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☆ Canadian union Unifor names Ford as bargaining target among Detroit Three
▼ + stars: | 2023-08-29 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Athit Perawongmetha Acquire Licensing RightsAug 29 (Reuters) - Canadian union Unifor on Tuesday announced Ford Motor (F.N) as its potential target for negotiations amid contract talks with the Detroit Three automakers. Unifor President Lana Payne noted that Ford's Windsor, Ontario engine plant, which her union represents, builds engine for some of the company's most profitable trucks. The UAW, which represents about 150,000 workers at the Detroit Three's U.S. factories, has not yet chosen one company to lead contract talks. UAW President Shawn Fain has said all the three companies - Ford, General Motors (GM.N) and Stellantis NV - need to conclude new contracts by a Sept. 14 deadline. Unifor, which represents 18,000 members at Ford, GM and Stellantis in Canada, had opened formal negotiations with the three companies on Aug. 10 in Toronto.

Persons: Athit, Ford, Lana Payne, Payne, Shawn Fain, Nathan Gomes, Joe White, Shivansh Tiwary, Maju Samuel Organizations: REUTERS, Tuesday, Detroit Three, United Auto Workers, UAW, Detroit, Ford, Detroit Three's, General Motors, Stellantis, GM, Thomson Locations: Bangkok, Thailand, Canada, Windsor , Ontario, Detroit Three's U.S, Toronto, Bengaluru, Detroit

☆ US business borrowing for equipment falls 2% in July - survey
▼ + stars: | 2023-08-28 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Andrew Kelly Acquire Licensing RightsAug 28 (Reuters) - U.S. companies borrowed nearly 2% less in July than last year to finance equipment investments, an Equipment Leasing and Finance Association (ELFA) survey showed on Monday. The companies signed up for new loans, leases, and lines of credit worth $9.9 billion last month, compared with $10.1 billion a year earlier, the industry body's survey said. ELFA, which reports economic activity for the nearly $1-trillion equipment finance sector, said credit approvals totaled 75.3%, down from 76.1% in June. Washington-based ELFA's leasing and finance index measures the volume of commercial equipment financed in the United States. The Equipment Leasing & Finance Foundation, ELFA's non-profit affiliate, said its confidence index in August stood at 50.4, an increase from 46.4 in July.

Persons: Andrew Kelly, Ralph Petta, Craig Ault, Honour, Pratyush Thakur, Maju Samuel Organizations: REUTERS, Leasing, Finance Association, Bank of America Corp, Caterpillar Inc, Dell Technologies Inc, Siemens AG, Canon Inc, Volvo, Finance Foundation, Thomson Locations: Manhattan , New York City, U.S, Washington, United States, Bengaluru

[1/2] A view of burned debris after wildfires devastated the historic town of Lahaina, Maui, Hawaii, U.S., August 10, 2023. Maui County sued Hawaiian Electric last week, accusing the utility of negligently failing to shut off power and causing the devastating fires that destroyed the coastal town of Lahaina and killed more than 114 people. "We were surprised and disappointed that the County of Maui rushed to court even before completing its own investigation," CEO Shelee Kimura said in a statement. Even with Monday's rally, shares are still down more than 60% since the wildfires started on Aug. 8. "To the extent HECO (Hawaiian Electric Co) has information of a second ignition source, HECO should offer that evidence now.

Persons: Shelee Kimura, HECO, John Fiske, Raymond James, Pavel Molchanov, Arunima Kumar, Mrinalika Roy, Louise Heavens, Mark Potter, Maju Samuel, Shounak Organizations: Hawai'i Department of Land, Natural Resources, REUTERS, Hawaiian Electric Industries, Hawaiian Electric, Electric, Thomson Locations: Lahaina, Maui, Hawaii, U.S, Maui County, West Maui, Bengaluru

The development comes days after SoftBank Group-backed (9984.T) chip designer Arm Holdings made public its IPO filing. Instacart said its revenue had surged to $1.48 billion in the six months ended June 30, compared with $1.13 billion in the same period last year. Net income was $242 million during the six-month period, compared to a $74 million loss a year earlier, Instacart said. Customers can order through the Instacart app, and an Instacart "shopper" delivers the product in as little as 30 minutes. Unlike in an IPO, no shares are sold in advance in a direct listing and investors can sell their shares directly to the public.

