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☆ Software firm PTC to buy peer ServiceMax for about $1.5 bln
▼ + stars: | 2022-11-17 | by ( ) www.reuters.com time to read: +1 min

Nov 17 (Reuters) - Software firm PTC (PTC.O) said on Thursday it will buy cloud-based provider of software ServiceMax for $1.46 billion in cash as it looks to expand its portfolio of product lifecycle management offerings. The deal will be funded in two stages, with $808 million paid at closing expected in early January and $650 million paid in October next year. PTC and ServiceMax both help manufacturers of complex, highly configured products such as industrial products and aerospace to track and monitor products throughout their lifecycle. "PTC is poised to be the only company that will be able to offer manufacturers this comprehensive view of their products at each stage of the lifecycle," said PTC Chief Executive Jim Heppelmann. Reporting by Eva Mathews and Chavi Mehta in Bengaluru; Editing by Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.

☆ The global stock market rally could be about to meet recession reality
▼ + stars: | 2022-11-17 | by ( Elliot Smith | ) www.cnbc.com time to read: +3 min

Specialist traders work inside a post on the floor of the New York Stock Exchange (NYSE) in New York City, November 10, 2022. Brendan Mcdermid | Reuterswatch now"We think those hopes will be dashed again as the Fed pushes ahead with policy overtightening. With the S&P 500 jumping 13% from its October low, stocks are even further from pricing in the recession — and earnings downgrades — we see ahead." While consensus expects earnings growth to fall from 10% at the start of 2022 to just over 4% in 2023, the world's largest investment manager expects zero growth, noting that third-quarter annual earnings growth would already be in negative territory without the huge windfalls seen in the energy sector. watch nowDownbeat viewLast Thursday's Wall Street rally was the 15th-largest single-day gain for the S&P 500 since the mid-1960s, according to Capital Economics.

☆ Micron to supply fewer memory chips in 2023, plans fresh capex cuts
▼ + stars: | 2022-11-16 | by ( ) www.reuters.com time to read: +2 min

Micron was the first major chipmaker to sound an alarm about falling demand for personal computers and smartphones earlier this year in the face of decades-high inflation. "In order to significantly improve total inventory ... DRAM bit supply will need to shrink and NAND bit supply growth will need to be significantly lower than previous estimates," the company said. Widespread supply and capex cuts typically denote a bottom for the memory industry and is a good sign, Wedbush Securities analyst Matt Bryson wrote in a note on Wednesday. But he said there is potential for a longer demand trough that would likely weigh on the broader technology space. For 2023, the company expects its year-on-year bit supply growth to be negative for DRAM and in the single-digit percentage range for NAND.

☆ Micron expects to supply fewer memory chips in 2023
▼ + stars: | 2022-11-16 | by ( ) www.reuters.com time to read: 1 min

Nov 16 (Reuters) - Semiconductor firm Micron Technology Inc (MU.O) on Wednesday lowered its 2023 forecast for supply of its memory chips, saying it needed to shrink supply in order to adjust to weak demand. Micron expects year-on-year supply growth to be negative for its DRAM memory chips and in the single-digit percentage range for its NAND memory chips. Reporting by Eva Mathews in Bengaluru; Editing by Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

REUTERS/Michael Weekes Jr./File PhotoNov 15 (Reuters) - Elon Musk’s rocket and satellite company SpaceX is in talks about an offering of mostly secondary shares that could value the company at up to $150 billion, representing a 20% increase in valuation, sources told Reuters. The offering would be aimed at helping employees and shareholders cash out, two of the sources said. That view appears to contradict earlier information from a separate source that the offering would raise up to $1 billion for SpaceX via a new share issuance. Talks with potential investors are centering around a price of $85 apiece for SpaceX shares, up from a split-adjusted $70 per share fetched earlier this year, sources said. The valuation is still fluid and any share sale plan, which requires SpaceX’s approval, could still change, the sources cautioned.

