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☆ Stock-hungry volatility funds, ‘gamma-heavy' options dealers could buoy US equities
▼ + stars: | 2023-12-05 | by ( Saqib Iqbal Ahmed | ) www.reuters.com time to read: +4 min

Options strategists believe market gyrations may stay subdued for some time - potentially smoothing the way for further gains in equities. The S&P 500 is up 19% year-to-date, following a 9% gain in November - its best monthly performance since July 2022. Since the VIX tends to move inversely to stocks, market participants watch it closely as an indicator of investor sentiment and positioning. Among the factors closely watched by market participants are the funds that take their signals from market volatility, selling when volatility picks up and buying when it subsides. History also shows that once volatility expectations become subdued, they can linger at low levels for a while.

Persons: Lucas Jackson, Ilya Feygin, Nomura, Charlie McElligott, Brent Kochuba, Cantor Fitzgerald, Eric Johnston, Cantor Fitzgerald’s, Johnston, Saqib Iqbal Ahmed, Ira Iosebashvili, Grant McCool Organizations: New York Stock Exchange, REUTERS, Federal, Monday, WallachBeth, Nomura Securities, ’, Thomson

☆ At VMware, 'change' and 'uncertainty' loom after its $69 billion acquisition by Broadcom, which left customers on edge
▼ + stars: | 2023-12-02 | by ( Rosalie Chan | ) www.businessinsider.com time to read: +9 min

Under Broadcom, VMware will operate in four divisions, Broadcom CEO Hock Tan told employees last week in an email. Competitors swoop inNow that Broadcom has acquired VMware, competitors, and partners see a big opportunity to win over VMware customers. VMware customers had already been concerned that Broadcom ownership may hurt innovation and cause a talent exodus , while VMware slowed down customer deals, BI previously reported. He said he has heard from VMware customers that they're "really concerned" and that Broadcom is "confirming the worst fears" customers have about the acquisition. VMware layoffsBroadcom conducted layoffs of VMware employees on Monday.

Persons: It's, it's, Hock Tan, Hock, Nutanix, Rajiv Ramaswami, they've, Ramaswami, Bryan Cantrill, Cantrill, they'll, what's, Tan, he'll, Hock E, Tan Lucas Jackson, Raghu Raghuram Organizations: Broadcom, VMware, Business, EMC, Dell, Employees, BI, Oxide Computer Company, San Francisco Chronicle, Symantec, CA Technologies Locations: China, Dell, India, Latin America

☆ Sean 'Diddy' Combs accused of 1991 sexual assault in second suit
▼ + stars: | 2023-11-24 | by ( ) www.reuters.com time to read: +2 min

Metropolitan Museum of Art Costume Institute Gala - Rei Kawakubo/Comme des Garcons: Art of the In-Between - Arrivals - New York City, U.S. - 01/05/17 - Sean "Diddy" Combs. REUTERS/Lucas Jackson/File Photo Acquire Licensing RightsNov 23 (Reuters) - Sean "Diddy" Combs has been accused of drugging and sexually assaulting a university student in 1991 in a lawsuit filed in a New York court on Thursday, the second suit of its kind filed against the hip hop mogul in the past week. The lawsuit alleges Combs intentionally drugged and sexually assaulted Joi Dickerson-Neal, who was a Syracuse University student visiting New York City at the time of the alleged incident in January 1991. Combs is also accused of videotaping the alleged crime and distributing the tape to others in the music industry. A spokesperson for Combs said Dickerson-Neal's story is "made up and not credible," and that the rapper never assaulted her.

