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☆ BlackRock CEO Larry Fink sells 7% of his stake
▼ + stars: | 2023-04-21 | by ( ) www.reuters.com time to read: +1 min

April 21 (Reuters) - BlackRock Inc (BLK.N) Chief Executive Officer Larry Fink sold nearly 7% of his stake in the asset management giant, netting proceeds of about $25 million. The sale was disclosed in a filing with the U.S. Securities and Exchange Commission on Thursday. Turmoil in the markets, like the one sparked by the banking crisis last month, can present "enormous opportunities" for BlackRock, Fink said last week. Shares of BlackRock, which makes most of its money from fees on investment advisory and administration services, gained nearly 3% since the banking turbulence began last month. Reporting by Niket Nishant in Bengaluru; Editing by Sherry Jacob-PhillipsOur Standards: The Thomson Reuters Trust Principles.

☆ AT&T's dismal cash flow sparks selloff in telecoms sector
▼ + stars: | 2023-04-20 | by ( Tiyashi Datta | ) www.reuters.com time to read: +2 min

April 20 (Reuters) - U.S. wireless carrier AT&T Inc (T.N) missed market estimates for first-quarter revenue and free cash flow, underscoring the toll from strained consumer wallets and sparking a selloff in the telecoms sector on Thursday. In the first three months of the year, AT&T added 424,000 postpaid phone subscribers, almost in line with a Factset estimate of 422,800 additions. The metric is closely watched by Wall Street as postpaid customers pay a recurring monthly bill, making them valuable to the carriers. "It was not all bad news, and some aspects of AT&T's operations came in above estimates, but it is the free cash flow figure that seems to have caused all the damage, given that it points to likely lower dividend payouts going forward," said Stuart Cole, head macro economist at Equiti Capital. AT&T's free cash flow came in at $1 billion, compared with the $2.61 billion estimated by 18 analysts polled by Visible Alpha.

☆ AT&T misses quarterly revenue estimates; shares down
▼ + stars: | 2023-04-20 | by ( ) www.reuters.com time to read: +1 min

Still, AT&T added 424,000 postpaid phone subscribers in the latest quarter, above Factset estimate of 422,800 additions. Analysts and investors generally watch postpaid phone figures closely as those customers pay a recurring monthly bill, making them valuable to the carriers. Total revenue for the first quarter rose 1.4% to $30.1 billion, compared with $29.7 billion a year earlier. AT&T said the growth was also driven by higher revenue in broadband services, partly offseting lower equipment sales. Income from continuing operations was $4.5 billion, or 57 cents per share, in the quarter, compared with $5.1 billion, or 65 cents per share, a year earlier.

April 20 (Reuters) - Union Pacific Corp's (UNP.N) chief executive officer said on Thursday the railroad operator was considering slowing down the pace of hiring in the second half of the year amid a cloudy economic outlook, becoming the latest U.S. company to evaluate its staffing plans. CEO Lance Fritz told Reuters in an interview the outlook was turning a "little cloudier" for consumer-facing companies, which is making railroad volume difficult to predict. A possible slowdown in hiring comes at a time when railroads are struggling to move cargo on time, which has invited severe criticisms from regulators and customers. Shares of Union Pacific, which connects West Coast ports to key terminals such as Chicago, lost its gains in the day to trade flat in the afternoon session. Operating revenue for the quarter ended March 31 rose 3% to $6.06 billion, in line with analysts' estimates.

Abbott is the second major company to signal a recovery in medical device sales. Medical devices - Abbott's largest segment - clocked an 8.5% rise in sales to $3.90 billion, with $1.2 billion coming from glucose monitoring device Freestyle Libre. I don't think it's a bolus of backlog," Abbott CEO Robert Ford said about the recovery in medical device sales. The stronger outlook for its non-COVID business was the main takeaway as investors had priced in a fall in COVID testing sales, J.P. Morgan analyst Robbie Marcus said in a note. Abbott lowered its outlook for COVID testing sales this year to $1.5 billion from the $2 billion it forecast in January.

