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☆ Bumble forecasts weak fourth-quarter revenue, shares fall
▼ + stars: | 2023-11-07 | by ( ) www.reuters.com time to read: +2 min

Match last month, however, forecast fourth-quarter revenue below market estimates, reflecting the impact of a strong dollar and risk to revenue from Israel against the backdrop of the Middle East conflict. Total paying users across Bumble's apps including Badoo and Fruitz increased to 3.8 million in the third quarter, compared with 3.3 million a year earlier. Austin, Texas-based Bumble expects revenue for the quarter ending Dec. 31 to be between $272 million and $278 million, compared with analysts' estimates of $285.9 million, according to LSEG data. Total average revenue per paying user increased to $23.42 in the third quarter, compared with $22.96 a year earlier. The company posted revenue of $275.5 million, compared with estimates of $277 million.

Persons: Mike Segar, Bumble, Whitney Wolfe, Lidiane Jones, Jaspreet Singh, Shounak Dasgupta, Shilpi Majumdar Organizations: Nasdaq, Inc, REUTERS, Wall, Slack, Match, Thomson Locations: New York City , New York, U.S, Israel, Middle East, Austin , Texas, Bengaluru

☆ Akamai sees Q4 profit above estimates on strong demand for cybersecurity services
▼ + stars: | 2023-11-07 | by ( ) www.reuters.com time to read: +1 min

Nov 7 (Reuters) - Akamai Technologies (AKAM.O) forecast fourth-quarter adjusted profit above Wall Street estimates on Tuesday, helped by strong demand for its cloud security services as rapid digitalization raises the risk of high-profile hacks. Spending on cybersecurity services have stayed resilient amid growing cyber crimes and privacy concerns even as companies tightened the budgets for other IT services. Cambridge, Massachusetts-based Akamai expects fourth-quarter adjusted profit at about $1.57 per share, compared with analysts average estimate of $1.54 per share, according to LSEG data. The company reported revenue of $965 million and adjusted profit of $1.63 per share for the quarter ended Sept. 30. Analysts expected revenue at $943.32 million and adjusted profit at $1.50 per share.

Persons: Akamai, Tanya Jain, Shilpi Majumdar Organizations: Akamai Technologies, Wall, Data Corporation . Cambridge, U.S . Department of Labor, Census Bureau, Department of Defense, eBay, Electronic Arts, Thomson Locations: Data Corporation . Cambridge , Massachusetts, Bengaluru

The headquarters of U.S. energy exporter and pipeline operator Kinder Morgan Inc. is seen in Houston, Texas, U.S. September 27, 2020. REUTERS/Gary McWilliams/File Photo Acquire Licensing RightsNov 6 (Reuters) - U.S. pipeline operator Kinder Morgan (KMI.N) said on Monday it would acquire NextEra Energy Partners' (NEP.N) gas pipelines in South Texas for $1.82 billion. NextEra Energy Partners' (NEP) Texas natural gas pipeline portfolio, STX Midstream, primarily consists of seven pipelines which provide natural gas to Mexico and power producers and municipalities in South Texas. "Upon closing, the proceeds would be sufficient to pay off the outstanding project-related debt," NextEra Energy Partners' CEO John Ketchum said in a statement. The sale price represents an about 10 times multiple on the estimated calendar-year 2023 adjusted core profit for the Texas natural gas pipeline portfolio, NEP said.

Persons: Gary McWilliams, Kinder Morgan, KMI.N, STX Midstream, John Ketchum, Seher Dareen, Sourasis Bose, Shilpi Majumdar Organizations: Kinder Morgan Inc, REUTERS, NextEra Energy Partners, NextEra Energy, Energy Partners, Guggenheim Securities, Thomson Locations: Houston , Texas, U.S, South Texas, Texas, Mexico, Bengaluru

☆ Saudi Arabia eyes stake in $30 bln Indian Premier League - Bloomberg News
▼ + stars: | 2023-11-03 | by ( ) www.reuters.com time to read: +1 min

Nov 3 (Reuters) - Saudi Arabia has expressed interest in buying a multibillion-dollar stake in the Indian Premier League (IPL), the world's richest cricket league, Bloomberg News reported on Friday, citing people familiar with the matter. Saudi Arabian Crown Prince Mohammed bin Salman's advisers have spoken to Indian government officials about moving the IPL into a holding company valued at as much as $30 billion, the report said. The Board of Control for Cricket in India (BCCI), the custodian of the IPL, did not immediately respond to Reuters' request for a comment. IPL is one of the richest leagues in the world and has been attracting top players and coaches to India since its inaugural edition in 2008. Reporting by Nilutpal Timsina in Bengaluru; Editing by Shinjini Ganguli and Shilpi MajumdarOur Standards: The Thomson Reuters Trust Principles.

