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Energy (.SPNY) was the top S&P 500 sector gainer, jumping 3.6% and on track for its best single-day performance in six months. The airlines' shares were down around 5% each, dragging the S&P 500 Passenger Airlines index (.SPLRCALI) down 4.5% to its lowest in a year. The broader S&P 500 Aerospace & Defense index (.SPLRCAERO) jumped 4.9%. Exchange-traded funds exposed to Israel including iShares MSCI Israel ETF and the ARK Israel Innovative Technology ETF slid 7.8% and 4.6%, respectively. The S&P index recorded four new 52-week highs and 18 new lows, while the Nasdaq recorded 24 new highs and 236 new lows.

Persons: Brendan McDermid, Tesla, Israel, Lloyd Austin, It's, Peter Andersen, Northrop, Lockheed Martin, iShares, decliners, advancers, Shashwat Chauhan, Ankika Biswas, Arun Koyyur, Shounak Organizations: New York Stock Exchange, REUTERS, Nvidia, Big Tech, U.S, Israel, Dow, Nasdaq, Hamas, U.S . Defense, Dow Jones, Treasury, Columbus Day, Apple, Microsoft, U.S ., Andersen Capital Management, Boston . Energy, United Airlines, Delta Air Lines, American Airlines, Airlines, Defense, Northrop Grumman, General Dynamics, Lockheed, Aerospace, . Exchange, ARK Israel Innovative Technology, Federal, NYSE, Thomson Locations: New York City, U.S, China, Israel, Palestinian, Lebanon, Gaza, United States, Boston, Tel Aviv, Bengaluru

The British company gets most of its revenue from the smartphone market, in which it has a 99% share across Google's Android and Apple's iOS devices. Arm shares last closed at $54.08, compared with the IPO price of $51. Such growth would benefit SoftBank, which told investors ahead of the Arm IPO that it plans to remain the majority owner in the company it considers its crown jewel. But some brokerages, including HSBC, urged caution, saying Arm's shares could remain range-bound as uncertainty over a smartphone market recovery pressures earnings. At least 17 brokerages started covering Arm, with an average rating of "buy" and a median price target of $63.50.

Persons: Dado Ruvic, Goldman Sachs, TD Cowen, Roshan Abraham, Savio D'Souza, Anil D'Silva, Shounak Organizations: REUTERS, Holdings, Wall Street, SoftBank, J.P.Morgan, British, Citi, Deutsche Bank, Rosenblatt Securities, Philadelphia Semiconductors, HSBC, Thomson Locations: brokerages, Philadelphia, Bengaluru

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., September 28, 2023. ET, Dow e-minis were down 152 points, or 0.45%, S&P 500 e-minis were down 24.25 points, or 0.56%, and Nasdaq 100 e-minis were down 109.5 points, or 0.72%. Traditional safe-haven assets including gold and the U.S. dollar gained, while growing uncertainty pushed crude prices higher. The Nasdaq (.IXIC) and the S&P 500 (.SPX) posted weekly gains on Friday as mixed jobs reports kept investors on edge around the Federal Reserve's interest rate outlook. Tesla (TSLA.O) shed 1.7% as data showed the company's China-made EV sales volume for September decreased 10.9% from a year ago.

Persons: Brendan McDermid, Tesla, Lloyd Austin, Stuart Cole, Northrop, Lockheed Martin, Philip Jefferson, Michael Barr, Nelson Peltz's, Shashwat Chauhan, Arun Koyyur, Shounak Organizations: New York Stock Exchange, REUTERS, Nvidia, Big Tech, U.S, Israel, Dow, Nasdaq, Hamas, . Defense, Dow e, U.S ., Equiti, Energy, Chevron, Exxon Mobil, Occidental Petroleum, United Airlines, Delta Air Lines, American Airlines, Barrick Gold, Northrop Grumman, General Dynamics, Lockheed, Columbus Day, Apple, Intel, Qualcomm, Devices, JPMorgan Chase, Citigroup, BlackRock, Management, Thomson Locations: New York City, U.S, China, Israel, Palestinian, Gaza, United States, Tel Aviv, Wells Fargo, Bengaluru

