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☆ FTC seeks information on $8.5 bln Tapestry-Capri deal
▼ + stars: | 2023-11-06 | by ( ) www.reuters.com time to read: +1 min

The logo of Michael Kors is seen on an outlet store in Metzingen, Germany, June 16, 2017. REUTERS/Michaela Rehle/File Photo Acquire Licensing RightsNov 6 (Reuters) - The U.S. Federal Trade Commission (FTC) has sent requests to Tapestry (TPR.N) and Michael Kors owner Capri Holdings (CPRI.N) for more information on their planned $8.5 billion deal, the companies said on Monday. The companies said on Monday they expect to respond "promptly" to the FTC's request and aim to close the deal as planned, in 2024. Capri's shares, which had jumped 55% on Aug. 10 after the deal was announced, were down 2.5% in extended trade. Reporting by Manas Mishra and Juveria Tabassum in Bengaluru; Editing by Shounak Dasgupta and Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.

Persons: Michael Kors, Michaela Rehle, Kate Spade, Stuart Weitzman, Jimmy Choo, Versace, Capri's, Tapestry, Manas Mishra, Juveria, Shounak Dasgupta, Krishna Chandra Organizations: REUTERS, U.S . Federal Trade Commission, Capri Holdings, Capri, Thomson Locations: Metzingen, Germany, Paris, Bengaluru

☆ Chipmaker NXP forecasts profit above estimates on resilient auto, industrial
▼ + stars: | 2023-11-06 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Steve Marcus/File Photo Acquire Licensing RightsNov 6 (Reuters) - Chipmaker NXP Semiconductors (NXPI.O) forecast fourth-quarter profit above Wall Street targets on Monday, expecting a resilient automotive market and stable industrial demand to offset weakness in other key markets. NXP in September said automotive demand was "pretty good" across all its markets, including China, which contributes about 30% to the chipmaker's total revenue. However, NXP CEO Kurt Sievers said the company's communication infrastructure business performed "slightly below expectations" in the third quarter. The company forecast adjusted current quarter revenue in the range of $3.30 billion and $3.50 billion, compared to analysts' estimate of $3.43 billion, per LSEG data. Revenue in the third quarter was $3.43 billion, compared with estimates of $3.40 billion.

Persons: Steve Marcus, Kurt Sievers, NXP, Chavi Mehta, Krishna Chandra Organizations: Semiconductors, Electronics, Las Vegas Convention, REUTERS, Wall, NXP, Apple, Revenue, Nasdaq, Thomson Locations: Las Vegas , Nevada, U.S, China, Eindhoven, Netherlands, Bengaluru

☆ Mondelez hikes annual forecasts for third time this year
▼ + stars: | 2023-11-01 | by ( ) www.reuters.com time to read: +1 min

Mondelez International logo and stock graph are seen displayed in this illustration picture taken July 26, 2021. Picture taken July 26, 2021. Shares of the Chicago-based snack maker rose 3% in after-hours trading as it also beat quarterly net revenue estimates. Mondelez's organic net revenue for the full year is expected to grow 14% to 15% compared with a prior expectation of a more than 12% growth. Quarterly net revenue was $9.03 billion in the third quarter ended Sept. 30, from $7.76 billion a year earlier.

Persons: Dado Ruvic, Kraft Heinz, Savyata Mishra, Krishna Chandra Organizations: REUTERS, Mondelez, Thomson Locations: Chicago, Bengaluru

☆ Roku forecasts quarterly revenue above estimates
▼ + stars: | 2023-11-01 | by ( ) www.reuters.com time to read: 1 min

The Roku company logo is displayed on a building in Austin, Texas, U.S., October 25, 2021. REUTERS/Mike Blake/File Photo Acquire Licensing RightsNov 1 (Reuters) - Roku (ROKU.O) forecast fourth-quarter revenue above Wall Street estimates on Wednesday, anticipating higher sales of its streaming devices and ad collections on signs of stability in the global economy. The streaming platform said it expected net revenue of $955 million. Analysts were expecting $952 million, according to LSEG data. Total net revenue grew 20% to $912 million in the quarter ended September 30, comfortably beating analysts' consensus estimate of $855.2 million, according to LSEG.

