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☆ Accenture's revenue forecast disappoints as IT spending weakness persists
▼ + stars: | 2023-06-22 | by ( ) www.reuters.com time to read: +1 min

June 22 (Reuters) - IT consulting firm Accenture forecast fourth-quarter revenue below Wall Street estimates on Thursday on worries that rising economic uncertainty will keep IT budgets tight and prevent businesses from signing fresh contracts. Cognizant Technology Solutions (CTSH.O) last month said it faced pressure in signing smaller contracts due to softer discretionary spending. Accenture forecast current-quarter revenue in the range of $15.75 billion to $16.35 billion. Accenture's new bookings, or deals in the pipeline, grew 2% to $17.2 billion in the third quarter. Revenue for the quarter ended May 31 was $16.56 billion, in line with estimates.

Persons: Jerome, Julie Sweet, Chavi Mehta, Pooja Desai Organizations: Accenture, Wall, U.S, Federal, Technology Solutions, Tata Consultancy Services, Revenue, Thomson Locations: United States, Bengaluru

☆ India's TCS signs $1.1 bln contract with UK's Nest
▼ + stars: | 2023-06-21 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, June 21 (Reuters) - India's top IT services provider Tata Consultancy Services (TCS.NS) said on Wednesday that it has signed a new contract worth 840 million pounds ($1.1 billion) with British pension scheme Nest for an initial tenure of 10 years. The contract, to help Nest transform its administration services, if extended to the entirety of its 18-year tenure would be worth 1.5 billion pounds, TCS said in a statement. The deal comes at a time when Indian IT services companies are facing demand challenges in their key markets, the United States and Europe, where clients have cut spends amid worries about recession. TCS and Nest have been working together since 2011. Last week, TCS mutually terminated a $2 billion contract with insurance provider Transamerica, citing reasons that include a challenging macro environment.

Persons: Shailesh Organizations: Tata Consultancy Services, TCS, Indian, Investors, Sethuraman NR, Thomson Locations: BENGALURU, United States, Europe, Bengaluru

The judge had ruled that Williams failed to claim that he would not have been fired but for his race. Tech Mahindra's U.S. subsidiary has more than 5,000 employees and 90% of them are South Asian, according to filings in the case. The case is Williams v. Tech Mahindra Americans Inc, 3rd U.S. Circuit Court of Appeals, No. For Williams: Mark Hammervold of Kotchen & LowFor Tech Mahindra: Kenneth Gage of Paul HastingsOur Standards: The Thomson Reuters Trust Principles.

Persons: Lee Williams, Williams, Brian Martinotti, Martinotti, Peter Phipps, Joseph Greenaway, Cheryl Krause, Mark Hammervold, Kenneth Gage, Paul Hastings Organizations: South, IT, Tech Mahindra Ltd's, U.S, Circuit, Appeals, Tech Mahindra, Lawyers, Civil, Tech Mahindra's, District, . Tech Mahindra Americans Inc, Low, Paul Hastings Our, Thomson Locations: New Jersey, North Dakota, Newark

☆ Here are Wednesday's biggest analyst calls: Apple, Tesla, SoFi, ServiceNow, Meta, Netflix, Splunk and more
▼ + stars: | 2023-06-14 | by ( Michael Bloom | ) www.cnbc.com time to read: +12 min

Piper Sandler initiates Domino's as overweight Piper said it sees an attractive risk/reward for Domino's shares. Piper Sandler reiterates Meta as outperform Piper Sandler raised its price target on the stock to $310 per share from $270 and said ad spend is "holding up." Citi downgrades Logitech to neutral from buy Citi downgraded the stock due to the unexpected departure of CEO Bracken Darrell. Citi reiterates Accenture as buy Citi said the Dublin-based IT company is an AI beneficiary. Piper Sandler initiates Bentley Systems as overweight Piper said the company is a "high quality industrial software franchise operating with scale."