☆ What are global firms with presence in Israel doing after Hamas attacks
▼ + stars: | 2023-10-09 | by ( ) www.reuters.com time to read: +2 min

A rocket launched from the Gaza Strip strikes an area near Sderot, southern Israel October 9, 2023. REUTERS/Amir Cohen Acquire Licensing RightsOct 9 (Reuters) - Global companies with a presence in Israel have temporarily shut some operations and asked employees to work from home following attacks by the Palestinian Islamist group Hamas over the weekend. BANKSJPMorgan Chase (JPM.N):The Wall Street bank has asked more than 200 employees in Israel to work from home, a source familiar with the matter told Reuters. Goldman Sachs (GS.N):The bank's employees at its office in Tel Aviv have been asked to work from home, a spokesperson said. CONSUMER AND RETAILH&M:The clothing company said its local franchise partner has temporarily closed all stores in Israel.

Persons: Amir Cohen, El, Goldman Sachs, Morgan Stanley, Gautam Adani's, Jensen Huang, Priyamvada C, Mehr Bedi, Ananya Mariam Rajesh, Helen Reid, Sriraj Kalluvila, Shounak Organizations: Gaza, REUTERS, Hamas, Royal, Chevron, JPMorgan Chase, Reuters, Bloomberg News, TECH Nvidia, Tel, Thomson Locations: Sderot, Israel, Palestinian, Tel Aviv, Royal Caribbean, U.S, Haifa Port, Bengaluru, London

☆ Truist in talks to sell insurance business for $10 bln - Semafor
▼ + stars: | 2023-10-09 | by ( ) www.reuters.com time to read: +1 min

Oct 10 (Reuters) - Truist Financial (TFC.N) is in talks to sell its insurance brokerage unit to private equity firm Stone Point for about $10 billion, news website Semafor reported on Monday, citing people familiar with the matter. Stone Point bought a 20% stake in the unit, known as Truist Insurance Holdings, in April in a deal that valued the business at $14.75 billion. When the transaction was unveiled in February, before the industry turmoil, Truist said it would continue to own 80% of the unit. The talks with Stone Point are ongoing, according to the Semafor report, which added that a deal may hinge on Stone Point's ability to scrounge up enough debt. Truist Financial declined to comment on the Semafor report, while Truist Insurance and Stone Point did not immediately respond to Reuters requests for comment.

Persons: Semafor, Truist, Shivani Tanna, Niket, Maju Samuel, Shounak Organizations: Truist, Truist Insurance Holdings, Truist Insurance, Thomson Locations: U.S, dealmaking, Bengaluru

☆ Indexes end up sharply with tech after strong jobs, slower wage growth
▼ + stars: | 2023-10-06 | by ( Caroline Valetkevitch | ) www.reuters.com time to read: +3 min

The S&P 500 and Nasdaq registered their biggest daily percentage gains since late August, and the S&P 500 rose for the week, snapping a four-week losing streak. Information technology (.SPLRCT) was up the most of any S&P 500 sector, followed by communication services (.SPLRCL). He said also that the S&P 500 appeared to bounce after nearing its 200-day moving average, currently at around 4,208. For the week, the S&P 500 was up 0.5%, the Dow fell 0.3% and the Nasdaq rose 1.6%. The S&P 500 posted six new 52-week highs and 52 new lows; the Nasdaq Composite recorded 27 new highs and 260 new lows.