☆ Abbott beats profit estimates on strong medical device sales
▼ + stars: | 2023-04-19 | by ( ) www.reuters.com time to read: +1 min

April 19 (Reuters) - Abbott Laboratories (ABT.N) on Wednesday reported quarterly profit above expectations, driven by sales of its diabetes care devices and an improved demand for other devices due to a resumption in non-urgent medical procedures. Excluding one-off items, the company reported a profit of $1.03 per share for the first quarter ended March 31, higher than the average of analysts' estimates of 99 cents per share, according to Refinitiv IBES data. The healthcare giant retained its adjusted profit forecast for this year at $4.30-$4.50 per share, as it expects its non-COVID-testing-related revenue to offset its testing kit sales. Abbott cut its COVID-testing-related sales forecast to $1.5 billion from $2 billion earlier. Reporting by Leroy Leo and Khushi Mandowara in Bengaluru; Editing by Sherry Jacob-PhillipsOur Standards: The Thomson Reuters Trust Principles.

☆ Abbott's medical device sales recovery aids quarterly profit beat
▼ + stars: | 2023-04-19 | by ( ) www.reuters.com time to read: +2 min

[1/2] Boxes of Abbott's heart stents are pictured inside a store at a hospital in New Delhi, India, April 27, 2018. REUTERS/Adnan AbidiApril 19 (Reuters) - Abbott Laboratories (ABT.N) reported quarterly profit above expectations on Wednesday, underpinned by sales of its diabetes care devices and an improved demand for other devices due to a resumption in non-urgent medical procedures. The upbeat sales of Abbott's medical devices mirror a trend seen by rival Johnson & Johnson (JNJ.N), which also posted better-than-expected sales for the business on Tuesday. Sales of medical devices - Abbott's largest segment - grew 8.5% to $3.90 billion, of which $1.2 billion worth revenue was clocked in by glucose monitoring device Freestyle Libre. Abbott, which witnessed first-quarter sales worth $730 million in global COVID-19 test kits, slashed its annual revenue forecast for these devices to $1.5 billion from $2 billion.

☆ Global money market funds witness inflows for sixth straight week
▼ + stars: | 2023-04-10 | by ( ) www.reuters.com time to read: +2 min

Funds in the global money market saw purchases worth a net $61.91 billion, that marked a sixth consecutive week of net inflows, data from Refinitiv Lipper showed. Reuters Graphics Reuters GraphicsThe U.S., European and Asian money market funds obtained inflows worth $42.51 billion, $25.62 billion and $280 million, respectively. Reuters GraphicsMeanwhile, global bond funds drew $15.16 billion worth of inflows, the biggest amount since July 2021. Investors purchased $5.26 billion worth of high yield and $1.71 billion worth of target maturity bond funds, but sold $1.15 billion worth of short-term bond funds. Data for 23,935 emerging market funds showed equity and bond funds, both obtained a second weekly inflow, amounting $397 million and $412 million, respectively.

☆ KKR set to buy stake in communications group FGS Global - FT
▼ + stars: | 2023-04-06 | by ( ) www.reuters.com time to read: +1 min

April 6 (Reuters) - Private-equity group KKR (KKR.N) is nearing a deal to buy a large stake in FGS Global that will value the financial communications company at about $1.4 billion, the Financial Times reported on Thursday. The deal could be announced as soon as next week, the FT report said, marking the latest significant investment by buyout groups into the niche sector of communications. FGS Global is backed by British advertising group WPP (WPP.L). KKR is expected to acquire more than 30% of FGS from a combination of senior employees at FGS and WPP, the report said, adding that the British group is expected to retain a majority in the business. FGS and WPP did not immediately respond to a Reuters request for comment, while KKR declined to comment.

☆ Gold slips on firmer dollar ahead of US payrolls data
▼ + stars: | 2023-04-06 | by ( ) www.reuters.com time to read: +2 min

[1/2] Gold bars are pictured at the plant of gold and silver refiner and bar manufacturer Argor-Heraeus in Mendrisio, Switzerland, July 13, 2022. REUTERS/Denis Balibouse/File PhotoApril 6 (Reuters) - Gold prices fell on Thursday as the dollar firmed ahead of a much awaited U.S. non-farm payrolls report, as investors sought clarity on whether the Federal Reserve might take a breather on its monetary tightening path. * Investors now await Friday's non-farm payrolls report for March, with economists polled by Reuters expecting new jobs of about 240,000. * Markets see a 54.2% chance of the Fed standing pat on interest rates in May, according to the CME FedWatch tool. * While gold is traditionally considered a hedge against inflation, higher interest rates dim non-yielding bullion's appeal.

