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☆ Wynn Resorts reaches deal with Las Vegas Unions hours before strike
▼ + stars: | 2023-11-10 | by ( Shivansh Tiwary | ) www.reuters.com time to read: +3 min

Nov 10 (Reuters) - Hospitality workers in Las Vegas reached a tentative labor deal with Wynn Resorts (WYNN.O) hours before a strike, their unions said on Friday, ending a strike threat against major casino operators that could have crippled tourist operations in the city. Casino resort operators in Las Vegas have been earning record profits from a steady post-pandemic recovery in tourism. It also averts the threat of a major disruption to popular events expected to draw thousands of visitors to the tourist-driven economy of Las Vegas. The city will be hosting the Formula 1 Las Vegas Grand Prix this month and the 58th Super Bowl, which is scheduled to take place in February 2024. Visits to the city in September were 4% lower than in the same period in 2019, according to data from the Las Vegas Convention and Visitors Authority.

Persons: Wynn, Ananta Agarwal, Shivansh, Anil D'Silva, Arun Koyyur Organizations: Hospitality, Wynn Resorts, Caesars Entertainment, MGM Resorts International, Culinary Workers, Bartenders Unions, Hilton Worldwide, Hilton, Detroit Three, Hollywood, Wynn, Las, Las Vegas, Las Vegas Convention, Visitors Authority, Thomson Locations: Las Vegas, United States, Bengaluru, Doyinsola, New York

☆ Billionaire Ron Baron says SpaceX will be worth about $500 bln by 2030
▼ + stars: | 2023-11-10 | by ( ) www.reuters.com time to read: +1 min

Nov 10 (Reuters) - Elon Musk's SpaceX will be worth about $500 billion by 2030, billionaire investor Ron Baron said in an interview with CNBC on Friday. Baron, who according to CNBC owns more than $1 billion worth of shares in the rocket company, said the company would be valued at about $250 billion to $300 billion over the next three years. SpaceX's current valuation of about $150 billion makes it one of the most valuable private companies in the world. Earlier in the month, Musk said Starlink, SpaceX's satellite internet unit, had achieved cash flow breakeven. Starlink is the world's largest satellite company and boasts a network of about 5,000 low-Earth orbit satellites.

Persons: Elon Musk's, Ron Baron, Baron, Musk, Starlink, Arsheeya, Anil D'Silva Organizations: Elon, Elon Musk's SpaceX, CNBC, SpaceX, Bloomberg, Thomson Locations: Bengaluru

☆ Las Vegas unions end strike threat after reaching labor deal with Wynn Resorts
▼ + stars: | 2023-11-10 | by ( Shivansh Tiwary | ) www.reuters.com time to read: +2 min

Nov 10 (Reuters) - Hospitality workers in Las Vegas reached a tentative labor deal with Wynn Resorts <WYNN.O>, their union said on Friday, ending the threat of a strike against major casino operators that could have crippled tourist operations in the city. Casino resort operators in Las Vegas have been earning record profits from a steady post-pandemic recovery in tourism. The city will be hosting the Formula 1 Las Vegas Grand Prix this month and the 58th Super Bowl, which is scheduled to take place in February 2024. Visits to the city in September were 4% lower than in the same period in 2019, according to data from the Las Vegas Convention and Visitors Authority. "We are very pleased that we were able to reach an agreement," Wynn said in a Friday statement, adding that it was looking forward to a ratification of its tentative agreement soon.

Persons: Wynn, Ananta Agarwal, Shivansh, Arun Koyyur, Anil D'Silva Organizations: Hospitality, Wynn Resorts, Wynn, Caesars Entertainment, MGM Resorts International, Auto, Detroit, Hollywood, Las, Las Vegas, Las Vegas Convention, Visitors Authority, Thomson Locations: Las Vegas, United States, Bengaluru, Doyinsola, New York

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

☆ Apple to file challenge over Digital Markets Act in EU court - Bloomberg News
▼ + stars: | 2023-11-10 | by ( ) www.reuters.com time to read: +2 min

The Apple Inc. logo is seen hanging at the entrance to the Apple store on 5th Avenue in Manhattan, New York, U.S., October 16, 2019. Apple did not immediately respond to Reuters request for comment, while the EU declined to comment. Even with the potential appeal, Apple will still be required to comply with the rules from March. Apple said in a filing this month it expects to make changes to the App Store as a result of the bloc's new rules. Reporting by Chandni Shah and Yuvraj Malik in Bengaluru; Editing by Anil D'Silva and Arun KoyyurOur Standards: The Thomson Reuters Trust Principles.

