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☆ NetApp lifts annual profit forecast on upbeat cloud service demand
▼ + stars: | 2023-11-28 | by ( ) www.reuters.com time to read: +1 min

Nov 28 (Reuters) - NetApp (NTAP.O) raised its annual profit forecast on resilient demand for its cloud-based data solutions as companies push on digital transformation projects, sending its shares up 10% after the bell on Thursday. Rise of artificial intelligence applications has also boosted spending on cloud computing, including storage solutions like the ones provided by NetApp. The company expects full-year adjusted profit per share between $6.05 and $6.25 compared with $5.65 to $5.85 it had previously projected. NetApp forecast net revenue for the third quarter to be between $1.51 billion and $1.67 billion, the mid-point of which was above analysts' estimate of $1.56 billion. It expects adjusted profit between $1.64 and $1.74 per share, above market expectation of $1.53.

Persons: George Kurian, Harshita Mary Varghese, Arun Koyyur Organizations: NetApp, Web Services, Google, Thomson Locations: Bengaluru

☆ Rivian launches leasing for R1T electric pickup truck in some US states
▼ + stars: | 2023-11-27 | by ( ) www.reuters.com time to read: +1 min

R1T is seen outside startup Rivian Automotive's electric vehicle factory in Normal, Illinois, U.S. April 11, 2022. Picture taken April 11, 2022. REUTERS/Kamil Krzaczynski/File Photo Acquire Licensing RightsNov 27 (Reuters) - Rivian Automotive (RIVN.O) on Monday announced the launch of leasing for its R1T electric pickup truck for customers in select U.S. states. The $7,500 federal tax credit for electric vehicle purchases also applies to customers who prefer to lease, boosting demand. Rivian, earlier this month, raised its production forecast for the full year by 2,000 vehicles to 54,000 units on the back of sustained demand.

Persons: Kamil Krzaczynski, Tesla, Harshita Mary Varghese, Shailesh Organizations: REUTERS, Rivian, Monday, Thomson Locations: Normal , Illinois, U.S, California , New York , Florida, Texas

☆ Broadcom closes $69 billion VMware deal after China approval
▼ + stars: | 2023-11-22 | by ( Harshita Mary Varghese | ) www.reuters.com time to read: +2 min

Broadcom Limited company logo is pictured on an office building in Rancho Bernardo, California May 12, 2016. REUTERS/Mike Blake/File Photo Acquire Licensing RightsNov 22 (Reuters) - Broadcom (AVGO.O) on Wednesday closed its $69 billion acquisition of cloud-computing firm VMware (VMW.N) after receiving regulatory approval in last major market China and ending a months-long saga. The deal, one of the biggest globally when announced in May 2022, was the latest in CEO Hock Tan's efforts to boost the chipmaker's software business. However, the transaction faced tough regulatory scrutiny across the world and the companies had delayed the closing date three times. Big Tech mergers such as Microsoft's (MSFT.O) now-closed $69 billion purchase of the "Call of Duty" publisher Activision have faced heightened regulatory pressure from the U.S. Federal Trade Commission under its Chair Lina Khan.

Persons: Mike Blake, Hock, Xi Jinping, Joe Biden, Danni Hewson, AJ Bell, Cabot Henderson, Lina Khan, Harshita Mary Varghese, Sriraj Organizations: Broadcom, REUTERS, VMware, U.S, European Commission, Marvell Technology, Markets Authority, CMA, Activision, Big Tech, U.S . Federal Trade Commission, Thomson Locations: Rancho Bernardo, California, China

☆ Broadcom plans to close $69 billion VMWare deal on Wednesday
▼ + stars: | 2023-11-21 | by ( ) www.reuters.com time to read: +1 min

[1/2] 3D printed clouds and figurines are seen in front of the VMware cloud service logo in this illustration taken February 8, 2022. REUTERS/Dado Ruvic/Illustration Acquire Licensing RightsNov 21 (Reuters) - Broadcom (AVGO.O) said it planned to close its $69 billion acquisition of cloud computing firm VMWare (VMW.N) on Wednesday, wrapping up one of the biggest takeover deals in the technology industry that was closely scrutinized by regulators globally. Some investors in the companies had feared about the outcome of the deal after reports said last month that rising Sino-U.S. tensions could lead China's regulator to scuttle the deal. Broadcom shares were down more than 1%, while VMware was down 4.6%. The deal was previously expected to close by Nov. 26.