Persons: Saudi Arabian Crown Prince Mohammed bin, Nilutpal, Shinjini Ganguli, Shilpi Majumdar Organizations: Indian Premier League, Bloomberg, Saudi Arabian Crown, IPL, Control, Cricket, BCCI, Reuters, Thomson Locations: Saudi Arabia, Saudi, India, Bengaluru

☆ Verisk tops third-quarter expectations on resilient demand from insurers
▼ + stars: | 2023-11-01 | by ( ) www.reuters.com time to read: +1 min

Nov 1 (Reuters) - Verisk Analytics (VRSK.O) beat market expectations for third-quarter revenue and profit on Wednesday, as more insurance companies used its products to assess risk. The data analytics company's products cater to insurers across sectors ranging from real estate to manufacturing. A rebound in markets is set to help insurers post higher returns from their investments, improving their capacity for enterprise expenditure. Underwriting revenue, which comes from providing property-specific underwriting and rating information and data solutions, was up nearly 9% at $475.2 million. Verisk posted adjusted profit of $1.52 per share for the quarter, compared with analysts' estimate of $1.48 per share.

Persons: Chubb, Verisk, Arsheeya, Shilpi Majumdar Organizations: Insurance, Thomson Locations: New Jersey, Bengaluru

☆ Splunk to lay off nearly 7% of its workforce amid economic woes
▼ + stars: | 2023-11-01 | by ( ) www.reuters.com time to read: 1 min

Nov 1 (Reuters) - Splunk (SPLK.O) said on Wednesday it would lay off nearly 7% of its global workforce as the cybersecurity and cloud software company grapples with an uncertain macroeconomic environment. Splunk had 8,000 employees as of Jan. 31, of which nearly 560 are set to be impacted by the layoffs. "The overall market has retracted and we expect the macro environment will continue to be unpredictable for the foreseeable future," said CEO Gary Steele in an email sent to employees, about a month ahead of its quarterly results. The reorganization is unrelated to the deal Cisco Systems (CSCO.O) made in September to acquire Splunk for about $28 billion, Steele added. Reporting by Arsheeya Bajwa in Bengaluru; Editing by Shilpi MajumdarOur Standards: The Thomson Reuters Trust Principles.

Persons: Splunk, Gary Steele, Steele, Arsheeya, Shilpi Majumdar Organizations: Cisco Systems, Thomson Locations: Bengaluru

☆ Lumentum to buy Cloud Light for $750 mln as demand for cloud-based solutions rises
▼ + stars: | 2023-10-30 | by ( ) www.reuters.com time to read: +1 min

Oct 30 (Reuters) - Lumentum Holdings (LITE.O) said on Monday it would buy Hong Kong-based Cloud Light Technology for about $750 million, as the networking equipment maker looks to capitalize on growing demand for cloud computing. Cloud Light, which makes fiber optic equipment and automotive sensors, is expected to expand Lumentum's opportunities in the cloud data center and networking infrastructure space. Cloud Light, which was spun off from Japanese electronic components manufacturer TDK (6762.T) in 2018, generated about $200 million in revenue over the last year, Lumentum added. Lumentum intends to finance the transaction, expected to close by the end of this year, through cash from its balance sheet. At the time of closing, the transaction amount would be paid in cash and the assumption and substitution of outstanding unvested Cloud Light options.