Persons: Mike Segar, Apple, Chandni Shah, Yuvraj Malik, Anil D'Silva, Arun Koyyur Organizations: Apple Inc, Apple, REUTERS, Bloomberg, Markets, EU Commission, Google, Digital Services, Thomson Locations: Manhattan , New York, U.S, EU's, Bengaluru

☆ A blistering bull run is underway in the market for uranium
▼ + stars: | 2023-11-09 | by ( Anil Varma | ) www.businessinsider.com time to read: +3 min

Uranium and shares in companies that mine it have enjoyed a scorching rally on soaring demand. Nuclear energy is back in fashion as more reactors are planned amid a shift away from fossil fuels. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . A blistering bull run is underway in the market for uranium, the radioactive element used to produce nuclear energy. The widening demand-supply gap will continue to drive uranium prices higher, according to John Ciampaglia, CEO of Sprott Asset Management, which specializes in precious metals and real assets.

Persons: —, John Ciampaglia, Ciampaglia, Rohan Reddy Organizations: Service, Uranium Miners, Crux, Sprott Asset Management, CNBC, Global Locations: China, India, Russia, Japan

☆ GM's Cruise recalling 950 driverless cars after pedestrian dragged in crash
▼ + stars: | 2023-11-08 | by ( David Shepardson | ) www.reuters.com time to read: +3 min

A self-driving GM Bolt EV is seen during a media event where Cruise, GM's autonomous car unit, showed off its self-driving cars in San Francisco, California, U.S. November 28, 2017. REUTERS/Elijah Nouvelage/File Photo Acquire Licensing RightsWASHINGTON, Nov 8 (Reuters) - Cruise is recalling 950 driverless cars from the roads across the United States following a crash involving one of its robotaxis and will likely issue more recalls, General Motors' (GM.N) self-driving unit said. The recall is the latest setback for GM's Cruise unit that faces growing questions about its technology that GM says it key to its growth plans. Cruise said last month it would halt operations nationwide after California regulators suspended the robotaxi operator's license, saying the Cruise self-driving vehicles were a risk to the public. Cruise is facing two federal investigations over the safety of its cars, including two incidents where the robot cars appeared not to yield to pedestrians in crosswalks.

Persons: Elijah Nouvelage, Mary Barra, Cruise, Quinn Emanuel, David Shepardson, Washington Abinaya, Chandni Shah, Anil D'Silva Organizations: GM Bolt, REUTERS, Rights, General Motors, National, Traffic Safety Administration, GM's, GM, Origin, Thomson Locations: San Francisco , California, U.S, United States, San Francisco, California, crosswalks, Phoenix , Arizona, Houston, Austin, Dallas, Texas, Miami, Washington, Bengaluru

☆ GM's Cruise to recall 950 driverless cars after accident involving pedestrian
▼ + stars: | 2023-11-08 | by ( David Shepardson | ) www.reuters.com time to read: +2 min

A self-driving GM Bolt EV is seen during a media event where Cruise, GM's autonomous car unit, showed off its self-driving cars in San Francisco, California, U.S. November 28, 2017. REUTERS/Elijah Nouvelage/File Photo Acquire Licensing RightsNov 8 (Reuters) - Cruise is recalling 950 driverless cars from the roads across the United States and may withdraw more following an accident involving one of its robotaxis, General Motors' (GM.N) self-driving unit and the U.S. auto regulator said on Wednesday. All affected driverless vehicles will also be repaired before returning to service, it said. "Today we have issued a voluntary recall of part of our AV software based on a new analysis of our AV's post-collision response on October 2nd," Cruise said. Late last month, Cruise said it would suspend all operations nationwide after the California Department of Motor Vehicles ordered the robotaxi operator to remove its driverless cars from state roads.

