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Consumer Price Index (CPI) rose 0.4% in February from 0.5% in January as Americans faced persistently higher costs for rents and food. On a yearly basis, the CPI rose 6% in February, compared with 6.4% the previous month. The S&P 500 banking index (.SPXBK) rose 2.9% after recording its biggest one-day percentage drop since June 2020 in the previous session. Advancing issues outnumbered decliners by a 6.05-to-1 ratio on the NYSE and by a 3.52-to-1 ratio on the Nasdaq. The S&P index recorded two new 52-week highs and five new lows, while the Nasdaq recorded 18 new highs and 79 new lows.

☆ Meta to cut 10,000 jobs in second round of layoffs
▼ + stars: | 2023-03-14 | by ( ) www.reuters.com time to read: +2 min

March 14 (Reuters) - Facebook-parent Meta Platforms (META.O) said on Tuesday it would cut 10,000 jobs, the first Big Tech company to announce a second round of mass layoffs as the industry braces for a deep economic downturn. With the latest move, Meta expects expenses in 2023 to come in between $86 billion and $92 billion, lower than the $89 billion to $95 billion forecast previously. Zuckerberg said Meta will remove multiple layers of management, ask managers to become individual contributors and give them less than 10 direct reports, which would in turn make the organization "flatter." Meta's move in November to slash its headcount by 11,000 marked the first mass layoffs in its 18-year history. Reporting by Nivedita Balu and Aditya Soni in Bengaluru; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

☆ Factbox: SVB collapse may prompt Fed to go slow on rate hikes
▼ + stars: | 2023-03-14 | by ( ) www.reuters.com time to read: 1 min

March 14 (Reuters) - Traders no longer expect a rate hike of 50 basis points by the U.S. Federal Reserve next week as the surprise collapse of lender Silicon Valley Bank rattles the financial system. The current projection is for a 25 bps move, with some expecting no hike at all or even a cut. That is a quick reversal in expectations after hawkish commentary from Fed Chair Jerome Powell had prompted traders to see a 70% chance of a 50 bps rate hike just a week earlier. Following are rate expectations from major Wall Street banks:Compiled by Susan Mathew in Bengaluru; Editing by Anil D'Silva and Sam HolmesOur Standards: The Thomson Reuters Trust Principles.

☆ Moody's changes outlook on U.S. banking system to 'negative' after SVB collapse
▼ + stars: | 2023-03-14 | by ( ) www.reuters.com time to read: +1 min

March 14 (Reuters) - Moody's Investors Service on Tuesday revised its outlook on the U.S. banking system to "negative" from "stable", citing heightened risks for the sector after the rapid unraveling of SVB Financial Group (SIVB.O) fueled fears of contagion. Bank runs at Silicon Valley Bank, Silvergate Capital Corp (SI.N) and Signature Bank (SBNY.O) have deteriorated the operating environment for the sector that is now battling a crisis of confidence, both from investors and depositors, the ratings agency said. Lenders that had "substantial" unrealized securities losses and uninsured deposits may be hurt more as customers look for safer alternatives to park their funds. Moody's also said it was expecting the Federal Reserve to continue tightening monetary policy, in contrast to some others who are expecting the bank collapses this month to reshape the trajectory for interest rate hikes. Reporting by Niket Nishant in Bengaluru; Editing by Saumyadeb Chakrabarty and Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

☆ Activist investor Icahn launches proxy fight at Illumina
▼ + stars: | 2023-03-13 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Mike BlakeMarch 13 (Reuters) - Activist investor Carl Icahn on Monday launched a proxy fight at Illumina Inc (ILMN.O), saying the life sciences company's takeover of Grail Inc (GRAL.O) had cost shareholders about $50 billion since the closing of the deal. Shares of Illumina jumped more than 20% to $233.50 in morning trade, and have declined 7.2% since the deal closed in August 2021. Icahn plans to nominate three people to Illumina's board at the company's upcoming shareholder meeting, he said in a letter sent to shareholders. "We have therefore determined to launch a proxy contest to attempt to gain board representation," Icahn said, adding he feared the company's board will continue to pursue the Grail transaction. Icahn said his nominees - Vincent Intrieri, Jesse Lynn and Andrew Teno - would help keep Illumina from "sinking further".

