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☆ Activist investor Elliott Investment Management dissolves stake in PayPal
▼ + stars: | 2023-08-14 | by ( ) www.reuters.com time to read: 1 min

The PayPal app logo seen on a mobile phone in this illustration photo October 16, 2017. REUTERS/Thomas White/File PhotoAug 14 (Reuters) - Activist investor Elliott Investment Management has dissolved its stake in payments giant PayPal (PYPL.O), according to a filing with the U.S. Securities and Exchange Commission. Reporting by Manya Saini in Bengaluru; Editing by Shilpi MajumdarOur Standards: The Thomson Reuters Trust Principles.

Persons: Thomas White, Manya Saini, Shilpi Majumdar Organizations: PayPal, REUTERS, Investment Management, U.S . Securities, Exchange Commission, Thomson Locations: Bengaluru

☆ Aussie lender NAB's Q3 margins decline; shares up on cash earnings beat
▼ + stars: | 2023-08-14 | by ( Archishma Iyer | ) www.reuters.com time to read: +2 min

The National Australia Bank Logo is seen on a branch in central Sydney, Australia, February 8, 2018. Shares of the country's second-biggest bank rose 1.3% to trade at A$28.70 at 0115 GMT. Last week, the country's biggest lender Commonwealth Bank of Australia (CBA.AX) posted record annual profit but warned higher living costs were pushing up debt arrears and competition was squeezing margins. "Consensus NIM expectations might need to moderate down, but the current run rate in earnings would suggest NAB is on track to deliver on fourth quarter FY23 cash earnings expectations," analysts from UBS wrote. It posted cash earnings of A$1.90 billion, compared with A$1.80 billion a year earlier and beating a Visible Alpha consensus of A$1.83 billion.

Persons: Daniel Munoz, NIM, Ross McEwan, Upasana Singh, Archishma Iyer, Shilpi Majumdar, Shinjini, Sohini Organizations: National, REUTERS, National Australia Bank, Commonwealth Bank of Australia, NAB, UBS, Thomson Locations: Sydney, Australia, 3Q23, Bengaluru

☆ CBS News names Ingrid Ciprian-Matthews as president after Khemlani resigns
▼ + stars: | 2023-08-14 | by ( ) www.reuters.com time to read: +1 min

[1/3] Ingrid Ciprian-Matthews, new CBS News president, poses in this handout picture obtained by Reuters on August 14, 2023. Michele Crowe/CBS News/Handout via REUTERS Acquire Licensing RightsAug 14 (Reuters) - CBS News said on Monday Ingrid Ciprian-Matthews, award-winning journalist and veteran news executive, has been named president, after Neeraj Khemlani stepped down from the position on Sunday. The network also appointed insider Wendy McMahon as president and CEO of CBS News and Stations and CBS Media Ventures. Ciprian-Matthews, who has been with CBS News for 30 years, joined the company as a senior producer for live segments for the morning news. Before joining CBS News in 1993, Ciprian-Matthews was the managing editor of CNN's New York bureau.

Persons: Ingrid Ciprian, Matthews, Michele Crowe, Neeraj Khemlani, Wendy McMahon, Ciprian, CNN's, Dawn Chmielewski, Samrhitha, Shilpi Majumdar Organizations: CBS News, Reuters, CBS, REUTERS Acquire, CBS Media Ventures, newsgathering, National Public Radio, Nacional, Thomson Locations: Ciprian, York, Kosovo, Kenya, Tanzania, China, Haiti, Chile, Los Angeles, Bengaluru

☆ Fox's legal head to step down in another major exit after Dominion settlement
▼ + stars: | 2023-08-11 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Mike Segar/File PhotoAug 11 (Reuters) - Fox Corp (FOXA.O) said on Friday that Chief Legal Officer Viet Dinh was stepping down, a high-profile exit that follows its $787.5 million settlement in April of a defamation lawsuit filed by Dominion Voting Systems over its 2020 U.S. election coverage. Top-rated host Tucker Carlson agreed to part ways with Fox in April, just days after the legal resolution. As part of a separation agreement, Dinh will get a lump-sum cash payment of $23 million, Fox said. He will become a special adviser to the company after leaving the role of legal head. In June, Fox Corp also settled a lawsuit by former Fox News producer Abby Grossberg, who claimed gender discrimination and accused the network's lawyers of pressuring her to make misleading statements in the Dominion Voting Systems case.