Persons: Mike Blake, Yuvraj Malik, Krishna Chandra Organizations: REUTERS, Thomson Locations: Austin , Texas, U.S, Bengaluru

☆ PayPal raises full-year profit forecast above Wall Street estimates
▼ + stars: | 2023-11-01 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsNov 1 (Reuters) - PayPal Holdings (PYPL.O) raised its forecast for full-year adjusted profit above Wall Street estimates on Wednesday, as the payments giant banks on resilient consumer spending trends during the key holiday shopping season. The company said it expects adjusted profit for the full-year to be about $4.98 per share from $4.95 earlier. PayPal cut its annual forecast of adjusted operating margin expansion to 75 basis points from 100 basis points expected earlier. Total payments volume increased 13% on FX-neutral basis to $387.7 billion in the third quarter, beating Street expectations of $377.9 billion. The firm earned $1.30 per share on an adjusted basis in the third-quarter, beating Wall Street expectations of $1.23 per share.

Persons: Dado Ruvic, Jamie Miller, Manya Saini, Krishna Chandra Organizations: PayPal, REUTERS, PayPal Holdings, Wall, Adobe Analytics, Apple, FX, U.S . Commerce Department, Thomson Locations: U.S, Bengaluru

☆ Qorvo forecasts Q3 profit, revenue above estimates on smartphone market recovery
▼ + stars: | 2023-11-01 | by ( ) www.reuters.com time to read: +1 min

Nov 1 (Reuters) - Wireless connectivity chip maker Qorvo (QRVO.O) forecast third-quarter revenue and adjusted profit above Wall Street estimates on Tuesday, expecting a boost from its largest customer Apple (AAPL.O) ahead of an expected recovery in the smartphone market. The Greensboro, North Carolina-based company's biggest customer is Apple, which contributed 37% to the company's total revenue in fiscal 2023, ended April. Qorvo expects third-quarter adjusted profit of about $1.65 per share. The company sees third-quarter revenue of about $1 billion, plus or minus $25 million, compared with LSEG estimates of $992 million. Qorvo's revenue for the quarter ended Sept. 30 was $1.103 billion, while adjusted profit was $2.39 per share compared with analysts' estimate for revenue of $1 billion and adjusted profit of $1.77 per share.

Persons: Qorvo, Tanya Jain, Krishna Chandra Organizations: Wall, Apple, IDC, Thomson Locations: Greensboro, North Carolina, Bengaluru

A smartphone with a displayed Intel logo is placed on a computer motherboard in this illustration taken March 6, 2023. Executives at both the companies talked up the stabilizing PC market on earnings calls this week and said they expected the integration of artificial intelligence to boost growth. "The arrival of the AI PC represents an inflection point in the PC industry," said Intel CEO Pat Gelsinger. AMD boss Lisa Su said she "expected some growth going into 2024 as we think about sort of the AI PC cycle and some of the (Microsoft) Windows refresh cycles". Still, some investors see the lack of AI apps as a potential hurdle for their adoption.

Persons: Dado Ruvic, Pat Gelsinger, Lisa Su, Justin Sumner, Canalys, Dave Egan, Arsheeya Bajwa, Akash Sriram, Chavi Mehta, Krishna Chandra Organizations: REUTERS, Intel, Devices, AMD, Microsoft, Voya Investment Management, Graphics, Columbia, Thomson Locations: Bengaluru

☆ Lumen Technologies tops third-quarter revenue estimates on strong demand
▼ + stars: | 2023-10-31 | by ( ) www.reuters.com time to read: +1 min

Oct 31 (Reuters) - Telecommunications services firm Lumen Technologies (LUMN.N) beat Wall Street estimates for third-quarter revenue on Tuesday, helped by strong demand for its services as businesses digitize their operations. The Monroe, Louisiana-based company posted revenue of $3.64 billion for the quarter ended Sept. 30, beating analysts' average estimate of $3.61 billion, according to LSEG data, but fell 17% from a year earlier. The proposed sale of Lumen's EMEA business is expected to close on Wednesday, subject to meeting customary closing conditions, the company said. The company said its long-term debt at the end of the third-quarter was $19.74 billion. Lumen posted a net loss of $78 million for the quarter compared with a reported net income of $578 million a year earlier.