Persons: Dado Ruvic, Biden, Bernstein, Zaheer Kachwala, Mary Varghese, Siu, Anil D'Silva, Shounak Organizations: VMware, REUTERS, Broadcom, VMWare, Thomson Locations: China, U.S, Beijing, Washington, Bengaluru, Hong Kong

☆ US Coast Guard seeks source of some 1.1 million gallons of crude oil in Gulf of Mexico
▼ + stars: | 2023-11-20 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Jonathan Bachman/File Photo Acquire Licensing RightsNov 20 (Reuters) - The U.S. Coast Guard on Monday said it was still looking for the source of a leak from an underwater pipeline off the Louisiana coast in the Gulf of Mexico that it estimated had released more than a million gallons of crude oil. "Overflight teams observed visible oil Friday moving southwest away from the Louisiana shore," the Coast Guard said, as oil recovery efforts continued and underwater devices surveyed the pipeline to find the leak's source. While the exact volume of discharged oil was not known, the Coast Guard, which was leading the clean-up, said initial engineering calculations placed the volume of the leak at 1.1 million gallons, or 26,190 barrels. The U.S. Environmental Protection Agency said on Friday that the Coast Guard had activated the National Response Team, comprising 15 federal entities responsible for coordinating the response to oil pollution incidents. Third Coast Infrastructure, which owns MPOG, declined to comment on Friday and referred questions to the Coast Guard.

Persons: Jonathan Bachman, Elizabeth Varghese, Bill Berkrot Organizations: REUTERS, U.S . Coast Guard, Coast Guard, Environmental Protection Agency, Coast Infrastructure, Thomson Locations: Mississippi, Plaquemines Parish , Louisiana, Louisiana, Gulf of Mexico, Delta, Plaquemines Parish, New Orleans, U.S, Bengaluru

Analysts attended earnings calls in the third quarter armed with questions for healthcare and consumer companies about the potential effect on their sales from the growing popularity of these drugs, known as GLP-1 agonists. A Reuters analysis of earnings transcripts for the third quarter showed "GLP-1" or alternatives like "obesity" or "weight-loss medications" were mentioned 256 times across 29 U.S. and European healthcare and consumer companies. That's more than double the mentions for the second quarter, when those phrases came up 127 times. While some consumer companies have talked about factors such as fewer calories being consumed, "these kind of large extrapolations" seem to be a bit of a stretch, said BMO Capital analyst Evan Seigerman. For big pharma manufacturers like Pfizer (PFE.N) and Amgen (AMGN.O), analyst questions were aimed at their obesity drug candidates.

Persons: Lilly, George Frey, Jeff Jonas, it's, Eli Lilly's, John Furner, Mondelez, Eli Lilly, Evan Seigerman, LVMH, Rajesh Kumar, Jonas, Bhanvi Satija, Savyata Mishra, Arpan Varghese, David Gaffen, Shounak Organizations: Novo Nordisk, Pharmacy, REUTERS, Gabelli, Novo, Walmart, Walmart U.S, Hershey, Truist Securities, Krispy, BMO Capital, Danish, pharma, Pfizer, Devices, HSBC, Thomson Locations: Provo , Utah, U.S, United States, Novo, Bengaluru

Service centers - facilities that play a crucial role in supplying manufacturing companies nearly finished steel products - had paused purchases ahead of the United Auto Workers (UAW) union's coordinated strike against the Detroit automakers. However, many of them were soon forced to place large orders as stocks ran low and operations resumed at the carmakers. Reuters Graphics Reuters GraphicsThe automotive segment makes up about 25% of the total U.S. sheet demand, with about 65% of that attributable to the Big Three Detroit automakers in any given year, CRU data showed. Nucor Corp (NUE.N) has raised HRC prices to $950/st while U.S. Steel (X.N) recently announced a $100/st price increase, without specifying a final rate. Meanwhile, automakers stare at higher costs for a key raw material if prices extend their upward trajectory for longer.