Persons: Dado Ruvic, Mark Schwartz, Mike Bellin, Instacart, Goldman Sachs, Fidji Simo, Frank Slootman, Niket, Savyata Mishra, Shilpi Majumdar, Shinjini, Maju Samuel Organizations: REUTERS, SoftBank, Arm Holdings, PricewaterhouseCoopers U.S, San, underwriters, Nasdaq, Facebook, Canada, CVS, Reuters, Thomson Locations: San Francisco, United States, Snowflake, Bengaluru

☆ Databricks in talks to raise funds at $43 billion valuation, Bloomberg reports
▼ + stars: | 2023-08-25 | by ( ) www.reuters.com time to read: +1 min

Aug 25 (Reuters) - Databricks, a data analytics platform using artificial intelligence, is in discussions with T. Rowe Price about a new funding round that would value the company at $43 billion, Bloomberg News reported on Friday. These private discussions are at a preliminary stage and could fall apart, the report said, citing two people familiar with the matter. If the round is successful, the San Francisco-based startup's valuation would be considerably higher than the $38 billion it reached two years ago in funding led by Counterpoint Global, according to the Bloomberg. Databricks offers a software platform in the cloud that companies can use to analyze data. Databricks declined to comment, while T. Rowe Price did not immediately respond to a Reuters request for a comment.

Persons: Rowe Price, Jaspreet Singh, Maju Samuel Organizations: Bloomberg, Counterpoint, Databricks, Thomson Locations: San Francisco, Bengaluru

☆ Drug retailer Rite Aid prepares to file for bankruptcy - WSJ
▼ + stars: | 2023-08-25 | by ( ) www.reuters.com time to read: +1 min

Aug 25 (Reuters) - Rite Aid Corp (RAD.N) is preparing to file for bankruptcy in coming weeks to address lawsuits the company is facing over its alleged role in the sale of opioids, the Wall Street Journal reported on Friday, citing people familiar with the plan. Rite Aid did not immediately respond to a Reuters request for comment. Regionally focused Rite Aid operates more than 2,330 stores in 17 U.S. states, although it is much smaller than rivals like Walgreens Boots Alliance (WBA.O) and CVS Health (CVS.N). Along with other pharmacy chains, Rite Aid has been named a defendant in lawsuits that alleged they helped fuel the opioid crisis in the United States. The U.S. Department of Justice in March sued Rite Aid, accusing the pharmacy chain of missing "red flags" as it illegally filled hundreds of thousands of prescriptions for controlled substances, including opioids.

Persons: Mariam Sunny, Khushi, Pooja Desai, Maju Samuel Organizations: Rite Aid Corp, Wall Street, Aid, Walgreens Boots Alliance, CVS Health, U.S . Department of Justice, U.S . Centers for Disease Control, Thomson Locations: U.S, United States, Bengaluru

☆ Nordstrom tops revenue estimates on resilient demand from affluent shoppers
▼ + stars: | 2023-08-24 | by ( ) www.reuters.com time to read: +2 min

Aug 24 (Reuters) - Nordstrom (JWN.N) beat expectations for quarterly revenue on Thursday, benefiting from steady demand from affluent shoppers at a time when still-high inflation is forcing consumers to rethink their non-essential purchases. Net sales in its eponymous stores dropped 10.1%, while Nordstrom Rack posted a 4.1% decrease, both improving sequentially from the first quarter. Reuters Graphics Reuters GraphicsTo get shoppers, Nordstrom has also been opening more Rack stores, which represents the largest source of new customers, according to the company. Total revenue fell about 8% to $3.77 billion in the second quarter ended July 29, but topped expectations of $3.65 billion, according to Refinitiv data. Still, Nordstrom joined rival department store chains in maintaining its annual targets.