Persons: Lumentum, Arsheeya, Shilpi Majumdar Organizations: Lumentum Holdings, Light Technology, Microsoft, Google, Securities, Thomson Locations: Hong Kong, California, Bengaluru

☆ Realty Income to Buy Spirit Realty Capital in a $9.3 Billion Deal
▼ + stars: | 2023-10-30 | by ( Oct. | At A.M. | ) www.usnews.com time to read: 1 min

(Reuters) - Realty Income said on Monday it would buy Spirit Realty Capital in an all-stock deal valued at $9.3 billion as it looks to expand its real estate portfolio. Shares of Realty Income are down 1.7% at $48.4 in premarket trading, while Spirit Realty was up 11% at $35.91. Under the terms of the agreement, Spirit shareholders will receive 0.762 newly-issued Realty Income common shares for each Spirit common share they own. Wells Fargo is serving as the financial adviser to Realty Income and J.P. Morgan Securities and Morgan Stanley & Co are serving as financial advisers to Spirit Realty. The deal is expected to close during the first quarter of 2024.

Persons: Wells, Morgan Stanley, Kannaki, Shilpi Majumdar Organizations: Reuters, Spirit Realty Capital, Spirit Realty, Spirit, Realty, Morgan Securities Locations: Wells Fargo, Bengaluru

☆ Realty Income to buy Spirit Realty Capital in a $9.3 billion deal
▼ + stars: | 2023-10-30 | by ( Kannaki Deka | ) www.reuters.com time to read: +2 min

Oct 30 (Reuters) - Realty Income (O.N) said on Monday it would buy Spirit Realty Capital (SRC.N) in an all-stock deal valued at $9.3 billion as it looks to expand its real estate portfolio. Commercial real estate, especially offices, has been hit by interest rates hikes and workers choosing to stay at home. The combined portfolio is expected to result in reduced rent concentration for Realty Income's clients, while increasing the combined portfolio's annualized contractual rent from $3.8 billion to $4.5 billion, Realty Income said. Wells Fargo is the financial adviser to Realty Income, while J.P. Morgan Securities and Morgan Stanley & Co are serving as financial advisers to Spirit Realty. Spirit Realty primarily invests in single-tenant real estate assets given on long-term leases.

Persons: Sumit Roy, Wells Fargo, Morgan Stanley, Kannaki, Shilpi Majumdar Organizations: Spirit Realty, Realty, Spirit, Morgan Securities, Thomson Locations: U.S, Wells, Bengaluru

☆ Ford to add more Tesla EV chargers to its network
▼ + stars: | 2023-10-30 | by ( ) www.reuters.com time to read: +2 min

Oct 30 (Reuters) - Ford Motor (F.N) said on Monday it would add more of Tesla's Superchargers to its electric-vehicle charging network, higher than previously forecast, as automakers tap into the EV leader's sprawling charger network to expand the range of their cars. Ford will now add over 15,000 of Tesla's Superchargers to its network, up from its earlier projection of 12,000 chargers. These three providers would bring more than 10,000 new chargers to the network, including more than 550 new DC fast chargers. BlueOval combines multiple charging networks to provide access to the largest North American public charging network offered by automotive manufacturers. The development comes months after Ford struck a deal with Tesla to allow EV owners gain access to the biggest network of high-speed Superchargers in the United States in early 2024.

Persons: Ford, BlueOval, Tesla, Abhijith Ganapavaram, Shilpi Majumdar Organizations: Ford, EV, U.S, Francis Energy, Ford EV, Shell, Thomson Locations: North America, Canada, America, United States, Bengaluru

Dimon and his family intend to sell 1 million of their 8.6 million shares, according to the filing. That is a tiny percentage of the shares outstanding in JPMorgan which has a market capitalization exceeding $409 billion, according to LSEG data. Dimon has no current plans to sell more stock, but could consider doing so in the future, the spokesman added. Shares of JPMorgan slid more than 3%, falling with peers Bank of America (BAC.N), Citigroup (C.N) and Wells Fargo (WFC.N). So far this year, JPMorgan shares have risen 1.4%, outperforming the S&P 500 Banks Index (.SPXBK), which has declined 18%.

