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☆ Spending takes center stage in Meta Platform's earnings report after the bell Wednesday
▼ + stars: | 2024-07-31 | by ( Samantha Subin | ) www.cnbc.com time to read: +3 min

More important to Wall Street is the company's capital expenditures — or spending — as investors are demanding to see clear signs that hefty investments in AI are beginning to pay off . META 1M mountain Meta shares this month The intensified attention toward AI spending comes on the heels of Alphabet's quarterly print and during a "make-or-break" week with earnings from four tech behemoths. While Alphabet topped Wall Street estimates, its rising expenses spurred a sell-off across the sector. But Beck also sees Meta shares going higher as he raised his price target to $600. An uptick in advertising Wall Street is also keeping an eye on advertising figures this quarter, with Nowak viewing Meta as best situated to weather any uncertainty.

Persons: Wolfe Research's, Khajuria, Morgan Stanley, Brian Nowak, capex, Raymond James, Josh Beck, Beck, Wells, Ken Gawrelski, Nowak, Mark Shmulik, Deutsche Bank's Benjamin Black, bode, America's Justin Post Organizations: Meta, StreetAccount, Deutsche, America's, ~$ Locations: Paris

The busiest week of earnings season has arrived, with about 160 of the S & P 500 companies set to report, and some stocks could see major moves on the back of those releases. The S & P 500 and Nasdaq Composite fell last week as investors rotated out of technology sector winners in favor of beaten-down small-cap names. With this in mind, CNBC Pro screened FactSet data to find stocks that could see big moves on the back of their earnings reports. To be exact, 55 of the 63 analysts covering it have a buy or strong buy rating. While Meta is down more than 6% over the past month, shares are up more than 33% in 2024.

Persons: Donald Trump's, Trump, that's Zuckerberg, Carvana, Rajat Gupta, Wolfe, Shweta Khajuria Organizations: Wall, Nasdaq, CNBC Pro, Bloomberg, Hertz, Meta, Wolfe Research

☆ Alphabet reports earnings after the market close. Here's how analysts see it playing out
▼ + stars: | 2024-07-23 | by ( Sean Conlon | ) www.cnbc.com time to read: +5 min

Alphabet is set to report second-quarter earnings after the market closes Tuesday, one of the first of the " Magnificent Seven " to post its results this earnings season. For Google search revenue, Wolfe Research estimates growth of 12.6% compared to the prior-year period. Wolfe has an outperform rating on Alphabet and a share price target of $240, implying more than 32% upside from Monday's close. Deutsche Bank, Bank of America and TD Cowen all increased their price targets on the stock heading into earnings. GOOGL mountain 2024-07-22 Alphabet, 2-day Bernstein analyst Mark Shmulik also chooses to stay neutral, rating Alphabet market perform.

Persons: LSEG, Baird, Colin Sebastian, Wolfe, Shweta Khajuria, TD Cowen, Benjamin Black, Justin Post, John Blackledge, Barton Crockett, Rosenblatt, Bernstein, Mark Shmulik, Shmulik Organizations: Google, Wolfe Research, Deutsche Bank , Bank of America, Bank of America, YouTube, Rosenblatt Securities, Department of Justice, DOJ

Wolfe Research initiated coverage of Amazon with an outperform rating, calling for nearly 30% upside. 7:03 a.m.: Goldman Sachs increases Spotify price target Goldman Sachs thinks Spotify will surpass Wall Street's second-quarter earnings forecasts. The firm and increased its price target to $320 from $317 on shares while maintaining a neutral rating. The analyst upgraded the e-commerce stock to buy from neutral and raised his price target to $82 per share from $78. Analyst Alan Gould downgraded the forum social network stock to hold from buy and reiterated a $75 per share price target.