Persons: Piper Sandler, Piper, Wolfe, it's bullish, Bernstein, Gordon Haskett downgrades, Gordon Haskett, Needham, ServiceNow, Bracken Darrell, Guy Gecht, Raymond James, Dave, Buster's, Riley downgrades Cinemark, Riley, Li, Morgan Stanley, Tesla, Splunk, TD Cowen, Wingstop, Cowen, it's, Estée Lauder, Berenberg, Roth, Morgan, Bud Light Organizations: Barclays, Netflix, FedEx, Apple, TAM, Citi, Logitech, Materials, SVB Securities, PayPal, Linde, LIN, Bank of America, Oculis, Dave, Cinemark Holdings, Inc, Accenture, IT Services, Li Auto Citi, China, Li, SSS, Bentley Systems, Photonics, Technologies, AMD Data Center, JPMorgan, DG, Anheuser, Busch InBev, Molson Coors, & $ Locations: 3Q22, 4Q22, 2H23, Latin America, Dublin, Bergamo

☆ India's outsourcing giants cut hiring; disheartening for economy, students
▼ + stars: | 2023-06-12 | by ( Navamya Ganesh Acharya | ) www.reuters.com time to read: +7 min

There are pockets of optimism elsewhere in the services sector - especially in accounting, where there is a surge in hiring. NLB sees a 20-25% drop in IT employee additions in the first half of the current financial year, while TeamLease Digital expects a 40% decrease for the entire year. Nasscom declined comment on the hiring slowdown. That has "surely left applicants concerned about future prospects", said staffing firm Xpheno's co-founder Kamal Karanth, who highlighted how current hiring activity was "under a third of what was recorded in the buoyant peak". Pai highlighted sectors such as financial services, consumer goods, specialised manufacturing, medicine, law, chartered accounting and other services as more viable options.

Persons: Rohit Azad, Azad, Rishad Premji, Sakshi Gupta, Sachin Alug, NLB, Nilanjan Roy, Nasscom, Gautam, Xpheno's, Kamal Karanth, LTIMindtree, Karanth, Siana, Siddharth Pai, Pai, Dhanya Skariachan, Raju Gopalakrishnan Organizations: New, Jawaharlal Nehru University, Wipro, HDFC, Apple, Citigroup, American Express, Europe's Credit Suisse, UBS, NLB Services, TeamLease, IT, Tata Consultancy Services, Infosys, Reuters Graphics, Sethuraman, Thomson Locations: BENGALURU, India, Punjab

☆ Goldman Sachs analyzed 1,246 hedge and mutual funds with a combined $4.8 trillion in holdings. Here are the 9 stocks they agree are worth buying.
▼ + stars: | 2023-06-11 | by ( Mark Reeth | ) www.businessinsider.com time to read: +5 min

But hedge funds and mutual funds have lagged the broader market this year. Although hedge funds and mutual funds may be trailing the market for the moment, don't count them out just yet. Here's what hedge funds and mutual funds are buying, and why investors may want to steal a page from their playbook. Beyond financials and tech, hedge funds and mutual funds moved in tandem across the rest of the market, turning their attention to defensive equities. Among all of those funds, Goldman Sachs found there were nine stocks that they deemed "shared favorites" between two different Goldman Sachs indexes.

Persons: Goldman Sachs, David Kostin, Kostin, Russell, Consumer Staples Organizations: Apple, Microsoft, Nvidia, Tesla, Tech, Mutual, Mastercard, Visa, Services, Consumer, Utilities, Communication Services, Healthcare, Mutual Fund Locations: financials

☆ Goldman Sachs: These are the 24 best AI stocks to buy now as the technology boosts productivity and profits for decades
▼ + stars: | 2023-06-10 | by ( James Faris | ) www.businessinsider.com time to read: +4 min

Here are 24 top stocks to buy for exposure to AI, according to Goldman Sachs. Although artificial intelligence (AI) has been on everybody's minds lately, Goldman Sachs thinks investors may still be underselling how influential the technology can be. Goldman Sachs expects that AI will dramatically improve economic productivity and corporate earnings across the market. Stocks should be trading higher now based on how AI will impact businesses in the future, Goldman Sachs argued. Below are the 24 stocks in Goldman Sachs' AI basket, along with the ticker, market capitalization, and forward price-to-earnings (P/E) ratio for each.

Persons: Goldman Sachs, Ryan Hammond, Goldman, Hammond, Cashin, Goldman Sachs isn't Organizations: UBS, Microsoft, Intel

June 9 (Reuters) - TriNet Group (TNET.N), an online payroll services provider with a market value of close to $7 billion, is exploring a potential sale of the company, according to people familiar with the matter. The Dublin, California-based company is working with investment bank Morgan Stanley (MS.N) to engage with potential acquirers, the sources said. TriNet shares rose 15% on the news to $111.85 in afternoon trading in New York on Friday. Founded in 1988, TriNet provides a wide range of human resources services to small and medium-sized businesses, including payroll, compliance and tax credit services. TriNet shares are up 44% so far this year, significantly outperforming an 11% return in the Russell 1000 index, as its business benefited from companies continuing to hire despite a spike in inflation.

