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☆ AstraZeneca shares fall as abstract for lung cancer trial data disappoints
▼ + stars: | 2023-10-18 | by ( ) www.reuters.com time to read: 1 min

A company logo is seen at the AstraZeneca site in Macclesfield, Britain, May 11, 2021. REUTERS/Phil Noble/File Photo Acquire Licensing RightsOct 18 (Reuters) - Shares in AstraZeneca (AZN.L) fell more than 4% on Wednesday after the publication of an abstract on its experimental precision drug's use in lung cancer in a late-stage trial disappointed some analysts. The abstract was published ahead the European Society for Medical Oncology's (ESMO) congress that kicks off in Madrid on Friday. By 1219 GMT, AstraZeneca shares were dwon 3.7% in London, while the broader STOXX Health Care (.SXDP)index was off 1%. Reporting by Danilo Masoni and Maggie FickOur Standards: The Thomson Reuters Trust Principles.

Persons: Phil Noble, Danilo Masoni, Maggie Fick Organizations: AstraZeneca, REUTERS, European Society for Medical, Thomson Locations: Macclesfield, Britain, Madrid, London

☆ Morgan Stanley beats estimates on trading, but shares dip as wealth management disappoints
▼ + stars: | 2023-10-18 | by ( Hugh Son | ) www.cnbc.com time to read: +2 min

Morgan Stanley CEO James Gorman attends the Reuters NEXT Newsmaker event in New York, December 1, 2022. Morgan Stanley posted third-quarter results Wednesday that topped profit estimates on better-than-expected trading revenue. But the bank's all-important wealth management division generated $6.4 billion in revenue, below the $6.63 billion estimate by more than $200 million, as compensation costs in the division rose. Shares of Morgan Stanley dipped 3.2% in premarket trading. Led by CEO James Gorman since 2010, Morgan Stanley has managed to avoid the turbulence afflicting some rivals lately.

Persons: Morgan Stanley, James Gorman, Morgan Stanley's, Goldman Sachs, Gorman, Wells Organizations: Reuters, Revenue, Investment, Citigroup, JPMorgan Chase, Bank of America Locations: New York, LSEG, Wells Fargo

☆ AstraZeneca shares fall as lung cancer drug trial data abstract disappoints
▼ + stars: | 2023-10-18 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Phil Noble/File Photo Acquire Licensing RightsOct 18 (Reuters) - Shares in AstraZeneca (AZN.L) fell more than 4% on Wednesday after a data abstract on its experimental precision drug's use in lung cancer patients in a late-stage trial disappointed some analysts. Fernandez added that progression-free survival in lung cancer patients came in below expectations. Barclays analyst Emily Field also said in a note that safety looked better than expected for lung cancer patients and the data abstracts were "collectively positive" for AstraZeneca. London-listed shares of AstraZeneca were down 3.7% at 1219 GMT, while the broader STOXX Health Care (.SXDP) index was off 1%. Shares of AstraZeneca's Japanese partner Daiichi Sankyo (4568.T), which is jointly developing the cancer drug, closed 4.6% lower on Tuesday.

Persons: Phil Noble, datopotamab deruxtecan, Jefferies, Stephen Barker, Barker, Seamus Fernandez, Fernandez, Emily Field, GSK's, Danilo Masoni, Maggie Fick, Bhanvi, Shinjini Organizations: AstraZeneca, REUTERS, European Society for Medical, Friday, Guggeinheim, Barclays, AstraZeneca ., Thomson Locations: Macclesfield, Britain, Madrid, AstraZeneca . London, U.S, Milan, London, Bengaluru

☆ Google VP teases Gemini's multimodal future: 'I've seen some pretty amazing things.'
▼ + stars: | 2023-10-12 | by ( Hugh Langley | ) www.businessinsider.com time to read: +6 min

She also discussed how the company is rethinking the future of Google Assistant. AdvertisementAdvertisementThere's a lot of pressure on Google right now. A key person in the middle of all this is Sissie Hsiao, Google's VP and general manager of Bard and Google Assistant. If it disappoints, it will embolden critics who say Google has fallen behind. Google Assistant was the answer, and in 2021 Google reshuffled its search team to put Hsiao in charge of its voice assistant.

