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☆ Oil settles higher but posts fourth straight quarterly decline
▼ + stars: | 2023-06-30 | by ( ) www.cnbc.com time to read: +2 min

Oil pumpjacks are viewed in the Inglewood Oil Field in Los Angeles, California. Oil prices settled higher on Friday but posted their fourth straight quarterly loss as investors worried that sluggish global economic activity could crimp fuel demand. Signs of strengthening U.S. economic activity and sharp declines in U.S. oil inventories last week offered some support. The market was also supported by upward revisions in demand for crude oil and refined products in the United States. A Reuters survey of 37 economists and analysts showed oil prices will struggle for traction this year as global economic headwinds linger.

Persons: John Kilduff, Baker Hughes Organizations: Inglewood Oil Field, Brent, U.S . West Texas, U.S . Commerce, Federal Reserve, HSBC, Reuters Locations: Inglewood, Los Angeles , California, U.S, New York, United States, Saudi, OPEC, Saudi Arabia

☆ Three charged with insider trading ahead of Trump Media SPAC deal
▼ + stars: | 2023-06-29 | by ( Christina Wilkie | In | ) www.cnbc.com time to read: +1 min

The former US President announced his intention to create a new social media platform after he was banned from Facebook and Twitter last year. WASHINGTON — Three Florida men were charged Thursday in criminal and civil complaints with insider trading of a shell company's stock before it announced plans to merge with a social media firm launched by former President Donald Trump. The men, Michael Shvartsman, Gerald Shvartsman, and Bruce Garelick, allegedly netted more than $22 million in illicit profits from trading in shares of Digital World Acquisition Corp . The DOJ announced the charges related to the Trump Media proposed merger as part of a string of allegations of illegal trading. is a special purpose acquisition company, or SPAC, that announced plans to merge with Trump Media & Technology Group in October 2021.

Persons: Donald Trump, Michael Shvartsman, Gerald Shvartsman, Bruce Garelick, Garelick, Trump, TMTG Organizations: Facebook, Twitter, WASHINGTON —, Justice Department, The Securities, Exchange Commission, Rocket, DOJ, Trump Media, Pfizer, Trump Media & Technology Group Locations: WASHINGTON — Three Florida

☆ Pyrex, Instant Pot maker files for bankruptcy as sales fall
▼ + stars: | 2023-06-13 | by ( ) www.cnbc.com time to read: +1 min

Instant Pot multicookers for sale at Bloomingdale's Inc. flagship department store in New York, U.S., on Wednesday, Oct. 21, 2020. Instant Brands, the maker of Pyrex glassware and Instant Pot pressure cookers, has filed for bankruptcy, saying high-interest rates, tighter credit conditions and falling consumer demand made its debt load unsustainable. Instant Brands, whose products also include Corningware, said it plans to keep operating while it restructures, and toward that end has lined up $132.5 million in financing. The Downers Grove, Illinois-based company has more than 1,800 employees, over half of whom are unionized. Entities located outside the United States and Canada are not seeking court protection.

Organizations: Bloomingdale's Inc, Instant Brands, Cornell Capital LLC Locations: New York, U.S, Houston, Downers Grove , Illinois, United States, Canada

☆ Pyrex kitchenware maker files for Chapter 11 bankruptcy
▼ + stars: | 2023-06-12 | by ( Jonathan Stempel | ) www.reuters.com time to read: +1 min

June 12 (Reuters) - Instant Brands, the maker of Pyrex kitchenware, filed for bankruptcy on Monday, saying it had too much debt to withstand rising interest rates and tighter credit conditions. Instant Brands said it plans to keep operating while it restructures, and toward that end has lined up $132.5 million in financing. "Tightening of credit terms and higher interest rates impacted our liquidity levels and made our capital structure unsustainable," Chief Executive Ben Gadbois said in s statement. Instant Brands' portfolio also includes products such as Instant Pot pressure cookers and Corningware. The case is In re: Instant Brands Acquisition Holdings Inc, U.S. Bankruptcy Court, Southern District of Texas, No.