Persons: Morgan Stanley, Michael Angelakis, TriNet, Milana Vinn, Marguerita Choy, Kirsten Donovan Organizations: TriNet, Comcast, General Atlantic, Federal Reserve, Thomson Locations: Dublin, California, New York, TriNet

☆ How to Fix New York’s Traffic Gridlock - The New York Times
▼ + stars: | 2023-06-08 | by ( Charles Komanoff | Gernot Wagner | ) www.nytimes.com time to read: +2 min

Those upgrades will reduce waiting times and onboard delays — and the precious time subway passengers lose as a result. Why, then, do many people seem anxious about, if not downright opposed to, congestion pricing? Many people don’t believe that the revenues — the $1 billion a year from drivers — will actually improve mass transit services. People are also unconvinced that congestion pricing will, in fact, cut congestion. Why should congestion pricing succeed where a century of other remedies — like widening roads to only then narrow them again — has failed?

Persons: Covid, — Organizations: Metropolitan Transportation Authority Locations: Manhattan, United States

SYDNEY, June 2 (Reuters) - Australia's largest pension fund will pause use of the domestic unit of auditor PricewaterhouseCoopers (PwC) as the "big four" firm reels from a national scandal over its use of confidential government tax plans to drum up work with global clients. The roughly A$290 billion ($196.71 billion) fund, AustralianSuper, has frozen new contracts with PwC and expressed concerns about the scandal "at the highest level", according to a spokesperson. An audit contract worth A$1.6 million in 2022, will be reviewed this year, the spokesperson added. The Reserve Bank of Australia on Wednesday froze future work while Treasury and the Australian Prudential Regulatory Authority have hinted that the firm is blacklisted. The A$150 billion AwareSuper said the fund was working with PwC to determine whether tax advisers who had worked with the fund were implicated in the leak.

Persons: PwC, Lewis Jackson, Gerry Doyle Organizations: SYDNEY, PricewaterhouseCoopers, Reserve Bank of Australia, Wednesday, Treasury, Australian Prudential Regulatory Authority, Thomson Locations: Australia

☆ Inside LinkedIn's new push to use AI tools to amplify — not replace — creators' voices
▼ + stars: | 2023-04-28 | by ( Reed Alexander | ) www.businessinsider.com time to read: +8 min

LinkedIn sees potential for AI to amplify — not replace — creators' voices. Firmly of the view that artificial intelligence technology can augment and amplify those users' voices — not replace them — LinkedIn is eyeing opportunities in the burgeoning space. LinkedIn's collaborative articles begin with a thread generated with the help of AI, and then invite select users to contribute their perspective. Enter collaborative articles, which invited the several dozen teachers to offer up ideas like exhibiting "vulnerability" in the classroom. Think of these seminars like LinkedIn's version of Master Classes on topics like generative AI, machine learning with Python, and AI accountability.

☆ We're making 'significant' investments in artificial intelligence, says Indian IT services firm
▼ + stars: | 2023-04-28 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWe're making 'significant' investments in artificial intelligence, says Indian IT services firmThierry Delaporte, CEO of Wipro, says he's very bullish about artificial intelligence.

☆ India's Wipro forecasts weak Q1 IT services rev
▼ + stars: | 2023-04-27 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, April 27 (Reuters) - Indian IT services provider Wipro Ltd (WIPR.NS) said on Thursday revenue from its mainstay IT Services unit would fall in the current quarter, after posting a marginal dip in profit for the three months ended March. The Bengaluru-based company forecast revenue from IT Services business to fall between 1% and 3% on constant currency terms, in the range of $2,753 million to $2,811 million for the first quarter. Bigger rivals Tata Consultancy Services (TCS.NS) and Infosys (INFY.NS) have also reported lower than expected quarterly earnings and gave weak forecasts. Net profit for Wipro fell for fell 0.4% to 30.75 billion rupees for the quarter ending March, while revenue rose 11.2%. Reporting by Nallur Sethuraman in Bengaluru; Editing by Nivedita BhattacharjeeOur Standards: The Thomson Reuters Trust Principles.