Persons: Rei Kawakubo, Sean, Diddy, Combs, Lucas Jackson, drugging, Joi Dickerson, Neal, videotaping, Dickerson, Cassandra Ventura, Sean John, Ismail Shakil, Bill Berkrot Organizations: Metropolitan Museum of Art, REUTERS, New York, Syracuse University, New, Bad Boy Records, Thomson Locations: York City, U.S, New York, New, New York City, Ottawa

☆ Morning Bid: AI buzzes but market shrugs at Nvidia beat
▼ + stars: | 2023-11-22 | by ( ) www.reuters.com time to read: +5 min

A trader works on the floor of the New York Stock Exchange shortly before the closing bell as the market takes a significant dip in New York, U.S., February 25, 2020. Remarkably, Nvidia managed to vault the sky-high bar for quarterly earnings, revenue and projections yet again in its latest update overnight. Bond volatility (.MOVE) has also fallen to two-month lows, while currency market 'vol' (.DBCVIX) is plumbing 20-month lows. CONCERN OVER HOME SALES, HOLIDAY SEASON SALESNews of a drop in U.S. existing home sales last month to a 13-year low was perhaps as important as the Fed minutes - as was warnings from more major U.S. retailers, this time Best Buy and Nordstrom, about sticky holiday season sales and the need for discounting. The dollar (.DXY) was a touch higher on Wednesday, meantime, with most overseas stock markets firmer too.

Persons: Lucas Jackson, Mike Dolan, thrall, OpenAI, Sam Altman, Changpeng Zhao, October's, Jeremy Hunt's, underperformed, Jeremy Hunt, Bernadette Baum Organizations: New York Stock Exchange, REUTERS, U.S, Nvidia, Federal, Nordstrom, University of Michigan, Bank of Canada, Treasury, Deere, Reuters Graphics Reuters, Thomson, Reuters Locations: New York, U.S, Gaza, China, yearend, York, Beijing

☆ Microsoft emerges as big winner from OpenAI turmoil with Altman on board
▼ + stars: | 2023-11-20 | by ( Aditya Soni | ) www.reuters.com time to read: +3 min

That was nearly equal to the valuation OpenAI commanded in its last fundraise. "If Microsoft lost Altman, he could have gone to Amazon, Google, Apple, or a host of other tech companies," said Wedbush Securities analyst Dan Ives. We view Microsoft now even in a stronger position with Altman and Brockman at Microsoft running AI. Altman will lead a new research team at the software giant following his surprise ouster by OpenAI that shocked the tech industry. "The OpenAI for-profit subsidiary was about to conduct a secondary at a $80 billion+ valuation.

Persons: Satya Narayana Nadella, Lucas Jackson, Sam Altman, Altman, Dan Ives, Brockman, OpenAI, Greg Brockman, Szymon Sidor, SemiAnalysis, Mira Murati, Aditya Soni, Akash Sriram, Sriraj Organizations: Microsoft, REUTERS, Google, Wedbush Securities, Thomson Locations: Manhattan, New York City, OpenAI, Bengaluru

☆ Microsoft emerges as big winner from OpenAI turmoil
▼ + stars: | 2023-11-20 | by ( Aditya Soni | ) www.reuters.com time to read: +3 min

[1/2] Microsoft Chief Executive Officer (CEO) Satya Narayana Nadella speaks at a live Microsoft event in the Manhattan borough of New York City, October 26, 2016. The turmoil at OpenAI since Friday had raised fears about the fallout for Microsoft, which has pumped in billions of dollars and uses the pioneer's technology for most of its AI offerings. That was nearly equal to the valuation OpenAI commanded in its last fundraise. We view Microsoft now even in a stronger position with Altman and Brockman at Microsoft running AI. "The OpenAI for-profit subsidiary was about to conduct a secondary at a $80 billion+ valuation.

☆ Hefty options 'disaster hedges' draw buyers as US stocks extend rally
▼ + stars: | 2023-11-17 | by ( Saqib Iqbal Ahmed | ) www.reuters.com time to read: +2 min

A street sign for Wall Street hangs in front of the New York Stock Exchange May 8, 2013. Some 100,000 January call options on the Cboe Volatility Index (.VIX) changed hands on Friday, with a strike price of 27. Similarly large positions in January VIX options were opened on Wednesday and Thursday. The recent large trades, however, are more likely hedges on a portfolio of stocks, rather than wagers on a massive equity selloff, options strategists said. The trades are unusually large and make up about 5% of this month's overall trading volume in VIX options, according to Trade Alert data.