Persons: Nordstrom, Granth, Maju Samuel Organizations: Nordstrom, Dick's Sporting, Nike, Reuters Graphics Reuters, Thomson Locations: Bengaluru

☆ Amazon in talks with Disney about ESPN streaming partnership - The Information
▼ + stars: | 2023-08-24 | by ( ) www.reuters.com time to read: +1 min

[1/2] FILE PHOTO-The logo of Amazon is seen at the company logistics center in Lauwin-Planque, northern France, January 5, 2023. Disney and ESPN are still in the midst of determining an appropriate price for the new service, the report said. ESPN is considering charging between $20 and $35 a month for the new streaming service, which could make it the most expensive streaming service in the U.S, the report added. Amazon.com, Walt Disney and ESPN did not immediately respond to Reuters requests for comment. Reporting by Leroy Leo and Zaheer Kachwala in Bengaluru; Editing by Maju Samuel and Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

Persons: Pascal, Walt, Robert Iger, Leroy Leo, Zaheer Kachwala, Maju Samuel, Shailesh Organizations: REUTERS, Walt Disney Co, ESPN, Disney, Walt Disney, CNBC, Thomson Locations: Lauwin, France, U.S, Bengaluru

☆ Qantas to secure new planes from Airbus, Boeing
▼ + stars: | 2023-08-23 | by ( ) www.reuters.com time to read: +2 min

The multi-billion dollar order is split between 12 Airbus A350s and 12 Boeing 787s, which will arrive from fiscal 2027 and into the next decade, Qantas said. Qantas said the deal was aimed at providing a replacement for its current Airbus A330 and Airbus A380 aircraft. This has the potential to meet up to 90% of the group’s interim SAF target for 2030, Qantas said. "SAF reduces lifecycle carbon emissions by up to 80 per cent and is a key part of Qantas’ emissions reduction plan," it said. Reuters earlier in the week had reported, citing industry sources, that Boeing was nearing a deal for its 787 Dreamliner aircraft with Qantas.

Persons: Loren Elliott, Vanessa Hudson, Stan Deal, Rishav Chatterjee, Shailesh Kuber, Maju Samuel Organizations: Qantas, Sydney Airport, REUTERS, Australia's Qantas Airways, Airbus, Boeing, SAF, Global, Incoming Qantas, Boeing Commercial Airplanes, Reuters, Thomson Locations: Australia, Sydney, Bengaluru

☆ Esmark scraps bid for U.S. Steel
▼ + stars: | 2023-08-23 | by ( ) www.reuters.com time to read: +1 min

Steel workers at U.S. Steel Granite City Works in Granite City, Illinois, U.S., May 24, 2018. REUTERS/Lawrence Bryant/File Photo Acquire Licensing RightsAug 23 (Reuters) - Privately held steel company Esmark said on Wednesday it would not participate in the purchase process for U.S. Steel Corp (X.N) and respect the position of the United Steel Workers (USW) union, which is supporting Cleveland-Cliffs' (CLF.N) offer. Last week, Esmark made an offer to buy U.S. Steel for $35 per share, or an equity value of $7.8 billion. Esmark's exit leaves Arcelor-Mittal (MT.LU) as the only known potential challenger to Cleveland-Cliffs, which went public with its bid for U.S. Steel earlier in August. However, U.S. Steel last week said its labor agreement with USW does not afford the union the right to veto a sale of the company.

Persons: Lawrence Bryant, Esmark, ”, Jim Bouchard, Pratyush Thakur, Maju Samuel Organizations: U.S . Steel, U.S . Steel Granite City, REUTERS, . Steel Corp, United Steel Workers, Steel, U.S, USW, Thomson Locations: U.S . Steel Granite, Granite City , Illinois, U.S, Cleveland, Bengaluru

☆ Mallinckrodt second bankruptcy would cut $1 billion from opioid settlement
▼ + stars: | 2023-08-23 | by ( ) www.reuters.com time to read: +2 min

The agreement announced Wednesday would reduce Mallinckrodt's debt by about $1.9 billion and cancel existing equity shares. The new deal would leave opioid creditors with $1 billion less than the $1.7 billion settlement that Mallinckrodt agreed to pay as part of its 2022 exit from the company's earlier bankruptcy. Mallinckrodt failed to make a $200 million payment to the opioid trust due in June, prompting the company to launch a negotiation with its stakeholders. Mallinckrodt said that its current level of creditor support should allow the company to complete its second bankruptcy by the end of 2023. Drug manufacturers, drug distributors and pharmacy chains have agreed to pay more than $50 billion in settlements to resolve lawsuits related to the U.S. opioid crisis.