Persons: Pyrex kitchenware, Ben Gadbois, Davis Polk, Jonathan Stempel, Bill Berkrot Organizations: Brands, Cornell Capital LLC, Instant Brands, Federal Trade Commission, Holdings Inc, Bankruptcy, Southern District of, bk, Thomson Locations: Texas, United States, Canada, Downers Grove , Illinois, USA, China, Southern District, Southern District of Texas, New York

SummarySummary Companies Palo Alto gains on S&P 500 index inclusionApple climbs ahead of developer conferenceIndexes: Dow down 0.25%, S&P up 0.22%, Nasdaq up 0.46%June 5 (Reuters) - The S&P 500 and the Nasdaq rose on Monday, as Apple scaled an all-time peak and investors weighed up chances of the Federal Reserve pausing interest rate hikes at its upcoming policy meeting. Other growth stocks also rose, with Alphabet Inc (GOOGL.O) gaining 1.8% and Amazon.com Inc (AMZN.O) adding 0.9%. Palo Alto Networks Inc (PANW.O) climbed 5.5% as the cybersecurity firm looks set to replace Dish Network (DISH.O) in the S&P 500 index. Declining issues outnumbered advancers for a 1.56-to-1 ratio on the NYSE and for a 1.35-to-1 ratio on the Nasdaq. The S&P index recorded 14 new 52-week highs and two new lows, while the Nasdaq recorded 70 new highs and 32 new lows.

Persons: Thomas Hayes, Sam Stovall, advancers, Sruthi Shankar, Shristi, Vinay Dwivedi, Anil D'Silva Organizations: Palo, Dow, Nasdaq, Apple, Apple Inc, Alphabet Inc, Amazon.com Inc, Great, Capital, Institute for Supply Management, CFRA Research, Dow Jones, Palo Alto Networks, Dish Network, Big, Wall Street Journal, Tesla Inc, NYSE, Thomson Locations: U.S, Washington, Big U.S, China, Bengaluru

The S&P 500 (.SPX) index closed flat but remained near its highest level since August 2022, just above 4,200 points. The S&P 500 and the Nasdaq were still set for monthly gains in May. Over the weekend, U.S. President Joe Biden and Republican House of Representatives Speaker Kevin McCarthy agreed to temporarily suspend the debt ceiling and cap some federal spending. But I firmly believe a debt ceiling agreement will be approved before the June 5 drop dead date." Only four of the S&P 500's 11 sectors were higher, while declining stocks outweighed advancing shares on both the S&P 500 and Nasdaq.

Persons: Joe Biden, Kevin McCarthy, McCarthy, Sam Stovall, Anthony Saglimbene, Thomas Hayes, FEDWATCH, Elon Musk, Shreyashi Sanyal, Shashwat Chauhan, Shounak Dasgupta, Maju Samuel, David Gregorio Our Organizations: Dow Jones, Nasdaq, Republican, Republicans, Nvidia Corp, Reuters Graphics Reuters, Digital, Federal, Semiconductor, Nvidia, Great, Capital, Labor, Thomson Locations: New York, Troy , Michigan, Philadelphia, China's, Beijing, Bengaluru

ET (1900 GMT), to discuss the debt ceiling bill. "The market is cautiously pricing in that the deal has been done," said Thomas Hayes, chairman at Great Hill Capital LLC. Nvidia Corp (NVDA.O) jumped 4.8% in premarket trading after it said on Monday it was building Israel's most powerful AI supercomputer to meet soaring customer demand for AI applications. Other chipmakers including Advanced Micro Devices Inc (AMD.O), Marvell Technology Inc (MRVL.O) and Intel Corp (INTC.O) added about 3% each. May consumer confidence data is due shortly after markets open, while the Labor Department's closely watched nonfarm payrolls data for May is due on Friday.

Gemini Trust Co's request was filed in Manhattan federal court, in response to the SEC's Jan. 12 civil lawsuit against the exchange and the cryptocurrency lender Genesis Global Capital LLC, a unit of Digital Currency Group. The SEC had sued over Gemini Earn, which let customers lend crypto assets such as bitcoin to Genesis, with Gemini taking an agent fee as high as 4.29%. The SEC said Genesis held $900 million of assets from about 340,000 Gemini Earn customers. Gemini and Genesis were accused by the regulator of having bypassed disclosure requirements meant to protect investors. The case is SEC v Gemini Trust Co et al, U.S. District Court, Southern District of New York, No.