Persons: Lumen, Kate Johnson, Johnson, Jaspreet Singh, Krishna Chandra Organizations: Telecommunications, Lumen Technologies, EMEA, California's Department of Technology, Thomson Locations: Monroe , Louisiana, Bengaluru

☆ Australia's NAB targets at least $633 mln in lending to indigenous businesses
▼ + stars: | 2023-10-31 | by ( ) www.reuters.com time to read: +1 min

The logo of the National Australia Bank is displayed outside their headquarters building in central Sydney, Australia August 4, 2017. Earlier this year, a review by the country's corporate regulator found banks were falling short of meeting targets for moving First Nations people into low-fee accounts. NAB, the country's second biggest lender, said the new lending target highlights a surge of more than 140% based on its current lending of just A$413 million helping stimulate "sustainable business growth" among indigenous communities. "During the last two years, we have put the building blocks in place to better support our growing First Nations business customer base, from both a commercial and cultural perspective," said Andrew Irvine, NAB Group Executive Business and Private Banking. ($1 = 1.5780 Australian dollars)Reporting by John Biju in Bengaluru; Editing by Krishna Chandra Eluri and Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

Persons: David Gray, Andrew Irvine, John Biju, Krishna Chandra Eluri Organizations: National Australia Bank, REUTERS, Nations, NAB, Executive Business, Private Banking, Thomson Locations: Sydney, Australia, Bengaluru

☆ FDA panel says Vertex/CRISPR to assess safety risks of gene therapy in follow-up study
▼ + stars: | 2023-10-31 | by ( ) www.reuters.com time to read: +2 min

[1/2] A sign hangs in front of the world headquarters of Vertex Pharmaceuticals in Boston, Massachusetts, U.S., October 23, 2019. REUTERS/Brian Snyder/File Photo Acquire Licensing RightsOct 31 (Reuters) - A panel of advisers to the U.S. health regulator said on Tuesday Vertex Pharmaceuticals (VRTX.O) and CRISPR Therapeutics (CRSP.BN) could assess potential safety risks of their sickle cell disease gene therapy after approval. If the therapy is approved, Vertex has proposed a 15-year follow up of patients to evaluate the safety outcomes of the therapy. Patients who were treated with the therapy were free from severe vaso-occlusive crisis for 12 months from the infusion of exa-cel. "It was made pretty clear that any theoretical off-target editing concerns do not outweigh the benefits of drug approval," said Salim Syed, analyst at Mizuho.

Persons: Brian Snyder, Scot Wolfe, Salim Syed, Sriparna Roy, Krishna Chandra Organizations: Vertex Pharmaceuticals, REUTERS, CRISPR Therapeutics, Staff, U.S . Food, Drug Administration, UMass Chan Medical, Analysts, FDA, Mizuho, Thomson Locations: Boston , Massachusetts, U.S, Bengaluru

☆ Arista Networks forecasts Q4 revenue above estimates on higher enterprise spend
▼ + stars: | 2023-10-30 | by ( ) www.reuters.com time to read: +1 min

Oct 30 (Reuters) - Cloud networking solutions provider Arista Networks (ANET.N) forecast fourth-quarter revenue above estimates on Monday, as it expects easing supply chain restraints to underscore enterprise spending, sending its shares up 5.5% in extended trading. Arista has benefited from upbeat capital spending as clients shell out on cloud computing services to support their growing AI needs amid a recovering economy. Arista reported third-quarter revenue of $1.51 billion, a 28.3% increase from a year earlier, beating Street expectations of $1.48 billion. Rival Juniper Networks also beat estimates for third-quarter revenue last week, on the back of upbeat spending from cloud computing clients. On an adjusted basis, Arista posted quarterly profit of $1.83 per share, against expectations of $1.58.