Persons: Elijah Nouvelage, Cruise, Abinaya Vijayaraghavan, Chandni Shah, Anil D'Silva Organizations: GM Bolt, REUTERS, General Motors, U.S, Traffic Safety Administration, NHTSA, Reuters, California Department of Motor Vehicles, Thomson Locations: San Francisco , California, U.S, United States, San Francisco, crosswalks ., Phoenix , Arizona, Houston, Austin, Dallas, Texas, Miami , Florida, Bengaluru

The company reported free cash flow of $2.06 billion, compared with $1.72 billion in the prior quarter. The company posted a net loss of $417 million, narrowing from a $2.3 billion net loss from a year-ago period. Advertising revenue at its networks segment declined 12% to $1.71 billion as global conflicts and inflation created an uncertain climate for marketers. The company's streaming unit posted an adjusted core profit of $111 million, compared with a loss of $634 million a year ago. Warner Bros Discovery had 95.1 million global direct-to-consumer customers at the end of the quarter, down from 95.8 million in the previous quarter.

Persons: Mario Anzuoni, Gunnar Wiedenfels, there's, Wiedenfels, David Zaslav, Michael Schulman, Barbie, Thomas Hayes, Samrhitha, Helen Coster, Saumyadeb Chakrabarty, Anil D'Silva, Mark Porter Organizations: Paramount Pictures Studios, REUTERS, Warner Bros Discovery, SAG, Running, HBO, Thomson Locations: Los Angeles , California, U.S, Bengaluru, New York

A trader works on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., October 27, 2023. Meanwhile, Fed Chair Jerome Powell did not comment on monetary policy in opening remarks to the U.S central bank statistics conference. On the earnings front, eBay <EBAY.O> shed 5.5% as the e-commerce platform forecast fourth-quarter revenue and profit below Wall Street estimates. Advancing issues outnumbered decliners by a 1.31-to-1 ratio on the NYSE and by a 1.08-to-1 ratio on the Nasdaq. The S&P index recorded 14 new 52-week highs and four new lows, while the Nasdaq recorded 31 new highs and 75 new lows.

Persons: Brendan McDermid, Armour, Peter Andersen, Michelle Bowman, Jerome Powell, Amruta Khandekar, Anil D'Silva, Maju Samuel Organizations: New York Stock Exchange, REUTERS, Warner Bros, Dow, Nasdaq, Federal Reserve, Treasury, Fed, Andersen Capital Management, Analysts, eBay, Wall, Warner Bros Discovery, Dow Jones, Rockstar Games, NYSE, Thomson Locations: New York City, U.S, Boston

☆ Two-thirds of North America could face power shortages this winter -NERC
▼ + stars: | 2023-11-08 | by ( ) www.reuters.com time to read: +3 min

In its 2023-24 winter outlook, the regulatory authority warned that prolonged, wide-area cold snaps threaten the reliability of bulk power generation and availability of fuel supplies for natural gas-fired generation. "Recent extreme cold weather events have shown that energy delivery disruptions can have devastating consequences for electric and gas consumers in impacted areas," NERC said. It put the U.S. Midwest, Northeast, Mid-Atlantic, and South, along with some Canadian provinces, at the highest risk for electricity supply shortages this winter. NERC also found that load forecasting in winter is growing in complexity, and underestimating demand is a risk to reliability in extreme cold temperatures. Flows of gas into pipelines were reduced during Elliott, while demand for the fuel for heating and power generation increased, dramatically lowering line pressures.