Dow Jones Industrial Average (.DJI) constituent Cisco Systems Inc's (CSCO.O) shares fell 4.3% in premarket trading after it said a large backlog of products weighed on demand for new orders from customers. Shares of Walmart Inc (WMT.N) rose 1.7% after the retailer raised its annual sales and profit targets, befitting from inflation-wary consumers trading down to cheaper groceries. ET, Dow e-minis were down 31 points, or 0.09%, S&P 500 e-minis were up 1.75 points, or 0.04%, and Nasdaq 100 e-minis were up 15 points, or 0.11%. Bath & Body Works Inc (BBWI.N) gained 13% after the beauty and skincare firm raised its annual profit forecast. Japan's Prime Minister Fumio Kishida said he welcomed and expected more investment from global chipmakers in the country.

Dow Jones Industrial Average (.DJI) constituent Cisco Systems Inc (CSCO.O) slipped 1.7% after it said a large backlog of products weighed on demand for new orders from customers. Shares of Walmart Inc (WMT.N) rose 2.8% after the retailer raised its annual sales and profit targets, benefiting from inflation-wary consumers trading down to cheaper groceries. And you got a little follow through from the optimism around getting a (debt ceiling) deal done," said Thomas Hayes, chairman at Great Hill Capital LLC. Bath & Body Works Inc (BBWI.N) gained 8.7% after the beauty and skincare firm raised its annual profit forecast. Declining issues outnumbered advancers for a 2.30-to-1 ratio on the NYSE and for a 1.47-to-1 ratio on the Nasdaq.

☆ Shake Shack settles with activist investor, adds independent director
▼ + stars: | 2023-05-16 | by ( ) www.reuters.com time to read: +2 min

But Shake Shack said on Tuesday that Engaged Capital would support the board's full slate of directors at the 2023 annual meeting of stockholders. The company has named Jeffrey Lawrence, former finance chief at apparel retailer FIGS Inc (FIGS.N) and Domino's Pizza Inc (DPZ.N), as an independent director. It has also mutually agreed with Engaged Capital to add another director with restaurant operations experience. Engaged Capital did not immediately respond to Reuters request for additional comments. In May, Shake Shack posted a smaller-than-expected first-quarter loss, benefiting from higher prices for its menu items that offset pressures from rising prices of beef and other cost pressures.

☆ Arrowstreet, Coatue Management among big hedge funds buying Meta in first quarter
▼ + stars: | 2023-05-15 | by ( David Randall | ) www.reuters.com time to read: +1 min

NEW YORK, May 15 (Reuters) - Prominent hedge funds including Arrowstreet Capital LLC, D1 Capital Partners and Coatue Management LLC were among the investors that bought shares of Meta Platforms Inc in the first quarter of the year, amid an eye-popping rebound in the Facebook-parent’s stock. Arrowstreet Capital added about 5 million shares during the quarter, brining its total position to slightly more than 7 million shares, while Coatue more than doubled its position in the company by buying 4.2 million shares. Winslow Capital Management, meanwhile, initiated a new position in the firm by buying about 927,000 shares, and D1 Capital Partners bought slightly more than 1 million shares. Norges Bank, the central bank of Norway, was the largest seller among all firms, unloading more than 35 million shares during the quarter. Two Sigma Investments sold its entire stake of about 569,000 shares, while Glenview Capital Management, run by billionaire Larry Robbins, sold its entire stake of about 526,000 shares, according to filings.

☆ Oil prices fall on stronger dollar, demand fears
▼ + stars: | 2023-05-12 | by ( ) www.cnbc.com time to read: +3 min

Oil prices settled more than 1% lower on Friday, falling for the third consecutive week, as the market balanced supply fears against renewed economic concerns in the United States and China. "Lack of confidence in the economy is translating to a retreat to the safer dollar, and is also causing pessimism about oil demand," said John Kilduff, partner at Again Capital LLC in New York. Meanwhile, China's April consumer price data rose at a slower pace than in March, missing expectations, while deepening factory gate deflation refocused doubts about its recovery from COVID restrictions driving oil demand growth. U.S. oil rigs fell by two to 586 this week, their lowest since June 2022, while gas rigs plunged by 16 to 141, their lowest April last year. The Organization of the Petroleum Exporting Countries (OPEC) kept its global oil demand forecast for 2023 unchanged on Thursday, expecting economic risks to be offset by higher Chinese demand growth.