Persons: JPMorgan Chase, Jamie Dimon, Dimon, Octavio Marenzi, Marenzi, they're, Schumer, Evelyn Hockstein, Wells, Brian Mulberry, Mulberry, Ben Silverman, Mike Mayo, James Gorman, Morgan Stanley, Peter Orszag, Dave Ellison, Hennessy, Scott Siefers, Piper Sandler, Siefers, Niket, Lananh Nguyen, Nupur Anand, Shilpi Majumdar, Shinjini Ganguli, Mike Harrison, Jonathan Oatis Organizations: JPMorgan, First Republic Bank, Forbes, U.S, Capitol, REUTERS, Bank of America, Citigroup, Zacks Investment Management, Wells, Wall Street, Lazard, Hennessy Funds, Banks, Thomson Locations: U.S, America, Washington , U.S, Wells Fargo, Bengaluru, Lananh, New York

☆ T. Rowe beats profit estimates on higher fee-based income
▼ + stars: | 2023-10-27 | by ( ) www.reuters.com time to read: +1 min

The logo of T. Rowe Price Group is pictured at its office in Tokyo, Japan, January 13, 2017. REUTERS/Toru Hanai/File Photo Acquire Licensing RightsOct 27 (Reuters) - T. Rowe Price Group (TROW.O) reported a better-than-expected quarterly profit on Friday, as concerns about the economy somewhat eased from last year, boosting assets under management at the firm. "However, our flows remain pressured, with net outflows from equity outweighing the positive net flows to fixed income, multi-asset and alternatives in this quarter," CEO Rob Sharps said in a statement. Total assets under management at the end of the quarter was $1.35 trillion, up 9.5% over the year earlier. Investment advisory fees were up 1.5% at $1.46 billion in the quarter, T. Rowe said.

Persons: Rowe Price, Toru Hanai, Rob Sharps, Rowe, Sri Hari, Shilpi Majumdar Organizations: REUTERS, Federal Reserve, Sri, Thomson Locations: Tokyo, Japan, Baltimore , Maryland, Bengaluru

☆ Dana sees 'significant impact' from UAW strikes to North American operations
▼ + stars: | 2023-10-27 | by ( Nathan Gomes | ) www.reuters.com time to read: +2 min

Striking United Auto Workers (UAW) members from the General Motors Lansing Delta Plant picket in Delta Township, Michigan U.S. September 29, 2023. Dana said the UAW strikes affected some of its largest light truck programs, including Ford Super Duty, Ranger and Bronco as well as Stellantis' Jeep Wrangler and Gladiator. "The longer the UAW strike continues, the greater financial stress there will be across the Tier 2 through Tier 4 supply base," Dana's chief executive James Kamsickas said in a post-earnings call with analysts. Dana expects its full-year sales to be $10.7 billion if UAW strikes through Oct. 31, or $10.2 billion with strikes through Dec. 31. GM and Ford have pulled their full-year forecasts this week to account for impacts from the UAW strikes.

Persons: Rebecca Cook, DAN.N, Dana, James Kamsickas, Nathan Gomes, Shilpi Majumdar Organizations: United Auto Workers, UAW, General Motors Lansing Delta Plant, Michigan U.S, REUTERS, Dana, Detroit Three, General Motors, Ford Motor, Stellantis, Ford Super Duty, GM, Ford, Anderson Economic Group, Thomson Locations: Delta Township, Michigan, North America, Bengaluru

☆ Duke Energy to build end-to-end green hydrogen system in Florida
▼ + stars: | 2023-10-27 | by ( ) www.reuters.com time to read: +1 min

The company logo and ticker for Duke Energy Corp. is displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York, U.S., March 4, 2019. REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsOct 27 (Reuters) - Electric utility Duke Energy (DUK.N) said on Friday it would build a project to create clean energy using an end-to-end system to produce, store and combust 100% green hydrogen, in Florida. Green hydrogen, produced by splitting water through electrolysis using renewable energy, is expected to play a key role in decarbonizing various industries, including transport. Construction of the demonstration project in DeBary would begin later this year and could take about one year to complete, Duke said. The new system would begin with the existing 74.5-megawatt (MW) DeBary solar plant providing clean energy for two 1-MW electrolyzer units.