Persons: Bard, —, OpenAI's, Sundar Pichai, Demis Hassabis, Sissie Hsiao, Google's, She's, Hsiao, Gemini, I've, OpenAI, Josh Edelson, Getty Hsiao, It's, it's Organizations: Google, Service, Gemini, Microsoft Locations: Bard

☆ China's Golden Week: expected consumption boom disappoints
▼ + stars: | 2023-10-09 | by ( Laura He | ) edition.cnn.com time to read: +5 min

Hong Kong CNN —China has concluded its Golden Week holiday on a muted note, with key travel and spending data showing weaker-than-expected recovery in consumption amid a wider economic slump. Before the holiday, the ministry had expected domestic travel to hit 896 million trips, and tourism spending to reach 782.5 billion yuan ($107 billion). According to the National Immigration Administration, on average 1.48 million people crossed the border every day during the Golden Week holiday. Weakness at the box officeChina’s box office hit multi-year lows during the holiday week. A recovery in domestic consumption not related to the Golden Week also fell short of expectations.

Persons: ” Goldman Sachs, Tesla, BYD Organizations: Hong Kong CNN, Ministry of Culture, Tourism, National Immigration Administration, Shenyang North Railway, Stringer, Getty, Citi, Entertainment, Tencent, China Passenger Car Association Sunday, CNN, EV Locations: China, Hong Kong, Beijing, China's, Liaoning, AFP, Tourism

☆ Puma tumbles as analysts flag possible earnings disappointment
▼ + stars: | 2023-10-05 | by ( ) www.reuters.com time to read: +2 min

[1/2] A pair of Puma sports shoes is shown at an event in Berlin, Germany February 21, 2019. Analysts at brokerage Stifel said Puma's third-quarter earnings before interest and tax might decline by a low double-digit rate compared with last year, a worse performance than consensus expectations for a 6% decline. The drop in Puma's shares put them on course for their worst day since March 2020. Puma said it was fully on track to achieve its full-year guidance, while declining to comment on its share price movement. Puma is targeting EBIT of between 590 million euros and 670 million euros for 2023, from 641 million euros in 2022.

Persons: Annegret, Stifel, Puma, overstock, Jefferies, Danilo Masoni, Helen Reid, Linda Pasquini, Alexander Huebner, Susan Fenton, Jane Merriman Organizations: REUTERS, Nike, Adidas, Puma, RBC, Thomson Locations: Berlin, Germany, North America, China, U.S, London, Gdansk, Munich

The five-year plan includes proposed sales in the Gulf of Mexico — the nation’s primary offshore source of oil and gas — in 2025, 2027 and 2029. The three lease sales are the minimum number the Democratic administration could legally offer if it wants to continue expanding offshore wind development. The lease program will guard against environmental damage caused by oil and gas drilling and other adverse impacts to coastal communities, Haaland said. “The (oil leasing) program is definitely informed by the IRA and the connection that the IRA makes between offshore oil and gas leasing and renewable energy leasing,” he said Thursday, referring to the Inflation Reduction Act. The Interior Department can’t sell the rights to drill for oil and gas offshore without first publishing a schedule that outlines its plans.

Persons: Joe Biden's, Biden, Democratic Sen, Joe Manchin, Manchin, Harris, Deb Haaland, ”, Haaland, “, Biden's, Ryan Lance, Willow, Dyani Chapman, Tommy Beaudreau, Interior Department can’t, Rene Santos, Santos, Beth Lowell, Abigail Dillen, Sen, Dan Sullivan, ___ Brown, Becky Bohrer Organizations: WASHINGTON, Democratic, Biden, Interior Department, Interior Department’s, of Ocean Energy Management, drillers, BP, ExxonMobil, ConocoPhillips, Alaska Environment, Interior, P, Gulf, American Petroleum Institute, Chevron, Associated Press Locations: Gulf of Mexico, Alaska, Gulf, Mexico, West Virginia, Chevron, Brazil, Guyana, Louisiana, Oceana, Gulf Coast, Billings, Mont, Juneau , Alaska

