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☆ Wolfspeed jumps on upbeat quarterly forecast
▼ + stars: | 2023-10-30 | by ( ) www.reuters.com time to read: +1 min

That facility, which started generating revenue at the end of Wolfspeed's fiscal 2023, contributed $4 million to its third-quarter revenue. The company said it expects second-quarter revenue from continuing operations of between $192 million and $222 million. Net loss widened to $3.22 per share from 21 cents per share a year earlier. Its quarterly revenue of $197.4 million missed analyst expectations of $207.7 million. Reporting by Zaheer Kachwala and Chavi Mehta in Bengaluru; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

Persons: Wolfspeed, Gregg Lowe, Piper Sandler, Zaheer Kachwala, Chavi Mehta, Anil D'Silva Organizations: Thomson Locations: New York, Mohawk, Bengaluru

A screen displays the trading information for Morgan Stanley on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., January 19, 2022. REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsOct 27 (Reuters) - Morgan Stanley (MS.N) gave its incoming CEO Ted Pick and the two other executives considered for the top job one-time bonuses of $20 million each, the bank said in a filing on Friday. The three-decade Morgan Stanley veteran started his career at the bank and came up the ranks to run trading, equity capital markets and fixed income. It is unusual for Wall Street CEO candidates to stay on if they are not selected, and the bonuses offered at Morgan Stanley break from that tradition. Since becoming CEO in 2010, Gorman has transformed Morgan Stanley, creating a wealth management behemoth and making transformative acquisitions of broker E*Trade and asset manager Eaton Vance.

Persons: Morgan Stanley, Brendan McDermid, MS.N, Ted Pick, Pick, Andy Saperstein, Dan Simkowitz, James Gorman, Jan, Morgan, Gorman, Wells, Mike Mayo, Brian Moynihan, Jamie Dimon, Eaton Vance, Tatiana Bautzer, Lananh Nguyen, Manya, Anil D'Silva, Richard Chang Organizations: New York Stock Exchange, REUTERS, Wall Street, Reuters, Bank of America, JPMorgan Chase, Trade, Manya Saini, Thomson Locations: New York City, U.S, New York, Bengaluru

☆ Investor group to infuse $35 million in troubled Republic First Bancorp
▼ + stars: | 2023-10-27 | by ( ) www.reuters.com time to read: +1 min

Companies Republic First Bancorp Inc FollowOct 27 (Reuters) - Investor group Norcross Braca has agreed to pump $35 million into troubled lender Republic First Bancorp (FRBK.PK), the companies said on Friday. The deal comes after the bank's disclosure in August that it was in talks with the group led by activist investor George Norcross regarding an equity investment and a broader capital raise. Philip Norcross has been appointed chair as part of the terms, while Gregory Braca and two new independent directors are also set to join the bank's board. The troubled lender has also postponed its 2022 annual shareholders meeting until December. Reporting by Manya Saini in Bengaluru; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

Persons: Norcross Braca, George Norcross, Philip Norcross, Gregory Braca, Manya Saini, Anil D'Silva Organizations: Bancorp, Investor, First Bancorp, Nasdaq, Thomson Locations: Bengaluru

An illuminated Google logo is seen inside an office building in Zurich, Switzerland December 5, 2018. REUTERS/Arnd Wiegmann/File Photo Acquire Licensing RightsOct 27 (Reuters) - Alphabet's (GOOGL.O) Google has agreed to invest up to $2 billion in the artificial intelligence company Anthropic, a spokesperson for the startup said on Friday. The company has invested $500 million upfront into the OpenAI rival and agreed to add $1.5 billion more over time, the spokesperson said. Amazon.com (AMZN.O) also said last month it would invest up to $4 billion in Anthropic to compete with growing cloud rivals on AI. Anthropic, which was co-founded by former OpenAI executives and siblings Dario and Daniela Amodei, has shown efforts to secure the resources and deep-pocketed backers needed to compete with OpenAI and be leaders in the technology sector.