☆ Gold hovers near 2020 record highs on softer dollar, weak US data
▼ + stars: | 2023-04-05 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Alexander ManzyukApril 5 (Reuters) - Gold prices hovered near record highs seen in 2020, trading steady above the key $2,000 level on Wednesday, as the dollar eased after weak U.S. economic data fanned expectations that the Federal Reserve might loosen its monetary policy trajectory. FUNDAMENTALS* Spot gold held its ground at $2,020.39 per ounce, as of 0123 GMT. * Data showed U.S. job openings in February dropped to the lowest level in nearly two years, suggesting the labor market was cooling. * While gold is traditionally considered a hedge against inflation and economic uncertainties, higher interest rates dim the appeal for non-yielding bullion. * Spot silver eased 0.1% to $24.99 per ounce, while platinum was 0.2% higher at $1,020.47 and palladium edged up 0.1% to $1,458.51.

☆ Walmart to cut over 2,000 jobs in e-commerce warehouses - Bloomberg News
▼ + stars: | 2023-04-04 | by ( ) www.reuters.com time to read: 1 min

April 3 (Reuters) - Walmart Inc (WMT.N) will cut more than 2,000 jobs at five U.S. e-commerce warehouses, Bloomberg reported on Monday. The layoffs include more than 1,000 roles at a warehouse in Fort Worth, Texas, along with 600 jobs at a Pennsylvania fulfillment center, 400 in Florida and 200 in New Jersey, the report said citing regulatory filings, with additional reductions planned in California. Walmart did not immediately respond to a Reuters request for comment. Reuters reported on March 23 that hundreds of workers at five Walmart facilities that fulfill e-commerce orders were being asked to find jobs within 90 days at other company locations. Reporting by Jyoti Narayan in Bengaluru; Editing by Sherry Jacob-PhillipsOur Standards: The Thomson Reuters Trust Principles.

☆ Gold prices ease as US dollar regains some ground
▼ + stars: | 2023-04-04 | by ( ) www.reuters.com time to read: +1 min

April 4 (Reuters) - Gold prices edged lower on Tuesday as a steady dollar made bullion more expensive for overseas buyers, while softer U.S. economic data heightened expectations of less-aggressive moves by the Federal Reserve. FUNDAMENTALS* Spot gold was down 0.1% at $1,962.36 per ounce, as of 0103 GMT. * Gold prices had dropped on Monday after a surprise cut in OPEC+ crude production was announced during the weekend. But prices reversed course to rally 1% as the dollar stumbled following the release of softer U.S. economic data. * SPDR Gold Trust , the world's largest gold-backed exchange-traded fund, said its holdings rose 0.22% to 930.04 tonnes on Monday from 928.02 tonnes on Friday.

☆ E-commerce firm Boxed Inc files for bankruptcy, eyes software unit sale
▼ + stars: | 2023-04-03 | by ( ) www.reuters.com time to read: +1 min

April 2 (Reuters) - Boxed Inc (BOXD.N) filed for Chapter 11 bankruptcy protection and was pursuing sale of its software business, the e-commerce grocery platform said on Sunday, adding that it will also wind down its retail operations in the coming weeks. The plan to sell Spresso, its Software-as-a-Service business, chimes with the company's announcement last month to explore options to raise capital. The company intends to fund its near-term operations and cover administrative expenses through access to its cash collateral as it winds down, Boxed said. Spresso business will be sold to first lien lenders, and customers would not face service disruptions during the process, the online platform said. The bankruptcy filing comes weeks after Boxed said it held a majority of its cash deposits and other liquid assets in accounts at the collapsed Silicon Valley Bank.

☆ Faraday Future starts EV production of FF 91 after months-long delay
▼ + stars: | 2023-03-30 | by ( ) www.reuters.com time to read: +1 min

March 29 (Reuters) - Faraday Future Intelligent Electric Inc (FFIE.O) said on Wednesday it has started production of its much-delayed first luxury electric car, FF 91 Futurist, at its California factory. "This shows that FF has entered a new phase under the governance and operation of the new board and management," founder YT Jia said in a statement. The FF 91 Futurist is expected to be offered in both the U.S. and China markets, with initial 2023 sales to begin in Los Angeles, San Francisco, New York, Shanghai and Beijing, the company said. Deliveries in the U.S. will begin at the end of April 2023, a spokesperson for Faraday Future told Reuters, but did not give details on who the first customers would be. Reporting by Yana Gaur and Jyoti Narayan in Bengaluru; Editing by Sherry Jacob-Phillips and Uttaresh VenkateshwaranOur Standards: The Thomson Reuters Trust Principles.