Persons: Stocks, Robert Pavlik, Brendan McDermid, Caroline Valetkevitch, Sinead Carew, Ankika Biswas, Shashwat Chauhan, Anil D'Silva, Shounak Dasgupta, David Gregorio Our Organizations: Companies, Exxon, Dow, Nasdaq, Federal Reserve, Dakota Wealth, Treasury, Traders, New York Stock Exchange, REUTERS, Dow Jones, JPMorgan Chase, Exxon Mobil, Reuters, Natural Resources, NYSE, Thomson Locations: Fairfield , Connecticut, New York City, U.S, New York, Bengaluru

☆ Indexes rally with tech after strong jobs, slower wage growth
▼ + stars: | 2023-10-06 | by ( Caroline Valetkevitch | ) www.reuters.com time to read: +2 min

The S&P 500 rose for the week, snapping a four-week losing streak. Information technology (.SPLRCT) was up the most of any S&P 500 sector, followed by communication services (.SPLRCL). Stocks initially fell early after the jobs data, which showed U.S. employment increased by the most in eight months in September but also that wage growth cooled. Robert Pavlik, senior portfolio manager at Dakota Wealth in Fairfield, Connecticut, said the S&P 500 appeared to bounce after nearing its 200-day moving average, currently at around 4,208. Market watchers have been weighing whether the Fed may be done hiking interest rates after a recent surge in long-term U.S. Treasury yields.

Persons: Brendan McDermid, Stocks, Robert Pavlik, Sinead Carew, Ankika Biswas, Shashwat Chauhan, Anil D'Silva, Shounak Dasgupta, David Gregorio Our Organizations: New York Stock Exchange, REUTERS, Companies, Exxon, YORK, Dakota Wealth, Federal Reserve, Treasury, Nasdaq, Dow Jones, JPMorgan Chase, Exxon Mobil, Reuters, Natural Resources, Thomson Locations: New York City, U.S, Fairfield , Connecticut, New York, Bengaluru

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., August 15, 2023. The S&P 500 (.SPX) eyes its fifth straight weekly fall, while the Dow (.DJI) is on track to decline for the third straight week. Energy (.SPNY) is set to be worst hit amongst the major S&P 500 sectors this week, while communications services (.SPLRCL) is on track to be the best performing. Looking ahead, data would take center stage once again with September consumer price inflation and producer price index readings due next week. ET, Dow e-minis were up 74 points, or 0.22%, S&P 500 e-minis were up 10.25 points, or 0.24%, and Nasdaq 100 e-minis were up 43.5 points, or 0.29%.

Persons: Brendan McDermid, Levi Strauss, Tesla, that's, Marios Hadjikyriacos, LEVI.N, Ankika Biswas, Shashwat Chauhan, Anil D'Silva, Shounak Organizations: New York Stock Exchange, REUTERS, Exxon, Dow, Nasdaq, Labor, XM, Traders, Energy, Federal, JPMorgan Chase, Citigroup, BlackRock, Dow e, Tesla, Exxon Mobil, Reuters, Natural Resources, Thomson Locations: New York City, U.S, Wells Fargo, United States, Bengaluru

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., August 15, 2023. The S&P 500 (.SPX) eyed its fifth straight weekly fall, while the Dow (.DJI) is on track to decline for the third straight week. Most major S&P 500 sectors were trading lower on Friday, with utilities (.SPLRCU), often considered a bond proxy, down 1.8%, while rate-sensitive real-estate (.SPLRCR) fell 1.2%. Energy (.SPNY) is set to be worst hit amongst the major S&P 500 sectors this week, while communications services (.SPLRCL) is on track to be the best performing. EV maker Tesla (TSLA.O) fell 2.2% after cutting prices of its Model 3 and Model Y vehicles in the United States.

