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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

☆ Unifor members ratify new contract with Stellantis in Canada
▼ + stars: | 2023-11-06 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Gonzalo Fuentes/File Photo Acquire Licensing RightsNov 6 (Reuters) - Canadian labor union Unifor said on Monday its members voted in favor of a new contract with Chrysler-parent Stellantis (STLAM.MI). Unifor reached a tentative deal with Stellantis on Oct. 30 after a brief strike at the Franco-Italian automaker's facilities in Canada. The agreement was ratified after positive votes from members at Stellantis facilities in Windsor, Brampton, Etobicoke, Mississauga and Red Deer. Unifor used the "pattern bargaining" approach in its talks with the automakers, reaching a deal first with Ford (F.N) and General Motors (GM.N). Meanwhile, more-than-a-month old strike by the United Auto Workers (UAW) union against the Detroit Three automakers in the United States also ended in October.

Persons: Gonzalo Fuentes, Unifor, Stellantis, Aishwarya Jain, Shivansh, Shounak Dasgupta Organizations: REUTERS, Chrysler, Stellantis, Franco, Detroit Three, Dodge, Ford, General Motors, United Auto Workers, UAW, Thomson Locations: Saint, Yvelines, Paris, France, Italian, Canada, Windsor , Brampton, Etobicoke, Mississauga, Red Deer, Brampton, Ontario, United States, Bengaluru

☆ SpaceX eyes $15 bln in sales next year on Starlink strength - Bloomberg News
▼ + stars: | 2023-11-06 | by ( ) www.reuters.com time to read: +1 min

SpaceX founder and Tesla CEO Elon Musk speaks on a screen during the Mobile World Congress (MWC) in Barcelona, Spain, June 29, 2021. Sales for Starlink, in particular, are expected to outpace and exceed the launch business next year as the product becomes available in more regions around the world, according to the report. SpaceX is on track to register earnings, excluding some items, of more than $3 billion, Bloomberg News said. SpaceX did not immediately respond to a Reuters request for comment. Reporting by Chavi Mehta in Bengaluru; Editing by Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

Persons: Elon Musk, Nacho, Chavi Mehta, Shounak Dasgupta Organizations: SpaceX, Mobile World Congress, REUTERS, Bloomberg, Starlink, Bloomberg News, Thomson Locations: Barcelona, Spain, Bengaluru

☆ Apple ticks lower after warning of dull holiday quarter
▼ + stars: | 2023-11-03 | by ( Aditya Soni | ) www.reuters.com time to read: +2 min

Nov 3 (Reuters) - Apple shares on Friday pared losses that were driven by its forecast for a subdued holiday quarter after a U.S. jobs report bolstered hopes of a pause in interest rate hikes by the Federal Reserve. The iPhone maker on Thursday forecast sales for the holiday quarter, usually its biggest, below Wall Street estimates, blaming weak demand for iPads and wearables. An Apple iPhone 12 is pictured in a mobile phone store in Nantes, France, Sept. 13, 2023. "We view management's flat sales guidance as proof the company cannot rely on iPhone sales to drive shares higher, as it has in the past," D.A. "In mainland China, we set a quarterly record for the September quarter for iPhone," Cook told Reuters.

Persons: Bernstein, Stephane Mahe, D.A, Davidson, Tom Forte, Tim Cook, Apple, Cook, Dan Ives, Aditya Soni, Shounak Dasgupta Organizations: Apple, Federal Reserve, U.S . National Retail Federation, Deloitte, REUTERS, Huawei, Reuters, Wedbush Securities, Thomson Locations: Nantes, France, China

The logo of IndiGo Airlines is pictured on passenger aircraft on the tarmac in Colomiers near Toulouse, France, July 10, 2018. REUTERS/Regis Duvignau//File Photo Acquire Licensing RightsBENGALURU, Nov 3 (Reuters) - India's biggest airline IndiGo said on Friday it would lease new planes and extend agreements on some older ones to offset the disruption from new problems with Pratt & Whitney engines. IndiGo has retained 14 of its older Airbus A320ceo, extended leases on 36 other aircraft, and is taking 11 additional aircraft on lease starting November. The company is in talks with Pratt & Whitney for compensation over engine issues and expected payments to be staggered, he said. Close to 40 IndiGo planes are currently grounded due to older issues with Pratt & Whitney engines and the airline is yet to ascertain the number of groundings from the new problems.