Persons: Akshita, Krishna Chandra Organizations: Arista Networks, Arista, Microsoft Corp, Juniper Networks, Thomson Locations: Santa Clara , California, Bengaluru

☆ State Street CEO O'Hanley to take additional role as bank's president
▼ + stars: | 2023-10-30 | by ( ) www.reuters.com time to read: +1 min

The logo and trading symbol of financial services company State Street are displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York, U.S., March 8, 2017. REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsOct 30 (Reuters) - State Street Corp (STT.N) said on Monday its CEO and Chairman Ron O'Hanley will take on an additional role as the bank's president after Louis Maiuri retires, set for early next year. Maiuri also serves as State Street's chief operating officer and head of its largest business, investment services. The custodian bank said Mostapha Tahiri, currently head of Asia Pacific, Middle East and North Africa, will become chief operating officer, while O'Hanley will take the responsibility of the investment services unit. State Street is among the world's largest custodian banks with $40 trillion in assets under custody and/or administration and $3.7 trillion in assets under management (AUM) as of Sept 30.

Persons: Brendan McDermid, Ron O'Hanley, Louis Maiuri, Maiuri, Mostapha Tahiri, O'Hanley, Manya Saini, Krishna Chandra Organizations: New York Stock Exchange, REUTERS, Street Corp, Asia Pacific, Thomson Locations: New York, U.S, Middle East, North Africa, Bengaluru

☆ Australia's Treasury Wine to buy US-based DAOU Vineyards for $900 mln
▼ + stars: | 2023-10-30 | by ( Roushni Nair | ) www.reuters.com time to read: +3 min

Bottles of Penfolds Grange, made by Australian wine maker Penfolds and owned by Australia's Treasury Wine Estates, sit on a shelf for sale at a wine shop in central Sydney, Australia, August 4, 2014. The wine producer has been resetting its strategy in an attempt to diversify outside of China, which used to contribute a third of its profits, after Beijing imposed tariffs on Australian wine in 2021 when Canberra called for an inquiry into the origins of COVID-19. The winemaker's combined premium and luxury portfolios delivered double-digit gross profit growth in fiscal 2023, according to its annual report. Including cost synergies of more than $20 million, the acquisition is expected to be mid to high-single-digit earnings per share (EPS) accretive in fiscal 2025, the first year of Treasury owning DAOU. Treasury said it would also issue A$157 million of new shares to the existing owners of DAOU.

Persons: David Gray, Penfolds Grange, Frank Family, Phillip Kimber, Roushni Nair, Shailesh Kuber, Krishna Chandra Eluri, Jamie Freed Organizations: Australia's Treasury Wine Estates, REUTERS, China Deal, Wine Estates, Treasury, P Capital, Thomson Locations: Australian, Sydney, Australia, China, Beijing, Canberra, Americas, Bengaluru

☆ BlackBerry CEO John Chen to depart - The Globe and Mail
▼ + stars: | 2023-10-30 | by ( ) www.reuters.com time to read: +1 min

Blackberry CEO John Chen takes part in an event at the BlackBerry QNX headquarters in Ottawa, Ontario, Canada, February 15, 2019. REUTERS/Chris Wattie/File Photo Acquire Licensing RightsCompanies BlackBerry Ltd FollowOct 30 (Reuters) - BlackBerry's (BB.TO) CEO John Chen has resigned and will exit the company on Friday, the Globe and Mail reported on Monday citing a source familiar with the matter. Chen joined BlackBerry in November 2013 and led the company's turnaround efforts in pivoting it from consumer hardware business to one that focused on enterprise software. Earlier this month, the company said it would separate the IoT and cybersecurity units and target a subsidiary initial public offering for the IoT business next fiscal year. Last year, it pulled the plug on its smartphones business and has since been trying to sell its legacy patents related to its mobile devices.

Persons: John Chen, Chris Wattie, Chen, Yuvraj Malik, Chavi Mehta, Shailesh Kuber, Krishna Chandra Organizations: BlackBerry, REUTERS, Globe and Mail, U.S, Thomson Locations: Ottawa , Ontario, Canada, Canadian, Bengaluru

☆ Lower prices, oversupply to weigh on lithium miners
▼ + stars: | 2023-10-30 | by ( Arunima Kumar | ) www.reuters.com time to read: +2 min

Lithium miners have had a tough year as weak electric vehicle (EV) sales growth led to high stockpiles and sent prices of the metal tumbling down. The Chinese spot battery grade lithium carbonate prices, fell around 45% to 165,000 Chinese Yuan ($22,561.63) per tonne during the July-September quarter. Reuters GraphicsAnalysts also flagged additional supplies from new projects coming online to further weigh on lithium prices. Albemarle is expected to report quarterly results on Wednesday, while smaller rival Livent is scheduled for Tuesday. ($1 = 7.3133 Chinese yuan renminbi)Reporting by Arunima Kumar in Bengaluru; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.