Persons: Brendan McDermid, Tesla, Neil Birrell, advancers, Ankika Biswas, Shashwat Chauhan, Anil D'Silva, Shounak Organizations: New York Stock Exchange, REUTERS, Companies, Exxon, Dow, Nasdaq, Federal Reserve, Labor, Premier Miton, Treasury, Nvidia, Traders, Energy, JPMorgan Chase, Citigroup, BlackRock, Dow Jones, Tesla, Exxon Mobil, Reuters, Natural Resources, NYSE, Thomson Locations: New York City, U.S, Wells Fargo, United States, Bengaluru

Although longer-dated U.S. Treasury yields eased from 16-year highs on Wednesday, investors remain concerned that the elevated levels may pressure equities. Worries about U.S. government spending and its ballooning budget deficit have added to uncertainty around the interest rates trajectory, contributing to a steep selloff that have caused a rout in Treasury prices and a spike in yields. The S&P 500 and the tech-heavy Nasdaq lost around 5% and 6% last month as yields spiked. Traders put the chance of interest rates remaining unchanged in November and December at 80% and 63%, respectively, according to CME's FedWatch tool. ET, Dow e-minis were down 92 points, or 0.28%, S&P 500 e-minis were down 10.5 points, or 0.24%, and Nasdaq 100 e-minis were down 27.75 points, or 0.19%.

Persons: Brendan McDermid, Janet Mui, Loretta Mester, Neel Kashkari, Richmond's Thomas Barkin, Mary Daly, Michael Barr, Kevin McCarthy, Steve Scalise, Jim Jordan, Joe Biden, VinFast, Ankika Biswas, Shashwat Chauhan, Shounak Dasgupta Organizations: New York Stock Exchange, REUTERS, Dow, Nasdaq, Treasury, RBC Brewin, Apple, Traders, Dow e, Federal, Democratic, Rivian, EV, Chevron, Exxon Mobil, Occidental Petroleum, Thomson Locations: New York City, U.S, Minneapolis, Bengaluru

☆ Wall St ends down slightly; investors await Friday's payrolls
▼ + stars: | 2023-10-05 | by ( Caroline Valetkevitch | ) www.reuters.com time to read: +3 min

Friday's monthly payrolls report could be the week's most important economic news, however, investors remained concerned about whether the Federal Reserve will keep rates higher for longer. Stocks ended well off their weakest levels of the session, and strategists noted the S&P 500 was holding above its 200-day moving average, currently at around 4,206. After recent market weakness, investors are keen for third-quarter earnings reports to kick off mid-month. S&P 500 company earnings overall are expected to have risen 1.6% year-over-year for the quarter, according to LSEG IBES data. The S&P 500 posted three new 52-week highs and 39 new lows; the Nasdaq Composite recorded 24 new highs and 330 new lows.

Persons: Stocks, Mary Daly, Peter Cardillo, Brendan McDermid, Caroline Valetkevitch, Ankika Biswas, Shashwat Chauhan, Shounak Dasgupta, David Gregorio Our Organizations: Companies, Dow, Nasdaq, Federal Reserve, Benchmark U.S, Treasury, Spartan Capital Securities, San Francisco Fed Bank, Economic, of New, New York Stock Exchange, REUTERS, Dow Jones, Dell Technologies, NYSE, Thomson Locations: New York, of New York, U.S, New York City, Bengaluru

☆ Dell's revenue forecast signals AI boost will take longer to materialize
▼ + stars: | 2023-10-05 | by ( ) www.reuters.com time to read: +2 min

The logo for Dell Technologies Inc. is displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York, U.S., January 10, 2019. "The unchanged revenue CAGR (forecast) seems conservative given the recent AI tailwinds, which are expected to not only build but persist in the future," Evercore ISI analysts said. Its main revenue generator - the PC market - has been in a slump since the pandemic ended. Dell's shares have risen 65% so far this year, after dropping nearly 30% in 2022. Reporting by Yuvraj Malik in Bengaluru; Editing by Anil D'Silva and Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

Persons: Brendan McDermid, Dell, Yuvraj Malik, Anil D'Silva, Shounak Organizations: Dell Technologies Inc, New York Stock Exchange, REUTERS, Dell Technologies, Dell, Wall, Thomson Locations: New York, U.S, Bengaluru