Persons: Lucas Jackson, Chris Murphy, Murphy, Matthew Tym, Cantor Fitzgerald, Tym, Saqib Iqbal Ahmed, Ira Iosebashvili Organizations: New York Stock Exchange, REUTERS, Susquehanna Financial Group, Federal, Thomson Locations: U.S

☆ Morning Bid: Treasury yields dive as oil craters, economy softens
▼ + stars: | 2023-11-17 | by ( ) www.reuters.com time to read: +5 min

U.S. two-year Treasury yields skidded below 4.80% on Friday for the first time since September 1, with 10-year yields dropping under 4.40% to September lows too. Crude has now lost almost 25% in just six weeks - aided by the U.S. gradually lifting oil sanctions on Venezuela. The Labor Department said import prices fell a whopping 0.8% in October, the most in seven months amid a broad decline in the costs of goods - deepening the annual deflation of import prices to as much as 2.0%. Even though the dollar (.DXY), , is taking a hit from the plunge in U.S. Treasury yields, the drop in sovereign borrowing rates was mirrored across the world in Europe , even Japan . Mirroring the softening demand picture elsewhere, British retail sales volumes fell unexpectedly in October as stretched consumers stayed at home.

Persons: Lucas Jackson, Mike Dolan, plumb, Morgan, Susan Collins, Mary Daly, Austan Goolsbee, Michael Barr, Dave Ramsden, Nick Macfie Organizations: New York Stock Exchange, REUTERS, Walmart, Cisco, Alibaba, Philadelphia Federal Reserve, Labor Department, Treasury, Hong, Housing, Atlanta, Boston Federal, San Francisco Fed, Chicago Fed, Bank of England, United States, APEC, Graphics, Thomson, Reuters Locations: New York, U.S, Wall, Alibaba ., Venezuela, Europe, Japan, HK, Hong Kong, China, San Francisco

☆ Morning Bid: Murky US inflation picture
▼ + stars: | 2023-11-14 | by ( ) www.reuters.com time to read: +6 min

According to consensus forecasts at least, U.S. headline inflation is expected to have retreated sharply again in October back toward midyear lows around 3.3%. But underlying 'core' inflation is expected to stay stickier at an unchanged annual rate of 4.1% last month and still more than twice the Fed's target. But the Fed may want to hang tough long enough into a slowing economy to ensure that inflation is squeezed back to its 2% goal. And perhaps the negative tilt on October core inflation going into today's release leaves more room for a positive surprise. The International Energy Agency on Tuesday raised its oil demand growth forecasts for this year and next despite the weakening economic picture.

Persons: Lucas Jackson, Mike Dolan, Goldman Sachs, Xi Jinping, Joe Biden, Biden, Xi, Shunichi Suzuki, Philip Jefferson, Loretta Mester, Austan Goolsbee, Michael Barr, Huw Pill, Christina Fincher Organizations: New York Stock Exchange, REUTERS, New, Bank of America's, Treasury, International Energy Agency, U.S, Economic Cooperation, Reuters, Bank of Japan, Japan's Finance, Home, Federal, Cleveland Fed, Chicago Fed, Banking, Housing, Urban Affairs, Bank of England, Thomson Locations: New York, U.S, California, San Francisco, Asia, China, Japan, Teck, United States

☆ US company earnings set for biggest quarterly gain in over a year
▼ + stars: | 2023-11-10 | by ( Caroline Valetkevitch | ) www.reuters.com time to read: +2 min

REUTERS/Lucas Jackson/File Photo Acquire Licensing RightsNEW YORK, Nov 10 (Reuters) - U.S. companies are set for their biggest year-over-year gain in quarterly earnings since the second quarter of 2022 after a high percentage of S&P 500 companies beat Wall Street expectations. That is well above the 1.6% third-quarter earnings gain estimated by analysts Oct. 1. LSEG said that 81.3% of the quarterly reports surpassed analysts' earnings expectations, which is the highest beat rate since the second quarter of 2021. Microsoft (MSFT.O) was among the big-name S&P 500 companies that produced above-expectation results, with its cloud-computing and PC businesses growing as customers anticipate using its artificial-intelligence offerings. Stocks have risen since the end of the October, and on Friday the S&P 500 hit its highest level intraday since Sept. 20.