On the other end, regional banks' shares stretched gains from a rebound on Friday, with PacWest Bancorp (PACW.O) jumping 19.9% after the lender sharply cut its quarterly dividend to boost capital. Shares of such banks tumbled for much of last week on worries tied to the collapse of First Republic Bank. "We're in an information vacuum right now, waiting for the next inflation data. Warren Buffett's Berkshire Hathaway Inc's Class B shares rose 1.2% after posting a $35.5 billion first-quarter profit, reflecting gains from stocks such as Apple. The S&P index recorded seven new 52-week highs and two new lows, while the Nasdaq recorded 31 new highs and 23 new lows.

☆ Oil settles narrowly mixed after smaller ECB hike; demand concerns linger
▼ + stars: | 2023-05-04 | by ( ) www.cnbc.com time to read: +2 min

OPEC Secretary General Haitham Al Ghais said finger-pointing and misrepresenting the actions of OPEC and OPEC+ was "counterproductive." Oil prices settled nearly unchanged on Thursday after the European Central Bank (ECB) decided to slow the pace of interest rate hikes, with prices still down more than 9% for the week on demand concerns in major consuming countries. Oil prices tumbled this week after concerns about the U.S. economy and signs of weak manufacturing growth in the world's largest oil importer China, sliding further after the U.S. Federal Reserve raised interest rates on Wednesday. The ECB increased its three policy rates by 25 basis points, the smallest hike since the central bank starting lifting them last summer, and kept its options open on future moves as it fights stubbornly high euro zone inflation. Along with investor indigestion over central bank messaging, Wall Street stock indexes were under pressure Thursday from another rout in U.S. bank shares, which have reeled from the collapse of a third major regional bank over the weekend.

May 3 (Reuters) - U.S. crude oil inventories fell for a third week in a row, while gasoline stockpiles unexpectedly rose last week as demand weakened, the Energy Information Administration said on Wednesday. Crude in the Strategic Petroleum Reserve declined 2 million to 364.9 million barrels, its lowest since October 1983. Levels dropped for the third week in a row as part of a congressionally mandated sale of 26 million barrels. Gasoline stocks (USOILG=ECI) rose by 1.7 million barrels to 222.9 million barrels, the EIA said, compared with forecasts for a 1.2 million-barrel drop. U.S. crude oil futures fell $2.93, or 4.1%, to $68.73 a barrel by 11:00 a.m.

☆ Oil dips on profit taking, markets debate supply tightness
▼ + stars: | 2023-03-29 | by ( Arathy Somasekhar | ) www.reuters.com time to read: +3 min

Brent crude closed 37 cents, or 0.5%, lower at $78.28 a barrel, while West Texas Intermediate crude fell 23 cents, or 0.3%, to $72.97. On the supply side, worries of tightness after an unexpected draw in U.S. oil stockpiles and a halt to some Iraqi Kurdistan oil exports were partially offset by a smaller-than-expected output cut in Russia. U.S. crude oil stockpiles fell unexpectedly last week, the Energy Information Administration said, as refineries ramped up operations after maintenance season and U.S. imports fell to a two-year low. Supply concern were, however, eased by reports that Russian oil production fell by around 300,000 bpd in the first three weeks of March, less than the targeted cuts of 500,000 bpd. A stronger greenback hurts oil demand as crude becomes more expensive for buyers who hold foreign currencies.

West Texas Intermediate U.S. crude futures fell 70 cents, or 1%, to $69.26 a barrel. Brent futures rose 2.8% in the week while U.S. crude futures rose 3.8%. The dollar rose 0.6% against other currencies, which also pressured oil, making crude more expensive to holders of other currencies. Goldman Sachs said commodities demand was surging in the world's biggest oil importer, with oil demand topping 16 million bpd. That means Russia aims to produce 9.7 million bpd between March and June, according to Novak, a much smaller output cut than Moscow previously indicated.