Persons: union's, Ryan McKinley, Morgan, Philip Gibbs, Gordon Lee Johnson, Ananta Agarwal, Nathan Gomes, Arpan Varghese, Sriraj Organizations: Detroit Three, CRU Group . Service, United Auto Workers, UAW, Detroit, CRU, Reuters Graphics Reuters, Big Three Detroit, Cleveland Cliffs, HRC, Nucor Corp, U.S . Steel, KeyBanc, GLJ Research, Thomson Locations: Bengaluru

☆ Apple's iPhone 14 users get another year of free satellite SOS access
▼ + stars: | 2023-11-15 | by ( ) www.reuters.com time to read: +1 min

The Apple iPhone 14 Pro is seen at the Apple Fifth Avenue store in Manhattan, New York City, U.S., September 16, 2022. REUTERS/Andrew Kelly/File Photo Acquire Licensing RightsNov 15 (Reuters) - Apple (AAPL.O) said on Wednesday iPhone 14 users would get free access to its emergency SOS feature for another year. Introduced a year earlier, the feature allows users to share their location through satellite from areas without network by using Apple's FindMy app and send messages to emergency services. Users of the iPhone 15 line-up will continue to have two years of free access to the service, provided through a partnership between Apple and satellite operator Globalstar (GSAT.A). Apple also introduced a roadside assistance feature earlier this year, helping its smartphone users to connect via satellite to the American Automobile Association for help in the United States.

Persons: Andrew Kelly, Apple, Harshita Mary Varghese, Devika Organizations: Apple, REUTERS, American Automobile Association for, Thomson Locations: Manhattan , New York City, U.S, United States, Canada

☆ 9 Holiday Gear and Gadget Gifts That Will Impress (for Less) in 2023
▼ + stars: | 2023-11-15 | by ( Daniel Varghese | ) www.wsj.com time to read: +1 min

AND A HAPPY NEW GEAR YEAR Each of these gadgets, even the more playful ones, offers a function that will make your giftees’ lives easier. Instead, get your giftees more thoughtful, more fun and more valuable tech and gear gifts that won’t clear out your wallet. This flip clock comes in several eye-catching colors, and makes a satisfying click sound at the beginning of each minute. A good gift for both older sorts nostalgic for the ’70s and younger sorts who somehow manage to be nostalgic about eras they didn’t even live through. Gino Flip Clock, $99, Schoolhouse.com

Persons: MARTIN RAMIN, Gino, Schoolhouse.com

☆ Chinese EV maker Xpeng's operating loss widens on costs tied to production ramp-up
▼ + stars: | 2023-11-15 | by ( ) www.reuters.com time to read: +2 min

A sign of Chinese electric vehicle (EV) maker XPeng Motors is pictured at its booth in a shopping mall in Beijing, China November 3, 2023. Its year-earlier operating loss was 2.18 billion yuan. Revenue for the quarter came in at 8.53 billion yuan, missing analysts' estimates of 8.55 billion yuan. Chinese EV makers have been exporting vehicles to Europe where they get higher prices on their cars than in the domestic market. ($1 = 7.2423 Chinese yuan renminbi)Reporting by Harshita Mary Varghese in Bengaluru; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

Persons: Tingshu Wang, Xpeng, Harshita Mary Varghese, Anil D'Silva Organizations: XPeng, REUTERS, HK, U.S, Tesla, Visible Alpha, Revenue, EV, European Commission, Thomson Locations: Beijing, China, Europe, Bengaluru

