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☆ Adani abandons $2.5 billion share sale in big blow to Indian tycoon
▼ + stars: | 2023-02-01 | by ( Aditya Kalra | ) www.reuters.com time to read: +4 min

"Today the market has been unprecedented, and our stock price has fluctuated over the course of the day. A report by Hindenburg Research last week alleged improper use by the of offshore tax havens and stock manipulation by the Adani Group. The Jan. 24 report has since triggered a $86 billion erosion in market capitalisation of seven listed Adani Group companies. REFUNDSAdani Group was working with its bankers to refund the proceeds received by in the secondary share sale of Adani Enterprises. The share sale had succeeded on Tuesday even when the Adani Enterprises stock price in Mumbai markets traded below the offer price of the share sale.

☆ U.S. FDA approves GSK's anemia drug
▼ + stars: | 2023-02-01 | by ( ) www.reuters.com time to read: +1 min

Feb 1 (Reuters) - The U.S. Food and Drug Administration (FDA) on Wednesday approved GSK Plc's (GSK.L) drug to treat anemia in some patients with chronic kidney disease. The FDA approved Jesduvroq tablets as the first oral treatment for anemia caused by chronic kidney disease for adults who have been on dialysis for at least four months. The treatment is not approved for patients who are not on dialysis because its safety has not been established in that population, the FDA said. The health agency's decision comes after its advisory committee recommended the treatment for some kidney patients in October. The approval for the anemia drug also makes it GSK's first since it spun off its consumer health business, home to Sensodyne toothpaste and Advil pain killers, last year.

"AMD remained resilient and even made gains in their datacenter chips...against Intel," said Wayne Lam analyst at CCS Insight. Chief Executive Lisa Su said she was confident AMD will keep gaining market share this year and that the second half would be stronger than the first. "First quarter should be the bottom for us in PCs and then grow from there into the second quarter and then into the second half," Su said on the earnings call. Analysts on average were expecting revenue of $5.50 billion, according to Refinitiv data. Analysts on average expected revenue of $5.48 billion, according to Refinitiv data.

☆ Appliance maker Whirlpool's 2023 profit forecast beats expectations
▼ + stars: | 2023-01-30 | by ( ) www.reuters.com time to read: +1 min

Jan 30 (Reuters) - U.S. home appliances maker Whirlpool Corp (WHR.N) forecast full-year profit above Wall Street estimates on Monday, helped by cost cuts and easing raw material prices. Shares of the appliance maker were up 3.3% at $158.2 in after-hours trading after the company reported an adjusted profit of $3.89 per share for the fourth quarter through December, beating analysts' average estimate of a profit of $3.25 per share. Whirlpool also said it expects $800 to $900 million benefit in 2023. Whirlpool, known for its refrigerators and washing machines, said it was now expecting full-year revenue of about $19.4 billion, compared with analysts' expectations of $19.2 billion, according to Refinitiv. It expects full-year earnings of $16 to $18 per share, above Wall Street expectations of $15.99 per share.

☆ Paramount to integrate Showtime with Paramount+
▼ + stars: | 2023-01-30 | by ( ) www.reuters.com time to read: 1 min

Jan 30 (Reuters) - Paramount Global (PARA.O) on Monday said it would integrate Showtime with Paramount+ across both streaming and linear platforms later this year. Reporting by Chavi Mehta in Bengaluru; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

The heavyweight tech sector (.SPLRCT) dropped 1.9% while energy (.SPNY) shed 2.3%, the biggest drop among the S&P 500 sectors. More than 100 S&P 500 companies are expected to report results this week, which also includes central bank meetings in the United States and Europe and closely watched U.S. employment data. Despite Monday's declines, the S&P 500 remained on track to post its biggest January gain since 2019. With more than 140 companies having reported so far, S&P 500 earnings are expected to have fallen 3% in the fourth quarter compared with the prior-year period, according to Refinitiv IBES. The S&P 500 posted 5 new 52-week highs and no new lows; the Nasdaq Composite recorded 67 new highs and 20 new lows.

More than 100 S&P 500 companies are expected to report results this week, which also includes central bank meetings in the United States and Europe and closely watched U.S. employment data. Despite Monday's declines, the S&P 500 was on track to post its biggest January gain since 2019. Meanwhile, the European Central Bank is expected to deliver another large rate hike on Thursday. With more than 140 companies having reported so far, S&P 500 earnings are expected to have fallen 3% in the fourth quarter compared with the prior-year period, according to Refinitiv IBES. The S&P 500 posted five new 52-week highs and no new lows; the Nasdaq Composite recorded 51 new highs and 14 new lows.