Persons: Arnd, OpenAI, Dario, Daniela Amodei, Krystal Hu, Chavi Mehta, Jeffrey Dastin, Anil D'Silva, Devika Syamnath, Chris Reese Organizations: REUTERS, Google, Microsoft, Big Tech, U.S . Securities, Exchange Commission, Amazon, Street, Anthropic, Thomson Locations: Zurich, Switzerland, Anthropic, New York, Bengaluru

☆ Elon Musk's X launches two new premium subscription plans
▼ + stars: | 2023-10-27 | by ( ) www.reuters.com time to read: +1 min

The logo of social media platform X, formerly Twitter, is seen alongside the former logo in this illustration taken, July 24, 2023. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsOct 27 (Reuters) - Elon Musk's social media platform X, formerly known as Twitter, rolled out two new subscription plans on Friday, including a Premium+ tier for users willing to pay for an ad-free experience. It will, however, be available for users accessing the platform through a web browser for now, it added. X is also planning to bundle video and audio calling for some users, in a push to turn the platform into an everything app. Musk has been exploring several options to extensively monetize the social media platform, which he acquired for $44 billion in October 2022.

Persons: Dado Ruvic, Zaheer Kachwala, Anil D'Silva Organizations: REUTERS, Elon, Thomson Locations: Bengaluru

☆ Amazon predicts bright holiday season, cloud stabilizing
▼ + stars: | 2023-10-26 | by ( ) www.reuters.com time to read: +3 min

Facing an array of challenges to its business, Amazon is trying to keep its mantle as the world's biggest cloud provider and online retailer. The U.S. Federal Trade Commission in September sued Amazon for allegedly inflating prices and wielding monopoly power, claims that Amazon has disputed. Microsoft, the second-largest cloud provider by revenue after Amazon, beat Wall Street estimates this week as its customers geared up for AI upgrades. Amazon Web Services brought in revenue of $23.1 billion, compared with analysts' expectations of $23.09 billion. For the current holiday quarter, the company forecast revenue in the range of $160 billion and $167 billion.

Persons: Gonzalo Fuentes, Long, Andy Jassy, LSEG, Akash Sriram, Anil D'Silva, Deepa Babington Organizations: REUTERS, Amazon.com Inc, Google, Microsoft, Amazon, U.S . Federal Trade Commission, Amazon Web Services, Wall, Web Services, Thomson Locations: Bretigny, Paris, France, Bengaluru

☆ Capital One beats profit estimates on interest income boost
▼ + stars: | 2023-10-26 | by ( ) www.reuters.com time to read: +1 min

Signage is seen outside a Capital One Bank in Manhattan, New York, U.S., November 12, 2021. REUTERS/Andrew Kelly/File Photo Acquire Licensing RightsOct 26 (Reuters) - Capital One Financial (COF.N) on Thursday sailed past estimates for third-quarter profit as the consumer lender charged higher interest rates on loans, sending its shares up more than 4% in extended trading. Capital One's interest income climbed 6% to $7.42 billion in the quarter, compared with about $7 billion a year earlier. In line with broader industry trends, higher deposit costs led to net interest margin contracting to 6.69% versus 6.80% in the year-ago quarter. Capital One reported adjusted earnings of $4.45 per share in the three months ended Sept. 31.

Persons: Andrew Kelly, Manya Saini, Anil D'Silva Organizations: One Bank, REUTERS, Thursday, U.S . Federal Reserve, Thomson Locations: Manhattan , New York, U.S, Bengaluru

☆ Macquarie fund to invest in US fiber internet provider SwyftFiber
▼ + stars: | 2023-10-26 | by ( ) www.reuters.com time to read: +1 min

REUTERS/David Gray/File photo Acquire Licensing RightsOct 26 (Reuters) - Australia's Macquarie Group (MQG.AX) said late on Thursday that a fund managed by its asset management arm would invest in U.S.-based telecom services provider SwyftFiber. Although Macquarie did not disclose the financial details of the deal, Bloomberg reported on Wednesday that Macquarie was investing about $275 million for a majority stake. Neither Macquarie nor SwyftFiber respond to Reuters' requests for comment on deal details. The fund's proposed investment will allow SwyftFiber to speed up the construction of fiber infrastructure in existing and new markets, Macquarie said in a statement. SwyftFiber provides internet and television streaming services to communities in Louisiana, Arkansas and Mississippi, it added.