Some users and analysts who bought the Mate 60 Pro say it uses a Chinese-made chip and is capable of 5G speeds. We are working overtime urgently to manufacture more so that more people can buy our products," Yu said. [1/4]People check a Huawei Mate 60 smartphone displayed at a Huawei flagship store in Beijing, China September 25, 2023. Huawei updated its official website after the event to add prices for its Mate 60 Pro+, which will start from 8,999 yuan ($1,230), and the Mate 60 RS Ultimate Design version, which is priced from 12,999 yuan. One shopper in the Beijing store, 29-year-old engineer Zhang Nianrong, said he saw the Mate 60 Pro as "carrying significance far beyond its value" and planned to buy it.

Persons: Gina Raimondo's, Apple's, Yu Chengdong, Yu, Maniler, Nelson Mandela, Florence Lo, Bryan Ma, Meng Wanzhou's, Washington . Meng, Ren Zhengfei, Zhang Nianrong, Yelin Mo, Brenda Goh, Sophie Yu, Himani Sarkar Organizations: Huawei Technologies, Huawei, U.S . Commerce, Weibo, REUTERS, IDC, Thomson Locations: BEIJING, SHANGHAI, China, Hong Kong, South Africa, Beijing, Iran, U.S, Washington

☆ Morgan Stanley says buy these defensive growth stocks as economy disappoints
▼ + stars: | 2023-09-18 | by ( Pia Singh | ) www.cnbc.com time to read: +2 min

In an uncertain market environment, Morgan Stanley thinks investors can regain confidence with some large-cap defensive stocks. All are members of the top 1000 by market cap universe, have outperformed on a year-to-date basis, and are classified as a growth stock based on Morgan Stanley's proprietary factor classification model. "In our view, the best way to express that in a portfolio is to hold a barbell of defensive growth (select growth stories and more traditional defensive sectors like Healthcare and Consumer Staples) with late-cycle cyclicals (Industrials and Energy)." Here are some names from Morgan Stanley's playbook: McDonald's is a sure defensive play, according to the firm. Still, Morgan Stanley analysts view the burger chain as a growth stock that is set to outperform in the coming months.

Persons: Morgan Stanley, Morgan, Michelle Weaver, Consumer Staples, Morgan Stanley's, FactSet Organizations: Healthcare, Consumer, Energy, Costco, Apple, Analysts, Accenture, Ross Stores, Marriott Locations: California

☆ Bitcoin's most faithful are staying put despite the crypto market's recent weakness
▼ + stars: | 2023-08-27 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +4 min

Coin Metrics measures a week in crypto, which trades 24 hours a day, from the 4:00 p.m. "The part that could upset the crypto market is if interest rates stay higher for longer, which disappoints the expectation that the rate could be lowered in the first half of 2024. Trading data also shows long-term investors haven't been easily shaken by the recent weakness. This tells us that despite the price volatility and recent downdraft in prices, long-term holders are unwavering. He added that while it's unclear what exactly accounts for traders' resilience, maturing crypto investors are becoming more "aware of the cycles associated with bitcoin's halving and are expecting it to repeat, leading to price appreciation."

Persons: Bitcoin, Oppenheimer's Owen Lau, Jerome Powell's, Gustavo Schwenkler, It's, haven't, Greg Cipolaro, Michael Bloom, Nick Wells Organizations: Metrics, Fed, Leavey School of Business, Santa Clara University, Indicia Labs, SEC, JPMorgan, Management, CNBC Locations: Jackson Hole , Wyoming, U.S, China, NYDIG, Stone

☆ Dollar gains intact as China disappoints, traders eye Jackson Hole
▼ + stars: | 2023-08-21 | by ( ) www.cnbc.com time to read: +3 min

The yuan slid to the weak side of 7.3 per dollar despite a firm fixing of its trading range by the central bank. The Antipodean currencies often function as a liquid proxy for the yuan owing to the region's exports to China. Like the yuan, the yen is also on intervention-watch, having fallen to levels around which authorities stepped in last year. The Swiss franc was just above a six-week low made last week at 0.8817 per dollar. "Two things that may come across are: decades of ultra-low rates backed by ultra-low inflation may be over," said Vishnu Varathan, head of economics and strategy at Mizuho Bank in Singapore.