Persons: Regis Duvignau, Pratt & Whitney, IndiGo, Pieter Elbers, Gaurav Negi, Negi, Aditi Shah, Nandan, Shounak Dasgupta, Mark Potter Organizations: IndiGo Airlines, REUTERS, Rights, India's, IndiGo, Pratt & Whitney, Pratt &, Airbus, Thomson Locations: Colomiers, Toulouse, France, India, New Delhi, Bengaluru

☆ Apple tumbles after warning of dull holiday quarter
▼ + stars: | 2023-11-03 | by ( ) www.reuters.com time to read: +2 min

Nov 3 (Reuters) - Apple fell 3% on Friday after it disappointed Wall Street with a forecast that indicated growth will stay subdued in the quarter where the holiday season usually drives its strongest sales. The iPhone maker on Thursday predicted quarterly sales that were below market estimates, blaming weak demand for iPads and wearables, especially in key market China. "We view management's flat sales guidance as proof the company cannot rely on iPhone sales to drive shares higher, as it has in the past," D.A. "In mainland China, we set a quarterly record for the September quarter for iPhone," Cook told Reuters. He was also positive on the outlook for the services business, whose strong growth in the September quarter had helped the company top quarterly revenue expectations.

Persons: Bernstein, D.A, Davidson, Tom Forte, Tim Cook, Apple, Cook, Dan Ives, Aditya Soni, Shounak Dasgupta Organizations: Apple, U.S . National Retail Federation, Deloitte, Huawei, Reuters, Wedbush Securities, Thomson Locations: China

☆ Trane Technologies' quarterly results beat on commercial heating systems demand
▼ + stars: | 2023-11-01 | by ( ) www.reuters.com time to read: +1 min

Companies Trane Technologies PLC FollowNov 1 (Reuters) - Trane Technologies reported third-quarter results that beat analysts' estimates and raised profit and revenue forecasts for the full year, underpinned by strong demand for heating and air-conditioning systems for commercial buildings. Global warming and rising levels of air pollution have led to an increase in demand for air conditioners and air purifiers. Trane Technologies increased its outlook for full-year adjusted profit to about $9.00 per share, from its previous forecast of $8.80 to $8.90 per share. The company, which operates brands such as Thermo King and Frigoblock, benefited from increased demand for environment-friendly heating, cooling and ventilation systems for commercial buildings and refrigeration systems used in trucks. On an adjusted basis, Trane earned $2.79 per share, compared with estimates of $2.66, according to LSEG data.

Persons: Dave Regnery, Trane, Kannaki, Shounak Dasgupta Organizations: Trane Technologies, Thomson Locations: Bengaluru

☆ Estee Lauder, Canada Goose slash annual targets as China recovery falters
▼ + stars: | 2023-11-01 | by ( ) www.reuters.com time to read: +2 min

An Estee Lauder cosmetics counter is seen in Los Angeles, California, U.S., August 19, 2019. The company also estimated annual sales to decrease 2% to an increase of 1%, compared with the previous forecast of an increase between 5% and 7%. Canada Goose expects full-year revenue to be between C$1.20 billion ($864.49 million) and C$1.40 billion, compared with its previous forecast of C$1.40 billion to C$1.50 billion. Canada Goose also saw revenues in the United States region decline nearly 11% as demand for high-end goods by affluent shoppers sag. Shares of Estee fell about 13% in premarket trading while U.S.-listed shares of Canada Goose were down 11%.

Persons: Lauder, Lucy Nicholson, Estee Lauder, Estee, Goose, Tom Ford's, Ananya Mariam Rajesh, Aatrayee Chatterjee, Shounak Dasgupta, Maju Samuel, Sriraj Organizations: REUTERS, Canada Goose Holdings, L'Oreal, Canada, U.S, Thomson Locations: Los Angeles , California, U.S, China, Canada, Asia, Korea, Hainan, Estee, United States, Bengaluru

☆ Taco Bell parent Yum Brands tops same-store sales estimates
▼ + stars: | 2023-11-01 | by ( ) www.reuters.com time to read: +2 min

A Taco Bell order and drinks sit inside the first digital-only U.S. location at Times Square in New York City, U.S., April 14, 2021. Yum Brands has banked on aggressive promotions and limited-time offers across its brands to attract customers. Global same-store sales at Taco Bell restaurants rose 8% in the quarter, above estimates of an increase of 6.49%, while KFC posted an increase of 6%, compared with estimates of 5.39%. Total same-store sales at Yum Brands rose 6% in quarter, beating analysts' estimates of a 4.73% increase. On an adjusted basis, Yum Brands earned $1.44 per share, beating estimates of $1.28.