FILE PHOTO:Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., September 28, 2023. Even as longer-dated Treasury yields eased from 16-year highs on Wednesday, investors remain concerned that the elevated levels may continue to pressure equities. The Labor Department's report showed the number of Americans filing new claims for unemployment benefits rose moderately last week, while layoffs declined in September, pointing to still-resilient labor market conditions. Following a mixed jobs reports earlier this week, focus will be on the more comprehensive September non-farm payrolls data on Friday. Declining issues outnumbered advancers for a 1.50-to-1 ratio on the NYSE and a 1.22-to-1 ratio on the Nasdaq.

Persons: Brendan McDermid, Charles, Henry Monchau, Neel Kashkari, Richmond's Thomas Barkin, Mary Daly, Michael Barr, Kevin McCarthy, Steve Scalise, Jim Jordan, Joe Biden, VinFast, Lamb, advancers, Ankika Biswas, Shashwat Chauhan, Shounak Dasgupta Organizations: New York Stock Exchange, REUTERS, Companies, Dow, Nasdaq, U.S, Treasury, Syz Group, Healthcare, Labor, Dow Jones, Traders, Federal, Democratic, Rivian, EV, Dell Technologies, Lamb Weston Holdings, NYSE, Thomson Locations: New York City, U.S, Minneapolis, Bengaluru

☆ Nasdaq leads Wall St rebound after weaker-than-expected data
▼ + stars: | 2023-10-04 | by ( Caroline Valetkevitch | ) www.reuters.com time to read: +3 min

Consumer discretionary (.SPLRCD) rose 2%, leading S&P 500 sectors higher, followed by communication services (.SPLRCL) and technology (.SPLRCT), as U.S. Treasury yields eased off of 16-year highs. The ADP National Employment Report was cheered by investors worried about rising interest rates and the likelihood that the Federal Reserve may need to keep rates higher for longer. Recent weakness had brought the S&P 500 near its 200-day moving average, currently at around 4,203. S&P 500 company earnings are expected to have risen 1.6% year-over-year for the quarter, according to LSEG data. The S&P 500 posted one new 52-week high and 40 new lows; the Nasdaq Composite recorded 18 new highs and 398 new lows.

Persons: Oliver Pursche, Brendan McDermid, decliners, Caroline Valetkevitch, Ankika Biswas, Shashwat Chauhan, Shounak Dasgupta, Richard Chang Organizations: Companies, ADP, Dow, Nasdaq, Consumer, Treasury, Federal, Wealthspire Advisors, U.S, New York Stock Exchange, REUTERS, Dow Jones, Ford, NYSE, Thomson Locations: Westport , Connecticut, New York City, U.S, New York, Bengaluru

☆ Wall St ends up after recent weakness; consumer discretionary gains
▼ + stars: | 2023-10-04 | by ( Caroline Valetkevitch | ) www.reuters.com time to read: +2 min

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., September 26, 2023. Consumer discretionary (.SPLRCD) led S&P 500 sectors higher, followed by technology (.SPLRCT), as U.S. Treasury yields eased off of 16-year highs. The ADP National Employment Report was cheered by investors worried about rising interest rates and the likelihood that the Federal Reserve may need to keep rates higher for longer. Recent weakness had brought the S&P 500 near the 4,200 level, seen as the index's next level of support. According to preliminary data, the S&P 500 (.SPX) gained 34.17 points, or 0.81%, to end at 4,263.62 points, while the Nasdaq Composite (.IXIC) gained 172.95 points, or 1.32%, to 13,236.01.