Persons: Hydrocodine, Mallinckrodt, George Frey, Siggi Olafsson, Pratik Jain, Mariam Sunny, Khushi, Dietrich Knauth, Maju Samuel, Shinjini Ganguli, Alexia Garamfalvi Organizations: REUTERS, Thomson Locations: Provo , Utah, U.S, Ireland, Bengaluru, New York

☆ Nvidia forecasts third-quarter revenue above Wall Street expectations
▼ + stars: | 2023-08-23 | by ( ) www.reuters.com time to read: 1 min

Aug 23 (Reuters) - Chip designer Nvidia (NVDA.O) forecast third-quarter revenue above Wall Street targets on Wednesday, boosted by soaring demand for its chips that power nearly all the world's major artificial intelligence apps. The company forecast third-quarter revenue of about $16.00 billion, plus or minus 2%. Analysts polled by Refinitiv on average were expecting $12.61 billion. Reporting by Chavi Mehta in Bengaluru; Editing by Maju SamuelOur Standards: The Thomson Reuters Trust Principles.

Persons: Nvidia, Chavi Mehta, Maju Samuel Organizations: Wall, Refinitiv, Thomson Locations: Bengaluru

☆ UPS employees ratify new five-year labor agreement, union says
▼ + stars: | 2023-08-22 | by ( ) www.reuters.com time to read: 1 min

UPS vehicles are seen at a facility in Brooklyn, New York City, U.S., May 9, 2022. REUTERS/Andrew Kelly/File Photo Acquire Licensing RightsAug 22 (Reuters) - Teamsters-represented UPS (UPS.N) workers voted to approve a five-year labor contract that covers about 340,000 U.S. employees at the parcel delivery firm, the union said on Tuesday. Reporting by Priyamvada C and Pratyush Thakur in Bengaluru; Editing by Maju SamuelOur Standards: The Thomson Reuters Trust Principles.

Persons: Andrew Kelly, Priyamvada, Pratyush Thakur, Maju Samuel Organizations: REUTERS, Thomson Locations: Brooklyn , New York City, U.S, Bengaluru

☆ Dow, S&P 500 end down as US interest-rate worries mount, bank shares slip
▼ + stars: | 2023-08-22 | by ( Caroline Valetkevitch | ) www.reuters.com time to read: +2 min

A Wall Street sign is pictured outside the New York Stock Exchange in New York, October 28, 2013. Financials (.SPBK) were the biggest drag on the S&P 500. An S&P downgrade of multiple regional U.S. lenders weighed on bank shares, with both the KBW regional banking index (.KRX) and the S&P 500 banks index (.SPXBK) sharply lower. According to preliminary data, the S&P 500 (.SPX) lost 11.90 points, or 0.27%, to end at 4,387.87 points, while the Nasdaq Composite (.IXIC) gained 10.01 points, or 0.07%, to 13,507.60. Shares of Nvidia hit an all-time high of $481.87 early but were lower on the day.

Persons: Carlo Allegri, Jerome Powell, Peter Tuz, Caroline Valetkevitch, Amruta Khandekar, Shinjini Ganguli, Maju Samuel, David Gregorio Our Organizations: New York Stock Exchange, REUTERS, Nvidia, NEW YORK, Dow, Reserve, Nasdaq, Investors, Chase Investment, Treasury, Dow Jones, . Department, Kohl's Corp, Nordstrom Inc, Thomson Locations: New York, U.S, Jackson Hole , Wyoming, Charlottesville , Virginia

☆ US FTC to probe Qualcomm's purchase of Israel's Autotalks - Politico
▼ + stars: | 2023-08-22 | by ( ) www.reuters.com time to read: +1 min

Autotalks and Qualcomm logos are seen in this illustration taken, May 8, 2023. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsAug 22 (Reuters) - The U.S. Federal Trade Commission (FTC) is expected to open an in-depth probe on Wednesday of Qualcomm’s (QCOM.O) purchase of Israeli auto-chip maker Autotalks, Politico reported on Tuesday, citing people familiar with the matter. In May, Qualcomm had said it would acquire Israel's Autotalks Ltd, a maker of chips used in crash-prevention technology in vehicles, but had not disclosed the terms of the deal. Autotalks, which makes dedicated chips used in the V2X communications technology sector for manned and driverless vehicles, would help Qualcomm expand its automotive-related business. Qualcomm, Autotalks and the FTC did not immediately respond to requests for comment.