Persons: Brendan McDermid, Sargent, Lundy, Electric's, Duke, Arunima Kumar, Shilpi Majumdar Organizations: Duke Energy Corp, New York Stock Exchange, REUTERS, Electric, Duke Energy, Duke, GE, Thomson Locations: New York, U.S, Florida, DeBary, Bengaluru

☆ Mobileye cuts annual revenue forecast as automakers look to ease production
▼ + stars: | 2023-10-26 | by ( ) www.reuters.com time to read: +1 min

The listing of Mobileye Global Inc., the self-driving unit of chip maker Intel Corp, is seen at the Nasdaq MarketSite, at Times Square in New York City, U.S., October 26, 2022. REUTERS/Shannon Stapleton/File Photo Acquire Licensing RightsOct 26 (Reuters) - Mobileye Global (MBLY.O) lowered the upper end of its annual revenue forecast on Thursday, in a sign that slowing electric-vehicle production is likely to weigh on demand for its driver-assistance technology. Automakers such as Tesla (TSLA.O), General Motors (GM.N) and Ford (F.N) have turned cautious about expanding their EV production capacity amid risks of a slowdown in demand due to higher borrowing costs and growing economic uncertainties. This, in turn, may hurt Mobileye, a supplier for EV makers such as Polestar . The Israel-based firm expects full-year revenue to be between $2.07 billion and $2.09 billion, compared with its earlier forecast of $2.07 billion to $2.11 billion.

Persons: Shannon Stapleton, Mobileye, Arsheeya, Shilpi Majumdar Organizations: Mobileye Global Inc, Intel Corp, Nasdaq, Times, REUTERS, General Motors, Ford, EV, Volkswagen, Porsche, Thomson Locations: New York City, U.S, Israel, Bengaluru

☆ Goldman Sachs forays into geopolitical advisory business
▼ + stars: | 2023-10-26 | by ( ) www.reuters.com time to read: +1 min

The logo for Goldman Sachs is seen on the trading floor at the New York Stock Exchange (NYSE) in New York City, New York, U.S., November 17, 2021. REUTERS/Andrew Kelly/File Photo Acquire Licensing RightsOct 26 (Reuters) - Goldman Sachs (GS.N) on Thursday launched an institute to offer its clients insights on geopolitics and technology, according to an internal memo seen by Reuters. The Goldman Sachs Global Institute will be led by Jared Cohen and George Lee, partners at the U.S. banking heavyweight, the memo said. Apart from Goldman Sachs, independent investment firm Lazard (LAZ.N) has been advising its clients on geopolitical risks. The Goldman Sachs Global Institute will partner with leaders across businesses to engage with clients on a range of topics from the U.S.-China relationship, conflicts in Europe and the Middle East and shifting supply chains, the memo added.

Persons: Goldman Sachs, Andrew Kelly, Goldman, Jared Cohen, George Lee, Lazard, Jaiveer Singh, Shilpi Majumdar Organizations: New York Stock Exchange, REUTERS, Reuters, Goldman Sachs Global, Goldman Sachs Global Institute, U.S ., Thomson Locations: New York City , New York, U.S, Ukraine, China, Europe, Bengaluru

☆ Stellantis nears deal to buy 20% of Chinese EV maker Leapmotor - Bloomberg News
▼ + stars: | 2023-10-25 | by ( ) www.reuters.com time to read: +2 min

A flag with the logo of Stellantis is seen at the company's corporate office building in Saint-Quentin-en-Yvelines near Paris, France, May 5, 2021. The partnership would also give Stellantis access to the EV maker's parts and certain technologies, according to the report. Stellantis, whose brands include Fiat and Peugeot, has only a very small presence in China, the world's largest auto market. The group and rivals such as Renault (RENA.PA) are concerned about growing competition from cheap Chinese electric cars in Europe. The companies are hammering out the final details of a transaction and an announcement could be made in the coming days, Bloomberg said.