☆ India's LTIMindtree posts Q4 profit miss as costs rise
▼ + stars: | 2023-04-27 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, April 27 (Reuters) - India's LTIMindtree (LTIM.NS) reported a lower-than-expected fourth quarter profit on Thursday as expenses rose and margins shrank, while the industry grappled with falling client budgets and worries of a upcoming recession in the United States. The IT services and consulting firm's consolidated net profit came in at 11.14 billion rupees ($136.18 million) for the three months ended March 31, compared to 11.09 billion rupees year ago. Analysts, on an average were expecting a profit of 11.97 billion rupees, according to Refinitiv IBES data. Bigger rival Wipro Ltd (WIPR.NS) forecast weak IT services revenue, while Tech Mahindra Ltd (TEML.NS) reported a slump in profits. Revenue from operations rose 22% to 86.91 billion rupees.

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☆ India's Wipro to consider share buyback at board meeting this week
▼ + stars: | 2023-04-23 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, April 23 (Reuters) - Indian IT services provider Wipro Ltd (WIPR.NS) said on Sunday it will consider a share buyback proposal at its board meeting on April 27. Wipro, which will report its fourth-quarter results on Thursday, last bought back shares in October 2020. That share buyback totalled 95 billion Indian rupees ($1.16 billion) worth of shares. Shares of Wipro are down 6.3% so far this year after falling more than 45% in 2022. ($1 = 82.0300 Indian rupees)Reporting by Nallur Sethuraman in Bengaluru; Editing by Susan FentonOur Standards: The Thomson Reuters Trust Principles.

☆ India's HCLTech sees smaller-than expected FY revenue growth
▼ + stars: | 2023-04-20 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, April 20 (Reuters) - HCLTech (HCLT.NS), India's No.3 IT services exporter, on Thursday forecast lower-than-expected revenue growth for the current fiscal amid worries of recession in major markets like the United States and Europe and global banking turmoil. HCLTech said it expects revenue to increase 6%-8% in the financial year ending March 2024 on constant currency basis, missing average analysts' estimates of 10.42%, according to Refinitiv IBES data. HCLTech's weak outlook followed disappointing earnings from market leader Tata Consultancy Services (TCS.NS) and No.2 Infosys Ltd's (INFY.NS) forecast of single-digit revenue growth this financial year. European clients were delaying decisions, HCLTech had said back in January, well before the current turmoil. It expects EBIT margins of 18% and 19% for FY 2024.

☆ Nasdaq futures fall 1% as Tesla earnings disappoint
▼ + stars: | 2023-04-20 | by ( ) www.reuters.com time to read: +3 min

SummarySummary Companies Futures down: Dow 0.43%, S&P 0.72%, Nasdaq 1.04%April 20 (Reuters) - Nasdaq futures slid 1% on Thursday as Tesla shares tumbled after the electric-vehicle maker posted its lowest quarterly gross margin in two years, while investors grew nervous about the outlook for U.S. interest rates. Shares of other megacap stocks such as Apple Inc (AAPL.O), Amazon.com Inc (AMZN.O) and Alphabet Inc (GOOGL.O) fell between 0.7% and 1.2%. Comments from Fed policymakers this week have also supported bets of further tightening by the U.S. central bank. Fed funds futures traders are pricing in an 83% probability of a 25 bps rate hike next month, according to CME Group's Fedwatch tool. ET, Dow e-minis were down 146 points, or 0.43%, S&P 500 e-minis were down 30.25 points, or 0.72%, and Nasdaq 100 e-minis were down 137 points, or 1.04%.

April 19 (Reuters) - IBM Corp (IBM.N) missed Wall Street expectations for first-quarter revenue on Wednesday, hurt by shrinking corporate spending on IT services and a strong dollar. IBM cut its full-year consulting revenue growth forecast to 6%-8% from earlier expectations of high single-digit percentage growth. IBM, which receives over 75% of its revenue from its software and consulting business units, said its consulting revenue rose 8.2% at constant currency to $4.96 billion in the quarter ended March 31. Accenture signaled to a wider slowdown last month, when it decided to slash about 19,000 jobs and trimmed revenue growth and profit forecasts. Total revenue in the first quarter rose 4.4% at constant currency to $14.25 billion, compared with analysts' estimate of $14.35 billion.