Persons: Shannon Stapleton, Taco, Taco Bell, Deborah Sophia, Shounak Dasgupta Organizations: Bell, REUTERS, Yum Brands, Taco Bell, KFC, Thomson Locations: New York City, U.S, Taco, United States, Bengaluru

Six of the 11 major S&P 500 sectors were trading lower, with information technology (.SPLRCT) leading losses. Pfizer's shares (PFE.N) fell 1.5% after the drugmaker reported its first quarterly loss since 2019. U.S. equities are tracking their third straight month in the red, with the S&P 500 (.SPX) and the Nasdaq (.IXIC) on course for their worst October since 2018. The Fed kicks off a two-day monetary policy meeting on Tuesday. The Fed's commentary on Wednesday would be crucial in assessing how long monetary policy could stay restrictive amid recent signs of economic strength.

Persons: Brendan McDermid, Andrew Hunter, Amruta Khandekar, Shashwat Chauhan, Saumyadeb Chakrabarty, Shounak Dasgupta, Maju Samuel Organizations: New York Stock Exchange, REUTERS, Corp, Dow, Nasdaq, Federal, Nvidia, Microsoft, Caterpillar, Chicago PMI, Capital Economics, Dow Jones, PDD Holdings, VF Corp, Vans, Arista Networks, Sarepta Therapeutics, NYSE, Thomson Locations: New York City, U.S, China, Bengaluru

☆ Western Digital to separate into two companies
▼ + stars: | 2023-10-30 | by ( ) www.reuters.com time to read: +1 min

The logo of Western Digital Corporation is displayed at the company's headquarters in Tokyo, Japan, May 27, 2019. REUTERS/Yoshiyasu Shida/File Photo Acquire Licensing RightsOct 30 (Reuters) - Western Digital (WDC.O) said on Monday it would split itself into two companies that would focus on the hard drive and flash memory markets, days after talks of a merger with Japan's Kioxia stalled. Western Digital shares were up nearly 10% before the bell. The company launched a review of alternatives last year after activist investor Elliott Management disclosed a stake of nearly $1 billion in Western Digital and pushed it to separate those businesses. Reports last week said merger talks between Western Digital and Japan's Kioxia Holdings had stalled as opposition from Kioxia investor SK Hynix (000660.KS) complicated the on-again, off-again deal.

Persons: Yoshiyasu, Japan's Kioxia, Elliott, Samrhitha, Shounak Dasgupta Organizations: Western Digital Corporation, REUTERS, Western Digital, Elliott Management, Japan's Kioxia Holdings, SK Hynix, Thomson Locations: Tokyo, Japan, Bengaluru

☆ Chipmaker Intel soars on signs of PC market recovery
▼ + stars: | 2023-10-27 | by ( Samrhitha A | ) www.reuters.com time to read: +3 min

A smartphone with a displayed Intel logo is placed on a computer motherboard in this illustration taken March 6, 2023. The chipmaker was set to increase its market value by more than $10 billion, if gains hold. Bernstein analyst Stacy Rasgon said Intel's "AI story still seems marginal" and the "datacenter performance continues to suffer from significant headwinds". The company is under heavy pressure in the data center chip market from Nvidia, whose graphic processing units are used for training artificial intelligence models. Sales at Intel's data center business, which also houses its AI chip division, dropped 10%.

Persons: Dado Ruvic, Bernstein, Pat Gelsinger, Taiwan's TSMC, Gelsinger, Logan Purk, Edward Jones, Stacy Rasgon, Gaudi, Samrhitha, Shounak Dasgupta Organizations: REUTERS, Intel, AMD, Nvidia, Reuters, Thomson Locations: chipmaking, Bengaluru

☆ Southwest Airlines profit falls, expects higher deliveries from Boeing in 2023
▼ + stars: | 2023-10-26 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Mike Blake/File Photo Acquire Licensing RightsOct 26 (Reuters) - Southwest Airlines (LUV.N) reported a third-quarter profit on Thursday that fell about 30% on soaring labor and fuel costs and the budget carrier said it expects higher aircraft deliveries from Boeing (BA.N) in 2023. Last month, Southwest Airlines raised concerns about rising fuel costs and weaker leisure bookings in August, citing seasonality trends. Southwest expects fourth-quarter operating revenue per available seat mile, a proxy for pricing power, to decrease by 9% to 11% compared with last year. Southwest Airlines also forecast capacity to increase by 15% in the current quarter, once adjusted for the operational disruption faced by Southwest in December last year. Southwest Airlines reported a profit of $193 million, or $0.31 per share, in the third quarter, from $277 million, or $0.44 per share, a year earlier.