Persons: Gonzalo Fuentes, Stellantis, Leapmotor, Akanksha, Gilles Guillaume, Giulio Piovaccari, Zhang Yan, Keith Weir, Shilpi Majumdar, Shweta Agarwal, Mike Harrison, Jan Harvey Organizations: REUTERS, Stellantis, Bloomberg, Zhejiang, HK, Fiat, Peugeot, Renault, Hong Kong, Guangzhou Automobile Group, Thomson Locations: Saint, Yvelines, Paris, France, China, Europe, Hong Kong, Bengaluru, Milan, Shanghai

☆ Moody's quarterly profit beats estimates on robust demand
▼ + stars: | 2023-10-25 | by ( ) www.reuters.com time to read: +1 min

Signage is seen outside the Moody's Corporation headquarters in Manhattan, New York, U.S., November 12, 2021/File Photo Acquire Licensing RightsOct 25 (Reuters) - Ratings agency Moody's (MCO.N) reported higher-than-expected profit in the third quarter on Wednesday, helped by strong demand for its research and analytics. The New York-based company saw robust demand for its data and insights, including CreditView, its flagship credit research product. Lesser economic uncertainty compared to last year also helped a rebound in debt issuance, further boosting Moody's business. The company reported adjusted profit of $2.43 per share for the three months ended Sept. 30, compared with analysts' average estimate of $2.30 per share, according to LSEG data. Moody's kept its full-year adjusted profit forecast unchanged at $9.75 to $10.25 per share.

Persons: Rob Fauber, Moody's, Niket, Shilpi Majumdar Organizations: Moody's Corporation, Thomson Locations: Manhattan , New York, U.S, New York, Bengaluru

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

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

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

REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsOct 25 (Reuters) - Hilton Worldwide Holdings (HLT.N) beat Wall Street estimates for third-quarter revenue and lifted its annual forecast on Wednesday, as record lodging prices and higher occupancy levels boosted results. Hotel and resort operators are benefiting from the global rebound in travel as consumers continue to plan vacations despite inflation and the higher cost of travel compared to pre-pandemic. Hilton's revenue per available room in the third quarter saw significant recovery in Asia, up 65.5% compared to the year earlier. The company's third-quarter revenue rose to $2.67 billion, exceeding the average Wall Street estimate of $2.64 billion, according to LSEG data. It expects full-year revenue per room to increase between 12.0% and 12.5% compared to 2022.

Persons: Brendan McDermid, Christopher Nassetta, Hilton, Priyamvada, Shounak Dasgupta, Shilpi Majumdar Organizations: New York Stock Exchange, REUTERS, Hilton Worldwide Holdings, Hilton, Waldorf Astoria Hotels & Resorts, Marriott International, Thomson Locations: New York, U.S, Asia, Bengaluru, Doyinsola

☆ Dover Trims Full-Year Profit Forecast on Higher Inventory Cost, Lower Demand
▼ + stars: | 2023-10-24 | by ( Oct. | At A.M. | ) www.usnews.com time to read: +1 min

(Reuters) - Industrial equipment manufacturer Dover cut annual profit forecast on Tuesday, as it expects higher costs associated with inventory storage and lower demand from the biopharma and automotive industries to dampen earnings. Dover now expects its 2023 adjusted profit to be in the range of $8.75 to $8.85 per share, based on an about flat full-year revenue growth. It had earlier forecast $8.85 to $9.00 per share for the year. "We are shifting to a more conservative outlook for the remainder of the year to reflect the changes in certain market conditions we observed in the third quarter," Tobin added. The company's total revenue of $2.15 billion for the third quarter missed analysts' average estimate of $2.22 billion, according to LSEG data.

Persons: Dover, Richard Tobin, Tobin, Abhinav Parmar, Shilpi Majumdar Organizations: Reuters, Dover Locations: Dover, Illinois, Bengaluru

☆ Billionaire investor Ackman says 'covered our bond short'
▼ + stars: | 2023-10-23 | by ( ) www.reuters.com time to read: +1 min

Bill Ackman, chief executive officer and portfolio manager at Pershing Square Capital Management, speaks during the SALT conference in Las Vegas, Nevada, U.S. May 18, 2017. REUTERS/Richard Brian/File Photo Acquire Licensing RightsOct 23 (Reuters) - Bill Ackman's hedge fund Pershing Square Capital Management has covered its bond short position, the billionaire investor posted on Monday, saying it was too risky to remain short bonds at current long-term rates. Pershing Square Capital Management did not immediately respond to a Reuters request for additional comment. "The economy is slowing faster than recent data suggests," Ackman wrote on messaging platform X, formerly known as Twitter. One of Wall Street's most voluble investors, Ackman has been using the social media platform to express his opinion on economic policy and presidential politics.