Persons: Lucas Jackson, LSEG, Caroline Valetkevitch, Rod Nickel Organizations: New York Stock Exchange, REUTERS, Microsoft, Treasury, Thomson Locations: U.S

☆ Morning Bid: Some payback, but bonds hug gains on oil
▼ + stars: | 2023-11-07 | by ( ) www.reuters.com time to read: +5 min

The oil price slide was helped by signs from Israel that it's open to pauses in the Gaza fighting. The typically hawkish Minneapolis Fed boss Neel Kashkari insisted it was still too early to take another rate hike off the table. Elsewhere, the Reserve Bank of Australia raised its policy interest rate again, as expected, by another quarter point to a 12-year high of 4.35%. Overall, the global stocks picture reflected some of the cooling of last week's rally and some of the China export numbers. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Lucas Jackson, Mike Dolan, that's, Neel Kashkari, Christopher Waller, Michael Barr, John Williams, Lorie Logan, Jeffrey Schmid, Zimmer, Jack Henry, Akamai, Christina Fincher Organizations: New York Stock Exchange, REUTERS, Federal Reserve, Treasury, Minneapolis Fed, International Monetary Fund, Reserve Bank of Australia, Asia bourses, UBS, Credit Suisse, Federal Reserve Bank of New, Michael Barr , New York Fed, Dallas Fed, Horton, Mosaic, Emerson Electric, Occidental, Devon Energy, Products, Chemicals, Gen, Fidelity, Reuters, Reuters Graphics, Thomson Locations: New York, U.S, Israel, Gaza, China, Asia, Japan, Hong Kong, Swiss, Canada, Federal Reserve Bank of New York, Michael Barr ,, Lorie Logan , Kansas, eBay, Gilead, Occidental Petroleum

☆ The death of downtowns
▼ + stars: | 2023-10-31 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +7 min

NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . But the number of empty storefronts overwhelming downtowns isn't just a product of the post-pandemic world. When it comes to local downtowns, not all small businesses are created equally. A homebuilder executive breaks down the do's and don'ts that've helped her clients lower rates from 8% to 4.875%.

Persons: —, that's, Tyler, Insider's Adam Rogers, it's, Adam, Justin Sullivan, It's, Lucas Jackson, Elon Musk, Joel Saget, Sheldon Cooper, Getty Images Elon, X, Daniel Rizea, Haley Rosen, Marie Donoghue, Rosalyn Durant, don'ts that've, Heidi Klum's, Jayne Withers, Zers, Dan DeFrancesco, Naga Siu, Hallam Bullock, Lisa Ryan Organizations: Service, New York Stock Exchange, Getty, Getty Images, Apple, Google, ESPN, NFL, NBA, Walmart, Workers, Fed, Pfizer, Samsung Locations: National, New York, AFP, New York City, San Diego, London

☆ Why the case for owning Broadcom is compelling with or without its $61 billion takeover of VMWare
▼ + stars: | 2023-10-30 | by ( Kevin Stankiewicz | In Kevinstankiewicz | ) www.cnbc.com time to read: +6 min

Club holding Broadcom 's (AVGO) investment prospects look bright – with or without cloud software maker VMWare (VMW) under its corporate roof. For now, though, the companies remain apart after Broadcom's planned $61 billion takeover of VMWare did not close Monday, as previously scheduled. AVGO YTD mountain Broadcom YTD With VMWare, Broadcom would be a company with sales split roughly 50-50 between its traditional semiconductor division — an artificial intelligence beneficiary — and software, which typically is higher-margin revenue. Without VMWare, Broadcom would have freed up its capacity to reward shareholders in a different, but still meaningful, way. Even with the buyback silver lining, our hope is Broadcom completes the VMWare deal because it should boost Broadcom's earnings over time.