Persons: Wolfe, Goldman Sachs, Wall, Eric Sheridan, Brian Evans, Shopify, Brad Sills, Sills, — Brian Evans, Jefferies, Surinder Thind, Piper Sandler, Peter Keith, Keith, DLTR, Alan Gould, Gould, Shweta, Khajuria, Fred Imbert Organizations: CNBC, Wolfe Research, Bank of America, Spotify, Jefferies, EPAM, EPAM Systems, Trump, Biden, Democrat, Advertising, Cloud Computing, Health, Business, Amazon Logistics Locations: Reddit, Monday's

☆ Cognizant ropes in JLL for sale of its world's largest facility: sources
▼ + stars: | 2023-11-30 | by ( Sai Ishwarbharath B | ) www.reuters.com time to read: +2 min

JLL and SIPCOT did not respond to Reuters' requests for comment. The campuses sit on land spanning over 49 acres having 16,500 seats, according to the company's presentations done for green energy certifications. It is an attempt "by Cognizant and other IT firms to decentralize their talent models to lower-cost locations," said Peter Bendor-Samuel, CEO at research firm Everest Group. The focus on smaller cities also comes at a time when many IT employees are reluctant to move back to big cities after shifting to their hometowns during the worst of the pandemic. Reporting by Sai Ishwarbharath B; Editing by Dhanya Skariachan and Shweta AgarwalOur Standards: The Thomson Reuters Trust Principles.

Persons: Dado Ruvic, Cognizant, SIPCOT, Peter Bendor, Samuel, Sai Ishwarbharath, Dhanya Skariachan, Shweta Agarwal Organizations: REUTERS, Rights, Software, Reuters, State Industries Promotion Corporation, Tamil, Everest Group, Thomson Locations: Chennai, Teaneck , New Jersey, Tamil Nadu

☆ EVs struggle with reliability due to charging, battery issues - Consumer Reports survey
▼ + stars: | 2023-11-29 | by ( Nathan Gomes | ) www.reuters.com time to read: +2 min

On average, new EVs had 79% more problems than gasoline-powered vehicles, Consumer Reports' 2023 Annual Auto Reliability survey showed. "For the legacy automakers, (EVs) are really new technologies, so they don't have a lot of experience with batteries, charging and motors." Jake Fisher, senior director of Auto Testing at Consumer Reports, said in an interview with Reuters. Consumer Reports survey covers 20 problem areas including engine, electric motors, transmission and in-car electronics. "Even with monumental shifts in the auto marketplace, what matters most to consumers remains the same: finding safe, reliable cars," said Marta Tellado, President and CEO of Consumer Reports.

Persons: Albert Gea, Jake Fisher, Fisher, Elon, Stellantis, Marta Tellado, Nathan Gomes, Shweta Agarwal Organizations: REUTERS, Electric, Consumer, Auto Testing, Reuters, U.S, General Motors, Buick, Benz, Chrysler, Lexus, Toyota, Thomson Locations: Barcelona, Spain, U.S, North America, Bengaluru

AI (Artificial Intelligence) letters and robot hand miniature in this illustration taken, June 23, 2023. The Global X Robotics & Artificial Intelligence ETF (BOTZ.O) received $35.5 million in net inflows in the week ending on Wednesday, its strongest since June earlier this year, according to Lipper data. "Improved inflation data and the likelihood of rate cuts in the second half of 2024 have maintained market optimism throughout November, contributing to investor interest," said Tejas Dessai, AVP, Research Analyst at Global X. So far this year, the Global X fund has gained 27.7% year-to-date, supported by the 233% rally in shares of its top holding Nvidia (NVDA.O), whose graphics processing units (GPUs) dominate the market for AI. The Global X fund, which has total net assets of $2.2 billion, has seen net inflows of $554.8 million so far this year.