Persons: Mike Segar, Dinh, Tucker Carlson, Fox, George W Bush, Bancroft PLLC, Kirkland & Ellis, Ng, Abby Grossberg, Chavi Mehta, David Thomas, Anil D'Silva, Shilpi Majumdar Organizations: Fox, News Corporation, Fox News, REUTERS, Fox Corp, Dominion Voting Systems, Dominion, Patriot, U.S, D.C, Kirkland &, Voting, Thomson Locations: Manhattan, New York City , New York, U.S, Washington, Bengaluru, Chicago

☆ Fox's chief legal officer to step down
▼ + stars: | 2023-08-11 | by ( ) www.reuters.com time to read: 1 min

Aug 11 (Reuters) - Fox Corp (FOXA.O) said on Friday Viet Dinh would step down from his role as chief legal officer and become a special adviser to the company, effective Dec. 31. Dinh joined FOX as chief legal and policy officer in 2018 and has led the news company's legal, compliance, and regulatory matters, as well as overseen government affairs. This follows the $787.5 million defamation settlement earlier this year with Dominion Voting Systems, which sued Fox in 2021 over Fox News' coverage of false vote-rigging claims about the voting technology firm. Reporting by Chavi Mehta in Bengaluru; Editing by Anil D'Silva and Shilpi MajumdarOur Standards: The Thomson Reuters Trust Principles.

Persons: Viet Dinh, Dinh, Chavi Mehta, Anil D'Silva, Shilpi Majumdar Organizations: Fox Corp, FOX, Dominion Voting Systems, Fox, Fox News, Thomson Locations: Viet, Bengaluru

☆ Hawaii wildfires to cause second-largest total insured loss in state's history - KCC
▼ + stars: | 2023-08-11 | by ( ) www.reuters.com time to read: +1 min

The damage at the Ho'Onanea condominium complex is seen in the aftermath of a wildfire, in Lahaina, Maui, Hawaii, U.S. August 10, 2023. REUTERS/Jorge GarciaAug 11 (Reuters) - The total insured loss from the ongoing wildfires on Maui island is expected to be the second largest in Hawaii's history, according to catastrophe modeling firm Karen Clark & Company (KCC). The firm estimates the total area burned at about 2,200 acres, while roughly 3,500 buildings within the fire perimeter. Insurance broker Aon said the extreme devastation to homes, businesses and other structures in Lahaina would likely drive economic and insured losses into the hundreds of millions of dollars. Reporting by Manya Saini in Bengaluru; Editing by Shilpi MajumdarOur Standards: The Thomson Reuters Trust Principles.

Persons: Jorge Garcia, Karen Clark, KCC, Aon, Manya Saini, Shilpi Majumdar Organizations: REUTERS, Karen Clark & Company, Maui, Thomson Locations: Lahaina, Maui, Hawaii, U.S, Hawaiian, Bengaluru

☆ Cano Health sinks on raising going concern doubts; announces job cuts
▼ + stars: | 2023-08-10 | by ( ) www.reuters.com time to read: +1 min

Aug 10 (Reuters) - Cano Health (CANO.N) said on Thursday there is substantial doubt about the company's ability to continue as a going concern within one year, sending shares down about 48% after the bell. Under its restructuring plan, the company expects to lower costs by reducing 17% of its current workforce, about 700 employees, in the third quarter of 2023. The company's medical cost ratio — or spending on claims as a percentage of premiums — rose to 103.5% in the quarter, compared with 82.6% a year earlier. Cano shareholders, including Cooperstone, Gold & Sternlicht, had issued an open letter in April highlighting an urgent need for leadership changes. The company's revenue for the quarter ended June 30 was $766.75 million, below analysts' average estimate of $828.44 million, according to Refinitiv data.