Persons: Broadcom's, CNBC's David Faber, Jim Cramer, Hock Tan, Jim, Broadcom's Tan, CNBC's Faber, There's, Jim Cramer's, Broadcom Lucas Jackson Organizations: Broadcom, VMWare, Club, Nvidia, Google, European Union, Financial Times, U.S, Intel, Semiconductor, Qualcomm, NXP Semiconductors, Microsoft, Activision, CNBC Locations: United Kingdom, Japan, Canada, China, California, Beijing

☆ Dow forecasts lower-than-expected net sales in Q4 on low prices, weak demand
▼ + stars: | 2023-10-24 | by ( ) www.reuters.com time to read: +2 min

The Dow Chemical logo is displayed on a board above the floor of the New York Stock Exchange shortly after the opening bell in New York, U.S. on December 22, 2015. REUTERS/Lucas Jackson/File Photo Acquire Licensing RightsOct 24 (Reuters) - Dow Inc (DOW.N) forecast average net sales for the current quarter below analyst estimates on Tuesday, as the chemical maker continues to navigate weak demand and low prices for its products in key markets. Dow reported a sequential decline of 7% in prices of their products in Europe, the Middle East, Africa and India, primarily due to lower feedstock and energy rates. However, the company added it expects to see benefits from rising oil prices in the next few quarters. Prices of Dow products such as polyethylene, poly vinyl chloride and other base metals increase on the back of rising crude oil.

Persons: Lucas Jackson, Dow, Howard Ungerleider, Jeffrey Tate, Sriraj Kalluvila, Vinay Dwivedi, Krishna Chandra Organizations: Dow, New York Stock, REUTERS, Dow Inc, Saikeerthi, Thomson Locations: New York, U.S, China, Europe, East, Africa, India, Bengaluru

☆ Wall Street notches weekly loss as benchmark US bond yield eases
▼ + stars: | 2023-10-20 | by ( Stephen Culp | ) www.reuters.com time to read: +5 min

[1/4] A street sign for Wall Street hangs in front of the New York Stock Exchange May 8, 2013. While the benchmark yield eased back from that level, it posted its largest weekly surge since April 2022, powered by solid economic data. 10 year Treasury yield and the Fed funds target rateStrong U.S. retail sales in September reinforced ideas that the Fed may need to keep interest rates high for longer, Hainlin said. The yield on U.S. 10-year Treasury notes, the bedrock of the global financial system, pulled back after breaching the 5% level late Thursday. Benchmark 10-year notes last rose 19/32 in price to yield 4.9094%, from 4.988% late on Thursday.

Persons: Lucas Jackson, Ross Mayfield, Mayfield, Jerome Powell, Powell, Tom Hainlin, Hainlin, Sterling, Brent, Stephen Culp, Marc Jones, Rod Nickel, Jonathan Oatis Organizations: New York Stock Exchange, REUTERS, U.S, Federal Reserve, Treasury, Nasdaq, Baird, Federal, Bank Wealth Management, Dow Jones, Japan's Nikkei, Thomson Locations: Louisville , Kentucky, Minneapolis, Israel, Gaza, Asia, Pacific, Japan, London

☆ Morning Bid: Bond squeeze abates as Middle East war in focus
▼ + stars: | 2023-10-20 | by ( ) www.reuters.com time to read: +5 min

A street sign for Wall Street hangs in front of the New York Stock Exchange May 8, 2013. Dallas Fed cheif Lorie Logan added overnight that recent data and bond yield moves gave the central bank space. Reactions in the market were curious, however, with implied Fed policy rates in the futures market and two-year Treasury yields easing back even as 10-year yields chomped at the 5% bit. The resulting further disinversion of the yield curve to show the gap between two and 10-year yields at its lowest in a year is some testament to that. But with another nervous weekend around the Israel-Gaza war ahead, when markets are closed or illiquid, Friday trading has shifted the focus back to short-term safety hedges.