Persons: Jackson, Sterling, Jerome Powell, Vishnu Varathan Organizations: Federal, Treasury, New Zealand, Australian, Commonwealth Bank of Australia, Swiss, Mizuho Bank Locations: China, London, New York, Wyoming, Singapore

☆ Goldman Sachs: Is David Solomon on his way out? The CEO whisperer weighs in
▼ + stars: | 2023-08-21 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +9 min

New York CNN —David Solomon, CEO and president of Goldman Sachs, is getting bad press — a lot of bad press. And while shares of Goldman Sachs (GS) may be down by more than 5% this year, they’re still up by about 40% since he took over in 2018. Goldman Sachs did not respond to requests for comment for this article. Before the Bell: What is going on at Goldman Sachs? There have been articles purporting that former Goldman CEO Lloyd Blankfein isn’t happy with the job David Solomon has done and that he has offered to step in to help.

Persons: David Solomon, Goldman Sachs, Marcus, Solomon, they’re, Bell, Jeffrey Sonnenfeld, Lloyd Blankfein isn’t, that’s, Lloyd, he’s, That’s, David, ‘, Juliana Liu, Michelle Toh, ” Julian Evans, Pritchard, Zichun Huang, Hang, Lehman, Hillary, Eva Rothenberg, Harry Reid, Hilary Organizations: CNN Business, Bell, New York CNN, Financial Times, Yale School of Management’s, Leadership Institute, Nokia, BlackBerry, Microsoft, Goldman, People’s Bank of China, Reuters, Capital Economics, Hang Seng, The Bank of Korea, Bank Indonesia, country’s National Bureau of Statistics, Harry, Harry Reid International, San Diego International Locations: New York, Lloyd, China, Hong Kong, Shanghai, Asia, Las Vegas, California, Nevada, Southern California, Idaho

☆ Nvidia's A.I. use cases are what everyone's waiting to hear, says Wedbush's Dan Ives
▼ + stars: | 2023-08-21 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailNvidia's A.I. use cases are what everyone's waiting to hear, says Wedbush's Dan IvesDan Ives, Wedbush Securities analyst, joins 'Squawk on the Street' to discuss Ives' price target for Nvidia, what happens if Nvidia disappoints in the company's earnings results, and more.

Persons: Wedbush's Dan Ives Dan Ives, Ives Organizations: Wedbush Securities, Nvidia

The list of the best Fitbit devices is headed up by two distinct flagship wearables: the Versa 4 and the Sense 2. Fitbit Versa 4 The Fitbit Versa 4 disappoints as a fourth-generation smartwatch as it lacks third-party app support, has issues with fitness tracking, and doesn’t allow for music storage. Fitbit Sense 2 vs. Fitbit Versa 4: Smartwatch performanceOne of the main nitpicks I have with these watches is their disappointing lack of smartwatch capability. Fitbit Sense 2 vs. Fitbit Versa 4: Health and fitness trackingFitness tracking features are available on both devices, but the Sense 2 seems to be more reliable. Fitbit Sense 2 vs. Fitbit Versa 4: Battery lifePerhaps the best feature native to both the Sense 2 and the Versa 4 is their battery life, which lasts roughly six days depending on how it's used.