Persons: Greenlee Beal, NERC, John Moura, Storm Elliott, Elliott, Anjana Anil, Scott DiSavino, Leslie Adler, Marguerita Choy Organizations: PIKE Energy, REUTERS, North American Electric Reliability Corp, U.S ., PJM, Reliability Corp, Texas, Federal Energy Regulatory, Storm, Consolidated Edison, Thomson Locations: Texas, San Antonio , Texas, U.S, Canada, U.S . Midwest, Northeast, South, New England, MISO , New York, New York City, Bengaluru, New York

☆ Coinbase strengthens its global advisory council
▼ + stars: | 2023-11-07 | by ( ) www.reuters.com time to read: +1 min

Smartphone with displayed Coinbase logo and representation of cryptocurrencies are placed on a keyboard in this illustration taken, June 8, 2023. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsNov 7 (Reuters) - Coinbase (COIN.O) said on Tuesday it had added four national security experts to its global advisory council as the cryptocurrency industry comes under intense regulatory scrutiny following the collapse of Sam Bankman-Fried's FTX. Mark Esper, Stephanie Murphy, Frances Townsend and David Urban are joining the council, which advises the company's executive leadership team. Esper is a former U.S. defense secretary and Murphy is a former national security specialist for the defense department. Coinbase said the new additions will help its council examine the consequences of regulatory uncertainty for crypto in the United States, including long-term economic and national security impacts.

Persons: Dado Ruvic, Sam Bankman, FTX, Mark Esper, Stephanie Murphy, Frances Townsend, David Urban, Murphy, Townsend, George W, Bush, Coinbase, Arasu Kannagi Basil, Anil D'Silva Organizations: REUTERS, Counterterrorism, Homeland Security, Urban, BRG Group, Thomson Locations: U.S, United States, Bengaluru

☆ Explainer: Why WeWork failed, and what is next
▼ + stars: | 2023-11-07 | by ( ) www.reuters.com time to read: +5 min

A WeWork logo is seen outside its offices in the Queens borough of New York City, U.S., November 7, 2023. WeWork was once the most valuable U.S. startup, worth $47 billion. The following explains WeWork's meteoric rise and fall that reshaped the office sector globally:What is WeWork? Just before WeWork filed for bankruptcy this week, Neumann said, "I believe that, with the right strategy and team, a reorganization will enable WeWork to emerge successfully." WeWork first tried to launch an IPO with Neumann as chief executive in 2019, with its parent, We Company, spending months preparing for the public offering.

Persons: Shannon Stapleton, WeWork, Adam Neumann, Rebekah Neumann, Miguel McKelvey, freewheeling, Neumann, Steve Clayton, Hargreaves Lansdown, Masayoshi Son, Oscar, Jared Leto, Anne Hathaway, Rebekah, Clayton, WeWork's, Cadwalader, Taft, Sam Stovall, SoftBank, Kannaki Deka, Susan Mathew, Anil D'Silva Organizations: REUTERS, Banks, JPMorgan Chase, Company, CFRA Research, Titanic, Thomson Locations: Queens, New York City, U.S, freewheeling Israel, Wickersham, Bengaluru

☆ Goldman Sachs plans to scrap GM credit card - source
▼ + stars: | 2023-11-07 | by ( ) www.reuters.com time to read: +1 min

The GM logo is seen on the facade of the General Motors headquarters in Detroit, Michigan, U.S., March 16, 2021. REUTERS/Rebecca Cook/File Photo Acquire Licensing RightsNov 8 (Reuters) - Goldman Sachs (GS.N) is planning to scrap its co-branded credit cards with General Motors (GM.N), a person familiar with the matter told Reuters on Tuesday. General Motors said it would continue to "reward customers for their loyalty to our brands." Last month, Goldman beat estimates for third-quarter profit but said its ill-fated foray into consumer banking continued to weigh. Growing investor skepticism over the business has prompted CEO David Solomon to shift the firm's focus back to its traditional strengths - investment banking and trading.

Persons: Rebecca Cook, Goldman Sachs, General Motors, Goldman, David Solomon, Saeed Azhar, Manya, Shounak Dasgupta, Anil D'Silva Organizations: General Motors, REUTERS, Reuters, General, Street Journal, Sixth Street Partners, Manya Saini, Thomson Locations: Detroit , Michigan, U.S, New York, Bengaluru

As token prices plummeted last year, the sector saw other stunning meltdowns that put several industry moguls into authorities' crosshairs. Changpeng "CZ" ZhaoThe U.S. Securities and Exchange Commission (SEC) sued Binance and its CEO Zhao in June for allegedly operating "a web of deception." Kwon faces multiple charges of fraud in the U.S. and was arrested in Montenegro earlier this year for allegedly forging documents, authorities said. He has pleaded not guilty to U.S. fraud charges that he misled customers and artificially inflated the value of his company's proprietary crypto token. Barry SilbertSilbert is the boss of crypto group Digital Currency Group whose subsidiary Genesis Global Capital filed for bankruptcy in January.