Persons: Lucas Jackson, Mike Dolan, Jerome Powell's, Powell, Lorie Logan, Huntington, Loretta Mester, Patrick Harker, Joe Biden, Charles Michel, Ursula von der Leyen, Elaine Hardcastle Organizations: New York Stock Exchange, REUTERS, Treasury, Atlanta Federal, Dallas Fed, Bank of Japan, L'Oreal, American Express, Interpublic, Schlumberger, Cleveland Federal, Philadelphia Fed, European Council, European Commission Reuters Graphics Reuters Graphics, Reuters Graphics Reuters, Thomson, Reuters Locations: U.S, Israel, Gaza, Europe, China, Comerica, Huntington Bancshares, Washington

☆ Bankrupt drugstore chain Rite Aid raises going concern doubts
▼ + stars: | 2023-10-18 | by ( ) www.reuters.com time to read: +1 min

A woman shops inside a Rite Aid store underneath a DeepCam security camera in New York City, New York, U.S., June 25, 2020. Picture taken June 25, 2020. REUTERS/Lucas Jackson/File Photo Acquire Licensing RightsCompanies Rite Aid Corp FollowOct 18 (Reuters) - U.S. drugstore chain Rite Aid (RADCQ.PK) raised concerns about its ability to remain in business in a regulatory filing on Wednesday, days after it filed for bankruptcy protection. Rite Aid said its ability to continue is dependent on successfully emerging from its Chapter 11 cases and generating sufficient liquidty after restructuring its business. Reporting by Bhanvi Satija in Bengaluru; Editing by Arun KoyyurOur Standards: The Thomson Reuters Trust Principles.

Persons: Lucas Jackson, Bhanvi, Arun Koyyur Organizations: REUTERS, Companies Rite Aid, Aid, Thomson Locations: New York City , New York, U.S, Bengaluru

☆ Morning Bid: US growth topping China as megacaps report
▼ + stars: | 2023-10-18 | by ( ) www.reuters.com time to read: +5 min

A street sign for Wall Street hangs in front of the New York Stock Exchange May 8, 2013. The combination of high-pressure growth and U.S. crude oil prices back up to their highest in two weeks has re-ignited inflation concerns. And with a 20-year Treasury bond auction also due later in the day, bond markets are back running scared. Two-year Treasury yields hit their highest since 2006 on Tuesday at 5.24% and held most of those gains overnight - while 20-year yields are hovering around 5.2% as well. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Lucas Jackson, Mike Dolan, Joe Biden's, megacaps Tesla, Jerome Powell, China's, Republican Jim Jordan, Morgan Stanley, Kinder Morgan, Elevance, Joe Biden, Christopher Waller, Lisa Cook, Michelle Bowman, John Williams, Patrick Harker, Toby Chopra Organizations: New York Stock Exchange, REUTERS, Federal Reserve, Atlanta, Netflix, Atlanta Fed, Fed, Treasury, Bank of England's, Wall St, Republican, Procter, Gamble, Abbott Laboratories, Northern Trust, Nasdaq, Citizens Financial, US Bancorp, Zions Bancorp, Discover, Lam Research, Alcoa, Steel Dynamics, Federal, New York Fed, Philadelphia Fed, Graphics Retail, Thomson, Reuters Locations: U.S, Gaza, Israel, trepidation, United States, Britain, Wall, Stocks, Asia, Europe, Northern, POPG, Equifax

☆ Bankrupt Rite Aid resolves drug supply dispute with McKesson
▼ + stars: | 2023-10-17 | by ( Dietrich Knauth | ) www.reuters.com time to read: +2 min

A woman shops inside a Rite Aid store underneath a DeepCam security camera in New York City, New York, U.S., June 25, 2020. The lawsuit against McKesson alleged that the distributor improperly attempted to terminate the drug supply agreement on Saturday, just before Rite Aid declared bankruptcy. Rite Aid had accused McKesson of threatening to cut off its drug supply unless it immediately paid $700 million for amounts due under the contract. Rite Aid has relied on McKesson for its drugs for 20 years, and paid McKesson $9 billion under the contract in 2023, according to court filings. Rite Aid said it maintains very low drug inventory, forcing it to rely on daily deliveries from McKesson.