Persons: Rick Stella, they're, There's, Grey, That's Organizations: iOS Battery, Alexa, Google, Apple Watch, Versa

☆ Cisco touts market share wins, AI potential as revenue forecast disappoints
▼ + stars: | 2023-08-16 | by ( ) www.reuters.com time to read: +2 min

The logo of U.S. networks giant Cisco Systems is seen in front of their headquarters in Issy-les-Moulineaux, near Paris, France August 6, 2022. REUTES/Sarah Meyssonnier/file Acquire Licensing RightsAug 16 (Reuters) - Networking equipment maker Cisco Systems' (CSCO.O) CEO talked up market share wins and artificial intelligence (AI) opportunities, as he moved to allay fears over slowing growth after a disappointing annual revenue forecast. Cisco forecast full-year revenue to be between $57 billion and $58.20 billion, below the Refinitiv estimate of $58.38 billion. He also said the company was likely to be a leading supplier of the networking gear needed for AI workloads. Cisco expects adjusted earnings per share of $4.01 to $4.08 for the full year, compared with the estimate of $4.04.

Persons: REUTES, Sarah Meyssonnier, Chuck Robbins, Zaheer Kachwala, Shilpi Majumdar Organizations: Cisco Systems, Cisco, Microsoft, AT, Thomson Locations: Issy, Paris, France, Bengaluru

☆ Asia stocks stall at one-month lows as slowing China cuts rates
▼ + stars: | 2023-08-15 | by ( Tom Westbrook | ) www.reuters.com time to read: +5 min

Industrial output and retail sales growth both slowed from a month earlier to a year-on-year pace of 3.7% and 2.5% respectively, missing expectations. J.P. Morgan analysts warned of a "vicious cycle" of real estate financing challenges and said trust defaults could wipe 0.3% to 0.4% from China's growth directly. The S&P 500 (.SPX) rose 0.6% overnight and futures rose 0.1% in Asia. European futures rose 0.4%. In bond markets, benchmark 10-year Treasury yields rose 2 basis points to 4.20% on Tuesday.

Persons: Androniki, HSI, Morgan, John Vail, Morgan Stanley, Tom Westbrook, Jamie Freed Organizations: Nikkei, REUTERS, China, SYDNEY, Reuters, Property, Nomura, HK, International Trust Co, Nikko Asset Management, U.S, Nvidia, Brent, Thomson Locations: Tokyo, Japan, China, Asia, Pacific, China’s, JAPAN, Australia

☆ Morning Bid: China data disappoints as markets yearn for stimulus
▼ + stars: | 2023-08-15 | by ( ) www.reuters.com time to read: +3 min

Data on Tuesday showed China's industrial output and retail sales growth slowed in July, adding to concerns about a faltering post-pandemic recovery in the world's second-biggest economy. China's major state-owned banks stepped into the spot market to steady the currency, according to sources. Chinese policymakers last month released a batch of stimulus measures, including boosting auto and home appliances consumption, relaxing some property restrictions, and pledging support to the private sector. Over in Australia, wage growth held steady in the June quarter while the pace of annual pay awards unexpectedly slowed. That, along with the release of dovish minutes from the central bank's July policy meeting, bolstered bets that the RBA would keep rates steady.

Persons: Ankur Banerjee, Warren Buffett's Berkshire Hathaway, DR, Edmund Klamann Organizations: Silicon Valley Bank, Credit Suisse, REUTERS, Staff, Ankur, Thomson Locations: Frankfurt, Silicon, Germany, Asia, China, Pacific, Japan, Australia, U.S, Berkshire, Sweden, Singapore

☆ Sony Q1 profit tumbles as movie business disappoints
▼ + stars: | 2023-08-09 | by ( Sam Nussey | ) www.reuters.com time to read: +1 min

REUTERS/Issei Kato/File PhotoTOKYO, Aug 9 (Reuters) - Japan's Sony (6758.T) on Wednesday said first-quarter profit tumbled due to weaker performances from its movies and financial businesses. In April-June, operating profit slid 31% to 253 billion yen ($1.8 billion), in line with estimates. Profit at its movies division plunged by two-thirds due to lower sales for television content as well as higher marketing costs after the company released more films in theatres. Once a consumer electronics giant, the conglomerate has transformed itself to focus more on entertainment, developing movies, music and games. Sony has said it expects to sell 25 million PlayStation 5 consoles this financial year, in what would be a record for a PlayStation device, following the easing of supply chain snarls.