☆ China's Tencent Music beats revenue estimates on paid subscriber growth
▼ + stars: | 2023-11-14 | by ( ) www.reuters.com time to read: +1 min

The logo of China's Tencent Music Entertainment Group is seen next to an earphone in this illustration picture taken March 22, 2021. REUTERS/Florence Lo/Illustration/File Photo Acquire Licensing RightsNov 14 (Reuters) - China's Tencent Music Entertainment (1698.HK) beat estimates for third-quarter revenue on Tuesday, helped by steady growth in paid subscriptions on its music streaming platform. Tencent Music, which includes platforms such as QQ Music, Kugou Music, Kuwo Music and WeSing, has won listeners over by bundling everything from karaoke platforms to live concert streaming services. Total revenue of the Tencent Holdings Ltd-controlled (0700.HK) company, however, fell to 6.57 billion yuan ($900.9 million) in the third quarter. Net profit attributable to equity holders of the company rose to 1.71 billion yuan, from 1.06 billion yuan a year earlier.

Persons: Florence Lo, Harshita Mary Varghese, Akash Sriram, Pooja Desai Organizations: Entertainment, REUTERS, HK, Kugou, Tencent Holdings, Thomson Locations: Bengaluru

☆ Elon Musk biopic rights clinched by A24, Darren Aronofsky to direct - source
▼ + stars: | 2023-11-10 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Gonzalo Fuentes/File Photo Acquire Licensing RightsNov 10 (Reuters) - A biopic on Elon Musk is in the works at New York-based studio A24 with "Black Swan"-filmmaker Darren Aronofsky as the director, according to a source familiar with the matter. A24 secured the rights to Walter Isaacson's biography on the world's richest person, according to the source, who added the Musk biopic will be produced by Aronofsky's production company, Protozoa Pictures. He is one of the best," Musk said in an X post on Friday. The book on Musk was released by private equity firm KKR-owned book publishing powerhouse Simon & Schuster in September. The billionaire bought social media platform X, formerly known as Twitter, last year for $44 billion after a six-month saga.

Persons: Elon Musk, Porte, Gonzalo Fuentes, Darren Aronofsky, Walter Isaacson's, Darren, Musk, Brendan Fraser, Walt Disney, Steve Jobs, Michael Fassbender, Simon, Simon & Schuster, Dawn Chmielewski, Harshita Mary Varghese, Akash Sriram, Shinjini Organizations: Elon, SpaceX, Tesla, Twitter, Viva Technology, Porte de, REUTERS, Walt, Apple, Universal, KKR, Simon &, Reuters, Boring Company, Thomson Locations: Paris, France, New York, Los Angeles, Bengaluru

Down 45% so far this year, palladium is on course for its worst year of losses since 2008, when the financial crash hit demand. Top producer Russia's Nornickel expects the palladium market to swing to a surplus of 300,000 ounces in 2024 from a 200,000-ounce deficit in 2023 due to supplies, boosted by recycling, outpacing demand. Consultancy Metals Focus forecasts above-ground palladium stocks of about 11.64 million ounces in 2023, compared with 12.35 million in 2022 and 12.89 million in 2021 - meaning ample supplies. In March 2022, palladium was trading at more than double the price of platinum, prompting a switch by automakers. However, longer-term Metals Focus is quite bearish on palladium," said Nikos Kavalis, managing director at Metals Focus.