Persons: Lucas Jackson, McKesson, Joshua Sussberg, Sussberg, Michael Kaplan, Dietrich Knauth, Alexia Garamfalvi, Bill Berkrot Organizations: REUTERS, McKesson Corp, . Rite, Rite Aid, Aid, Rite, Thomson Locations: New York City , New York, U.S, New Jersey, Trenton

☆ Snap shares jump as leaked 2024 user target exceed Wall St expectations
▼ + stars: | 2023-10-16 | by ( ) www.reuters.com time to read: +1 min

A woman stands in front of the logo of Snap Inc. on the floor of the New York Stock Exchange (NYSE) while waiting for Snap Inc. to post their IPO, in New York City, New York, U.S. on March 2, 2017. REUTERS/Lucas Jackson/File Photo Acquire Licensing RightsOct 16 (Reuters) - Snap (SNAP.N) shares jumped 11% on Monday after a media report said the social media company is expected to have more than 475 million daily active users (DAUs) in 2024, above Wall Street expectations. Snap also expects advertising revenue to grow more than 20% in 2024 as part of its "stretch goals", the report said, putting it above Wall Street estimates of 14% growth. Snap was the first ad-reliant social media firm to flag a demand downturn last year as brands cut budgets amid red-hot inflation and high interest rates. Macroeconomic woes coupled with rising competition from social media platforms like Tiktok, saw Snap lose 80% of its valuation last year.

Persons: Lucas Jackson, Evan Speigel, Bernstein, Mark Schilsky, Chavi Mehta, Tasim Zahid Organizations: Inc, New York Stock Exchange, REUTERS, Thomson Locations: New York City , New York, U.S, Bengaluru

☆ Drug retailer Rite Aid files for bankruptcy amid rising debt, opioid litigation
▼ + stars: | 2023-10-16 | by ( Abinaya V | ) www.reuters.com time to read: +2 min

A woman shops inside a Rite Aid store underneath a DeepCam security camera in New York City, New York, U.S., June 25, 2020. Rite Aid, which began as a thrift shop in 1962, became the third largest U.S. chain of drugstores in less than two decades with more than 2,000 retail stores in 17 states. Rite Aid had a total debt of $8.60 billion as of June 3, according to a filing with the U.S. Bankruptcy Court for the District of New Jersey, some of which is due in 2025. It said it will transfer employees at underperforming stores that would be closed to other locations where possible. Rite Aid joins several companies, including Mallinckrodt, that have filed for bankruptcy due to lawsuits over the U.S. opioid crisis.

Persons: Lucas Jackson, Jeffrey Stein, Elizabeth Burr, Leroy Leo, Abinaya Vijayaraghavan, Mariam Sunny, Simon Cameron, Moore, Arun Koyyur Organizations: REUTERS, Rite, U.S, Bankruptcy, District of, Aid, Thomson Locations: New York City , New York, U.S, United States, District of New Jersey, Bengaluru

Rite Aid, one of the largest U.S. pharmacy retailers, stumbled under its high debt, revenue declines, increased competition, and opioid litigation, according to its court filings. Founded in 1962, Rite Aid employs 45,000 people at more than 2,000 retail stores in 17 states, and will remain open for business during the bankruptcy. Rite Aid, which has denied wrongdoing, said it hopes to reach an "equitable" settlement of opioid litigation in bankruptcy. A woman shops inside a Rite Aid store underneath a DeepCam security camera in New York City, New York, U.S., June 25, 2020. Rite Aid closed 200 stores before its bankruptcy, and it expects to close more as its Chapter 11 case proceeds.