☆ London's FTSE 100 up for fourth day, Petrofac leads smallcaps higher
▼ + stars: | 2023-03-30 | by ( Johann M Cherian | ) www.reuters.com time to read: +2 min

The FTSE 100 (.FTSE) rose 0.5%, while the FTSE 250 (.FTMC) added 1.1% by 0841 GMT. With a day left for the end of the first quarter of the year, the FTSE 100 is on track for gains of 2%, while the mid-cap index is likely to have a muted end. Top performing sectors this quarter include the FTSE 350 aerospace and defence (.FTNMX502010), construction and materials (.FTNMX501010) and retailers (.FTNMX404010). The FTSE 350 Automobiles and Parts sector (.FTNMX401010) added 2.5% and is among top-performing sectors this quarter. Moonpig Group PLC (MOONM.L) added 17.9% after the online card retailer said it expects revenue to expand across 2024.

☆ Meta explores ban on political ads in Europe - FT
▼ + stars: | 2023-03-30 | by ( ) www.reuters.com time to read: +1 min

March 30 (Reuters) - Meta Platforms Inc (META.O) executives are discussing a company-wide ban on political advertising in Europe due to concerns that Facebook and Instagram will be unable to comply with upcoming EU regulations targeting online campaigns, the Financial Times reported on Thursday. EU lawmakers in February agreed to tougher rules on targeted political advertising aimed at countering misinformation during elections. The proposed rules require U.S. tech giants to provide more data on their targeted political ads, with fines up to 4% of their global turnover for breaches. Meta executives are concerned the definition of political ads under EU plans will be excessively broad that it will be easier to refuse all paid-for political campaigns on the company's sites, the newspaper said, citing two people briefed on the discussions. Reporting by Kanjyik Ghosh in Bengaluru; Editing by Sherry Jacob-Phillips and Subhranshu SahuOur Standards: The Thomson Reuters Trust Principles.

☆ Gold retreats as waning banking crisis dampens demand
▼ + stars: | 2023-03-29 | by ( Kavya Guduru | ) www.reuters.com time to read: +2 min

Spot gold was trading 0.7% lower at $1,960.91 per ounce, as of 0619 GMT, after rising 1% on Tuesday. "We've seen a natural retracement ... gold is pulling back after a failed 'bid' to break above $1,975," said Matt Simpson, senior market analyst at City Index. But some investors "still seem to be holding onto gold 'just in case' there's another skeleton or two lurking in the closet," Simpson said. The opportunity cost of holding non-yielding gold rises when interest rates are increased. Silver fell 0.8% to $23.08 per ounce, platinum lost 0.7% at $956.76 and palladium edged down 0.2% to $1,416.93.

Liontown controls two major lithium deposits in Western Australia, including its flagship Kathleen Valley project slated for first production in mid-2024, which is among the world's largest and highest-grade hard rock lithium deposits. North Carolina-based Albemarle is the world's biggest lithium producer with major facilities in Chile, China and Western Australia where it holds stakes in two mines and is building a lithium hydroxide processing plant near Perth. Albemarle had offered A$2.50 per share after two previous offers, Liontown said in an exchange filing. Albemarle said its "compelling" bid offered a material premium to Liontown shareholders who would benefit from its chemical conversion abilities and existing links with Liontown's customers. Liontown also said RT Lithium Ltd, a subsidiary of Albemarle, had built a near 2.2% stake through on-market purchases.

☆ UK's Bellway to buy back shares, hike social housing output
▼ + stars: | 2023-03-28 | by ( Ajose Koilparambil | ) www.reuters.com time to read: +2 min

Chief Executive Jason Honeyman told Reuters the company started hastening construction in its social housing programme in October after a demand slump. Honeyman said homes built in the programme would make up more than quarter of overall output in the fiscal year ending on July 31. Bellway, which builds everything from one-bedroom apartments to six-bedroom family homes and luxury penthouses, said there was a moderate improvement in bookings since January. Bellway shares edged up about 1% in morning trade. ($1=0.8121 pounds)Reporting by Aby Jose Koilparambil in Bengaluru; Editing by Sherry Jacob-PhillipsOur Standards: The Thomson Reuters Trust Principles.