Persons: Zhao Changpeng, Binance, Costas Baltas, Sam Bankman, Fried, he's, Zhao, Kwon, Luna, Terraform, Alex Mashinsky, Mashinsky, Barry Silbert Silbert, Letitia James, Silbert, Stephen Ehrlich Stephen Ehrlich's, Ehrlich, Justin Sun, Sun, Niket Nishant, Hannah Lang, Michelle Price, Anil D'Silva Organizations: REUTERS, Rights, Zhao, U.S . Securities, Exchange Commission, SEC, U.S . Commodity Futures Trading Commission, Korean, Terraform Labs, Montenegrin, Mashinsky, CFTC, U.S . Federal Trade Commission, Digital Currency Group, Genesis Global Capital, New York, FTC, Tron Foundation, Thomson Locations: Athens, Greece, China, Canada, U.S, Montenegro, New York

☆ Coal free by 2070? India’s push toward renewables won't stop coal reliance for the next two decades
▼ + stars: | 2023-11-03 | by ( Charmaine Jacob | ) www.cnbc.com time to read: +6 min

The country's leaders have been optimistic about its path to net zero, making bold claims that 50% of its power generation will come from renewables by 2030, and 100% by 2070. "This heightened power demand necessitates a reliable, cost-effective, and consistent power generation source, which coal currently fulfills," he highlighted. Nearly 10% of the country's electricity demand comes from space cooling and this will increase ninefold by 2050, the IEA said. Unreliable renewablesDespite being able to produce cheap wind and solar energy, only 22% of India's power generation is met by renewables. These complexities render it challenging to rely solely on renewables for consistent and dependable power generation," Narayan said.

Persons: Money Sharma, Anil Kumar Jha, Jha, Neshwin Rodrigues, Prakash Singh, Sooraj Narayan, Wood, Sooraj Narayan Wood Mackenzie, Narayan, Sumant Sinha, Sinha, CNBC's, Wood Mackenzie's Narayan Organizations: Afp, Getty, Coal, CNBC, National Thermal Power Corporation, International Energy Agency, Ministry of Coal, Jha, Bloomberg, Investment, Invest India, Nurphoto Locations: Uttar Pradesh, India, Coal India, Dadri, Asia, Uttarakhand, Kerala

☆ Cognizant forecasts quarterly revenue below estimates on weak corporate spending
▼ + stars: | 2023-11-01 | by ( ) www.reuters.com time to read: +2 min

The Teaneck, New Jersey-based company expects current-quarter revenue between $4.69 billion and $4.82 billion, compared with market estimates of $4.86 billion, according to LSEG data. Indian IT services giants Infosys (INFY.NS) cut the upper end of its annual revenue forecast earlier in Oct, raising concerns about near-term demand, while Tata Consultancy Services (TCS.NS) reported weaker-than-expected quarterly revenue. The company expects annual adjusted profit per share in the range of $4.39 to $4.42, from its prior estimate of between $4.25 and $4.48. Revenue for the third quarter stood at $4.90 billion, slightly below estimates of $4.91 billion. The company reported a profit of $1.04 per share, compared with $1.22 per share a year earlier.

Persons: Dado Ruvic, Cognizant, Jan Siegmund, Jaspreet Singh, Anil D'Silva Organizations: REUTERS, Technology Solutions, Wall, Infosys, Tata Consultancy Services, Accenture, Thomson Locations: Teaneck , New Jersey, Bengaluru

DoorDash had in August projected adjusted EBITDA of between $750 million and $1.05 billion. The company expects fourth-quarter adjusted EBITDA, a key measure of profitability, of between $320 million and $380 million, compared with analysts' estimates of $253.3 million. In the third quarter, total orders rose 24% to 543 million from a year earlier. Revenue rose 27% to $2.16 billion, compared with analysts' expectations of $2.09 billion, according to LSEG data. Net loss narrowed to $73 million, or 19 cents per share, in the third quarter, compared with $295 million, or 77 cents per share, a year earlier.