March 17 (Reuters) - Oil prices took a dive on Friday, reversing early gains of more than $1 a barrel and falling by more than $3, as banking sector fears set crude on course for its biggest weekly decline in months. Brent was on track for its biggest weekly fall since December at more than 10%, with WTI heading toward a loss of more than 11%, its biggest since last April. Pressure this week followed the collapse of Silicon Valley Bank (SVB) and Signature Bank and trouble at Credit Suisse and First Republic Bank. The drop in prices highlights "the continued fragile state of the market", said Ole Hansen, head of commodity strategy at Saxo Bank. Analysts still expect constrained global supply to support prices in the foreseeable future.

Shares of First Republic fell 20.7% in early trading after the bank suspended its dividend payout. The KBW regional banking index (.KRX) and the S&P 500 banks index (.SPXBK) fell over 2% each. "Deposits have fled from regional banks like First Republic into the big banks who are now bailing them out by putting the deposits back in. "Until you stop the deposit flight from regional banks into the systemically important banks that are too big to fail, it doesn't matter how much money you pour into the bucket." The S&P index recorded two new 52-week highs and four new lows, while the Nasdaq recorded seven new highs and 75 new lows.

March 17 (Reuters) - Oil prices settled lower Friday, reversing early gains of more than $1 a barrel as banking sector fears caused both benchmarks to reach their biggest weekly declines in months. U.S. West Texas Intermediate crude fell $1.61, or 2.4%, at $66.74. Oil prices tracked equity markets lower, dogged by the banking sector crisis and worries about possible recession. Pressure stemmed from "the continued fragile state of the market", said Ole Hansen, head of commodity strategy at Saxo Bank. Analysts still expect constrained global supply to support oil prices in the foreseeable future.

☆ Oil falls 3% on U.S. rate hike expectations, strong U.S. dollar
▼ + stars: | 2023-03-07 | by ( Laila Kearney | ) www.reuters.com time to read: +2 min

Brent crude futures shed $2.35, or 2.7%, to $83.83 a barrel by 1:05 p.m. EST (1805 GMT) . U.S. West Texas Intermediate crude dropped by $2.48 a barrel, or 3%, at $77.98. Prices sank after Powell told Congress the Fed would likely need to increase rates more than expected in light of recent strong economic data. More pressure came from a contraction in China's exports and imports in January and February, including crude oil imports, despite a lifting of COVID-19 restrictions. The American Petroleum Institute's weekly report is due at 2130 GMT on Tuesday, with U.S. Energy Information Administration data following at 1530 GMT on Wednesday.

☆ Exclusive: Coupons.com owner Quotient Technology explores a sale -sources
▼ + stars: | 2023-03-07 | by ( Milana Vinn | ) www.reuters.com time to read: +2 min

March 7 (Reuters) - Quotient Technology Inc (QUOT.N), the parent of Coupons.com, is exploring options that include a sale of the company as it grapples with a collapse in advertising revenue, according to people familiar with the matter. There is no certainty that Quotient will clinch any deal, added the sources, who requested anonymity because the deliberations are confidential. Quotient Technology and Houlihan Lokey declined to comment. Founded in the early days of the internet in 1998, Quotient operates Coupons.com and other digital marketing platforms offering promotions to consumers. Last year, Quotient avoided a board challenge from hedge fund Engaged Capital LLC by agreeing to add two directors to its board.

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.

☆ Salesforce engineers are about to be hit with new performance metrics, while some salespeople are being pressured to quit
▼ + stars: | 2023-02-14 | by ( Ellen Thomas | Ashley Stewart | ) www.businessinsider.com time to read: +8 min

Some Salesforce employees have been offered a "Prompt Exit Package" instead of a layoff, with less severance. Employees say the company is ratcheting up performance expectations as activist investors invade. "The company is pushing hard for productivity tracking and metrics on all facets," one employee told Insider. Salesforce cut a few hundred salespeople in November, a person familiar with the matter told Insider, and the company told Insider the cuts were made for "accountability," implying that performance was a consideration. In some cases, the company has presented employees with PEP offers in the same week it has executed mass layoffs, employees told Insider.

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