☆ Twitter makes first interest payment on Musk buyout debt - Bloomberg News
▼ + stars: | 2023-01-30 | by ( ) www.reuters.com time to read: +1 min

Jan 30 (Reuters) - Twitter Inc has made its first interest payment under Elon Musk after the billionaire took the social media company private last year using about $12.5 billion of debt, Bloomberg News reported on Monday, citing people with knowledge of the matter. Twitter paid a group of seven banks, led by Morgan Stanley, which became stuck with the debt after they were unable to sell it to outside investors, the report added. Twitter, Musk and Morgan Stanley did not immediately respond to Reuters requests for comment. Twitter has also seen advertisers flee amid worries about Musk's approach to content moderation rules, impacting its revenue. Musk in November also pointed out that Twitter had seen a "massive" drop in revenue and blamed activist groups for pressuring advertisers.

☆ AmEx shrugs off slowdown worries after forecasting upbeat full-year profit
▼ + stars: | 2023-01-27 | by ( Manya Saini | ) www.reuters.com time to read: +2 min

AmEx forecast 2023 net revenue growth between 15% and 17% and earnings per share of $11 to $11.40. Jefferies analysts said although the forecast might "appear aggressive" in light of sentiment around a potential macroeconomic slowdown, it reflected momentum. "We had a very strong quarter with travel across borders and national travel and feel really good about the trends there," Campbell added. A typically strong holiday quarter saw AmEx's customers splurge on gifts, travel, and entertainment, driving a 12% increase in total network volumes. AmEx reported a profit of $2.07 per share for three months ended Dec. 31, missing analysts' estimates of $2.22 per share.

Jan 26 (Reuters) - U.S. airlines expect strong travel demand that drove record fourth-quarter revenues to continue into 2023, but economic uncertainty and burgeoning labor and operations costs could cloud their rosy outlooks. On Thursday, American Airlines (AAL.O), JetBlue Airways Corp (JBLU.O) and Alaska Air Group (ALK.N) forecast better-than-expected full-year earnings. JetBlue forecast expenses excluding fuel to rise 1.5% to 4.5% in 2023. China's recent reopening may also boost international travel, but demand remains uncertain and U.S. airlines face challenges toward cashing in. American Airlines forecast an adjusted profit of $2.50 to $3.50 per share for 2023, handily beating analyst expectations of $1.77, according to Refinitiv data.

☆ American Airlines forecasts higher profit on buoyant travel demand
▼ + stars: | 2023-01-26 | by ( ) www.reuters.com time to read: +1 min

Jan 26 (Reuters) - American Airlines (AAL.O) on Thursday forecast sharply higher profit for the full year and beat estimates for quarterly earnings on buoyant demand for air travel. The carrier expects an adjusted profit of $2.50 and $3.50 per share for 2023, up from 50 cents per share a year earlier. Industry executives have said that they don't see any signs of slowing demand in the face of a potential slowdown. The Fort Worth, Texas-based carrier reported an adjusted profit of $827 million, or $1.17 per share, for the quarter ended Dec. 31, compared with a loss of $921 million, or $1.42 per share, a year earlier. Analysts on average had expected the airline to post a profit of $1.14 per share, according to Refinitiv IBES data.

☆ European shares gain on earnings optimism
▼ + stars: | 2023-01-26 | by ( ) www.reuters.com time to read: +1 min

Jan 26 (Reuters) - European shares gained on Thursday as upbeat quarterly results from STMicroelectronics, Sabadell and Nokia eased worries over the corporate earnings season amid signs of a recession. The pan-European STOXX 600 (.STOXX) rose 0.6% at 0835 GMT, with technology (.SX8P) and financial services (.SXFP) stocks leading gains. Spanish lender Sabadell (SABE.MC) gained 8.8% following the management's upbeat commentary on 2024 net interest income despite a fall in fourth-quarter net profit. Nokia (NOKIA.HE) rose 5.5% after the Finnish telecom equipment maker beat quarterly operating profit expectations and forecast higher 2023 sales. Reporting by Ankika Biswas in Bengaluru; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