Persons: Dado Ruvic, Autotalks, Granth, Maju Samuel Organizations: Qualcomm, REUTERS, U.S . Federal Trade Commission, Politico, Israel's Autotalks, EU, Autotalks, FTC, Thomson Locations: France, Ireland, Italy, Netherlands, Poland, Spain, Sweden, Bengaluru

☆ US govt awards $1.4 bln for development of new COVID therapies, vaccines
▼ + stars: | 2023-08-22 | by ( ) www.reuters.com time to read: +1 min

The Regeneron Pharmaceuticals company logo is seen on a building at the company's Westchester campus in Tarrytown, New York, U.S. September 17, 2020. REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsCompanies Regeneron Pharmaceuticals Inc FollowAug 22 (Reuters) - The U.S. government said on Tuesday it had awarded $1.4 billion for the development of new therapies and vaccines against COVID-19, including a $326 million contract with Regeneron Pharmaceuticals (REGN.O) for a next-generation antibody therapy for prevention of infections. The funding to Regeneron is a part of a $5 billion initiative dubbed "Project NextGen" by the U.S. Department of Health and Human Services (HHS). The funding also includes $1 billion for four mid-stage clinical trials of new COVID vaccines, and $100 million to Global Health Investment Corp - a non-profit organization that invests in new technologies that will accelerate responses to diseases. Reporting by Pratik Jain in Bengaluru; Editing by Maju SamuelOur Standards: The Thomson Reuters Trust Principles.

Persons: Brendan McDermid, Regeneron, Pratik Jain, Maju Samuel Organizations: Regeneron Pharmaceuticals, REUTERS, U.S, COVID, U.S . Department of Health, Human Services, U.S . Food, Drug Administration, Omicron, Global Health Investment Corp, Thomson Locations: Westchester, Tarrytown , New York, U.S, Bengaluru

☆ Coinbase to invest in Circle, shut down jointly managed Centre
▼ + stars: | 2023-08-21 | by ( ) www.reuters.com time to read: +1 min

A representation of the cryptocurrency is seen in front of Coinbase logo in this illustration taken, March 4, 2022. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsAug 21 (Reuters) - Coinbase Global (COIN.O) said on Monday it would acquire an equity stake in cryptocurrency operator Circle Internet Financial and shut down their jointly managed Centre Consortium, the operator of the stablecoin, USD Coin (USDC). Stablecoins are crypto tokens whose value is pegged to a stable asset to protect from wild volatility. In the case of the USDC, the value was pegged to the dollar. "We will now equally share in interest income generated from the broader distribution and usage of USDC," Coinbase added.

Persons: Dado Ruvic, Coinbase, Pratyush Thakur, Maju Samuel Organizations: REUTERS, Consortium, Thomson Locations: United States, Bengaluru

☆ Tesla says two ex-employees behind May data breach
▼ + stars: | 2023-08-21 | by ( ) www.reuters.com time to read: +1 min

A view shows the Tesla logo on the hood of a car in Oslo, Norway November 10, 2022. REUTERS/Victoria Klesty/file photo Acquire Licensing RightsCompanies Tesla Inc FollowAug 21 (Reuters) - Two former Tesla (TSLA.O) employees were behind a data breach that compromised personal information of more than 75,000 people including staff, the electric carmaker said in a legal disclosure. Data exposed by the breach was leaked to German media outlet Handelsblatt, Steven Elentukh, Tesla's data privacy officer, said in a submission to Maine's attorney general office. At the time, Tesla identified the employees who leaked the data, filed lawsuits against them and seized their devices, the company said. This Tesla breach comes after Reuters reported in April that groups of Tesla employees privately shared via internal messaging systems customer information, including videos and images recorded through car cameras.