Persons: Dado Ruvic, chipmaker, Aniket Ullal, Bansari Mayur, Shweta Agarwal Organizations: REUTERS, chipmaker Nvidia, Robotics, Intelligence, Federal Reserve, Tejas Dessai, Global, Nvidia, Wall, Thomson Locations: ., Bengaluru

☆ US new vehicle sales to rise in November on strong demand - report
▼ + stars: | 2023-11-22 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Carlos Barria/File Photo Acquire Licensing RightsNov 22 (Reuters) - New vehicle sales in the United States are expected to rise in November, a report from industry consultants showed on Wednesday, as demand for the latest models remains strong and inventories improve. U.S. new vehicle sales, including retail and non-retail transactions, are estimated to reach 1,236,000 units in November, a 10.2% jump from a year earlier, according to the joint forecast report by J.D. "Sales growth is being enabled by improving vehicle availability," said Thomas King, president of the data and analytics division at J.D. Inventory pile-up, however, led to a 1.9% year-on-year decline in transaction prices with an average price of new retail vehicles at $45,332. Power and GlobalData have also raised the annual forecast for global light-vehicle sales to 89.3 million units, up 10% from last year, on strength in China demand.

Persons: Carlos Barria, J.D ., Thomas King, J.D, Jeff Schuster, Ananta Agarwal, Shweta Agarwal Organizations: REUTERS, J.D, Thomson Locations: Port of Richmond, San Francisco , California, United States, ., China, Bengaluru

☆ An Alabama mom is pregnant in each of her two uteruses in an extremely rare case of twins
▼ + stars: | 2023-11-22 | by ( Brenda Goodman | ) edition.cnn.com time to read: +8 min

She was born with two uteruses, a condition called uterine didelphys. Hatcher’s condition is rare, too: About 1 in 2,000 women is born with uterine didelphys. Like most women, Hatcher has two ovaries, the glands that store and release eggs. One thing that’s different with this pregnancy, Hatcher says, is that in certain positions, she has not just one baby bump but two. Friends have started a GoFundMe page to help with unexpected expenses, including home renovations, child care and missed income after the twins are born.

Persons: CNN — Kelsey Hatcher’s, Caleb, “, ”, Hatcher, don’t, ‘, ’ “ Caleb, Kelsey Hatcher, Caleb Shaver, ‘ I’m, ’ ” Hatcher, Hyperovulation hasn’t, Shweta Patel, ” Patel, we’ve, Kelsey, it’s, I’ve moreso, Kelsey Hatcher's, She's, Dr, Sanjay Gupta, ” Hatcher, We’re Organizations: CNN, US Centers for Disease Control, CDC, University of Alabama, CNN Health Locations: Dora , Alabama, Birmingham

The McDonald's company logo stands on a sign outside a restaurant in Bretigny-sur-Orge, near Paris, France, July 30, 2020. REUTERS/Benoit Tessier/File Photo Acquire Licensing RightsNov 20 (Reuters) - McDonald's (MCD.N) said on Monday it would acquire investment firm Carlyle's (CG.O) 28% stake in a partnership that manages its business in mainland China, Hong Kong and Macau, as the burger chain looks to simplify its structure in the region. Reuters reported in April that Carlyle was discussing various options with financial advisers for its stake in McDonald's China, including setting up a continuation fund for the asset. There was "no better time to simplify our structure" given the benefits of China's long-term potential, McDonald's CEO Chris Kempczinski said. Reuters reported in August that Trustar Capital, formerly known as CITIC Capital, was also planning to raise a continuation fund that would allow the Chinese private equity firm to sell down its stake in McDonald's China.

Persons: Benoit Tessier, Carlyle, Chris Kempczinski, Jim Sanderson, Granth, Deborah Sophia, Anil D'Silva, Shounak Dasgupta, Shweta Agarwal Organizations: REUTERS, CITIC, HK, Reuters, CITIC Ltd, Northcoast, Thomson Locations: Bretigny, Paris, France, China, Hong Kong, Macau, McDonald's China, Bengaluru

A street sign for Wall Street is seen in the financial district in New York, U.S., November 8, 2021. The Invesco Aerospace & Defense ETF has seen net inflows of more than $100 million so far this month, according to Lipper data, adding to the nearly $180 million it raked in October. Peers like the $5.5 billion iShares US Aerospace & Defense ETF and $1.78 billion SPDR S&P Aerospace & Defense ETF have posted net inflows of $178.4 million and $163.6 million, respectively, since October. U.S. President Joe Biden has asked Congress to provide $106 billion in supplemental funding, with $61.4 billion for Ukraine and $14.3 billion for Israel. The U.S. Congress has approved $113 billion for Ukraine in 21 months since the start of the war.