Persons: Alexander Manzyuk, hastening, Russia's Nornickel, John Meyer, Edward Meir, Nikos Kavalis, Brijesh Patel, Harshit Verma, Ashitha, Anjana Anil, Anushree Mukherjee, Abhijith, Arpan Varghese, Pratima Desai, Hugh Lawson Organizations: REUTERS, Russia, ICE, International Energy, Consultancy, Metals, Thomson Locations: Siberian, Krasnoyarsk, Russia, Ukraine, Bengaluru

☆ 2 recession indicators are close to flashing. Here's why investors can still rest easy for now.
▼ + stars: | 2023-11-10 | by ( Matthew Fox | ) www.businessinsider.com time to read: +4 min

Two recession indicators are on the verge of flashing as the unemployment rate ticks higher and the yield curve uninverts. "With labor supply increasing, we're not sure the Sahm rule, even if it triggers, would really be indicative of a recession." AdvertisementAdvertisementThere are two recession indicators that are on the verge of flashing, but even if they do flash stock market investors can rest easy. Last month, the unemployment rate rose to 3.9%, up 50 basis points from its cycle low of 3.4% in April. "That's why a small increase in the unemployment rate can be really bad news, because it keeps going," she explained.

Persons: we're, —, Carson, Sonu Varghese, Sahm, Claudia Sahm, Varghese Organizations: Service, CNBC, Treasury

☆ Roblox beats bookings estimates on higher in-game spending, shares jump
▼ + stars: | 2023-11-08 | by ( Harshita Mary Varghese | ) www.reuters.com time to read: +2 min

REUTERS/Brendan McDermid/ File Photo Acquire Licensing RightsNov 8 (Reuters) - Roblox (RBLX.N) beat quarterly bookings estimates as in-game spending jumped and summer break drove more users to its online gaming platform for titles including "Adopt Me!" and "Murder Mystery 2", sending its shares over 17% higher on Wednesday. Net bookings, generated from in-game purchases of Roblox's virtual currency "Robux", came in at $839.5 million, beating estimates of $830.2 million, according to LSEG data. It also recorded over 15 million downloads in October from Sony's (6758.T) PlayStation devices after launching in the previous month. In February next year, Roblox will reveal its forecasts for full-year 2024 and the first quarter, it said.

Persons: Brendan McDermid, Roblox, Michael Guthrie, Harshita Mary Varghese, Shinjini Ganguli Organizations: New York Stock Exchange, REUTERS, Electronic Arts, Thomson Locations: New York, U.S, Europe, Asia, Sony's

☆ U.S. Job Growth Slows
▼ + stars: | 2023-11-03 | by ( Matthew Cullen | ) www.nytimes.com time to read: +1 min

The number was lower than experts had projected, and it signaled a cooling in the economy, but it remained not far off from the monthly job growth that the U.S. was experiencing before the pandemic. The unemployment rate ticked up to 3.9 percent from 3.8 percent in September. In addition, the previous two jobs reports were revised downward by a total of more than 100,000. “This is mildly concerning but for now, these are still strong numbers,” said Sonu Varghese, a market strategist at Carson Group. The signs of recent cooling reinforced expectations that the Federal Reserve would hold off on further interest rate increases.

Persons: ”, Sonu Varghese Organizations: Carson Group, United Automobile Workers, Federal Reserve Locations: U.S

☆ U.S. employers added 150,000 jobs last month, falling short of forecasts.
▼ + stars: | 2023-11-03 | by ( Talmon Joseph Smith | More About Talmon Joseph Smith | ) www.nytimes.com time to read: +1 min

“This is mildly concerning but for now, these are still strong numbers,” said Sonu Varghese, chief market strategist at Carson Group, an asset management firm. The October numbers may have been held down because the survey was taken during major work stoppages — notably the strikes by the United Automobile Workers and related layoffs. has reached tentative contract agreements with the three major U.S. automakers and told striking members to return to their jobs. Some 96,000 people reported being out of work because of a strike or labor dispute in October, the most since 1997. But she added that unemployment would have to tick higher over a longer horizon for it to be clear that recession risks were heightened.

Persons: ”, Sonu Varghese, Claudia Sahm Organizations: Carson Group, United Automobile Workers, Federal Reserve

A woman looks at a new iPhone 15 Pro and a Huawei Mate 60 Pro as Apple's new iPhone 15 officially goes on sale across China, at an Apple store in Shanghai, China September 22, 2023. Research firm Canalys estimated that overall smartphone sales in China fell 3% in July-September from a year earlier as consumers bought fewer smartphones as an economic recovery was choppy. On the other hand, analysts estimate that Huawei's China smartphone sales grew strongly in the quarter. Apple said on Thursday that its overall sales in China dipped 2.5% but it blamed tough Mac computer and iPad sales for that. Aggressive discounting on the iPhone 15 series in the run up to the annual Singles Day shopping festival by major Chinese online retailers is also encouraging demand.