[1/4] U.S. Treasury Secretary Janet Yellen and South Africa's Finance Minister Enoch Godongwana attend bilateral talks, at the treasury offices in Pretoria, South Africa, January 26, 2023. Nevertheless Lavrov made a stopover after visiting South Africa, which his counterpart Thulisile Dladla described as a "profound honour." Eswatini relies on the United States for aid, but its absolute monarchy has suffered U.S. criticism on human rights. South Africa, alongside Russia and China, is pushing for a "multipolar" world in which geopolitical power is less concentrated around the United States. "It hasn't delivered the kind of benefits South Africa was hoping to get."

☆ Skinny jeans still a great fit in shrinking economy, Levi CEO says
▼ + stars: | 2023-01-26 | by ( Deborah Mary Sophia | ) www.reuters.com time to read: +2 min

[1/2] The Levi Strauss & Co. label is seen on jeans in a store at the Woodbury Common Premium Outlets in Central Valley, New York, U.S., February 15, 2022. REUTERS/Andrew KellyJan 26 (Reuters) - Reports on the death of skinny jeans have been greatly exaggerated. At least that's what Levi Strauss & Co (LEVI.N) boss Chip Bergh wants everyone to believe. Once a wardrobe staple, skinny jean has recently lost favor among shoppers, especially after the pandemic accelerated a shift toward comfortable clothing like baggy jeans among young consumers. "The skinny jean is not going anywhere anytime soon," Bergh said.

Jan 26 (Reuters) - U.S. carriers on Thursday gave strong earnings forecasts for the year despite economic worries after buoyant demand for air travel during the crucial holiday season helped lift quarterly results. On Thursday, American Airlines (AAL.O), JetBlue Airways Corp (JBLU.O) and Alaska Air Group (ALK.N) all forecast better-than-expected earnings for the full year. The company's Northeast Alliance partner American Airlines forecast an adjusted profit of $2.50 to $3.50 per share for 2023, handily beating analyst expectations of $1.77, according to Refinitiv data. "As we turn our attention to 2023, we will continue to prioritize reliability, profitability and debt reduction," American Airlines Chief Executive Robert Isom said. read moreBoth American Airlines and JetBlue posted fourth-quarter earnings that beat estimates on Thursday.

Amazon.com Inc (AMZN.O), Salesforce Inc (CRM.N) and ServiceNow Inc (NOW.N), which have large cloud businesses, fell about 1% each. The S&P 500 technology index (.SPLRCT) shed 1.3%. Other major growth stocks, including Apple Inc (AAPL.O), Alphabet Inc (GOOGL.O) and Tesla Inc (TSLA.O), also dropped between 0.4% and 3%. News Corp (NWSA.O) jumped 6.1%, leading gains on the S&P 500, after Rupert Murdoch withdrew a proposal to reunite News Corp and Fox Corp. The S&P index recorded two new 52-week highs and one new low, while the Nasdaq recorded 45 new highs and 25 new lows.

☆ DCG's crypto exchange Luno to cut 35% jobs amid harsh crypto winter
▼ + stars: | 2023-01-25 | by ( ) www.reuters.com time to read: +1 min

"2022 has been an incredibly tough year for the broader tech industry and in particular the crypto market," Luno said in a statement, adding that its growth and revenue has been affected by the downturn. More than a trillion dollars in value was wiped out from the crypto sector last year, with rising interest rates exacerbating worries of an economic downturn. The crash led to high-profile bankruptcies of key industry players such as crypto hedge fund Three Arrows Capital and Celsius Network. Still, the biggest blow came after major exchange FTX filed for bankruptcy protection in November. Last week, the lending unit of crypto firm Genesis filed for U.S. bankruptcy protection, owing creditors at least $3.4 billion after being toppled by the crypto market rout.

Shares of Microsoft (MSFT.O) fell 3.9% after it warned that growth in its lucrative cloud business could stall, while its PC unit continued to struggle. The S&P 500 technology index (.SPLRCT) shed 2.1% to lead declines among the 11 major sector indexes. Amazon.com Inc (AMZN.O), Salesforce Inc (CRM.N) and ServiceNow Inc (NOW.N), which have substantial cloud businesses, fell between 2.5% and 4.5%. Other major growth stocks, including Apple Inc (AAPL.O), Alphabet Inc (GOOGL.O) and Tesla Inc (TSLA.O), also dropped between 1.5% and 3.0%. The S&P index recorded two new 52-week highs and one new low, while the Nasdaq recorded 29 new highs and 16 new lows.