☆ SVB Financial Group mulls strategic alternatives
▼ + stars: | 2023-03-13 | by ( ) www.reuters.com time to read: 1 min

March 13 (Reuters) - Defunct startup-focused lender SVB Financial Group (SIVB.O) said on Monday that it was planning to explore strategic alternatives for its businesses, including the holding company, SVB Capital and SVB Securities. The move comes after Californian regulators shuttered the bank following a failed share sale that drained $42 billion in deposits in a single day and sucked out liquidity at the company. Its board has appointed a restructuring committee consisting of five independent directors, it said in a statement. Reporting by Mehnaz Yasmin in Bengaluru; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

☆ JPMorgan among suitors for SVB Financial in deal excluding SVB Bank- Axios
▼ + stars: | 2023-03-13 | by ( ) www.reuters.com time to read: +1 min

March 13 (Reuters) - JPMorgan Chase & Co (JPM.N) is in talks to acquire SVB Financial Group (SIVB.O) in a deal that would exclude commercial banking unit Silicon Valley Bank, which is currently under U.S. control, Axios reported on Monday, citing sources. PNC Financial Services Group Inc (PNC.N), Apollo Management (APO.N) and Morgan Stanley (MS.N) are also in talks with the defunct lender, Axios reported, adding Apollo was interested in financing a deal or acquiring some of the business. A PNC spokesperson told Reuters that it was "not in talks to acquire SVB Financial or Silicon Valley Bank," while the other companies did not respond to requests for comment. Reuters reported on Sunday that Silicon Valley Bank had received interest from PNC and Royal Bank of Canada (RY.TO) but that had cooled on Sunday as U.S. regulators invited bids for the failed lender. The U.S. Federal Deposit Insurance Corporation (FDIC) had given a Sunday afternoon deadline for bids for the failed Silicon Valley Bank, Reuters reported.

☆ Moderna to hire around 2,000 employees amid mRNA development push
▼ + stars: | 2023-03-10 | by ( ) www.reuters.com time to read: +1 min

Companies Moderna Inc FollowMarch 10 (Reuters) - Moderna Inc (MRNA.O) said on Friday it was planning to hire about 2,000 employees globally by 2023-end and set up new offices on the U.S. West Coast, as it aims to scale up development of new products amid declining COVID vaccine sales. The COVID vaccine maker said it will open new offices in California and Seattle, adding that its Genomics unit will expand to south San Francisco. Last month, Moderna forecast rising costs for 2023 and a decline in COVID vaccine sales, raising concerns that the company could post a loss this year. The firm had about 3,900 full-time employees as of Dec. 31, according to a regulatory filing. Reporting by Raghav Mahobe in Bengaluru; Editing by Anil D'Silva, Shinjini Ganguli and Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

☆ Meta exploring plans for Twitter rival
▼ + stars: | 2023-03-10 | by ( ) www.reuters.com time to read: +2 min

March 10 (Reuters) - Meta Platforms Inc (META.O) is exploring plans to launch a new social media app in its bid to displace Twitter as the world's "digital town square". "We're exploring a standalone decentralized social network for sharing text updates. A Twitter-like app would allow Meta to take advantage of the current chaos at the Elon Musk-led company, where cost-cutting has been rampant. Twitter has been struggling to hold on to its advertising base since Musk's takeover of the platform late last year. "They're just trying everything... at least with a mini blogging site like Twitter, there's some expectation that it could start to make money out of much quicker timeline than the metaverse investment."

☆ Silicon Valley Bank shut by California regulator
▼ + stars: | 2023-03-10 | by ( ) www.reuters.com time to read: +1 min

March 10 (Reuters) - A California regulator shut Silicon Valley Bank (SIVB.O) on Friday and appointed the Federal Deposit Insurance Corporation as receiver, according to the agency's statement. Silicon Valley Bank is the first FDIC-insured bank to fail in more than two years, the last being Almena State Bank in October 2020. Silicon Valley Bank had about $209 billion in total assets and about $175.4 billion in total deposits, as of Dec. 31, 2022. The main office and all branches of Silicon Valley Bank will reopen on March 13 and all insured depositors will have full access to their insured deposits no later than Monday morning, according to the statement. The startup-focused lender had 17 branches in California and Massachusetts, the FDIC said.