Persons: Brendan McDermid, Oliver Pursche, Caroline Valetkevitch, Ankika Biswas, Shashwat Chauhan, Shounak Dasgupta, Richard Chang Organizations: New York Stock Exchange, REUTERS, Companies, ADP, Major U.S, Consumer, Treasury, Federal, Wealthspire Advisors, U.S, Nasdaq, Dow Jones, Ford, Thomson Locations: New York City, U.S, Major, Westport , Connecticut, New York, Bengaluru

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., September 26, 2023. While the 30-year Treasury yield crossed above 5% for the first time since August 2007, the 10-year and five-year yields hit their highest since 2007. The CBOE volatility index (.VIX), Wall Street's "fear gauge", briefly hit a five-month high and topped its long-term average of 20. A day after U.S. job openings unexpectedly rose in August, investors will closely monitor September ADP National Employment data at 8:15 a.m. Reporting by Ankika Biswas and Shashwat Chauhan in Bengaluru; Editing by Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

Persons: Brendan McDermid, Kevin McCarthy, Mark Haefele, Haefele, Austan Goolsbee, Michelle Bowman, Eli Lilly, LLY.N, Mike Mason, Ankika Biswas, Shashwat Chauhan, Shounak Dasgupta Organizations: New York Stock Exchange, REUTERS, Apple, U.S . House Republicans, Treasury, Microsoft, Nvidia, Dow e, Nasdaq, Federal, UBS Global Wealth, Institute, Supply, PMI, Chicago, Traders, Dow, Intel, Thomson Locations: New York City, U.S, Bengaluru

The ADP National Employment report showed private payrolls rose 89,000 in September, much lower than the expected 153,000. Focus now shifts to the more comprehensive non-farm payrolls data due on Friday. Separate data showed the U.S. services sector slowed in September as new orders fell to a nine-month low. Declining issues outnumbered advancers for a 1.02-to-1 ratio on the NYSE and a 1.10-to-1 ratio on the Nasdaq. The S&P index recorded no new 52-week high and 19 new lows, while the Nasdaq recorded 4 new highs and 162 new lows.

Persons: Brendan McDermid, Thomas Hayes, Kevin McCarthy, Helen of Troy, Rollins, advancers, Ankika Biswas, Shashwat Chauhan, Shounak Dasgupta Organizations: New York Stock Exchange, REUTERS, Companies, Nasdaq, Treasury, Microsoft, Nvidia, Great, Capital LLC, Dow, Traders, Wednesday, Dow Jones, U.S . House, Point Capital Management, NYSE, Thomson Locations: New York City, U.S, HELE.O, Point, Bengaluru

A United Airlines Airbus A319-100 jet takes off from Washington National Airport in Washington, U.S., August 9, 2017. The latest order is the second major aircraft purchase by United over the past year. In December, it unveiled a huge order of 100 Boeing 787 Dreamliners and 100 737 MAXs. The large 787 order is likely to raise further questions about the future of outstanding United orders for 45 Airbus A350s which have already been deferred to at least 2030. Nocella said while A350 is a "great machine" and there is no change in the company's order, United is focused on its 787 fleet in the short-run.

Persons: Joshua Roberts, Andrew Nocella, Nocella, It's, Valerie Insinna, Rajesh Kumar Singh, Mehr Bedi, Tim Hepher, David Shepardson, Shounak Dasgupta, William Maclean, Bernadette Baum, David Gregorio, Aurora Ellis Organizations: United Airlines Airbus, Washington National Airport, REUTERS, United Airlines, Tuesday, Boeing, Airbus, Reuters, Air Canada, Air France, KLM, U.S, United, Thomson Locations: Washington , U.S, Chicago, United, North America, U.S, Washington, Bengaluru

☆ United Airlines to announce order for 110 Airbus, Boeing jets -sources
▼ + stars: | 2023-10-03 | by ( Valerie Insinna | ) www.reuters.com time to read: +2 min

A United Airlines Airbus A319-100 jet takes off from Washington National Airport in Washington, U.S., August 9, 2017. Airbus, Boeing and United declined to comment. Demand has rebounded for long distance widebody jets to meet international travel demand. Weakening pricing power in United's domestic market has sparked concerns about travel demand, reflected in airline share prices. At the time, the order sparked concerns about United Airlines' balance sheet.