Persons: Brendan McDermid, Peers, Ashish Shah, Joe Biden, Michael Ashley Schulman, Bansari Mayur, Shweta Agarwal Organizations: Wall, REUTERS, Invesco Aerospace & Defense ETF, US Aerospace & Defense, P Aerospace & Defense ETF, Goldman Sachs Asset Management, Israel, U.S, Congress, Running, Thomson Locations: New York, U.S, Europe, Ukraine, Israel, Gaza, Bengaluru

___Their recommendations include securing land rights for women, promoting women's cooperatives and encouraging women to lead on developing climate policy. The link between phenomena like uterine prolapse and climate change is indirect but significant, said Seema Bhaskaran, who tracks gender issues for the nonprofit Transform Rural India Foundation. “It must prioritize awareness programs that emphasize the specific health challenges women face in the wake of climate change as a critical step towards increasing public knowledge. These efforts will also serve as a call to action for governments, institutions, and communities to prioritize women’s health and well-being as a central component of their climate initiatives,” she added. “Definitely there is a very clear recognition that climate has a health impact and health needs to be considered more seriously,” she said.

Persons: Manju Devi, Devi, hadn’t, ___, Seema Bhaskaran, Bhaskaran, Savita Singh, Singh's, Singh, ”, Babita Kumari, Kumari, Poonam, COP28, Anjal Prakash, Shweta Narayan Organizations: DELHI, India Climate Journalism, Associated Press, Stanley Center for Peace, Security, Press Trust of India, India's, Transform Rural, Foundation, Climate Central, Population Foundation of India, Bharat Institute of Public, Indian School of Business, United Nations, Health, AP Locations: Delhi, Dubai, India, New Delhi, Syaraul, Uttar Pradesh, Nanu, U.S

OpenAI logo is seen in this illustration taken, February 3, 2023. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsNov 20 (Reuters) - OpenAI's staff has threatened to quit the artificial intelligence startup and join former boss Sam Altman at Microsoft's (MSFT.O) new division unless the board resigns, according to a letter seen by Reuters. Apart from Chief Technology Officer Mira Murati, Chief Data Scientist Ilya Sutskever and Chief Operating Officer Brad Lightcap, about 500 members of OpenAI staff said they would resign, a person familiar with the matter told Reuters. OpenAI did not immediately respond to a Reuters request for comment. Reporting by Akash Sriram in Bengaluru; Editing by Shweta Agarwal and Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

Persons: Dado Ruvic, Sam Altman, Mira Murati, Ilya Sutskever, Brad Lightcap, OpenAI, Akash Sriram, Shweta Agarwal, Anil D'Silva Organizations: REUTERS, Reuters, Thomson Locations: Microsoft's, Bengaluru

☆ See the best evening gowns at the 2023 Miss Universe competition
▼ + stars: | 2023-11-18 | by ( Alex Rees | ) edition.cnn.com time to read: +5 min

Benjamin Askinas/Courtesy Miss Universe Miss Bolivia, Estefany Rivero. Benjamin Askinas/Courtesy Miss Universe Miss Brazil, Maria Brechane. Benjamin Askinas/Courtesy Miss Universe Miss Bulgaria, Yuliia Pavlikova. Benjamin Askinas/Courtesy Miss Universe Miss Slovakia, Kinga Puhová Benjamin Askinas/Courtesy Miss Universe Miss South Africa, Bryoni Govender. The 2023 Miss Universe pageant also marks longtime Miss Universe Organization President Paula Shugart’s last year.