Persons: Ivan Alvarado, Raymond James, Pavel Molchanov, Overcapacity, Jefferies, Laurence Alexander, Piper Sandler, Charles Neivert, Kyle Winborne, Arunima Kumar, Krishna Chandra Organizations: REUTERS, Albemarle Corp, EV, Reuters, Reuters Graphics, Thomson Locations: Albemarle, Antofagasta region, Chile, oversupplied, China, Livent, Bengaluru

☆ Ford shares fall after pulling full-year forecast, wider losses in EV unit
▼ + stars: | 2023-10-27 | by ( Shivansh Tiwary | ) www.reuters.com time to read: +2 min

The Detroit automaker also pulled its 2023 forecast, citing "uncertainty" over the pending ratification of its new labor deal with the United Auto Workers (UAW) union, which is expected to significantly increase labor-related expenses. The company's quarterly report added to the gloom around the EV market, which has seen inflation-wary consumers pull back on some purchases. Ford logo is pictured at the 2019 Frankfurt Motor Show (IAA) in Frankfurt, Germany September 10, 2019. The automaker has lost about $4.32 billion in market cap throughout the duration of the strike, according to LSEG data. Reporting by Shivansh Tiwary and Nathan Gomes in Bengaluru; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.

Persons: Tesla, Ford, BEV, Wells, Wolfgang Rattay, John Lawler, Shivansh Tiwary, Nathan Gomes, Krishna Chandra Organizations: Ford Motor, Detroit, United Auto Workers, UAW, REUTERS, EV, Reuters, Ford, General Motors, Thomson Locations: Kentucky, Frankfurt, Germany, Bengaluru

☆ L3Harris Technologies beats results estimates on robust weapons demand
▼ + stars: | 2023-10-26 | by ( ) www.reuters.com time to read: +1 min

The logo of L3Harris is displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York, U.S., July 1, 2019. REUTERS/Brendan McDermid/File photo Acquire Licensing RightsOct 26 (Reuters) - Defense contractor L3Harris Technologies (LHX.N) beat third-quarter earnings estimates on Thursday, on the back of rising global military budgets amid geopolitical tensions. L3Harris, which completed its deal to acquire Aerojet in July, also raised its annual forecasts for revenue and earnings to include the rocket engine maker. Demand remains robust amid a heightened threat environment, said L3Harris CEO Christopher Kubasik. Orders awarded to L3Harris amounted to $5.01 billion in the quarter through September 29.

Persons: Brendan McDermid, restocking, Christopher Kubasik, Mehr Bedi, Krishna Chandra Organizations: New York Stock Exchange, REUTERS, Defense, L3Harris Technologies, Aerojet, Revenue, Thomson Locations: New York, U.S, Ukraine, Florida, Bengaluru

☆ Chipotle quarterly results shine as burrito cravings defy high prices
▼ + stars: | 2023-10-26 | by ( Deborah Mary Sophia | ) www.reuters.com time to read: +2 min

[1/3] People are served in a Chipotle outlet in Manhattan, New York City, U.S., February 7, 2022. Chipotle said it has not seen any material impact from weight-loss drugs. While consumers taking weight-loss treatments consume fewer calories, "it's important the calories they do consume are coming from clean food. Chipotle forecast fourth-quarter comparable sales growth in the mid- to high-single-digit range, compared with estimates of a 5.38% rise. Reporting by Deborah Sophia in Bengaluru; Editing by Krishna Chandra Eluri and Devika SyamnathOur Standards: The Thomson Reuters Trust Principles.