Persons: Joshua Roberts, Richard Aboulafia, Jefferies, Aboulafia, Valerie Insinna, Mehr Bedi, Tim Hepher, David Shepardson, Shounak Dasgupta, William Maclean, Bernadette Baum, David Gregorio Our Organizations: United Airlines Airbus, Washington National Airport, REUTERS, Rights, United Airlines, Boeing, Airbus, Reuters, United, Air Canada, Air France, KLM, NYSE, Carriers, Thomson Locations: Washington , U.S, Washington, Bengaluru

REUTERS/Dado Ruvic/Illustration/File photo Acquire Licensing RightsOct 3 (Reuters) - The U.S. Food and Drug Administration staff reviewers said on Tuesday Amgen's (AMGN.O) late-stage study might not be sufficient to confirm the effectiveness for its lung cancer drug, as the firm pursues a traditional nod for the treatment. Amgen's drug was granted accelerated approval by the U.S. FDA in 2021 for advanced lung cancer patients with KRAS mutations whose disease has worsened after treatment with chemotherapy or other medicines. The U.S. health regulator grants the so-called accelerated approval based on data that show therapies are likely to work, and requires confirmatory trials later to give them traditional approval. Data from the study showed Lumakras reduced the risk of disease progression in patients with advanced lung cancer by 34%, compared with chemotherapy in a clinical trial. The agency is expected to make a decision on traditional approval for the drug by Dec. 24.

Persons: Dado Ruvic, Amgen's, William Blair, Matt Phipps, Lumakras, Bhanvi Satija, Shounak Dasgupta, Sherry Jacob, Phillips Organizations: REUTERS, U.S . Food, Drug Administration, U.S, FDA, Thomson Locations: U.S, Bengaluru

☆ US new auto sales likely rose in Q3, but UAW strikes may pose speed bump
▼ + stars: | 2023-10-02 | by ( Shivansh Tiwary | ) www.reuters.com time to read: +2 min

But that may change after the United Auto Workers (UAW) union launched unprecedented, coordinated strikes against GM, Ford (F.N) and Stellantis (STLAM.MI) last month. "The production disruptions caused by the strike will have ramifications for potential sales levels moving through the fourth quarter," S&P Global Mobility said in a note. The automakers haven't disclosed a financial hit from the strikes so far and September sales are likely to be unscathed given the inventory built up in anticipation of the strike. U.S. new vehicle sales likely rose 17% to 3,941,700 units, whereas, the September seasonally adjusted annualized rate is expected to be 15.4 million units, consultants J.D. Automakers are expected to report quarterly sales in the coming days.

Persons: Carlos Barria, autoworkers, haven't, J.D, GlobalData, Shivansh, Shounak Dasgupta Organizations: REUTERS, General Motors, Toyota, United Auto Workers, UAW, GM, Ford, P Global Mobility, Detroit Three, Detroit, Thomson Locations: Port of Richmond, San Francisco , California, Edmunds, Bengaluru

☆ US labor board says Amazon breached terms of 2021 labor rights settlement
▼ + stars: | 2023-09-29 | by ( ) www.reuters.com time to read: +1 min

Security personnel are seen as Amazon workers gather outside Amazon’s LDJ5 sortation center, as employees begin voting to unionize a second warehouse in the Staten Island borough of New York City, U.S. April 25, 2022. REUTERS/Brendan McDermid/File photo Acquire Licensing RightsCompanies Amazon.com Inc FollowSept 29 (Reuters) - Amazon.com (AMZN.O) was accused by officials of violating the terms of a U.S. labor board settlement, breaching a 2021 agreement which required the online retailer to let workers unionize. Last year, workers at an Amazon warehouse in New York City voted to form the first union at the company. "We've fully complied with the settlement agreement, which we voluntarily entered into in December 2021. Separately, the Teamsters union on Friday picketed outside two Amazon warehouses in Los Angeles.