☆ Datadog tops quarterly estimates on robust bookings, raises annual forecast
▼ + stars: | 2023-11-07 | by ( ) www.reuters.com time to read: +2 min

Nov 7 (Reuters) - Datadog (DDOG.O) on Tuesday topped estimates for third-quarter results and raised its forecast for annual adjusted profit and revenue, driven by demand from customers seeking better security solutions due to increasing cybersecurity threats. Shares of the software solutions provider soared nearly 23% in trading before the bell. The Delaware, New-York-based company said it expects annual adjusted profit between $1.52 and $1.54 per share, up from its prior outlook of $1.30 and $1.34. Quarterly adjusted profit of 45 cents per share also topped expectations. Datadog's total number of new and existing customers rose 20% to 3,130, with an annual recurring revenue of $100,000 or more as of Sept. 30.

Persons: Yamini, Devika Syamnath, Shweta Agarwal Organizations: MGM Resorts, Google, Thomson Locations: The Delaware, New, York, Bengaluru

☆ Palo Alto Networks intends to buy startup Talon Cyber
▼ + stars: | 2023-11-06 | by ( ) www.reuters.com time to read: +1 min

Nov 6 - Palo Alto Networks (PANW.O) said on Monday it intends to buy Israeli startup Talon Cyber Security, as it looks to beef up its cyber security offering to enterprises. Founded in 2021, Talon provides secure browser and security tools to manage access to client servers from third-party and personal devices. The acquisition proposal follows a series of investments by Palo Alto in Israeli firms, which includes various buyouts of local companies since 2012. Most recently, it agreed to acquire Israeli cloud security startup Dig Security for an undisclosed amount. Talon's CEO Ofer Ben-Noon described Palo Alto as an "ideal partner," according to the press release.

Persons: Ofer Ben, Talon, George Kurtz, Arsheeya, Shweta Agarwal Organizations: Palo Alto Networks, Talon, Palo Alto, Security, Evolution Equity Partners, Thomson Locations: Alto, Tel Aviv, Bengaluru

☆ BofA notifies customers of temporary industry-wide deposit delays
▼ + stars: | 2023-11-03 | by ( ) www.reuters.com time to read: +1 min

A Bank of America logo is pictured in the Manhattan borough of New York City, New York, U.S., January 30, 2019. The issue could be stemming from The Clearing House (TCH), a core payments system infrastructure owned by some of the largest commercial banks in the world. "TCH has experienced a processing issue with a single Automated Clearing House (ACH) file. TCH is working with impacted financial institutions on the matter," a spokesperson for the association said in an emailed statement to Reuters. An alert on the Federal Reserve Financial Services website said all services were operating normally as of 12:44 PM Eastern Time (ET).

Persons: Carlo Allegri, TCH, JPMorgan Chase, Niket Nishant, Manya, Saeed Azhar, Tatiana Bautzer, Shweta Agarwal Organizations: of America, REUTERS, Bank of America's, BofA, JPMorgan, Truist, U.S . Bancorp, Federal Reserve Financial, Manya Saini, Thomson Locations: Manhattan, New York City , New York, U.S, Bengaluru, New York

☆ IQVIA cuts annual profit forecast on slow demand for medtech, analytics services
▼ + stars: | 2023-11-01 | by ( ) www.reuters.com time to read: +2 min

Nov 1 (Reuters) - IQVIA Holdings (IQV.N) cut its full-year profit forecast on Wednesday, citing weakness in demand for its analytics and medical technology solutions along with the impact of a stronger U.S. dollar. Thermo Fisher signaled that the demand slump from biotech clients for its contract research services could extend into the next year due to rising interest rates and a persistent funding crunch. On an adjusted basis, IQVIA reported a profit of $2.49 per share for the third quarter, topping estimates of $2.44 per share. The company now expects full-year adjusted profit to be between $10.16 and $10.23 per share, compared with its prior per-share forecast of $10.26 to $10.56. IQVIA now expects 2023 revenue between $14.89 billion and $14.92 billion, compared with its previous forecast of $15.05 billion to $15.18 billion.