☆ Softer dollar buoys gold, but banking optimism limits safe-haven appeal
▼ + stars: | 2023-03-28 | by ( Kavya Guduru | ) www.reuters.com time to read: +2 min

SummarySummary Companies Gold might retest support at $1,945/oz - technicalsU.S. dollar down 0.2%Global stocks rise on TuesdayMarch 28 (Reuters) - Gold prices rose on Tuesday as the dollar slipped, although an improvement in risk appetite after efforts by regulators to allay fears over the global banking system limited the safe-haven metal's appeal. "The U.S. dollar seems to be stabilising, this should entice fresh buying back into the (gold) market," said Clifford Bennett, chief economist at ACY Securities. However, gold remains the "resolute safe-haven" in a "rolling risk environment" for the banking sector as risks of contagion are far more persistent than the market would like to believe, Bennett added. Gold might retest a support at $1,945 per ounce, a break below could open the way towards $1,927, Reuters technical analyst Wang Tao said. Spot silver eased 0.1% to $23.06 per ounce, while platinum rose 0.5% to $976.87 and palladium added 0.7% at $1,418.44.

☆ Lenders, energy stocks help London stocks extend gains
▼ + stars: | 2023-03-28 | by ( ) www.reuters.com time to read: +1 min

SummarySummary Companies FTSE 100 up 0.6%, FTSE 250 adds 0.2%March 28 (Reuters) - UK shares extended gains on Tuesday, supported by an upbeat performance in energy heavyweight BP, while lenders gained following reassuring comments by Bank of England Governor Andrew Bailey on the stability of the banking sector. The pound strengthened 0.3% as traders weighed the prospects of higher interest rates. The blue-chip FTSE 100 (.FTSE) rose 0.6%, while FTSE 250 (.FTMC) climbed 0.2% by 0718 GMT. Energy stocks (.FTNMX601010) rose 1.6%. Reporting by Johann M Cherian in Bengaluru; Editing by Sherry Jacob-PhillipsOur Standards: The Thomson Reuters Trust Principles.

☆ Saudi National Bank appoints Al Ghamdi as chairman
▼ + stars: | 2023-03-27 | by ( ) www.reuters.com time to read: +1 min

DUBAI, March 27 (Reuters) - Saudi National Bank Chief Executive Saeed Mohammed Al Ghamdi has been appointed as the bank's chairman after the resignation of Abdul Wahed Al Khudairy for personal reasons, it said on Monday. The bank's board also appointed Talal Ahmed Al Khereiji as acting CEO, with all changes effective March 27. The changes come nearly two weeks after Al Khudairy told Reuters the kingdom's biggest bank by assets would not buy more shares in Credit Suisse (CSGN.S) on regulatory grounds, which sent the Swiss bank's shares to record lows. Saudi National Bank, which acquired almost 9.9% of Credit Suisse for 5.5 billion riyals ($1.46 billion) last November, was sitting on a loss of about 80% on its investment last week in the wake of a forced takeover of the Swiss bank by its domestic rival UBS (UBSG.S) for $3.2 billion. Reporting by Hadeel Al Sayegh Editing by Sherry Jacob-Phillips and David GoodmanOur Standards: The Thomson Reuters Trust Principles.

☆ Salesforce says Elliott will not nominate directors to board
▼ + stars: | 2023-03-27 | by ( ) www.reuters.com time to read: +1 min

March 27 (Reuters) - Salesforce Inc (CRM.N) said on Monday activist investor Elliott Management Corp has decided to not proceed with director nominations to the board of the cloud-based software provider, due to its strong earnings and 2024 transformation initiatives. "Salesforce and Elliott have committed to continue the productive working relationship they have developed together," a joint statement from the companies said. Earlier this month, Reuters reported Elliott nominated a slate of directors to Salesforce's board. Elliott unveiled its multi-billion dollar stake in Salesforce January. Other hedge funds with stakes include Jeff Ubben's Inclusive Capital Partners, Jeff Smith's Starboard Value, ValueAct Capital and Third Point.

☆ Gold inches lower on steady dollar, with focus on banking risks
▼ + stars: | 2023-03-27 | by ( Kavya Guduru | ) www.reuters.com time to read: +2 min

SummarySummary Companies Gold down for 2nd session in a rowGrowth worries, banking stresses could benefit gold- analystMarch 27 (Reuters) - Gold prices edged down for a second straight session on Monday as the U.S. dollar firmed, while authorities attempted to assuage investor fears of a widespread crisis in the global banking sector. Spot gold was down 0.1% at $1,975.59 per ounce, as of 0350 GMT. Recent stress in the banking sector and the possibility of a follow-on credit crunch brings the United States closer to recession, Minneapolis U.S. Federal Reserve President Neel Kashkari said on Sunday. While gold is considered a hedge against inflation and economic uncertainties, higher interest rates tend to discourage investment in non-yielding bullion. Spot silver fell 0.6% to $23.08 per ounce, platinum was 0.2% lower at $974.60 and palladium slipped 0.7% to $1,405.48.

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