Persons: Mike Blake, workgroups, Bob Jordan, Shivansh, Shounak Dasgupta Organizations: REUTERS, Southwest Airlines, Boeing, U.S, Southwest, Boeing's, Thomson Locations: Kahului, Maui, Hawaii, U.S, Bengaluru

☆ Man Utd predicts higher annual revenue as sale process drags on
▼ + stars: | 2023-10-26 | by ( ) www.reuters.com time to read: +2 min

The English Premier League club, whose future ownership remains uncertain as the Glazer family explore a potential sale, did not give any update on that process, which started nearly a year ago. Manchester United expect revenue of between 650 million and 680 million pounds for the fiscal year to June 2024, compared with 648.4 million in 2022/23. The club forecast adjusted core profit of between 140 million and 165 million pounds, compared with 155 million in 2022/23. For the quarter ended June 30, Manchester United reported a net loss of nearly 3 million pounds ($3.50 million), compared with a loss of 71 million pounds a year earlier. Annual net losses narrowed by 75% to 29 million pounds.

Persons: Molly Darlington, Glazer, Jim Ratcliffe, Qatar's Sheikh Jassim bin Hamad al, Erik ten Hag, Rasmus Hojlund, Mason Mount, Andre Onana, Yadarisa, Shounak Dasgupta, Kevin Liffey Organizations: Soccer Football, Premier League, Manchester United, Leicester City, Champions League, English Premier League club, New York Stock Exchange, Inter Milan, European, League, Danish, Copenhagen, Manchester City, . Manchester United, Thomson Locations: Old Trafford, Manchester, Britain, Trafford, Qatar's, Qatar's Sheikh Jassim bin Hamad al Thani, Atalanta, Chelsea, Bengaluru

Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., October 23, 2023. Google-parent Alphabet (GOOGL.O) slid 6.6% in premarket trading as its cloud business crawled to its slowest growth in at least 11 quarters. Microsoft (MSFT.O), on the other hand, rose 3.9% after topping expectations for first-quarter results in all segments, including its cloud business. Of the 118 S&P 500 companies that have reported so far, 81% have beaten analysts' earnings expectations, LSEG data showed on Tuesday. ET, Dow e-minis were up 47 points, or 0.14%, S&P 500 e-minis were down 13 points, or 0.3%, and Nasdaq 100 e-minis were down 78.75 points, or 0.53%.

Persons: Brendan McDermid, Danni Hewson, AJ Bell's, Israel, Ankika Biswas, Shashwat Chauhan, Savio D'Souza, Shounak Organizations: New York Stock Exchange, REUTERS, Dow, Nasdaq, U.S, Treasury, Google, Microsoft, Apple, Mobile, Dow e, . Federal Reserve, Traders, Texas, Thomson Locations: New York City, U.S, Texas, Gaza, Bengaluru

"Short term, if you're visiting a smaller biotech customer, what you're seeing is concerns about when the funding environment is going to improve. On the call, finance chief Stephen Williamson said core revenue growth and adjusted profit in 2024 will be similar to that in 2023. It also forecast 2023 adjusted profit of $21.50 per share, below analysts' estimates of $22.28. The medical equipment maker forecast adjusted earnings of $21.75 per share in 2024, short of analysts' estimates by $2.23. Third-quarter revenue of $10.57 billion missed analysts' expectations of $10.60 billion while adjusted profit of $5.69 per share topped estimates of $5.61, according to LSEG data.

Persons: Brian Snyder, Marc Casper, Stephen Williamson, Raymond James, Andrew Cooper, Bhanvi, Shinjini Ganguli, Shounak Dasgupta, Sriraj Organizations: REUTERS, Agilent Technologies, Reuters, Thomson Locations: Waltham , Massachusetts, U.S, China, Bengaluru

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

Through the lawsuit, Attorney General James is seeking restitution for investors and "disgorgement of ill-gotten gains," along with a ban on all the three cryptocurrency firms from the financial investment industry in New York. At the heart of the lawsuit is a program that Gemini ran in partnership with Genesis, dubbed "Gemini Earn". Gemini did not reveal any of this information to the investors of Gemini Earn, she added. Genesis and Gemini have clashed several times over the past few months, including over Gemini Earn. DCG said it was blindsided by the attorney general's complaint and the company's CEO Barry Silbert said the lawsuit had "baseless allegations".