Persons: Victoria Klesty, Tesla, Steven Elentukh, Handelsblatt, Zaheer Kachwala, Maju Samuel Organizations: REUTERS, Companies, Reuters, Thomson Locations: Oslo, Norway, Victoria, United States, Bengaluru

☆ Charles Schwab to reduce headcount to bring down costs
▼ + stars: | 2023-08-21 | by ( ) www.reuters.com time to read: +2 min

The company logo for Financial broker Charles Schwab is displayed at a location in the financial district in New York, U.S., March 20, 2023. REUTERS/Brendan McDermid/file photo Acquire Licensing RightsAug 21 (Reuters) - U.S. brokerage firm Charles Schwab (SCHW.N) said on Monday it plans to lower its headcount in a bid to counter cost pressures, joining a list of Wall Street firms take a similar path. Schwab has had to turn to supplementary funding sources to counter an uncertain economic environment. Charles Schwab also said it was currently assessing its real estate footprint, and that it planned to close or downsize certain corporate offices. The U.S. brokerage firm said it anticipated most costs related to layoffs would be incurred in the second half of 2023.

Persons: Charles Schwab, Brendan McDermid, Schwab, Jaiveer Singh Shekhawat, Krishna Chandra Eluri, Maju Samuel Organizations: REUTERS, Wall, Federal Home Loan Bank, Thomson Locations: New York, U.S, America, Westlake , Texas, Bengaluru

Megacap technology-related growth stocks dipped, with Alphabet (GOOGL.O) and Tesla (TSLA.O) falling, as investors fretted that interest rates could stay higher for longer. The tech-heavy Nasdaq (.IXIC) posted the biggest weekly decline of the three major indices. The Dow Jones Industrial Average (.DJI) rose 34.29 points, or 0.10%, to 34,510.38. The S&P 500 energy index (.SPNY) rose, with Exxon Mobil (XOM.N) among leading gainers. Shares of cryptocurrency firm Coinbase Global (COIN.O) fell and Riot Platform (RIOT.O) tumbled as bitcoin hit a two-month low.

Persons: Jason Reed, Estee Lauder, Jerome Powell, Nvidia's, Michael Reynolds, Amruta Khandekar, Saeed Azhar, Maju Samuel, David Gregorio Our Organizations: U.S . Federal, REUTERS, Federal, Nasdaq, Nvidia, Dow Jones, Walmart, Exxon Mobil, Treasury, Thursday, Hawaiian, Coinbase, Thomson Locations: Washington, Bengaluru, New York

[1/2] The U.S. Federal Reserve building is pictured in Washington, March 18, 2008. Among major movers of the day, Applied Materials (AMAT.O) rose 2.5% after the chip equipment maker forecast fourth-quarter profit above analysts' estimates and posted better-than-expected third-quarter earnings. Estee Lauder (EL.N) lost 2.9% after the cosmetics maker forecast its annual net sales and profit below Street estimates. Deere & Co(DE.N) added 0.4% after the construction equipment maker raised its annual profit outlook. With no major economic data due on Friday, focus will now shift to Federal Reserve Chair Jerome Powell's speech at the Jackson Hole economic symposium next week.

Persons: Jason Reed, Estee Lauder, Russ Mould, AJ Bell, EL.N, Jerome Powell's, Amruta Khandekar, Maju Samuel Organizations: U.S . Federal, REUTERS, Dow, Nasdaq, Federal Reserve, Traders, Alibaba, Materials, Deere, Co, Federal, Nvidia, Dow e, Keysight Technologies, Thomson Locations: Washington, U.S

☆ Wall St slides as megacap growth stocks drag on rate jitters
▼ + stars: | 2023-08-18 | by ( Amruta Khandekar | ) www.reuters.com time to read: +4 min

The yield on the 10-year Treasury note hit a ten-month high of 4.328% in the previous session and came within a whisker of its highest level since 2007. The communication services (.SPLRCL) and technology (.SPLRCT) sectors housing major growth stocks fell 1.6% and 1.0% respectively. With no major economic data due on Friday, focus will now shift to Federal Reserve Chair Jerome Powell's speech at the Jackson Hole economic symposium next week as well as earnings from chip designer Nvidia (NVDA.O). Declining issues outnumbered advancers for a 1.08-to-1 ratio on the NYSE and for a 1.00-to-1 ratio on the Nasdaq. The S&P index recorded no new 52-week highs and 17 new lows, while the Nasdaq recorded 10 new highs and 146 new lows.