Persons: IQVIA, Fisher, Christy Santhosh, Shweta Agarwal Organizations: IQVIA Holdings, Danaher Corp, Thomson Locations: Durham , North Carolina, Bengaluru

☆ Stocks like Rivian are a table-pounding buy ahead of earnings, analysts say
▼ + stars: | 2023-10-28 | by ( Michael Bloom | ) www.cnbc.com time to read: +5 min

There are a slew of top stocks to buy this earnings season, analysts say. CNBC Pro combed through the latest Wall Street research to find the most well-positioned stocks heading into earnings. The firm added a tactical outperform rating to the name, saying Roku shares are too attractive to ignore. However, that doesn't mean investors should bail on the stock, the analyst said, adding a beat is very likely. VF Corporation Buy shares of the undervalued retail clothing company, Guggenheim analyst Robert Drbul wrote recently.

Persons: Shweta Khajuria, Khajuria, Roku, Jim Salera, Salera, Robert Drbul, Drbul, Bracken Darrell, Benno Dorer, Utz, Stephens, …, Cantor Fitzgerald Organizations: CNBC, VF Corp, Roku, Guggenheim, Logitech, Corp, ISI Locations: LSEG

Oct 27 (Reuters) - Bargain hunting drove investors to exchange-traded funds (ETFs) tracking technology companies after shares fell sharply on mixed earnings from heavyweights. The fund's price fell nearly 4% in the week, as mixed results from megacaps like Alphabet (GOOGL.O) weighed on the sector. Tech funds saw inflows of $2 billion in the week to Wednesday, their largest in eight weeks, according to BofA Global Research, which it attributed to investors "buying the dip". The $14 billion ProShares UltraPro QQQ (TQQQ.O) posted net weekly inflows of $68.15 million, even as the price of the fund fell 9.5%. The $46.5 billion Technology Select Sector SPDR Fund and the $9 billion VanEck Semiconductor ETF (SMH.O) posted net inflows of $205.7 million and $280.6 million, respectively, for the week.

Persons: Todd Sohn, Todd Rosenbluth, Vanda Research's, Bansari Mayur, Shweta Agarwal Organizations: Technology ETF, Apple, Microsoft, Strategas Securities, VettaFi . Tech, Nasdaq, Tech, BofA Global Research, Fund, Semiconductor, Thomson Locations: VettaFi, Bengaluru

☆ Western Digital and Japan's Kioxia call off merger talks - Nikkei
▼ + stars: | 2023-10-26 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Ann/File photo Acquire Licensing RightsTOKYO, Oct 26 (Reuters) - Western Digital Corp (WDC.O) and Japan's Kioxia Holdings have broken off talks to create one of the world's biggest chipmakers, the Nikkei newspaper reported on Thursday. The companies were also unable to agree on conditions with top Kioxia shareholder Bain Capital, the report added. Western Digital, Kioxia and Bain Capital did not immediately respond to Reuters' requests for comment. Shares of Western Digital sank 12% on the news. Kioxia and Western Digital have held merger talks since 2021 but the negotiations have often stalled over a series of issues, including valuation discrepancies.

Persons: David Dolan, Aditya Soni, Juby Babu, Chavi Mehta, Shweta Agarwal Organizations: Taipei, REUTERS, Rights, Western Digital Corp, Japan's Kioxia Holdings, Nikkei, SK Hynix, Bain Capital, Samsung Electronics, South Korean SK Hynix, Kioxia, Western Digital, Western, Thomson Locations: Taipei, Taiwan, U.S, Kioxia, Bengaluru

☆ Seagate forecasts revenue below estimates amid weak memory chip demand
▼ + stars: | 2023-10-26 | by ( ) www.reuters.com time to read: +1 min

Oct 26 (Reuters) - Computer hard drive maker Seagate Technology (STX.O) forecast second-quarter revenue below estimates on Thursday, a sign that demand stays weak for its data storage products amid a PC market slump. Seagate expects revenue for the current quarter to be $1.55 billion, plus or minus $150 million, the midpoint of which was below estimates of $1.61 billion, according to LSEG data. The June-September period, which analysts say is usually a weak quarter, saw revenue of $1.45 billion, compared with $2.04 billion, a year earlier. Seagate reported a net loss of $184 million, or 88 cents per share, compared with a profit of $29 million, or 14 cents per share, a year ago. It expects a second-quarter adjusted loss of 10 cents per share, plus or minus 20 cents, compared with analysts' estimates of a loss of 1 cent.