Persons: David Gray, Macquarie, Sameer Manekar, Anil D'Silva Organizations: Macquarie Group, REUTERS, Australia's Macquarie Group, Bloomberg, Thomson Locations: Sydney, Australia, Louisiana , Arkansas, Mississippi, Bengaluru

A screen displays the trading information for Morgan Stanley on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., January 19, 2022. Saperstein, who leads wealth management, will remain co-president and head of wealth, and take on additional responsibilities overseeing investment management. Simkowitz, head of investment management, will become co-president and head of institutional securities. GORMAN'S LEGACYGorman joined Morgan Stanley in February 2006 and was named co-president the following year. Gorman "guided a traditional, white-shoe investment bank through a transformative and successful evolution into a diversified, dynamic wealth management institution," said Ana Arsov, managing director at Moody's.

Persons: Morgan Stanley, Brendan McDermid, Morgan Stanley's, Ted Pick, James Gorman, Gorman, Andy Saperstein, Dan Simkowitz, Pick, Brian Mulberry, John Mack, Brian Moynihan, Jamie Dimon, Eaton Vance, Stephen Biggar, Biggar, bachelor's, Ana Arsov, Manya Saini, Niket, Tatiana Bautzer, Lananh Nguyen, Nupur Anand, Saeed Azhar, Megan Davies, Anil D'Silva, Devika Syamnath, Sonali Paul Organizations: New York Stock Exchange, REUTERS, Wall, Zacks Investment Management, Wall Street's, Bank of America, JPMorgan Chase, Trade Financial Corp, Eaton Vance Corp, Argus Research, University of Melbourne, Columbia University, Thomson Locations: New York City, U.S, Wall, Gorman, Australia, Bengaluru, New York

☆ Facebook-parent Meta beats revenue estimates, forecasts additional spending
▼ + stars: | 2023-10-25 | by ( ) www.reuters.com time to read: +1 min

The logo of Meta Platforms' business group is seen in Brussels, Belgium December 6, 2022. REUTERS/Yves Herman/File Photo Acquire Licensing RightsOct 25 (Reuters) - Meta Platforms (META.O) beat expectations for third-quarter revenue on Wednesday, while warning of additional spending and regulatory pressures ahead for 2024. Shares of Meta rose 4% in extended trading. Revenue rose 23% to $34.15 billion for the quarter ended September. Facebook's daily active users grew 5%, while ad impressions across Meta's apps grew 31%.

Persons: Yves Herman, Meta, Yuvraj Malik, Katie Paul, Anil D'Silva, Matthew Lewis Organizations: REUTERS, Meta, Revenue, Facebook, Thomson Locations: Brussels, Belgium, Bengaluru, New York

☆ Arizona says closely monitoring use of self-driving vehicles
▼ + stars: | 2023-10-25 | by ( ) www.reuters.com time to read: +2 min

[1/2] 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 RightsOct 25 (Reuters) - Arizona is closely monitoring the testing and use of self-driving vehicles in the state, its transportation department said on Wednesday, a day after California barred General Motors' (GM.N) Cruise from operating its driverless cars. The Arizona Department of Transportation said it was aware of the announcement from California and was closely monitoring the situation. "Public safety is our highest priority, and we are in regular communication with and closely monitoring Cruise and other companies testing and operating self-driving vehicles in Arizona," it said in a statement. Companies such as Cruise, Alphabet's (GOOGL.O) Waymo and Uber are testing their self-driving car technology in these states and cities.

Persons: Elijah Nouvelage, Hugo Soto, Martínez, Cruise, Waymo, Akash Sriram, Juby Babu, Hyunjoo Jin, Lisa Baertlein, Shailesh Kuber, Anil D'Silva Organizations: GM Bolt, REUTERS, General Motors, The Arizona Department of Transportation, California's Department of Motor Vehicles, Department of Motor Vehicles, Thomson Locations: San Francisco , California, U.S, Arizona, California, Los Angeles, Texas , Tennessee, Pennsylvania, Florida, Nevada, Dallas, Nashville, Bengaluru, Hyunjoo, San Francisco

☆ Align Technology cuts annual sales forecast, cites macro-economic pressures
▼ + stars: | 2023-10-25 | by ( ) www.reuters.com time to read: +2 min