Persons: Jason Reed, Estee Lauder, Hogan, EL.N, Jerome Powell's, advancers, Amruta Khandekar, Maju Samuel Organizations: U.S . Federal, REUTERS, Dow, Nasdaq, Riley, Apple, Microsoft, Nvidia, Alibaba, Federal, Dow Jones, Inc, NYSE, Thomson Locations: Washington, U.S, Maui

☆ Tapestry sees weak fiscal 2024 after missing qtrly estimates on soft U.S. demand
▼ + stars: | 2023-08-17 | by ( ) www.reuters.com time to read: +2 min

[1/2] A signage is seen in the offices of Tapestry, Inc., in Manhattan, New York, U.S., November 19, 2021. Luxury rivals Ralph Lauren (RL.N), LVMH (LVMH.PA), Gucci-owner Kering (PRTP.PA) and Canada Goose (GOOS.TO) have also faced sales pressures from softening U.S. demand. Tapestry expects adjusted earnings in the range of $4.10 to $4.15 per share in fiscal 2024, compared to estimates of $4.24. Tapestry said fiscal 2024 net sales were approaching $6.9 billion, compared to average analysts' estimate of $6.93 billion. The company's adjusted per share was 78 cents in the fourth quarter ended July 1, missing analysts' estimate of 97 cents.

Persons: Andrew Kelly, Ralph Lauren, RL.N, Gucci, Kering, Michael Kors, Kate Spade, Stuart Weitzman, Rachel Wolff, Tapestry, Savyata Mishra, Juveria, Maju Samuel Organizations: Tapestry, Inc, REUTERS, Capri, Insider, Thomson Locations: Manhattan , New York, U.S, United States, North America, China, Bengaluru

☆ OpenAI acquires start-up Global Illumination to work on core products, ChatGPT
▼ + stars: | 2023-08-16 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsAug 16 (Reuters) - OpenAI said on Wednesday it had acquired digital products company Global Illumination, in what comes as the first known acquisition by the storied artificial intelligence firm. "The entire (Global Illumination) team has joined OpenAI to work on our core products including ChatGPT," OpenAI said. New York-based Global Illumination was founded in 2021 by Thomas Dimson, Taylor Gordon and Joey Flynn, all of whom have previously worked at Meta Platforms' (META.O) Instagram. Global Illumination most recently worked on open-source technology related to online game production. Dimson is credited with drafting some of the original code for Instagram's content ranking algorithms, according to his personal website.

Persons: Dado Ruvic, OpenAI, Thomas Dimson, Taylor Gordon, Joey Flynn, Dimson, Yuvraj Malik, Maju Samuel Organizations: REUTERS, Meta, Thomson Locations: New York, Bengaluru

The minutes of the Fed's July monetary policy meeting showed most policymakers continue to prioritize the battle against inflation, adding to uncertainty among investors about the outlook for interest rates. Bank shares extended losses, with the S&P 500 bank index <.SPXBK> down 1% and Bank of America (BAC.N) leading losses among bigger banks to end 2.2% lower. Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 19, 2023. Equities have suffered through a rough patch in August, with the S&P 500 languishing near one-month lows as data underscoring sticky inflation and a robust economy fans fears of interest rates staying elevated for longer. The S&P 500 posted four new 52-week highs and 18 new lows; the Nasdaq Composite recorded 36 new highs and 255 new lows.

Persons: Banks, we're, Peter Tuz, Brendan McDermid, Mike Reynolds, Saeed Azhar, Noel Randewich, Amruta, Lewis Krauskopf, Maju Samuel, Vinay Dwivedi, Deepa Babington Organizations: Nasdaq, Dow, Federal, Chase Investment, ”, Dow Jones, Bank, Bank of America, Nvidia, New York Stock Exchange, REUTERS, Walmart, NYSE, Thomson Locations: Charlottesville , Virginia, New York City, U.S, New York, Bengaluru

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