cents per share, in the reported quarter, compared with net loss of $160.20 million, or 27 cents per share, a year earlier. However, the company posted net bookings of $773.8 million in the first quarter, compared with $631.2 million a year earlier. Reporting by Yamini Kalia and Tiyashi Datta in Bengaluru; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.

☆ GM hires former Apple executive Abbott to lead software unit
▼ + stars: | 2023-05-09 | by ( ) www.reuters.com time to read: +1 min

May 9 (Reuters) - General Motors Co (GM.N) on Tuesday named former Apple Inc (AAPL.O) executive Mike Abbott to lead a division that will bring together three software functions within the company. Abbott, whose appointment is effective from May 22, will spearhead development of vehicle and enterprise software technologies. Automakers, including GM and Ford Motor Co (F.N), have been increasingly ramping up their investment on technology and software services amid an electric-vehicle push, as they look to cash in on subscription-based services. At Apple, Abbott led a team responsible for the development of core infrastructure for all of the company's cloud-based services including iCloud, iMessage, Private Relay, Mail and account security. Bloomberg News had in March reported Abbott would step down from his role at the iPhone maker.

☆ Tempur Sealy seeks sales bounce with $4 bln deal for Mattress Firm
▼ + stars: | 2023-05-09 | by ( ) www.reuters.com time to read: +2 min

Shares of Tempur Sealy, which said the deal was expected to be closed in the second half of 2024, were down 3% in premarket trading. Lexington, Kentucky-based Tempur Sealy will pay around $2.7 billion in cash and $1.3 billion in Tempur stock issued to Mattress Firm shareholders, the companies said. After deal closure, Mattress Firm would operate as a separate business unit within Tempur Sealy. Tempur Sealy expects the deal to add to adjusted per-share earnings before synergies in the first year post-close. Tempur Sealy, which separately reported first-quarter sales in line with Wall Street estimates, said it would also expand its board and appoint two Mattress Firm directors once the deal closes.

☆ Exchange operator Cboe profit rises as market volatility lifts trading volumes
▼ + stars: | 2023-05-05 | by ( ) www.reuters.com time to read: +1 min

May 5 (Reuters) - Cboe Global Markets (CBOE.Z), reported a rise in first-quarter profit on Friday, as the exchange operator's trading volumes swelled on heightened market fluctuations amid a banking crisis and rising interest rates. The Chicago-based company, which provides trading platforms for equities, foreign exchange and derivative products across markets in different regions, saw a 13% rise in net revenue to $471.4 million. Cboe's results wrapped up a strong quarter for exchange operators. Earlier this week, New York Stock Exchange-parent Intercontinental Exchange Inc (ICE.N) reported upbeat results. Last month, both Nasdaq Inc (NDAQ.O) and CME Group Inc (CME.O) also beat profit estimates.

☆ NYSE-parent ICE tops profit views as market volatility spurs trading
▼ + stars: | 2023-05-04 | by ( ) www.reuters.com time to read: +1 min

May 4 (Reuters) - Intercontinental Exchange Inc (ICE.N) on Thursday reported first-quarter profit slightly above Wall Street views, as market volatility boosted the New York Stock Exchange parent's exchange unit, helping offset a rates-driven slump in its mortgage technology business. Revenue from ICE's exchanges segment, its biggest business, grew 1% from a year earlier to a record $1.09 billion, while the company's fixed income and data services segment revenue rose 11% to a record $563 million. However, a sharp rise in interest rates have quelled demand for mortgages, hurting ICE's mortgage technology unit, which helps businesses originate, review and process mortgages. The main driver of the profit beat was lower-than-expected expenses, Jefferies analyst Daniel Fannon said in a client note. Reporting by Siddarth S in Bengaluru; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.

May 4 (Reuters) - Shopify Inc (SHOP.TO), posted a surprise first-quarter profit on Thursday and said it would lay off 20% of its workforce in a second round of mass job cuts, sending its U.S.-listed shares more than 18.7% higher in early trade. The layoffs announced on Thursday are expected to result in a severance charge of between $140 million and $150 million in the second quarter. "Combined with the reduction in force, management is showing its commitment to profitability which investors had been concerned about," Luria added. Adjusted profit was 1 cent per share, compared with expectations for a 4 cent loss. Reporting by Chavi Mehta and Akshita Toshniwal in Bengaluru; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.

☆ Alibaba's global online commerce arm weighs US IPO - Bloomberg News
▼ + stars: | 2023-05-04 | by ( ) www.reuters.com time to read: +1 min

May 4 (Reuters) - Alibaba Group Holding Ltd's (9988.HK), international online shopping unit is exploring a U.S. initial public offering, Bloomberg News reported on Thursday citing people familiar with the matter. The e-commerce giant is in the early stages of consideration and the IPO's size is yet to be determined, the report added. The business group is in talks with banks that could potentially help prepare for the IPO next year, according to the report. However, in an emailed statement to Reuters, Alibaba Digital Commerce Group said, "Currently, there is no IPO plan". Reporting by Manya Saini in Bengaluru; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.

☆ Shopify to cut 20% of its workforce, beats quarterly revenue estimates
▼ + stars: | 2023-05-04 | by ( ) www.reuters.com time to read: 1 min

May 4 (Reuters) - Canada's Shopify Inc (SHOP.TO), said on Thursday it would cut 20% of its workforce, marking the Canadian e-commerce company's second round of mass layoffs. The company also beat Wall Street estimates for first-quarter revenue, sending its U.S.-listed shares up 8% in trading before the bell. The company posted revenue of $1.51 billion in the quarter ended March 31, compared with analysts' estimate of $1.43 billion, according to Refinitiv data. Reporting by Chavi Mehta and Akshita Toshniwal in Bengaluru; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.

Search resuls for: "Krishna Chandra"

25 mentions found