Oct 25 (Reuters) - Align Technology (ALGN.O) lowered its full-year revenue forecast on Wednesday, hurt by weak demand for its clear teeth aligners, sending its shares down 21% in extended trading. The dental company now expects revenue in the range of $3.83 billion to $3.85 billion for 2023, compared with its previous forecast of $3.97 billion to $3.99 billion. Align's lead product segment, which sells a series of custom-made aligners and other consumables used for straightening teeth, reported revenue of $794.9 million, below estimates of $821.9 million. On an adjusted basis, Align earned $2.14 per share for the three months ended Sept. 30, below analysts' average estimate of $2.26 per share, according to LSEG data. Reporting by Pratik Jain in Bengaluru; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

Persons: Joe Hogan, Hogan, Pratik Jain, Anil D'Silva Organizations: Envista Holdings Corp, Swiss, Straumann, Thomson Locations: Bengaluru

Google Cloud generated third-quarter revenue of $8.41 billion, compared with $6.87 billion in the year-ago quarter. By contrast, revenue from Microsoft's Intelligent Cloud unit, which houses the Azure cloud computing platform, grew to $24.3 billion, compared with analysts' estimate of $23.49 billion, LSEG data showed. Azure revenue rose 29%, higher than a 26.2% growth estimate from market research firm Visible Alpha. Within the company's advertising segment, YouTube ads reported revenue of $7.95 billion compared with $7.07 billion last year. Revenue for the quarter ended Sept. 30 stood at $76.69 billion, compared with estimates of $75.97 billion, according to LSEG data.

Persons: Paresh Dave, Jesse Cohen, Akash Sriram, Max A, Anil D'Silva, Aurora Ellis Organizations: REUTERS, Google, Alpha, Microsoft, Revenue, Thomson Locations: Mountain View , California, U.S, , California, Bengaluru, Max, San Francisco

☆ Crypto lender BlockFi begins post-bankruptcy wind-down
▼ + stars: | 2023-10-24 | by ( ) www.reuters.com time to read: +2 min

FILE PHOTO; Figurines with smartphones and computers are seen in front of the BlockFi logo in this illustration, November 28, 2022. BlockFi estimated in court filings that customers who had interest-bearing Earn accounts will receive between 39.4% and 100% of the value in their accounts. In its bankruptcy filing in November 2022, BlockFi had cited its loans to FTX's sister firm Alameda as one of the reasons for its collapse. Those with BlockFi Interest Accounts and Retail Loans will be repaid over the coming months, but the amounts they receive could vary based on the outcome of the FTX bankruptcy, BlockFi said. Crypto lenders, the de facto banks of the crypto world, boomed during the pandemic, attracting retail customers with double-digit rates in return for their crypto deposits.

Persons: Dado Ruvic, BlockFi, Sam Bankman, Fried, Crypto, Niket, Dietrich Knauth, Shailesh Kuber, Anil D'Silva, Will Dunham Organizations: REUTERS, Arrows Capital, Thomson Locations: Jersey City , New Jersey, Alameda, Manhattan, Bengaluru, New York

☆ Snap revenue view above estimates on boost from new ad targeting tools; shares soar
▼ + stars: | 2023-10-24 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsOct 24 (Reuters) - Snap (SNAP.N) forecast fourth-quarter revenue largely above estimates on Tuesday after posting better-than-expected revenue and user growth for the latest three months as efforts to revamp the ad targeting tools of its photo messaging app paid off. The Santa Monica, California-based company said it expected fourth-quarter revenue to be between $1.32 billion to $1.38 billion. Revenue for the third quarter ended September rose 5% to $1.19 billion, beating analysts' expectations of $1.11 billion, according to LSEG data. Daily active users on Snapchat were 406 million, beating Wall Street expectations of 405.7 million. Snap's net loss widened to $368 million in the third quarter from $360 million a year earlier.