Persons: Issei Kato, Zelda, Sam Nussey, Edwina Gibbs Organizations: Sony PlayStation, REUTERS, Sony, Nintendo, Thomson Locations: Tokyo, Japan

☆ Morning Bid: China trade data disappoints, again
▼ + stars: | 2023-08-08 | by ( ) www.reuters.com time to read: +3 min

U.S. equity markets saw their first positive day in August on Monday, but then along came Chinese trade data. Parsing the export data, David Chao, global market strategist at Invesco, says the miss was driven by lower prices rather than lower volumes, and that Chinese export volumes remain surprisingly robust. Though, he says, "looking at other export-related data such as export orders, the outlook appears weak." Even Chinese imports from Russia fell year-on-year in July, the first fall since Feb 2021. Tuesday looks quiet on the U.S. data front, but traders are bracing for the big one - Thursday's CPI data.

Persons: Alun John ., David Chao, Hong, Intesa, Banca, Banks, Moody's, Fed's Harker, Alun John, Barbara Lewis Organizations: Shipping, cnsphoto, REUTERS, Nasdaq, BPER Banca, Bank of New York Mellon, US Bancorp, Truist, Thomson, Reuters Locations: Shanghai, China, U.S, Hong Kong, Russia, Europe

☆ Barcode scanner maker Zebra's profit outlook disappoints as clients cut tech spending
▼ + stars: | 2023-08-01 | by ( ) www.reuters.com time to read: +1 min

Aug 1 (Reuters) - Barcode scanner maker Zebra Technologies (ZBRA.O) forecast third-quarter adjusted profit widely below market estimates on Tuesday as economic uncertainty hit corporate tech spending. The company, whose customers include the U.S. Postal Service and Walgreens Boots Alliance (WBA.O), expects quarterly adjusted profit between 60 cents and $1 per share, compared with estimates of $3.77 per share, according to Refnitiv. Its operating expenses decreased to $344 million in the second quarter ended June 30, from $370 million a year earlier. Adjusted profit for the reported quarter came in at $3.29 per share, compared with estimates of $3.28.

Persons: Tanya Jain, Shailesh Organizations: Zebra Technologies, U.S . Postal Service, Walgreens Boots Alliance, Revenue, Thomson Locations: Refnitiv, Bengaluru

☆ Man Group shares tumble as fund performance disappoints
▼ + stars: | 2023-08-01 | by ( Nell Mackenzie | ) www.reuters.com time to read: +3 min

LONDON, Aug 1 (Reuters) - British hedge fund manager Man Group (EMG.L) posted forecast-beating first-half pretax profit and record assets under management on Tuesday, but a disappointing performance across several of its funds roiled investors, sending shares lower. Man reported negative investment performance at its AHL Evolution Fund and Numeric Global Core Relative Return fund for the first half of 2023, as well as its actively managed GLG Global Emerging Markets Debt Total Return Fund. Performance fees in both Man's AHL Evolution and funds marked "other alternatives" both fell by over 80% from a year earlier. Despite the first quarter volatility, Man reported net inflows of $2.6 billion for the period, coming in around 2.5% higher than industry peers. Man recommended an interim dividend of 5.6 cents a share, in line with guidance offered a year ago.

Persons: Antoine Forterre, Man, Luke Ellis, Man's, Robyn Grew, Ellis, Group's Forterre, Jefferies, Nell Mackenzie, Sinead Cruise, Sharon Singleton Organizations: Man, Credit Suisse, Reuters, AHL Evolution Fund, GLG, Varagon Capital Partners, Thomson Locations: U.S

☆ Western Digital's first-quarter forecast disappoints as weak cloud demand weighs
▼ + stars: | 2023-07-31 | by ( ) www.reuters.com time to read: +2 min

July 31 (Reuters) - Memory chipmaker Western Digital Corp (WDC.O) forecast a bigger-than-expected loss in the first quarter and revenue below Wall Street targets on Monday as weak demand, mainly for its cloud business, forces it to cut production. Cloud companies will take another "couple of quarters" to clear out excess inventory, finance chief Wissam Jabre said in June. Western Digital forecast its adjusted loss per share to be in the range of $2.10 to $1.80, compared to an estimated loss of $1.40 per share. It also forecast revenue for the same period below estimates. Rival Seagate Technology (STX.O) also forecast downbeat revenue for its first quarter last week, on weakness in major market China and lower tech spending.