Persons: unionize, Brendan McDermid, We've, Samrhitha, Shounak Dasgupta Organizations: REUTERS, National Labor Relations, Amazon, Teamsters, Thomson Locations: Staten Island, New York City, U.S, New York, Los Angeles, Bengaluru

☆ Wells Fargo sells $2 billion of private equity investments
▼ + stars: | 2023-09-29 | by ( ) www.reuters.com time to read: +1 min

A Wells Fargo logo is seen in New York City, U.S. January 10, 2017. REUTERS/Stephanie Keith/File Photo Acquire Licensing RightsSept 29 (Reuters) - Wells Fargo (WFC.N) said on Friday it had sold about $2 billion of its private equity investments as the bank aims to sharpen focus on its core businesses. "With this transaction, we are continuing with our strategic efforts to focus on Wells Fargo's core businesses and customers," Wells Fargo CFO Mike Santomassimo said. The investments were in certain funds managed by Norwest Equity Partners and Norwest Mezzanine Partners. They were sold to a group of buyers that included private equity firm Carlyle Group's (CG.O) unit AlpInvest Partners, Atalaya Capital Management, Lexington Partners and Pantheon, according to Wells Fargo.

Persons: Stephanie Keith, Wells, Mike Santomassimo, Carlyle Group's, Lazard, Niket, Shounak Dasgupta Organizations: REUTERS, Federal Reserve, Norwest Equity Partners, Partners, AlpInvest Partners, Atalaya Capital Management, Lexington Partners, Thomson Locations: New York City, U.S, Wells Fargo, Bengaluru

☆ Robinhood sees $100 million finance costs tied to regulatory issues in third quarter
▼ + stars: | 2023-09-29 | by ( ) www.reuters.com time to read: +1 min

The logo of Robinhood Markets, Inc. is seen at a pop-up event on Wall Street after the company's IPO in New York City, U.S., July 29, 2021. REUTERS/Andrew Kelly/File Photo Acquire Licensing RightsSept 29 (Reuters) - Robinhood Markets (HOOD.O) expects a $100-million charge in the third quarter to resolve some legal and regulatory matters that were previously disclosed, the trading app operator said on Friday. However, a stormy economic climate last year spooked retail traders, Robinhood's chief customer base. The company beat revenue expectations during the second quarter and reported a profit for the first time as a public company in August. Reporting by Niket Nishant in Bengaluru; Editing by Shilpi Majumdar and Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

Persons: Andrew Kelly, Robinhood's, Niket, Shilpi Majumdar, Shounak Organizations: Inc, REUTERS, GameStop, Thomson Locations: New York City, U.S, Bengaluru

☆ Tesla's deliveries expected to fall on plant shutdowns, soft demand
▼ + stars: | 2023-09-29 | by ( Aditya Soni | ) www.reuters.com time to read: +4 min

Visitors stand outside barriers surrounding Tesla's new Model 3 sedan displayed at the China International Fair for Trade in Services (CIFTIS) in Beijing, China September 2, 2023. That would mark the first sequential decline in Tesla's deliveries since the second quarter of 2022. In the third quarter, Tesla slashed prices of its Model S and Model X by 14% to 21% in main markets China and the U.S. The company also cut its production plan at its German factory amid soft demand, a report by Business Insider said. The restyled variant comes with a higher price and is expected to launch in Europe and China in the fourth quarter.

Persons: Florence Lo, Tesla, Baird, Guggenheim, LSEG, Thomas Martin, Aditya Soni, Jaspreet Singh, Hyunjoo Jin, Shounak Dasgupta Organizations: Fair for Trade, Services, REUTERS, Barclays, Ford, Reuters, Business Insider, Detroit, General Motors, United Auto Workers, Globalt Investments, Thomson Locations: Beijing, China, Europe, U.S, United States, Bengaluru, San Francisco

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