Persons: Dado Ruvic, Ravi Inukonda, DoorDash, Rachel Wolff, Granth, Anil D'Silva Organizations: REUTERS, ALDI, Reuters, Revenue, Thomson Locations: Japan, U.S, Bengaluru

REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsNov 1 (Reuters) - Airbnb (ABNB.O) forecast fourth-quarter revenue slightly below Wall Street estimates on Wednesday, as tourists scale back on travel due to rising costs, uncertain economic conditions and geopolitical turbulence. However, that slice of revenue is moderating as more companies push their employees to return to the office. The San Francisco-based company forecast fourth-quarter revenue between $2.13 billion and $2.17 billion, below average analysts' estimate of $2.18 billion, according to LSEG data. Airbnb's third-quarter revenue rose 18% to $3.4 billion from a year earlier, while its gross bookings rose to $18.3 billion. Its revenue rose 18% to $3.4 billion, compared with average analysts estimate of $3.37 billion.

Persons: Dado Ruvic, Airbnb, Priyamvada, Anil D'Silva Organizations: REUTERS, Asia Pacific, Thomson Locations: San Francisco, United States, North America, Asia Pacific, China, Asia, America, Bangalore, New York

☆ Disney's ESPN could be valued at $24 bln, likely buyers include Apple, Verizon - BofA
▼ + stars: | 2023-11-01 | by ( ) www.reuters.com time to read: +2 min

Toy figures of people are seen in front of the displayed Disney + logo, in this illustration taken January 20, 2022. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsNov 1 (Reuters) - Walt Disney's ESPN sports network could secure an enterprise value of $24 billion and attract investment interest from sports leagues, tech firms like Apple and telecom majors including Verizon, according to BofA Global Research. Benefits to prospective buyers, however, appear "nebulous", BofA said. "ESPN is still a strong business and a premier brand, but it sits at the nexus of possible major business transformation. Reporting by Chavi Mehta in Bengaluru; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

Persons: Dado Ruvic, Walt Disney's, Bob Iger, Jessica Reif Ehrlich, BofA, Chavi Mehta, Anil D'Silva Organizations: REUTERS, Walt Disney's ESPN, Apple, Verizon, BofA Global Research, ESPN, Disney, National Football League, National Basketball Association, Comcast, Thomson Locations: Bengaluru

☆ A software engineer was looking for a side hustle so he started making TikTok videos about Costco. It paid off.
▼ + stars: | 2023-11-01 | by ( Aimee Pearcy | ) www.businessinsider.com time to read: +5 min

After noticing how much people loved Costco, Anil, 33, created a side hustle based on the store. Since creating a TikTok account in June, he has amassed over 136,000 followers. AdvertisementAdvertisementDuring the day, Anil, who prefers to keep his full name private because he does not want to reveal his identity on social media, works full-time as a software engineer. Each morning, he spends an hour editing the videos and uploading them to his TikTok account, @costcofinds75, to show to his 136,000 followers. So I thought, OK, people are liking Costco products, so why don't I try this?"

Persons: Costco, Anil, he's, —, He'd, hadn't, he'd, fryer, Anil's, doesn't Organizations: Service, Costco, Club

☆ Musk says Tesla aims to make 200,000 Cybertrucks a year
▼ + stars: | 2023-10-31 | by ( ) www.reuters.com time to read: +1 min

Tesla's Cybertruck is displayed at Manhattan's Meatpacking District in New York City, U.S., May 8, 2021. REUTERS/Jeenah Moon/File Photo Acquire Licensing RightsOct 31 (Reuters) - Tesla (TSLA.O) is aiming to make 200,000 units of its electric pickup truck, Cybertruck, per year, Chief Executive Officer Elon Musk said on Tuesday. The company had earlier said that Tesla had the capacity to make more than 125,000 Cybertrucks annually, with Musk adding there was potential to lift it to 250,000 in 2025. On the "Joe Rogan Experience" podcast released Tuesday, Musk reiterated how hard it was to produce the Cybertruck. "We're aiming to make about 200,000 a year at point production ... maybe a little more, but I just can't emphasize enough that manufacturing is much much harder than the initial design," Musk said about the futuristic-looking Cybertruck.