☆ NYSE says manual error triggered major trading glitch
▼ + stars: | 2023-01-25 | by ( ) www.reuters.com time to read: +1 min

The glitch, which occurred on Tuesday, impacted stocks of major companies including 3M (MMM.N), Wells Fargo & Co (WFC.N) and Verizon Communications Inc (VZ.N). The NYSE, owned by Intercontinental Exchange Inc (ICE.N), said it began trading in 2,824 securities without an opening auction, which led to erroneous prices, with nearly 4,341 trades in 251 securities "busted", or nullified. The exchange also said it had erroneously triggered a sell short restriction (SSR) on about 80 securities on Tuesday. That could potentially lead to volatile trading on Wednesday but it was "nothing investors have to worry about", Stovall added. Reporting by Niket Nishant and Johann M Cherian in Bengaluru; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

"With improving churn numbers and strong 5G wireless net adds, AT&T is entering 2023 in a good position," Third Bridge analyst Jamie Lumley said. Apart from 5G technology, AT&T is also investing in bolstering its fiber-optic network, which lets it sell both broadband services and video packages. "We will be operating in a challenging macroeconomic environment where wireless industry growth is likely to return to more normalized levels." Wireless stocks in the last 12 months Wireless stocks in the last 12 monthsFor the latest quarter, AT&T added 656,000 postpaid phone subscribers, above Factset estimates of 644,800 additions. The number also came in well above Verizon's 217,000 additions, although it failed to match T-Mobile's expected 927,000 additions.

Verizon Communications Inc (VZ.N) dropped 0.4% after forecasting annual profit below estimates, while Johnson & Johnson (JNJ.N) fell 1.3% as it warned that a surge in China COVID-19 cases could dent the first half sales in 2023. General Electric Co (GE.N) fell 0.2% on a disappointing profit forecast for the year, despite topping quarterly earnings estimates. Big Tech earnings could also determine whether renewed enthusiasm for growth stocks will be sustained. Microsoft Corp (MSFT.O) is scheduled to report quarterly earnings after the bell. Analysts now see fourth-quarter earnings for S&P 500 companies dropping 2.9% year-on-year, according to Refinitiv data.

Industrial conglomerate 3M Co (MMM.N) fell 5.9%, leading the decliners among Dow components after reporting a fall in quarterly profit. General Electric Co (GE.N) fell 1.1% on a disappointing profit forecast for the year, despite topping quarterly earnings estimates. Big Tech earnings could also determine whether renewed enthusiasm for growth stocks will be sustained. "In the near-term, the answer seemingly lies with tech earnings ... longer-term, if we do experience a Fed pivot this year, then would anticipate a strong, positive buying impulse for tech," JPMorgan analysts wrote in a client note. Microsoft Corp (MSFT.O) is scheduled to report quarterly earnings after the bell.

The NYSE, which is owned by Intercontinental Exchange Inc (ICE.N), said it is still investigating the issue and that traders may want to consider filing for erroneous trade claims. "What appears to have happened is a technical glitch where all of my opening orders on the NYSE autocancelled even though some of them should have been fulfilled," said Dennis Dick, trader at Triple D Trading. The gaffe with the NYSE's opening auction comes as the SEC is considering routing most retail stock orders through auctions with the aim of getting individual investors better prices. The NYSE-listed stocks trade on all 16 U.S. stock exchanges, which use the NYSE's prices. The $14 million fine partly related to a nearly four-hour trading halt in July 2015 that resulted from a flawed software rollout.

But COVID-19 vaccine sales exceeded diminished expectations and demand for cancer drug Darzalex helped drive the fourth-quarter profit beat. The company reported $689 million in quarterly COVID-19 vaccine sales from outside the United States. J&J said it expects U.S. sales of Stelara to be flat to lower in 2023 due to competition from less expensive biosimilars in certain regions. It forecast adjusted 2023 earnings of $10.45 to $10.65 per share, above analysts' estimates of $10.35. Excluding items, J&J earned $2.35 per share for the quarter, topping analysts' estimates by 12 cents, according to IBES data from Refinitiv.

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