Persons: Wissam Jabre, David Goeckeler, Goeckeler, Chavi Mehta, Stephen Nellis, Pooja Desai Organizations: Digital Corp, Seagate Technology, Western Digital, Samsung Electronics, SK Hynix, Thomson Locations: China, South, Bengaluru, San Francisco

☆ Seagate forecast disappoints on China weakness, weak enterprise spending
▼ + stars: | 2023-07-26 | by ( ) www.reuters.com time to read: +1 min

July 26 (Reuters) - Seagate Technology (STX.O) forecast first-quarter revenue below market estimates on Wednesday on weakness in major market China and lower tech spending by businesses worried about an uncertain economy. The midpoint of that was below the analysts' estimate of $1.74 billion, according to Refinitiv data. The "performance reflected the uneven pace of economic recovery in China, cloud inventory digestion, and cautious enterprise spending amid the uncertain macroeconomic environment," CEO Dave Mosley said. In the quarter to June 30, Seagate's revenue sank by nearly 40% to $1.60 billion, missing estimates of $1.68 billion. The company's gross margin shrank to 19% from 28.9% a year ago as an oversupply of data storage equipment weighed on prices.

Persons: Dave Mosley, Aditya Soni, Arun Koyyur Organizations: Seagate Technology, Seagate, Thomson Locations: China, Bengaluru

☆ A 'momentous week' ahead as the Fed, ECB and Bank of Japan near pivot point
▼ + stars: | 2023-07-24 | by ( Elliot Smith | ) www.cnbc.com time to read: +7 min

Bloomberg | Bloomberg | Getty ImagesThe U.S. Federal Reserve, Bank of Japan and European Central Bank will all announce key interest rate decisions this week, with each potentially nearing a pivotal moment in their monetary policy trajectory. The Fed Each central bank faces a very different challenge. "The FOMC will, however, maintain a tight monetary policy stance to aid continued softening in demand and consequently, inflation." Several analysts over the past week have suggested that policymakers will remain "data dependent," but push back against any talk of interest rate cuts in the near future. ECB Chief Economist Philip Lane last month warned markets against pricing in cuts to interest rates within the next two years.

Persons: Goldman Sachs, Michael Cahill, Cahill, Steve Englander, Englander, Philip Lane, Paul Hollingsworth, Christine Lagarde, Hollingsworth Organizations: Bank of Japan, U.S, Bloomberg, Getty, . Federal Reserve, European Central Bank, ECB, Federal, Moody's Investors Service, Standard Chartered, Downside, Fed, BNP, Bank of Locations: U.S, North America, Bank of Japan, Japan

☆ American Airlines earnings outlook disappoints, shares fall
▼ + stars: | 2023-07-20 | by ( Shivansh Tiwary | ) www.reuters.com time to read: +1 min

July 20 (Reuters) - Shares of American Airlines (AAL.O) fell on Thursday as its outlook for the second half of the year disappointed investors even as the company lifted its full-year profit forecast and posted higher-than-expected quarterly earnings. American forecast adjusted profit of $3.00 to $3.75 per share for 2023 compared with its prior outlook of $2.50 to $3.50 per share. But some analysts said the outlook suggested a slowdown in the company's earnings in the second half compared with the first six months of the year. American's revenue forecast also suggested airline ticket prices for domestic travel have peaked, fueling worries about the company's ability to offset cost pressure. Adjusted earnings for the second quarter came in at $1.92 per share, above analysts' consensus earnings estimate of $1.59, according to a Refinitiv survey.

Persons: Stephen Trent, American's, Robert Isom, Shivansh, Arun Koyyur, Stephen Coates Organizations: American Airlines, Citi, United Airlines, Thomson Locations: Bengaluru

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