Persons: Elon Musk, Tesla, Musk, Joe Rogan, Chavi Mehta, Anil D'Silva Organizations: Meatpacking, REUTERS, Thomson Locations: New York City, U.S, Los Angeles, Bengaluru

☆ Tinder-owner Match issues dour forecast; shares tumble
▼ + stars: | 2023-10-31 | by ( ) www.reuters.com time to read: +2 min

That has, in turn, impacted its dating platforms, which include Hinge, OKCupid, and Plenty of Fish. Tinder, its largest brand, grew revenue by 7% last year compared to its chief rival Bumble (BMBL.O), which expanded its top line at twice that rate. In the third quarter ended Sept. 30, revenue grew 9% to $882 million, beating analysts' estimate of $880.6 million, according to LSEG. Sales in the Americas, which accounts for over half of its revenue, rose 10%, while those in Europe were up 17%. Direct revenue at Tinder and Hinge, its top two dating platforms, grew 11% and 44% respectively.

Persons: Akhtar Soomro, Bumble, Yuvraj Malik, Anil D'Silva Organizations: REUTERS, Google, Thomson Locations: Israel, Plenty, Americas, Europe, Bengaluru

☆ WeWork plans to file for bankruptcy as early as next week, source says
▼ + stars: | 2023-10-31 | by ( ) www.reuters.com time to read: +2 min

[1/3] WeWork logos are seen at a WeWork office in San Francisco, California, U.S. September 30, 2019. REUTERS/Kate Munsch Acquire Licensing RightsOct 31 (Reuters) - WeWork (WE.N) plans to file for bankruptcy as early as next week, a source familiar with the matter said on Tuesday, as the SoftBank Group-backed company struggles with a massive debt pile and hefty losses. Shares of the flexible workspace provider fell 32% in extended trading after the Wall Street Journal first reported the news. New York-based WeWork is considering filing a Chapter 11 petition in New Jersey, the WSJ reported, citing people familiar with the matter. Its major backer, Japanese conglomerate SoftBank, sunk tens of billions to prop up the startup, but the company has continued to lose money.

Persons: Kate Munsch, WeWork, Sandeep Mathrani, Anirban Sen, Manas Mishra, Manya, Shailesh Kuber, Anil D'Silva Organizations: REUTERS, SoftBank, Wall Street Journal, WSJ, Manya Saini, Thomson Locations: San Francisco , California, U.S, New York, New Jersey, Bengaluru

Roughly half of the S&P 500 (.SPX) companies have reported results thus far, with more than 77% exceeding results. But of that group, consumer discretionary companies have been the biggest surprise, on average exceeding earnings-per-share estimates by 19%, according to LSEG I/B/E/S data. A 4.9% rise in U.S. gross domestic product in the third quarter further highlights the health of the consumer. Including Monday's gains, the S&P 500 consumer discretionary index (.SPLRCD) is up nearly 19% this year, far outperforming the broader S&P 500, which is up nearly 8%. Reuters GraphicsAmong the other consumer discretionary names that have surpassed expectations are Amazon (AMZN.O), Hilton Worldwide Holdings (HLT.N) and Royal Caribbean (RCL.N).

Persons: LSEG, Jason Benowitz, Roosevelt, McDonald's, Brian Mulberry, Gerald Pascarelli, Aishwarya Venugopal, Ananya Mariam Rajesh, Anil D'Silva Organizations: Reuters Graphics, Hilton Worldwide Holdings, Royal, Zacks Investment Management, Thomson Locations: U.S, Royal Caribbean, Bengaluru

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