Nov 16 (Reuters) - Tencent Music Entertainment Corp beat analyst estimates for third-quarter revenue and profit, boosted by a recovery in advertising sales and an increase in the number of paying users on the Chinese music streaming company's platform. Tencent has been ramping up its original content slate to help put more users behind a paywall. Paying users at its online music streaming service rose to 85.3 million in the quarter from 82.7 million in the second quarter, the earnings statement showed. Net profit attributable to equity holders was 1.06 billion yuan, up from 740 million yuan in the same period last year. Yip said Tencent Music expects its long-form audio content to break even on a gross margin basis by the end of next year.

☆ Sonos CEO sees upbeat holiday season as supply snarls ease
▼ + stars: | 2022-11-16 | by ( Eva Mathews | ) www.reuters.com time to read: +2 min

Sonos is seeing strong demand for its $349 entry-level sound bar Ray and the wireless loudspeaker Sub Mini priced at $429, Spence said. Still, the company added only 1.4 million net new households in the period, compared with 1.8 million a year earlier. "China is important in terms of our overall supply chain, but we are also in Malaysia and Vietnam. So, we have also recreated a more resilient supply chain," Spence said. Sonos is also under pressure from a strong dollar, which is expected to shave off $79 million from sales in 2023.

REUTERS/Michael Weekes Jr./File PhotoNov 15 (Reuters) - Billionaire Elon Musk's SpaceX is in talks to raise nearly $1 billion in a new round that would value the rocket-launch and satellite company at about $150 billion, sources told Reuters. The ongoing talks offer SpaceX's share at about $85 apiece, up from the $125 billion valuation the company fetched earlier this year, sources said, suggesting strong investors' appetite while many late-stage venture capital-backed startups have to cope with valuation cut. Investors could buy new shares issued by SpaceX, or from employees who opt to sell via a private placement, or tender offer. The primary raise could fetch nearly $1 billion, one of the sources added. Investors have shown strong interest in SpaceX as the company has had a series of breakthroughs this year.

☆ SpaceX in fundraising talks at $150 bln valuation - Bloomberg News
▼ + stars: | 2022-11-15 | by ( ) www.reuters.com time to read: 1 min

Nov 15 (Reuters) - Billionaire Elon Musk's SpaceX is in talks to raise funding in a round that would value the rocket-launch and satellite company at over $150 billion, Bloomberg News reported on Tuesday, citing people familiar with the matter. SpaceX did not immediately respond to a Reuters request for comment. Reporting by Eva Mathews in Bengaluru; Editing by Maju SamuelOur Standards: The Thomson Reuters Trust Principles.

☆ Amazon launches virtual healthcare clinic in U.S. for common ailments
▼ + stars: | 2022-11-15 | by ( ) www.reuters.com time to read: +1 min

Nov 15 (Reuters) - Amazon.com Inc (AMZN.O) on Tuesday launched Amazon clinic, a virtual platform where users can connect with healthcare providers to help treat common ailments like allergies and skin conditions. Amazon has for years sought to expand its presence in healthcare. It bought online pharmacy PillPack in 2018, underpinning a prescription delivery and price-comparison site it later launched as Amazon Pharmacy, which lets users buy over-the-counter drugs via Prime memberships. Amazon saidits new service would operate in 32 states, where customers who seek treatment, will be connected to healthcare providers. read moreThe company is also waiting to close its $3.49 billion deal to buy One Medical, as it seeks to expand its virtual healthcare presence and add brick-and-mortar doctors' offices for the first time.