Persons: Aly, Tim Cook, Apple, Cook, Canalys, Apple's, Huawei's, Yuvraj Malik, Bengaluru ， Stephen Nellis, Yelin, Arsheeya Bajwa, Harshita Varghese, Sayantani Ghosh, Gerry Doyle Organizations: Huawei, Apple, REUTERS, Huawei Technologies, Reuters, Research, HK, Taobao, Pro Max, Qualcomm, Thomson Locations: China, Shanghai, Bengaluru ，, San Francisco, Yelin Mo, Beijing, Bengaluru

☆ CDW misses third-quarter revenue estimates as customers lower tech spending
▼ + stars: | 2023-11-01 | by ( ) www.reuters.com time to read: +1 min

Nov 1 (Reuters) - CDW (CDW.O) reported third-quarter revenue below estimates on Wednesday on lower demand for the company's information technology solutions as customers struggling with high borrowing costs cut back spending and defer projects. The company, however, beat third-quarter profit estimates on the back of higher margins and reduced discretionary spending. CDW posted adjusted earnings of $2.72 compared with analysts' estimates of $2.60 per share. The Vernon Hills, Illinois-based company reported lower sales from its corporate and small business segments and also at its UK and Canadian operations. Its public unit was the only outlier, with healthcare and education customers driving sales up 1.5% compared to the year before.

Persons: CDW, Harshita Mary Varghese, Tasim Zahid Organizations: Thomson Locations: Vernon Hills , Illinois

☆ Broadcom expects $69 bln VMware deal to close before November deadline
▼ + stars: | 2023-10-30 | by ( ) www.reuters.com time to read: +1 min

[1/2] A smartphone with a displayed Broadcom logo is placed on a computer motherboard in this illustration taken March 6, 2023. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsOct 30 (Reuters) - U.S. chipmaker Broadcom (AVGO.O) expects its $69 billion buyout of cloud-computing firm VMware (VMW.N) to close before the November deadline, the companies said on Monday, amid investor concerns about securing China's approval for the deal. The companies did not disclose details regarding China's approval on Monday, but said there was "no legal impediment" to the deal closing under U.S. merger regulations. Broadcom has received legal merger clearance in Australia, Brazil, Canada, the European Union, Israel, Japan, South Africa, South Korea, Taiwan and the United Kingdom, along with foreign investment control clearance in all necessary jurisdictions. The deal, Broadcom's largest ever, received EU antitrust approval after the company offered remedies to help rival Marvell Technology (MRVL.O).

Persons: Dado Ruvic, Joe Biden's, Harshita Mary Varghese, Devika Organizations: Broadcom, REUTERS, chipmaker Broadcom, VMware, China's, Administration of, Financial Times, U.S, European Union, Marvell Technology, Thomson Locations: Australia, Brazil, Canada, Israel, Japan, South Africa, South Korea, Taiwan, United Kingdom

☆ 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

☆ AI boom could feed precious metals' demand - Metals Focus
▼ + stars: | 2023-10-25 | by ( ) www.reuters.com time to read: +2 min

Ingots of 99.99 percent pure silver are placed in a workroom at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. REUTERS/Alexander Manzyuk/File photo Acquire Licensing RightsOct 25 (Reuters) - The artificial intelligence (AI) boom could support industrial demand for precious metals next year, although high interest rates and economic concerns may be near-term headwinds, Metals Focus said on Wednesday. Since most components used in conjunction with AI devices are sophisticated, "we expect to see widespread support for a range of precious metals bearing components," Metals Focus said in a note to investors. To cope with the evolution of AI algorithms, shipping growth for AI servers and switches will rise by double digits over the next few years and stimulate precious metals demand, Metals Focus said. Spot gold prices have climbed about 9% in the past two weeks, mainly fueled by safe-haven inflows triggered by the Israel-Hamas conflict, providing a tailwind for other precious metals as well.