March 9 (Reuters) - General Motors Co (GM.N) on Thursday said it was offering buyouts for most of its salaried employees and global executives and expects to take a pre-tax charge of up to $1.5 billion to cover the costs. GM, whose share fell about 1%, had 58,000 salaried employees at the end of 2022. Eligible employees interested in the voluntary program must sign up by March 24 and those agreeing will leave GM by June 30. The buyouts are separate from job cuts the company made last month. A GM executive in February said the company was cutting hundreds of executive-level and salaried jobs.

☆ China's JD.com reports higher fourth-quarter adjusted profit
▼ + stars: | 2023-03-09 | by ( ) www.reuters.com time to read: +1 min

March 9 (Reuters) - Chinese e-commerce firm JD.com Inc (9618.HK), reported a higher quarterly adjusted profit on Thursday as China lifted strict pandemic-related curbs late last year. JD.com's net income attributable to ordinary shareholders in the fourth quarter was 3 billion yuan ($430.92 million), compared with a net loss of 5.2 billion yuan a year earlier. Revenue rose 7.1% to 295.4 billion yuan in the three months ended December, missing analysts' estimates of 296.17 billion yuan, according to Refinitiv data. Parts of China remained under strict lockdown for most of the December quarter, with shoppers holding back on spending amid continued economic uncertainty. On an adjusted basis, the Beijing-based company earned 4.81 yuan per American depositary share in the reported quarter, compared with 2.21 yuan per share a year earlier.

☆ Meta's oversight board to review moderation of Arabic word 'shaheed'
▼ + stars: | 2023-03-09 | by ( ) www.reuters.com time to read: +1 min

March 9 (Reuters) - Meta Platforms' (META.O) oversight board said on Thursday it would review the moderation of the Arabic word "shaheed", which means "martyr" in English, as it accounts for more content removals on its platforms than any other single word or phrase. Meta has asked the board for advice on whether it should continue to remove posts that use the word "shaheed" to refer to individuals designated as dangerous, or use a different approach, the board said. "This is a complex moderation issue that impacts how millions of people express themselves online and whether Muslim and Arabic-speaking communities are subject to over-enforcement of their content because of Meta's enforcement practices," said Thomas Hughes, director of oversight board administration. The oversight board was created in late 2020 to review Facebook and Instagram's decisions on taking down or retaining certain content and make rulings on whether to uphold or overturn the social media company's actions. Reporting by Nivedita Balu in Bengaluru; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

☆ Fintech firms may struggle to find investor love in rebounding U.S. IPO market
▼ + stars: | 2023-03-08 | by ( Manya Saini | ) www.reuters.com time to read: +4 min

REUTERS/Dado Ruvic/IllustrationMarch 8 (Reuters) - The once high-flying fintech startups looking to go public will have a hard time attracting investor attention, even though a freeze that has gripped the market for new listings is starting to thaw. "I don't think it would surprise anyone if they all sat out the 2023 IPO market," Kennedy added. In the IPO boom of 2021, 20 fintech companies raised a combined $10.93 billion, vastly overshadowing the $144 million that was raised by a lone offering in the following year, according to data from Dealogic. "The IPO market is not closed, but it's certainly more valuation and profitability focused," said David Ethridge, U.S. co-IPO leader at global consulting giant PwC. Reuters GraphicsLACKLUSTRE LISTINGSListed fintech companies have failed to largely live up to their shareholders' expectations as they have steadily booked losses, leading to a string of routs in their shares.

☆ TSX slides as investors brace for more Fed rate hikes
▼ + stars: | 2023-03-07 | by ( Fergal Smith | ) www.reuters.com time to read: +2 min

"We are seeing a pullback in risk assets as people start to discount the Fed keeping rates higher for longer," said Joseph Abramson, co-chief investment officer at Northland Wealth Management. The TSX has a 30% weighting in commodity-linked shares. The energy sector fell nearly 2% on Tuesday as oil settled 3.6% lower at $77.58 a barrel, while materials, which includes precious and base metals miners and fertilizer companies, was down 2.9%. Thomson Reuters Corp (TRI.TO) shares were a bright spot, rising 1.2%. Reporting by Fergal Smith; Additional reporting by Johann M Cherian in Bengaluru; Editing by Anil D'Silva and Ken FerrisOur Standards: The Thomson Reuters Trust Principles.