☆ Meta to cut more than 11,000 jobs in one of the biggest layoffs this year
▼ + stars: | 2022-11-09 | by ( ) www.reuters.com time to read: +2 min

Nov 9 (Reuters) - Meta Platforms Inc (META.O) said on Wednesday it will let go of 13% of its workforce, or more than 11,000 employees, in one of the biggest layoffs this year as the Facebook parent battles soaring costs and a weak advertising market. The mass layoffs, first in Meta's 18-year history, follow thousands of job cuts at other major tech companies including Elon Musk-owned Twitter and Microsoft Corp (MSFT.O). Meta, whose shares have lost more than two-thirds of their value so far this year, rose nearly 3% before the bell. The company also plans to cut discretionary spending and extend its hiring freeze through the first quarter. Reporting by Aditya Soni, Nivedita Balu and Eva Mathews in Bengaluru; Editing by Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

☆ Canada's Rogers revenue beats on customer addition, higher roaming charges
▼ + stars: | 2022-11-09 | by ( ) www.reuters.com time to read: +1 min

Nov 9 (Reuters) - Rogers Communications Inc (RCIb.TO), on Wednesday beat quarterly revenue expectations as the Canadian wireless giant benefited from higher roaming charges due to a rebound in international travel and customers opting for pricier plans. The company's total revenue rose to C$3.74 billion ($2.78 billion)in the third quarter compared to C$3.67 billion a year earlier. Net income fell to C$371 million, or 71 Canadian cents per share, from C$490 million, or 94 Canadian cents per share, a year earlier. The company incurred a C$150 million charge in customer credits during the quarter due to a massive network outage in July. ($1 = 1.3436 Canadian dollars)Reporting by Eva Mathews in Bengaluru; Editing by Arun KoyyurOur Standards: The Thomson Reuters Trust Principles.

☆ Disney shares fall as rising streaming costs spook investors
▼ + stars: | 2022-11-09 | by ( ) www.reuters.com time to read: +2 min

Nov 9 (Reuters) - Shares in Walt Disney Co (DIS.N) tumbled 8% premarket on Wednesday as ballooning costs at the entertainment giant's fast-growing streaming division cast a shadow on strong subscriber additions. The company missed analysts' expectations for fiscal fourth-quarter earnings, after a $1.5 billion loss in its streaming division. read more"Disney's streaming results are indicative of the tightrope it is walking," said Fred Boxa, associate director at technology and management consulting firm Arthur D. Little. Subscriber growth in Disney+ was expected to accelerate in the second quarter, she added, a sign analysts said indicated a soft first quarter. A weaker-than-expected full-year revenue growth forecast also dragged shares.

Nov 8 (Reuters) - Billionaire Elon Musk's social media platform Twitter will introduce an "Official" label for select verified accounts including major media outlets and governments when it launches its new $8 premium subscription product, its early stage products executive Esther Crawford said on Tuesday. Crawford also confirmed that the revamped Twitter Blue subscription product, which will allow paid users to have their accounts verified with a blue checkmark, will not verify users' identities with identification cards or materials. Fake accounts for government officials are a recurring issue for Twitter globally, according to sources familiar with the matter and researchers. Not all Twitter accounts that were previously verified with a blue check mark will get the "Official" label and the label is not available for purchase, Crawford said. Accounts that will receive the official label include governments, commercial companies, business partners, major media outlets, publishers and some other public figures, she tweeted.

☆ Factbox: Twitter 2.0: Firings, wary advertisers dominate Musk's first week as chief
▼ + stars: | 2022-11-04 | by ( ) www.reuters.com time to read: 1 min

[1/2] Owner and CEO of Twitter, Inc. Elon Musk arrives at the 29th Annual Baron Investment Conference in Manhattan, New York City, New York, U.S., November 4, 2022. REUTERS/Andrew KellyNov 4 (Reuters) - In the seven days since Elon Musk took charge of Twitter, the world's richest person has vowed to shake up the social media company, keeping employees, advertisers and users on the edge of their seats. The Tesla boss, who will also serve as chief executive of Twitter, has announced the following actions in the past week:loadingReporting by Tiyashi Datta, Eva Mathews and Nivedita Balu in Bengaluru: Editing by Sriraj KalluvilaOur Standards: The Thomson Reuters Trust Principles.