Persons: Dado Ruvic, Khushi, Anil D'Silva Organizations: REUTERS, Facebook, Meta, Revenue, Thomson Locations: Santa Monica , California, Bengaluru

☆ Snap sees upbeat fourth quarter as new ad features start to pay off
▼ + stars: | 2023-10-24 | by ( Khushi Mandowara | ) www.reuters.com time to read: +2 min

Revenue for the third quarter ended September rose 5% to $1.19 billion, beating analysts' expectations of $1.11 billion, according to LSEG data. For the fourth quarter, the Santa Monica, California-based company expects revenue to be between $1.32 billion and $1.38 billion. Snap, however, said it saw a risk to its sales in the fourth quarter as a war in the Middle East could tamp down spending from a large number of brand-oriented advertising campaigns. Daily active users on Snapchat were 406 million, beating Wall Street expectations of 405.7 million. Snap's net loss widened to $368 million in the quarter from $360 million a year earlier.

Persons: Dado Ruvic, Scott Kesler, Evan Spiegel, Thomas Monteiro, Khushi, Anil D'Silva Organizations: REUTERS, Revenue, Meta, Investing.com, Thomson Locations: Santa Monica , California, Bengaluru

☆ Nvidia says U.S. speeded up new export curbs on AI chips
▼ + stars: | 2023-10-24 | by ( ) www.reuters.com time to read: +1 min

A smartphone with a displayed NVIDIA logo is placed on a computer motherboard in this illustration taken March 6, 2023. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsOct 24 (Reuters) - Chip designer Nvidia (NVDA.O) said new U.S. export curbs on the sale of its high-end artificial intelligence chips to China came into effect on Monday as regulators advanced the deadline. The restrictions were supposed to come into play 30 days from Oct. 17 when the Biden administration unveiled measures to stop countries, including China, Iran and Russia, from receiving advanced AI chips designed by Nvidia and others. The restrictions bar exports of Nvidia's modified advanced AI chips A800 and H800 - both of which were created for the Chinese market to comply with previous export rules. The Nvidia A100, H100 and L40S chips are also impacted by the curbs.

Persons: Dado Ruvic, Nvidia, Biden, Aditya Soni, Arun Koyyur, Anil D'Silva Organizations: NVIDIA, REUTERS, Nvidia, Devices, U.S . Department of Commerce, Intel, Gaudi, Thomson Locations: China, Iran, Russia, U.S, Bengaluru

☆ SLB profit beats on strength in global drilling activity
▼ + stars: | 2023-10-20 | by ( ) www.reuters.com time to read: +2 min

Courtesy of SLB/Handout via REUTERS/File photo Acquire Licensing RightsCompanies Schlumberger NV FollowOct 20 (Reuters) - SLB (SLB.N) edged past estimates for quarterly profit on Friday as strength in the overseas drilling market to meet the insatiable global appetite for oil drove demand for its oilfield equipment, offsetting weakness in North America. Oilfield services firms have been kept busy as oil and gas companies reinvest their windfall profit, reaped when Russia invaded Ukraine, to secure more offshore and international sources. International revenue rose 12% to $6.6 billion in the third quarter, compared with a year earlier. North America revenue climbed 6%, but declined sequentially due to reduced drilling activity in the onshore U.S. and the Gulf of Mexico. Reporting by Arunima Kumar in Bengaluru; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

Persons: Olivier Le Peuch, Arunima Kumar, Anil D'Silva Organizations: REUTERS, Schlumberger, Thomson Locations: Houston , Texas, Handout, North America, Russia, Ukraine, America, Gulf of Mexico, MidEast, Asia, 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

☆ American Airlines beats profit estimates, sees strong holiday bookings
▼ + stars: | 2023-10-19 | by ( ) www.reuters.com time to read: +2 min

An American Airlines Airbus A321-200 plane takes off from Los Angeles International airport (LAX) in Los Angeles, California, U.S. March 28, 2018. REUTERS/Mike Blake/File Photo Acquire Licensing RightsOct 19 (Reuters) - American Airlines (AAL.O) on Thursday beat estimates for third-quarter adjusted profit and said bookings for the upcoming holiday season have been stronger than last year, sending its shares up 1.6% in premarket trading. American Airlines reported an adjusted profit of 38 cents per share for the quarter ended Sept. 30, beating analysts' average estimates of 25 cents per share, according to LSEG data. It now expects an adjusted profit of $2.25 per share to $2.50 per share for the year, compared with its previous forecast of $3 to $3.75 per share. The company expects its fourth-quarter total revenue per available seat mile (TRASM), a proxy for pricing power, to be down about 5.5% to 7.5%, compared with the year-earlier period.