☆ DoJ sues to block JetBlue, Spirit Airlines merger
▼ + stars: | 2023-03-07 | by ( ) www.reuters.com time to read: 1 min

March 7 (Reuters) - The U.S. Justice Department filed a lawsuit to stop JetBlue Airways (JBLU.O) from buying Spirit Airlines (SAVE.N), saying that the planned merger "would put travel out of reach for many cost-conscious travelers". [1/7] Spirit Airlines and jetBlue Airways logos in this illustration taken, June 21, 2022. REUTERS/Dado Ruvic/Illustrations 1 2 3 4 5JetBlue prevailed in a months-long bidding war for Spirit Airlines after the ultra-low-cost carrier accepted its $3.8 billion merger offer in late July last year but the acquisition had been expected to face a tough antitrust review from the beginning. Below are the key events of the takeover saga:Reporting by Nathan Gomes and Kannaki Deka in Bengaluru; Editing by Shounak Dasgupta, Anil D'Silva and Sriraj KalluvilaOur Standards: The Thomson Reuters Trust Principles.

☆ TSX dragged lower by weakness in energy stocks, miners
▼ + stars: | 2023-03-07 | by ( Johann M Cherian | ) www.reuters.com time to read: +2 min

ET (15:23 GMT), the Toronto Stock Exchange's S&P/TSX composite index (.GSPTSE) was down 147.61 points, or 0.72%, at 20,367.19. Energy shares (.SPTTEN) fell 0.7% and materials (.GSPTTMT) shed 2%, tracking commodity prices lower, after China's weak trade data followed its modest annual growth target on Monday. Although the TSX waded through losses during a volatile February, the bourse is eyeing gains of 6% for the current quarter. The tech sector (.SPTTTK) slipped 0.7, dragged down by an 11.6% drop in BlackBerry Inc (BB.TO) after the software firm's lower-than-expected annual sales forecast. Reporting by Johann M Cherian in Bengaluru; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

March 6 (Reuters) - The S&P 500 made little progress on Monday, closing slightly higher than its session low as U.S. Treasury yields pulled higher with investors braced for this week's testimony from Federal Reserve Chair Jerome Powell and the February jobs report. Rising bond yields tend to weigh on equity valuations, particularly those of growth and technology stocks, as higher rates reduce the value of future cash flows. "People are worried about the jobs number and the economic data because they're worried about what the Fed will do. According to preliminary data, the S&P 500 (.SPX) gained 2.72 points, or 0.07%, to end at 4,048.36 points, while the Nasdaq Composite (.IXIC) lost 12.59 points, or 0.11%, to 11,676.41. Since Powell last spoke strong economic data and hotter than expected inflation have raised concerns the Fed will raise rates higher than expected or keep them higher for longer.

☆ Factbox: JetBlue-Spirit deal flies into Biden administration's tough scrutiny
▼ + stars: | 2023-03-07 | by ( ) www.reuters.com time to read: 1 min

March 7 (Reuters) - The $3.8 billion merger between JetBlue Airways Corp (JBLU.O) and Spirit Airlines Inc (SAVE.N) is in the crosshairs of the U.S. Justice Department, making it the latest major deal to attract tough regulatory scrutiny. Large deals, including Nvidia Corp's (NVDA.O) bid to buy UK-based chip firm Arm Ltd, have been abandoned following regulatory hurdles. Here is a list of some mergers that faced strong antitrust scrutiny under the Biden regime:DEALS UNDER SCRUTINYDEALS BLOCKED & ABANDONEDDEALS THAT WENT THROUGHReporting by Chavi Mehta in Bengaluru; Editing by Sriraj Kalluvila and Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

Rising bond yields tend to weigh on equity valuations, particularly those of growth and technology stocks, as higher rates reduce the value of future cash flows. "People are worried about the jobs number and the economic data because they're worried about what the Fed will do. And with potential Fed rate hikes their key concern, Monday's data had already dampened investor enthusiasm, said Shawn Cruz, head trading strategist at TD Ameritrade in Chicago. Since Powell last spoke strong economic data and hotter than expected inflation have raised concerns the Fed will raise rates higher than expected or keep them higher for longer. The S&P 500 posted 20 new 52-week highs and one new low; the Nasdaq Composite recorded 85 new highs and 92 new lows.