Persons: Andrew Kelly, Brian Niccol, Chipotle, Sante Faustini III, we're, Niccol, Deborah Sophia, Krishna Chandra Eluri Organizations: REUTERS, Thomson Locations: Manhattan , New York City, U.S, California, Bengaluru

☆ Intel forecasts fourth-quarter revenue above expectations
▼ + stars: | 2023-10-26 | by ( ) www.reuters.com time to read: +1 min

A smartphone with a displayed Intel logo is placed on a computer motherboard in this illustration taken March 6, 2023. REUTERS/Dado Ruvic/Illustration/File photo Acquire Licensing RightsOct 26 (Reuters) - Intel (INTC.O) forecast fourth-quarter revenue above Wall Street estimates on Thursday, optimistic of a healthy rebound in client orders for its chips after a several-quarters-long inventory buildup in the PC market eased. The company forecast adjusted current-quarter revenue in the range of about $14.6 billion to $15.6 billion, compared with an estimate of $14.35 billion, according to LSEG data. The company expects adjusted profit per share to be about 44 cents, beating an estimate of 32 cents. Reporting by Chavi Mehta in Bengaluru; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.

Persons: Dado Ruvic, chipmaker, Canalys, Chavi Mehta, Krishna Chandra Organizations: REUTERS, Intel, Taiwan Semiconductor Manufacturing, Thomson Locations: Santa Clara , California, Bengaluru

☆ General Dynamics beats quarterly estimates on robust military equipment demand
▼ + stars: | 2023-10-25 | by ( ) www.reuters.com time to read: +2 min

Saudi men are seen at General Dynamics stand displaying the latest defence system at World Defense Show in Riyadh, Saudi Arabia, March 6, 2022. REUTERS/Ahmed Yosri/File Photo Acquire Licensing RightsOct 25 (Reuters) - U.S. defense contractor General Dynamics (GD.N) beat Wall Street estimates on Wednesday, as buoyant military equipment demand helped overcome higher operating expenses. General Dynamics-manufactured weapons systems, munitions, and combat vehicles such as Abrams tanks have been essential to Ukraine's operations. UAW members at the company make highly profitable military vehicles, including tanks and light armored vehicles, according to the union. General Dynamics joined peer defense contractors Lockheed Martin (LMT.N) and RTX (RTX.N) to report better-than-expected quarterly results.

Persons: Ahmed Yosri, Abrams, Lockheed Martin, Pratyush Thakur, Krishna Chandra Organizations: General Dynamics, Defense, REUTERS, Dynamics, Pentagon, United Auto Workers, UAW, Gulfstream, Thomson Locations: Riyadh, Saudi Arabia, Reston , Virginia, Ukraine, Bengaluru

☆ Danaher Beats Profit Estimates on Respiratory Testing Demand
▼ + stars: | 2023-10-24 | by ( Oct. | At A.M. | ) www.usnews.com time to read: +2 min

(Reuters) - Danaher on Tuesday beat Wall Street estimates for third-quarter profit as strong demand for its diagnostic tests for respiratory diseases helped soften the blow from weaker sales at the healthcare conglomerate's life-sciences unit. "Revenue in the third quarter came in ahead of our expectations, with Biotechnology performing as anticipated, and higher respiratory testing revenue more than offsetting slightly softer-than-anticipated demand in Life Sciences," Danaher CEO Rainer Blair said in a statement. Rising interest rates squeezed funding needed for drug development programs, weighing on demand for contract research services offered by Danaher and rival Thermo Fisher. On an adjusted basis, Danaher reported a profit per share of $2.02, beating analysts' expectations of $1.87. Third-quarter sales of $6.87 billion also topped estimates of $6.63 billion.

Persons: Rainer Blair, Danaher, Christy Santhosh, Krishna Chandra Eluri Organizations: Reuters, Biotechnology, Life Sciences, Washington D.C, Danaher, Fisher, Applied Solutions

☆ Apple to hold special event on Oct. 30 dubbed 'Scary Fast'
▼ + stars: | 2023-10-24 | by ( ) www.reuters.com time to read: 1 min

An Apple logo hangs above the entrance to the Apple store on 5th Avenue in the Manhattan borough of New York City, July 21, 2015. REUTERS/Mike Segar/File Photo Acquire Licensing RightsOct 24 (Reuters) - IPhone maker Apple (AAPL.O) said on Tuesday it will hold a special event named "Scary Fast" on Oct. 30. The company will hold the event at 5 pm Pacific Time (8 pm EST), a departure from its usual morning events. In June, Apple launched a larger MacBook Air with the new M2 chip at a price of $1,299, a year after the company upgraded the 13-inch MacBook Air with the same processor. Reporting by Akash Sriram in Bengaluru and Stephen Nellis in San Francisco; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.