Persons: Mike Blake, Robert Isom, Shivansh, Anil D'Silva Organizations: American Airlines Airbus, Los Angeles International, REUTERS, American Airlines, CNBC, Jet, Thomson Locations: Los Angeles , California, U.S, Fort Worth , Texas, Bengaluru

☆ The 'blue dollar' is booming: Argentina's lust for the buck pushed its black-market rate up 60,000% since peso parity ended in 2002
▼ + stars: | 2023-10-19 | by ( Anil Varma | ) www.businessinsider.com time to read: +5 min

For decades, the nation has been roiled by hyperinflation, sky-high interest rates, a growing mountain of debt, a string of sovereign defaults, and a cratering exchange rate. Rampant inflation has ravaged Argentina's currency over the years, wiping out much of its value against the dollar and ruining its appeal to consumers. The coveted bucks from the back alleys of Buenos Aires have their own price, even their own name: dólar blue, or the "blue dollar." AdvertisementAdvertisementUp 60,000% and going strongThe dollar's unofficial exchange rate smashed above 1,000 pesos for the first time last week, to hit levels almost three times as high as the official rate. That would almost certainly mean the blue dollar surging to new highs.

Persons: —, It's, Javier Milei, Manuel Cortina Organizations: Service, Spain's Santander Group, Cato Institute, Local, Argentine, Monetary Fund, BBVA Locations: Argentina, Buenos Aires, bluedollar.net, American, Brazil, Argentine, Spanish

☆ India's ITC misses profit estimates as competition, costs rise
▼ + stars: | 2023-10-19 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Vivek Prakash/File Photo Acquire Licensing RightsBENGALURU/CHENNAI, Oct 19 (Reuters) - India's ITC (ITC.NS) reported a smaller-than-expected rise in its second-quarter profit on Thursday, as the consumer goods major grappled with stiff competition from smaller rivals and higher prices of some commodities. Dove-soapmaker Hindustan Unilever said earlier in the day it lost some market share in its mass segment - comprising lower-priced products - due to competition. The tobacco-to-hotels conglomerate's profit still rose 10% to 49.27 billion rupees ($592.81 million), but missed analysts' average estimate of 49.54 billion rupees, according to data from LSEG. Revenue from operations rose 3% to 177.05 billion rupees, helped by a 10% surge in its cigarettes business. Other consumer goods majors Nestle India (NEST.NS) and Hindustan Unilever eased past quarterly earnings estimates earlier on Thursday, as city dwellers spent more on affordable pick-me-ups like cookies and coffee.

Persons: Vivek Prakash, Shirish Pardeshi, Navamya Ganesh Acharya, Varun, Anil D'Silva Organizations: ITC, REUTERS, Hindustan Unilever, Centrum Broking, Nestle India, Varun Vyas, Thomson Locations: Mumbai, BENGALURU, CHENNAI, LSEG ., Bengaluru, Praveen, Chennai

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

☆ Abbott profit beats on strong sales of medical devices, diagnostics
▼ + stars: | 2023-10-18 | by ( ) www.reuters.com time to read: +1 min

Abbott Laboratories logo is displayed on a screen at the New York Stock Exchange (NYSE) in New York City, U.S., October 18, 2021. REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsOct 18 (Reuters) - Abbott Laboratories (ABT.N) on Wednesday tightened its profit forecast for the year after beating estimates for third-quarter earnings on strong demand for its medical devices and diagnostics products. The company is seeing a recovery in sales of its medical devices such as heart valve devices and pacemakers as more older people opt for surgeries that were put off due to the pandemic. Abbott posted a near 17% rise in quarterly sales of its medical devices to $4.25 billion, beating analysts' estimates of $4.16 billion. Excluding items, Abbott earned $1.14 per share, above analysts' estimates of $1.10 per share, according to LSEG data.

Persons: Brendan McDermid, Abbott, Nordisk's Ozempic, Eli Lilly's, Mounjaro, Pratik Jain, Leroy Leo, Anil D'Silva Organizations: Abbott, New York Stock Exchange, REUTERS, Abbott Laboratories, Libre, Nordisk's, Thomson Locations: New York City, U.S, Bengaluru

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