Persons: Alexander Manzyuk, ChatGPT, Ashitha Shivaprasad, Arpan Varghese, Richard Chang Organizations: REUTERS, Metals, Nvidia, Thomson Locations: Novosibirsk, Siberian, Russia, Israel, Bengaluru

☆ Payroll processor ADP tops profit estimates as strong job market aids demand
▼ + stars: | 2023-10-25 | by ( ) www.reuters.com time to read: +1 min

Oct 25 (Reuters) - Payroll processor Automatic Data Processing (ADP.O) beat first-quarter profit estimates on Wednesday, on higher demand for its employee management services in a strong job market. The U.S. job market has stayed strong this year even in the face of an uncertain economic outlook. "First-quarter revenue growth and margin performance exceeded our expectations, as we benefited from solid new business bookings growth, strong client revenue retention and higher client funds interest revenue," said ADP's finance chief Don McGuire. The company saw a 9% increase in revenue from its mainstay employer services business, which provides human resource outsourcing. Interest on funds held for clients also rose 43% to $202 million.

Persons: Don McGuire, ADP's, Harshita Mary Varghese, Shilpi Majumdar Organizations: Thomson Locations: U.S

The largest was in cases where defendants plotted violent attacks that ultimately failed or were foiled, where international defendants received an average prison sentence of 11.2 years, compared with 1.6 years for domestic defendants. For violent cases that led to injuries, domestic defendants received on average 8.6 years, versus 34.6 for international defendants. The disparity was smaller, but still significant, in violent fatal attacks with domestic cases at about 28.8 years and international cases at about 39.2 years. People charged in violent domestic cases also often faced less serious charges not often associated with crimes of terror, like illegal possession of firearms, the study found. “These domestic terrorists are being treated more like run-of-the-mill criminal defendants and receiving sentences far below those of international terrorism defendants,” he said.

Persons: Joe Biden, America ”, ”, Shirin Sinnar, Jan, START’s Michael Jensen, —, Pete Simi, “, Simi, Sinnar, ” Sinnar, George Varghese, Timothy Kelly, Proud, Enrique Tarrio, Zachary Rehl, Kelly, Rehl, Jensen, ___, Jason Dearen, Michelle R, Smith Organizations: University of Maryland, Associated Press, Boys, Stanford Law School, AP, University of Maryland's National Consortium, Center, Health and Homeland Security, U.S, Chapman University, State Department, National Guard, United Locations: America, U.S, radicalizing, York, jdearen@ap.org, Investigative@ap.org

SummaryCompanies Markets await US PCE price index, Q3 GDP data this weekPalladium up 3%Oct 23 (Reuters) - Safe-haven gold eased on Monday, hitting pause after jumping to within striking distance of the key $2,000 level in the last session, as traders positioned for further developments on the Middle East conflict and U.S. economic data. Spot gold fell 0.3% to $1,976.19 per ounce by 1:41 p.m. Reuters Graphics"Safe-haven demand will continue to drive gold higher after a slight period of consolidation. Focus is also on the U.S. PCE price index on Friday— the Federal Reserve's favoured inflation gauge — and U.S. GDP figures for the third quarter on Thursday. Silver slipped 1.3% to $23.05 per ounce, platinum rose 0.3% to $897.58 and palladium gained 3% to $1,131.03.

Persons: David Meger, Bullion, Craig Erlam, Meger, Silver, BEV, Ashitha Shivaprasad, Sherin Elizabeth Varghese, Andrea Ricci, Aurora Ellis, Shailesh Organizations: Reuters, High, U.S, Thomson Locations: U.S, Israel, Bengaluru

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