Persons: Harshita Mary Varghese, Shweta Agarwal Organizations: Seagate Technology, Seagate, Western, Thomson Locations: China

☆ Apple raises subscription prices for TV+, News+
▼ + stars: | 2023-10-25 | by ( ) www.reuters.com time to read: +1 min

[1/2] An Apple logo hangs above the entrance to the Apple store on 5th Avenue in the Manhattan borough of New York City, July 21, 2015. REUTERS/Mike Segar/File Photo Acquire Licensing RightsOct 25 (Reuters) - Apple (AAPL.O) on Wednesday increased the subscription prices of Apple TV+ and Apple News+, according to its website, the latest company to raise rates following similar moves by media giants. The per month price of Apple TV+ has been increased by $3 to $9.99, while Apple News+ has been priced at $12.99, up from $9.99. Recently, streaming giants Netflix (NFLX.O) and Disney (DIS.N) too had raised their prices as they look to boost growth amid intense competition. Netflix increased subscription prices for some streaming plans in the United States, Britain and France when it reported results last week.

Persons: Mike Segar, Anirudh Saligrama, Shweta Agarwal Organizations: Apple, REUTERS, Netflix, Disney, Hulu, Thomson Locations: Manhattan, New York City, United States, Britain, France, Bengaluru

☆ Roper forecasts profit above estimates as IT spend on application software picks up
▼ + stars: | 2023-10-25 | by ( ) www.reuters.com time to read: +2 min

Roper features a host of enterprise software segments such as Strata, its financial analysis and performance platform catered to the healthcare industry, and Aderant, a business management software provider targeted towards law firms. The Sarasota, Florida-based company reported an adjusted profit of $4.32 per share in the third quarter, beating analysts' average estimate of $4.22 per share. Revenue from the application software business - Roper's biggest - rose nearly 25% from a year earlier to $803.4 million in the quarter ended Sept. 30. Its total third-quarter revenue was up 16% year-on-year at $1.56 billion, compared with analysts' estimates of $1.55 billion. In August, Roper completed its $1.25 billion acquisition of performance management software provider Syntellis Performance Solutions, enhancing its capacity to deliver cloud-based solutions.

Persons: Roper, Arsheeya, Shweta Agarwal Organizations: Roper Technologies, Wall, Global, Gartner, Revenue, Thomson Locations: Sarasota , Florida, Bengaluru

☆ US auto sales likely to rise in October but impact of UAW strike looms - report
▼ + stars: | 2023-10-25 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Carlos Barria/File Photo Acquire Licensing RightsOct 25 (Reuters) - U.S. auto sales are expected to rise in October but the outlook for the rest of the year remains uncertain owing to the auto workers strike at Detroit Three, a report from S&P Global Mobility showed on Wednesday. "On the surface, with a projected SAAR (seasonally adjusted annual rate) result of 15.7 million units, October auto sales will be stronger than they appear," said Chris Hopson, principal analyst at S&P Global Mobility. New total light vehicle sales in October are estimated to be 1.22 million units, up 3.3% year-over-year, according to the report. "As of the week ended October 22, nearly 150,000 units of vehicle production have been lost due to the respective plant strikes," according to the report. While the impact on sales has been limited in the month of September, production disruptions caused by the strike are expected to affect October sales for the Detroit Three and will likely be sustained in November, the report added.

Persons: Carlos Barria, Chris Hopson, Hopson, Shivansh, Shweta Agarwal Organizations: REUTERS, Detroit, P Global, P Global Mobility, Ford, General Motors, automakers, Thomson Locations: San Francisco , California, U.S, SAAR, Bengaluru

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