☆ Infosys drags down Indian shares
▼ + stars: | 2023-04-17 | by ( Bharath Rajeswaran | ) www.reuters.com time to read: +2 min

BENGALURU, April 17 (Reuters) - Indian shares sank more than 1% on Monday after Infosys tumbled 15% and sparked a selloff in IT stocks following the country's No. 2 IT services exporter's weak results and forecast. The slide comes after the two indexes logged a winning steak for the past nine sessions in a row. The IT index (.NIFTYIT) sank 6.5% and was on track for its biggest one-day loss since March 2020. The Nifty midcap 100 index (.NIFMDCP100) and Nifty smallcap 100 (.NIFSMCP100) were both off about 0.2%.

☆ India's Infosys tumbles 15% on downbeat revenue outlook
▼ + stars: | 2023-04-17 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, April 17 (Reuters) - Infosys Ltd (INFY.NS) shares slumped nearly 15% on Monday and dragged stocks of peers, after the IT services exporter's dismal revenue outlook highlighted the impact of banking turmoil in major markets, the United States and Europe. Infosys' outlook followed a disappointing quarterly report from larger rival Tata Consultancy Services (TCS.NS), highlighting worries for the sector which earns more than 25% of its revenue from just the U.S. and European banking, financial, services and insurance sector. Infosys saw its biggest intraday percentage drop since October 2019, and dragged other IT stocks, with the Nifty IT index (.NIFTYIT) dropping as much as 7.6%. "Given the uncertain environment in the near term, growth can be back ended for Infosys, in our view," PhillipCapital said in a note. ($1 = 81.9020 Indian rupees)Reporting by Nishit Navin; editing by Eileen SorengOur Standards: The Thomson Reuters Trust Principles.

San Francisco police arrested Nima Momeni on Thursday and charged him in the murder of Bob Lee. San Francisco police arrested a tech consultant named Nima Momeni on Thursday on a murder charge in the fatal stabbing of Cash App creator Bob Lee. Friends and acquaintances 'can't imagine it'Alex Pourshayegan, who has known Momeni since he was a teenager working in Pourshayegan's window and glass store, told Insider Momeni is a "very likeable kind of guy." Two people who hired Momeni as an IT vendor told Insider that he was competent, professional and unassuming. San Francisco District Attorney Brooke Jenkins said her office is planning to file a motion to detain the suspect without bail.

☆ India's Infosys forecasts slower FY24 revenue growth of 4%-7%
▼ + stars: | 2023-04-13 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, April 13 (Reuters) - Infosys Ltd (INFY.NS) on Thursday forecast slower revenue growth for the current fiscal year compared with analysts' expectations, amid a turmoil in the U.S. banking sector that has prompted clients to tighten spending. India's second-largest IT services firm expects revenue growth of 4%-7% for the fiscal year ending March 2024. Analysts expected growth of 10.73% for the period, according to Refinitiv IBES data. Infosys won large deals worth $2.1 billion in the fourth quarter, down from $2.3 billion in the same period the previous year. Infosys' consolidated net profit rose 7.77% to 61.28 billion rupees ($749.10 million) in the three months ended March 31, while revenue rose 16% to 374.41 billion rupees.

☆ We're not looking at any job cuts, says Tata Consultancy Services
▼ + stars: | 2023-04-13 | 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 EmailWe're not looking at any job cuts, says Tata Consultancy ServicesN. Ganapathy Subramaniam of the IT services firm says it'll continue to focus on "upskilling" its employees and demand for artificial intelligence, data and cloud is at an "all-time high."

☆ Police arrest 38-year-old Nima Momeni in fatal stabbing of Cash App creator Bob Lee
▼ + stars: | 2023-04-13 | by ( Grace Kay | ) www.businessinsider.com time to read: +2 min

The San Francisco Police Department said it arrested a suspect in the fatal stabbing of Bob Lee. The police took 38-year-old Nima Momeni, an individual they say knew Lee, into custody on Thursday. The San Francisco Police Department said it arrested a suspect in its investigation into the fatal stabbing of Cash App creator Bob Lee on Thursday morning. San Francisco District Attorney Brooke Jenkins said during a press conference that there is evidence that Momeni knew Lee. 38-year-old Momeni was booked around 9 a.m. on Thursday, records from the San Francisco Sheriff's Office show.

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