Persons: Lucas Jackson, McKesson, Jeffrey Stein, Elizabeth Burr, Leroy Leo, Abinaya Vijayaraghavan, Mariam Sunny, Arun Koyyur, Marguerita Choy, Bill Berkrot Organizations: Rite Aid, Rite, Endo International, REUTERS, Bankruptcy, District of, MedImpact Healthcare Systems, Elixir ., Rite Aid . Rite, Aid, Thomson Locations: U.S, New York City , New York, District of New Jersey, Bengaluru

☆ Drug retailer Rite Aid files for bankruptcy, gets $3.45 bln commitment
▼ + stars: | 2023-10-16 | by ( ) www.reuters.com time to read: +2 min

A woman shops inside a Rite Aid store underneath a DeepCam security camera in New York City, New York, U.S., June 25, 2020. The bankruptcy process will allow Rite Aid to resolve litigation claims in an "equitable manner", the company said. Rite Aid has appointed Jeffrey Stein as its new CEO and chief restructuring officer, replacing interim CEO Elizabeth Burr. Rite Aid has also reached an in-principle agreement with some of its senior secured noteholders that would significantly reduce its debt. MedImpact will serve as the 'stalking horse bidder' in a court-supervised sale process, Rite Aid said.

Persons: Lucas Jackson, Jeffrey Stein, Elizabeth Burr, Stein, Burr, noteholders, Abinaya Vijayaraghavan, Mariam Sunny, Sriparna Roy, Shweta Agarwal, Pooja Desai Organizations: REUTERS, Rite Aid Corp, U.S, Aid, Walgreens Boots Alliance, CVS Health, MedImpact Healthcare Systems, Solutions, Rite Aid, Bankruptcy, District of, Thomson Locations: New York City , New York, U.S, District of New Jersey, Bengaluru

☆ Rite Aid joins companies going bankrupt amid opioid litigation
▼ + stars: | 2023-10-16 | by ( ) www.reuters.com time to read: +1 min

A woman shops inside of a Rite Aid store underneath a DeepCam security camera in New York City, New York, U.S., June 25, 2020. REUTERS/Lucas Jackson/File Photo Acquire Licensing RightsCompanies Rite Aid Corp FollowOct 16 (Reuters) - Drugstore chain Rite Aid (RAD.N) is the latest U.S. company to seek bankruptcy protection following pressure from lawsuits alleging that they helped fuel the opioid crisis. Litigation against drugmakers, pharmacies and distributors, claiming that drugmakers downplayed the risks of opioids and that distributors and pharmacies failed to prevent them from being diverted to the illegal market has resulted in more than $50 billion in total settlements. Here is a list of companies forced to file for bankruptcy protection, mainly due to U.S. opioid lawsuits and settlements. Reporting by Pratik Jain and Leroy Leo in Bengaluru; Editing by Arun KoyyurOur Standards: The Thomson Reuters Trust Principles.

Persons: Lucas Jackson, drugmakers, Pratik Jain, Leroy Leo, Arun Koyyur Organizations: Rite, REUTERS, Companies Rite Aid, U.S . Centers for Disease Control, Prevention, drugmakers, Thomson Locations: New York City , New York, U.S, Bengaluru

☆ BlackRock’s Larry Fink squares off with Uncle Sam
▼ + stars: | 2023-10-13 | by ( ) www.reuters.com time to read: +2 min

Laurence Fink, founder and chief executive officer of BlackRock, Inc. speaks during the Reuters Global Investment Outlook Summit in New York, U.S., November 13, 2017. REUTERS/Lucas Jackson Acquire Licensing RightsNEW YORK, Oct 13 (Reuters Breakingviews) - BlackRock (BLK.N) calls every dollar it manages a “unit of trust” expressed by clients. The trouble for the investing behemoth led by Larry Fink is that there’s an increasingly reliable custodian of such assets these days: Uncle Sam. Even so, $644 billion has crowded into retail money-market funds this year, crimping BlackRock’s all-important stock portfolios. Fink has been bulking up in infrastructure, credit and other investments that are harder to trade, but which also generate higher fees.

Persons: Laurence Fink, Lucas Jackson, ”, Larry Fink, Uncle Sam, Fink, crimping, Jonathan Guilford, Jeffrey Goldfarb, Sharon Lam Organizations: Inc, Reuters Global Investment, REUTERS, Reuters, BlackRock, Graphics, Treasury, X, Infosys, Thomson Locations: BlackRock, New York, U.S, Europe

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