☆ Factbox: Twitter 2.0: Musk warns of bankruptcy, flip-flops on blue check mark in chaotic start
▼ + stars: | 2022-11-04 | by ( ) www.reuters.com time to read: +5 min

REUTERS/Dado Ruvic/Illustration/File PhotoNov 18 (Reuters) - Twitter has had a bumpy ride since new owner Elon Musk took charge last month. Twitter has also cut staff by half, while Musk has raised the possibility of the social media platform going bankrupt. read more read more* ROLLS OUT $8 SERVICETwitter on Nov. 5 launches an $8 subscription service that gives the user a verified blue check mark and other features. read more* WARNS OF BANKRUPTCYOn his first mass call with employees, Musk raised the possibility of the social media platform going bankrupt, Bloomberg News reported. read more* RELAUNCH $8 SERVICE ON NOV. 29On Nov. 15, Musk said the sought-after blue check subscription service will be relaunched on Nov. 29, a minor delay from his initial tentative timeline.

☆ Wealthy families are migrating to the U.S. South and UBS is following them
▼ + stars: | 2022-11-03 | by ( Lananh Nguyen | ) www.reuters.com time to read: +2 min

The new structure for the world's largest wealth manager signals a big push into the southern United States alongside competitors such as Merrill Lynch Wealth Management, which has boosted its presence in Florida. "We’ve seen our clients do well in the last decade in terms of their investment outcomes," said Jason Chandler, head of UBS wealth management in the United States. High net worth families are taking advantage of greater flexibility to live and work in different locations, he said. Ultra-high net worth families are moving from northern to southern states and are settling in multiple locations, and some financial advisers have followed suit by splitting their time across multiple offices, UBS said. The bank's top markets for wealth management include Atlanta, Colorado, Florida and Texas, alongside traditional hubs in the Northeast like New York and Boston.

☆ New York Times beats profit estimates as subscription bundling pays off
▼ + stars: | 2022-11-02 | by ( ) www.reuters.com time to read: +1 min

Nov 2 (Reuters) - The New York Times Co (NYT.N) topped quarterly profit estimates on Wednesday as more people signed up for its digital subscription bundle, helping offset a slowdown in advertising sales. The Times added 180,000 digital-only subscribers in the third quarter and said digital subscription revenue would grow by 30% to 33% in the current quarter. Still, lower-than-expected quarterly revenue of $547.7 million showed the company was not completely shielded from a wider slowdown in ad spending. The Times' digital ads revenue rose marginally to $70.3 million in the quarter, but the company warned it expects ad sales to fall in the fourth quarter. Reuters GraphicsOn an adjusted basis, New York Times earned 21 cents per share, compared with estimates of 13 cents, according to Refinitiv data.

☆ Fox Corp beats revenue estimates on political ads demand
▼ + stars: | 2022-11-01 | by ( ) www.reuters.com time to read: +1 min

Nov 1 (Reuters) - Fox Corp (FOXA.O) reported better-than-expected quarterly revenue on Tuesday, as the Fox News parent benefited from an uptick in advertising spend ahead of the U.S. midterm elections. Fox Corp's revenue was also buoyed by higher affiliate fees and an influx of advertisers to its Tubi streaming service. Fox Corp is also deciding on whether to combine with News Corp (NWSA.O) after the companies said earlier this month that Rupert Murdoch had started a process that could reunite his media empire. Fox Corp's total revenue rose to $3.19 billion in the first quarter ended Sept. 30, from $3.05 billion a year earlier. Advertising revenue increased 8% in the quarter, primarily due to higher political advertising revenue at its TV stations, the company said.