Persons: Dado Ruvic, Letitia James, cryptocurrency, Sam Bankman, James, Gemini, Genesis, Mark Zuckerberg, DCG, Barry Silbert, Silbert, Niket, Krishna Chandra Eluri, Shinjini, Shounak Organizations: REUTERS, New York, Genesis Global, Digital Currency Group, Gemini, Meta, Arrows, Thomson Locations: New York, Alameda, Bengaluru

The world's most valuable automaker was set to lose nearly $50 billion in market value, based on premarket share movements. The comments marked a change in tone from Tesla CEO Musk, who had said his company was "recession-resilient" last year. The EV maker missed revenue estimates on Wednesday by the most in more than three years despite hefty price cuts. Reuters GraphicsOverall, 10 analysts cut their price targets on the stock, pushing the median view to $260, according to LSEG data. Tesla shares fell 6.1% at $227.96 in premarket trading.

Persons: Tyrone Siu, Elon, Tesla, Musk, Canaccord, Bernstein, Toni Sacconaghi, Craig Irwin, Aditya Soni, Akash Sriram, Shounak Dasgupta, Anil D'Silva Organizations: Tesla, REUTERS, Ford Motor, General Motors, Reuters Graphics, Ford, Roth Capital, Reuters, Thomson Locations: Taipei, Taiwan, Bengaluru

☆ Bristol Myers' injectable form of Opdivo meets main goal in kidney cancer trial
▼ + stars: | 2023-10-19 | by ( ) www.reuters.com time to read: +2 min

Test tubes are seen in front of a displayed Bristol Myers Squibb logo in this illustration taken, May 21, 2021. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsOct 19 (Reuters) - Bristol Myers Squibb (BMY.N) said on Thursday the injectable form of its blockbuster cancer drug Opdivo met the main goal in trial that had patients with a type of kidney cancer. "We believe this new option, given as a single injection administered in less than five minutes, could transform the treatment experience for both patients and physicians," Gina Fusaro, an executive at Bristol Myers Squibb, said. The trial also showed a non-inferior response rate to the subcutaneous drug, compared to its intravenous form. Bristol Myers now plans to discuss with regulators the next steps for submission and approval of subcutaneous injections for multiple types of cancers.

Persons: Bristol Myers, Dado Ruvic, Opdivo, Gina Fusaro, Roche, Johnson, Helen Torley, Leroy Leo, Anil D'Silva, Shinjini, Shounak Organizations: Bristol, Bristol Myers Squibb, REUTERS, Therapeutics, U.S, Thomson Locations: Bengaluru

A man walks past the logo of Gemini Trust, a digital currency exchange and custodian, during the Bitcoin Conference 2022 in Miami Beach, Florida, U.S. April 6, 2022. At the heart of the lawsuit is a program Gemini ran in partnership with Genesis. Dubbed "Gemini Earn", the program let customers lend crypto assets such as bitcoin to Genesis. The development underscores the challenges the crypto industry continues to face almost a year after the bankruptcy of Sam Bankman-Fried's exchange FTX, which had led to an industry meltdown. It did not reveal any of this information to the investors of Gemini Earn, she added.

Persons: Marco Bello, Letitia James, cryptocurrency, Genesis, Gemini, James, Sam Bankman, Soichiro Moro, Barry Silbert, Niket, Shounak Dasgupta, Krishna Chandra Organizations: Gemini Trust, REUTERS, New York, Genesis Global, Digital Currency Group, Gemini, Thomson Locations: Miami Beach , Florida, U.S, Alameda, Bengaluru

☆ Chinese gallium prices hit 7-month high as demand improves, shipments resume
▼ + stars: | 2023-10-19 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Florence Lo/Illustration/File Photo Acquire Licensing RightsBEIJING, Oct 19 (Reuters) - Chinese prices of chip-making metal gallium hit their highest since February this week on stronger domestic demand and growing hopes of recovering exports, analysts and suppliers said. The spot price of gallium metal reached 1,975 yuan ($269.95) per kg on Oct. 18, up 18% since the start of July and up 8% since Aug. 1, data from consultancy Shanghai Metals Market showed. The Ministry of Commerce said last month that some Chinese companies have obtained export licences for gallium and germanium products. European prices of gallium metal surged by 68% from early July to $475 per kg on Oct. 18 and was up 23% from August, data from information provider Fastmarkets showed. ($1 = 7.3162 Chinese yuan)Reporting by Amy Lv and Dominique Patton in Beijing; Editing by Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