Persons: Mike Segar, Akash Sriram, Stephen Nellis, Krishna Chandra Organizations: Apple, REUTERS, Media, Air, Thomson Locations: Manhattan, New York City, Bengaluru, San Francisco

The company also approved a $10 billion share repurchase program that will be funded through short and long-term debt. But profit at RTX's Collins Aerospace unit, which deals with commercial aftermarket service, rose 22% to $903 million. RTX reported an overall third-quarter adjusted profit of $1.25 per share, beating Wall Street estimates of $1.21, according to LSEG data. The company now expects reported sales of $68.5 billion, up from about $67.5 billion, and adjusted sales of $74 billion, up from $73 billion. Adjusted earnings per share - previously projected to be $4.95 to $5.05 - are now expected to be between $4.98 and $5.02.

Persons: Benoit Tessier, Pratt, Whitney, RTX, Neil Mitchill, Pratyush Thakur, Mike Stone, Valerie Insinna, Krishna Chandra Eluri, Mark Potter Organizations: Raytheon Technologies Corporation, International Paris Air, Le, REUTERS, Collins Aerospace, Reuters, RTX, RTX's Collins Aerospace, Wall, Intelligence, Services, Raytheon, Thomson Locations: Le Bourget, Paris, France, Arlington , Virginia, Bengaluru, Washington

☆ Dow forecasts lower-than-expected net sales in Q4 on low prices, weak demand
▼ + stars: | 2023-10-24 | by ( ) www.reuters.com time to read: +2 min

The Dow Chemical logo is displayed on a board above the floor of the New York Stock Exchange shortly after the opening bell in New York, U.S. on December 22, 2015. REUTERS/Lucas Jackson/File Photo Acquire Licensing RightsOct 24 (Reuters) - Dow Inc (DOW.N) forecast average net sales for the current quarter below analyst estimates on Tuesday, as the chemical maker continues to navigate weak demand and low prices for its products in key markets. Dow reported a sequential decline of 7% in prices of their products in Europe, the Middle East, Africa and India, primarily due to lower feedstock and energy rates. However, the company added it expects to see benefits from rising oil prices in the next few quarters. Prices of Dow products such as polyethylene, poly vinyl chloride and other base metals increase on the back of rising crude oil.

Persons: Lucas Jackson, Dow, Howard Ungerleider, Jeffrey Tate, Sriraj Kalluvila, Vinay Dwivedi, Krishna Chandra Organizations: Dow, New York Stock, REUTERS, Dow Inc, Saikeerthi, Thomson Locations: New York, U.S, China, Europe, East, Africa, India, Bengaluru

A bitcoin is seen in an illustration picture taken at La Maison du Bitcoin in Paris, France, June 23, 2017. REUTERS/Benoit Tessier/File Photo Acquire Licensing RightsOct 23 (Reuters) - Bitcoin, the world's largest cryptocurrency, hit a three-month high on Monday, rising 4.73% to $31,420 amid investor enthusiasm about the possibility of a spot bitcoin exchange-traded fund. The rise in bitcoin sent shares of cryptocurrency and blockchain-related companies such as Coinbase Global (COIN.O) and Marathon Digital Holdings (MARA.O) up 6.5% and 11.9% respectively. Bitcoin is up more than 18% from the year's low of $26,533 on Oct. 11. Bitcoin briefly soared on Oct. 16 following an erroneous news report about asset manager BlackRock's high-profile application for a spot bitcoin ETF, which would track the underlying price of the token.

Persons: Benoit Tessier, bitcoin, Bitcoin, Zach Pandl, Treasuries, BlackRock's, Matteo Greco, Fineqia, Hannah Lang, Kanjyik Ghosh, Krishna Chandra Eluri, Jonathan Oatis Organizations: La Maison du, REUTERS, Marathon Digital Holdings, Hamas, U.S . Securities, Exchange Commission, BTC, Thomson Locations: La, Paris, France, cryptocurrency, Washington, Bengaluru

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