☆ Fox Corp beats quarterly revenue estimates
▼ + stars: | 2022-11-01 | by ( ) www.reuters.com time to read: 1 min

Nov 1 (Reuters) - Fox Corp (FOXA.O) reported better-than-expected quarterly revenue on Tuesday, as the Fox News parent benefited from an uptick in advertising spend ahead of the U.S. midterm elections. The company's total revenue rose to $3.19 billion in the first quarter ended Sept. 30, from $3.05 billion a year earlier. Analysts were expecting $3.17 billion, according to IBES data from Refinitiv. Reporting by Eva Mathews in Bengaluru; Editing by Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

☆ Amazon makes more ad-free music and podcasts available for Prime members
▼ + stars: | 2022-11-01 | by ( ) www.reuters.com time to read: +1 min

Nov 1 (Reuters) - E-commerce giant Amazon.com Inc (AMZN.O) said on Tuesday it will make more ad-free music and podcasts available to its Prime members. Prime members, who have so far been able to listen to about 2 million songs without any advertisements, will now have access to over 100 million ad-free songs, along with top podcasts, Amazon wrote in a blog post. "Prime members can discover more new music and podcasts based on their likes; shuffle play any artist, album, or playlist in the catalog; stream a collection of All-Access playlists tailored to personalized listening preferences on demand and download them for offline listening," the company said. Amazon's fast-shipping and media service Prime has over 200 million members globally. Reporting by Eva Mathews in Bengaluru; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.

☆ Employers’ Family Health Insurance Holds at About $22,000 in 2022
▼ + stars: | 2022-10-27 | by ( Anna Wilde Mathews | ) www.wsj.com time to read: 1 min

The average cost of employer health coverage for a family this year is about $22,000, a figure similar to last year’s total, according to a new survey that shows upward pressure on healthcare costs hasn’t yet broadly translated into higher premiums. That will likely change next year, as insurers renegotiate contracts with hospitals and other medical providers that are seeking higher reimbursements to cover their own rising expenses for labor and other supplies.

☆ T-Mobile raises 2022 forecast for wireless subscriber additions again
▼ + stars: | 2022-10-27 | by ( ) www.reuters.com time to read: +1 min

Oct 27 (Reuters) - T-Mobile US Inc (TMUS.O) on Thursday raised its annual forecast for monthly bill-paying wireless subscriber additions for the third time this year, after beating estimates for quarterly additions as inflation-weary people lapped up its affordable plans. The telecoms giant has been offering discounts on smartphones and plans at industry-low prices to attract subscribers and stave off competition. T-Mobile added 854,000 monthly bill-paying phone subscribers in the third quarter, far higher than FactSet estimates of 724,800. In comparison, AT&T added 708,000 wireless subscribers in the third quarter, while Verizon, the largest U.S. carrier by subscribers, only added 8,000 customers in the same period due to its price hikes. T-Mobile expects to add between 6.2 million and 6.4 million net monthly-bill paying subscribers in 2022, up from a prior forecast of 6 million to 6.3 million.

It reported 15 million paid subscribers for its Peacock streaming service, up from 13 million in the previous quarter. Total company revenue fell 1.5% to $29.85 billion in the quarter, compared with estimates of $29.65 billion, according to Refinitiv data. Net loss attributable to Comcast was $4.6 billion, or $1.05 per share, compared with a profit of $4.04 billion, or 86 cents per share, a year earlier. The net loss was partly due to an $8.6 billion goodwill impairment charge in its UK pay-TV company, Sky. NBCUniversal's theme parks division generated $2.06 billion in revenue, versus $1.45 billion a year ago.

☆ Faraday Future names ex-Romeo Power executive as interim finance chief
▼ + stars: | 2022-10-26 | by ( ) www.reuters.com time to read: +1 min

Oct 26 (Reuters) - Electric vehicle startup Faraday Future Intelligent Electric Inc (FFIE.O) on Wednesday named Yun Han as its interim finance chief and accounting head, replacing Becky Roof who resigned earlier this month. Han was previously chief accounting officer at battery technology firm Romeo Power Inc . Roof, who has served as interim finance chief since March, took over after CFO Walter McBride stepped down due to health reasons. Los Angeles-based Faraday Future has spent the last few months locked in a fight with its largest shareholders and has been battling high costs and supply-chain disruptions that have delayed the production of its FF 91 vehicle to the fourth quarter of 2022. Reporting by Eva Mathews in Bengaluru; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

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