Persons: Florence Lo, Li Yilan, Antaike, Amy Lv, Dominique Patton, Shounak Dasgupta Organizations: REUTERS, Rights, . Geological Survey, Shanghai Metals, Beijing, Commerce, Fastmarkets, Thomson Locations: China, Rights BEIJING, Beijing

☆ Tesla tumbles as Wall St raises doubt over growth outlook
▼ + stars: | 2023-10-19 | by ( ) www.reuters.com time to read: +2 min

[1/2] The logo of Tesla is seen in Taipei, Taiwan August 11, 2017. Overall, 10 analysts cut their price targets on the stock, pushing the median view to $260, according to LSEG data. Cash crunches at small EV startups and the ongoing strike at the Detroit Three automakers have also added to the optimism around Tesla. Tesla trades at about 59 times its 12-month forward earnings estimates, compared with 6.3 times for Ford and General Motors' 4.2. Reuters GraphicsReporting by Aditya Soni and Akash Sriram in Bengaluru; Editing by Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

Persons: Tyrone Siu, Tesla, Elon Musk, Canaccord, Chaim Siegel, Elazar, Cybertruck, Cash, Aditya Soni, Akash Sriram, Shounak Dasgupta Organizations: Tesla, REUTERS, Wall Street, EV, Reuters, Elazar Advisors, Detroit Three, Ford, General Motors, Thomson Locations: Taipei, Taiwan, Bengaluru

REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsOct 18 (Reuters) - Abbott Laboratories (ABT.N) said the market was overestimating the hit to sales of its glucose monitoring products from growing popularity of new diabetes drugs, adding the treatments could end up boosting sales of the medical device maker. The company's shares have dropped 16% this year, mainly on concerns that new GLP-1 diabetes drugs such as Novo Nordisk's Ozempic and Eli Lilly's Mounjaro could eat into the sales of its continuous glucose monitoring (CGM) devices. Hurdles in health insurance reimbursement and pricing could, however, keep market growth for GLP-1 drugs limited to a small number of patients in the near term, Abbott CEO Robert Ford said on Wednesday. Third-quarter sales of FreeStyle Libre, Abbott's CGM device used by diabetes patients, jumped 30.5% to $1.4 billion, lifting Abbott's shares 3% in morning trade. The numbers helped Abbott's medical device sales that stood at $4.25 billion, beating analysts' estimates of $4.16 billion, according to LSEG data.

Persons: Brendan McDermid, Nordisk's Ozempic, Eli Lilly's, Abbott, Robert Ford, Ford, Vijay Kumar, Pratik Jain, Leroy Leo, Anil D'Silva, Shounak Dasgupta, Shinjini Organizations: Abbott, New York Stock Exchange, REUTERS, Abbott Laboratories, Nordisk's, Thomson Locations: New York City, U.S, GLP, Bengaluru

☆ Morgan Stanley profit beats on wealth management strength
▼ + stars: | 2023-10-18 | by ( ) www.reuters.com time to read: +2 min

[1/2] People take photos by the Morgan Stanley building in Times Square in New York City, New York U.S., February 20, 2020. REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsOct 18 (Reuters) - Morgan Stanley's (MS.N) third-quarter profit dropped less than expected as a strong performance in the bank's wealth management division offset a hit from lethargic dealmaking. The wealth management business, which has been a bright spot for Morgan Stanley in recent quarters, has reduced the lender's reliance on trading and investment banking, which are largely tied to economic cycles. "Our equity and fixed income businesses navigated markets well, and both wealth and investment management produced higher revenues." INVESTMENT BANKING WEAKNESSTotal revenue from investment banking fell 27% to $938 million, as global mergers and acquisitions activity showed few signs of improvement.

Persons: Morgan Stanley, Brendan McDermid, Morgan Stanley's, James Gorman, Goldman Sachs, Manya Saini, Noor Zainab Hussain, Niket, Tatiana Bautzer, Lananh Nguyen, Shounak Organizations: New York City , New York U.S, REUTERS, Wall, Equity, U.S, Treasury, Thomson Locations: New York City , New York, Bengaluru, New York

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