Persons: Bill Ackman, Richard Brian, Bill Ackman's, Ackman, Jaiveer Singh, Shilpi Majumdar Organizations: Pershing Square Capital Management, REUTERS, Capital Management, U.S, Pershing, Twitter, Treasury, Thomson Locations: Las Vegas , Nevada, U.S, Bengaluru

Oct 20 (Reuters) - Shares of mid-sized U.S. banks fell on Friday after a string of earnings reports heightened investor concerns that the boost to lenders from the Federal Reserve's interest rate hikes was tapering off. Regions Financial (RF.N) dropped to the lowest level since March, when an industry crisis began following an outflow of deposits that engulfed three banks. The lender, shares of which were last down 11% at $14.71, said it expects net interest income (NII) in the fourth quarter to decline about 5% from current levels. Huntington Bancshares' (HBAN.O) stock dipped 1.3%, while Comerica (CMA.N) dropped 6.6%, dragging down the S&P 500 Banks index (.SPXBK) by 2.1%. Huntington Bancshares posted an 8% drop in third-quarter profit as interest income declined.

Persons: Wells, Mike Mayo, Mayo, Terry McEvoy, Huntington Bancshares, NII . Huntington Bancshares, Jaiveer Singh, Shilpi Majumdar Organizations: Regions, Regions Financial, Reuters, Stephens, Comerica, Third Bancorp, Thomson Locations: NII ., Bengaluru

☆ Beam Therapeutics to cut 20% of workforce as part of restructuring plan
▼ + stars: | 2023-10-19 | by ( ) www.reuters.com time to read: +2 min

Companies Beam Therapeutics Inc FollowOct 19 (Reuters) - Beam Therapeutics (BEAM.O) said on Thursday it will focus on developing its experimental sickle cell disease treatments and reduce about 20% of its current workforce, or 100 employees, as part of a restructuring plan. The gene-editing specialist expects to incur one-time expenses of about $6.6 million related to the workforce reduction, which it plans to complete in the fourth quarter. Its experimental sickle cell disease treatments include early-stage candidate BEAM-101, which activates fetal hemoglobin, the dominant form of hemoglobin present in the fetus during gestation. Beam will pause the development of its hepatitis B virus candidate, currently being evaluated in lab studies, and explore partnership opportunities for it. Reporting by Bhanvi Satija and Christy Santhosh in Bengaluru; Editing by Shilpi MajumdarOur Standards: The Thomson Reuters Trust Principles.

Persons: Beam, David Liu, Feng Zhang, J Keith Joung, Bhanvi Satija, Christy Santhosh, Shilpi Majumdar Organizations: Beam Therapeutics, U.S . Food, Drug Administration, Thomson Locations: Cambridge , Massachusetts, Bengaluru

☆ Royalty Pharma to pay $1 bln for Roche's SMA drug royalties
▼ + stars: | 2023-10-19 | by ( ) www.reuters.com time to read: +1 min

The logo of Swiss drugmaker Roche is seen at its headquarters in Basel, Switzerland February 1, 2018. REUTERS/Arnd Wiegmann/File Photo Acquire Licensing RightsOct 19 (Reuters) - Royalty Pharma (RPRX.O) said on Thursday it has purchased additional royalties on Roche (ROG.S) and PTC Therapeutics' (PTCT.O) oral spinal muscular atrophy (SMA) drug for an upfront payment of $1 billion. Spinal muscular atrophy, a leading genetic cause of infant deaths, prevents the body from producing a protein necessary for neuromuscular development. The deal also includes options for PTC to sell up to all of its retained royalties on Evrysdi for up to $500 million at a later date, Royalty Pharma said. Royalty Pharma expects to fund the transaction with a combination of existing cash and about $350 million from its revolving credit facility.

Persons: drugmaker Roche, Arnd, Roche, Mariam Sunny, Shilpi Majumdar Organizations: REUTERS, Royalty Pharma, PTC Therapeutics, U.S . Food, Drug Administration, PTC, Thomson Locations: Basel, Switzerland, Bengaluru

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