Shares of iPhone maker Apple Inc (AAPL.O), last up 2%, were the biggest boost for the S&P 500 index (.SPX) after Goldman Sachs initiated coverage with a "buy" rating. Correlation between S&P 500 and 2-year Treasury bond yieldsMonday's data likely dampened investor enthusiasm, said Shawn Cruz, head trading strategist at TD Ameritrade in Chicago. Six of 11 major S&P 500 sectors rose. Since Powell last spoke strong economic data and hotter than expected inflation have raised concerns the Fed will raise rates higher than expected or keep them higher for longer. The S&P 500 posted 20 new 52-week highs and one new low; the Nasdaq Composite recorded 74 new highs and 71 new lows.

The benchmark S&P 500 (.SPX) is up 6.2% so far this year after a 19.4% plunge in 2022. Nine of 11 major S&P 500 sectors advanced in early trading. However, commodity-linked shares of mining (.SPLRCM) and oil (.SPNY) companies fell 1.0% and 0.2%, respectively, after top crude and metals consumer China set a lower-than-expected target for economic growth this year at around 5%. Shares of cryptocurrency-related companies fell after Silvergate Capital Corp (SI.N) pulled the plug on its crypto payments network, after raising doubts about the company's ability to stay in business. The S&P index recorded 19 new 52-week highs and one new low, while the Nasdaq recorded 69 new highs and 45 new lows.

☆ Aclaris shares tank as skin disorder drug fails mid-stage study
▼ + stars: | 2023-03-06 | by ( ) www.reuters.com time to read: +1 min

Companies Aclaris Therapeutics Inc FollowMarch 6 (Reuters) - Aclaris Therapeutics Inc (ACRS.O) said on Monday its experimental drug failed to meet the main goal of a mid-stage study to treat a painful skin disorder, sending its shares tumbling more than 36% in premarket trading. The drug, zunsemetinib, did not meet the main goal of reducing abscesses in patients with moderate to severe hidradenitis suppurativa (HS) at week 12, compared with a placebo. HS is a chronic inflammatory skin condition that causes abscesses and scarring on the skin. The study also failed to meet its secondary goals, which included percentage of patients who achieved at least a 50% reduction in number of inflammatory lesions, Aclaris said. The drug is being tested to treat other inflammatory conditions such as rheumatoid arthritis and psoriatic arthritis, far bigger markets than HS.

☆ Crypto stocks fall as Silvergate crisis deepens
▼ + stars: | 2023-03-06 | by ( ) www.reuters.com time to read: +1 min

March 6 (Reuters) - Shares of cryptocurrency-related companies fell in premarket trading on Monday after Silvergate Capital Corp (SI.N) pulled the plug on its crypto payments network, following its doubts about keeping its business viable. The digital assets-focused bank said late on Friday that effective immediately it had made a "risk-based decision" to discontinue the Silvergate Exchange Network (SEN). Shares of the La Jolla, California-based bank were down more than 4% in premarket trading, while crypto lending peer Signature Bank (SBNY.O) fell 3%. Crypto exchange Coinbase Global (COIN.O) and BTC mining machine maker Ebang International were both down about 1% each. "The crypto market reacted to the negative news from Silvergate Bank, with both Bitcoin and Ethereum down ~4.8% for the week," analysts at brokerage Bernstein said in an industry note.

☆ Altria to buy e-cigarette startup NJOY for $2.8 bln after Juul exit
▼ + stars: | 2023-03-06 | by ( ) www.reuters.com time to read: +1 min

March 6 (Reuters) - Altria Group Inc (MO.N) said on Monday it would buy e-cigarette startup NJOY Holdings Inc for about $2.75 billion in cash, in fresh bets by the Marlboro maker on the fast-growing market after losing billions through its investment in Juul. The value of Altria's investment in Juul slid to $250 million as of December last year from $12.8 billion it invested in 2018. The NJOY deal will include an additional $500 million in cash payments subject to regulatory outcomes related to some NJOY products, Altria said. NJOY is one of the handful of vaping companies whose products have clearance from federal regulators. Reporting by Deborah Sophia in Bengaluru; Editing by Sriraj Kalluvila and Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

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