Persons: Cano, Marlow Hernandez, Pratik Jain, Shilpi Majumdar Organizations: Cano Health, Thomson Locations: Bengaluru

☆ Adani Enterprises weighs exiting $6 bln Wilmar venture - Bloomberg News
▼ + stars: | 2023-08-09 | by ( ) www.reuters.com time to read: +1 min

Workers transport tins of edible oil inside a storeroom of Adani Wilmar Ltd at Mundra, 375 km (233 miles) from the western Indian city of Ahmedabad, June 10, 2009. REUTERS/Amit Dave/File PhotoAug 8 (Reuters) - India's Adani Enterprises (ADEL.NS) is exploring selling its stake in its consumer-staple joint venture with Wilmar International (WLIL.SI), Bloomberg News reported on Tuesday, citing people familiar with the matter. Deliberations are at an early stage and Adani Enterprises may decide to keep its stake, the report said. Adani Enterprises and Wilmar did not respond to Reuters requests for comment, while Adani Wilmar said it would not like to comment on the report. Last week, Adani Wilmar reported loss in the first quarter, hurt by a steep decline in edible oil prices.

Persons: Wilmar, Amit Dave, Adani, Gautam Adani, Adani Wilmar, Shubhendu Deshmukh, Shounak Dasgupta, Shilpi Majumdar Organizations: REUTERS, Adani Enterprises, Wilmar, Bloomberg, Adani, Hindenburg, Thomson Locations: Mundra, Indian, Ahmedabad, India, Bengaluru

☆ Canopy Growth posts smaller Q1 core loss, reiterates going concern doubts
▼ + stars: | 2023-08-09 | by ( Sourasis Bose | ) www.reuters.com time to read: +2 min

A sign featuring Canopy Growth Corporation's logo is pictured at their facility in Smiths Falls, Ontario, Canada, January 4, 2018 . REUTERS/Chris Wattie/File PhotoAug 9 (Reuters) - Canopy Growth (WEED.TO) again raised doubts about its ability to stay afloat as the Canadian pot producer's loss-making streak continued in the first quarter. Canopy had first raised the going concern doubts in June. The company is also facing an investigation from the U.S. Securities and Exchange Commission over the reporting of revenue from BioSteel. The company's adjusted core loss narrowed to C$57.8 million for the three months ended June 30, compared with a loss of C$79 million a year earlier, aided by cost reduction.

Persons: Chris Wattie, Judy Hong, Sourasis Bose, Shinjini Ganguli, Shilpi Majumdar Organizations: REUTERS, U.S . Securities, Exchange Commission, Thomson Locations: Smiths Falls , Ontario, Canada, , Ontario, BioSteel, Verona , Virginia, Bengaluru

☆ Illumina cuts annual profit forecast as biotech funding woes linger
▼ + stars: | 2023-08-09 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Mike Blake/File PhotoAug 9 (Reuters) - Illumina Inc (ILMN.O) cut annual profit forecast, in a sign that a funding crunch among its biotech and pharmaceutical clients is expected to weigh on sales for its genetic testing tools and diagnostics products. Rising interest rates have squeezed funding for drug development and research programs among small biotech firms, especially in China. Higher-than-estimated demand for the production-scale sequencer, NovaSeq X, however, helped the U.S. genetic testing company surpass Wall Street estimates for second-quarter profit. The San Diego, California-based company reported adjusted profit of 32 cents per share, compared with expectations of 2 cents per share, according to Refinitiv data. Illumina expects full-year adjusted profit per share to be between $0.75 and $0.90, compared with its prior forecast of $1.25 to $1.50.

Persons: Mike Blake, Charles Dadswell ., Illumina, Carl Icahn, Francis deSouza, Pratik Jain, Shilpi Majumdar Organizations: Inc, REUTERS, Illumina, Bank, Wall, Thomson Locations: San Diego , California, China, U.S, Bengaluru

☆ Video-gaming revenue to grow 2.6% in 2023 on console sales strength - report
▼ + stars: | 2023-08-08 | by ( Akshita Toshniwal | ) www.reuters.com time to read: +2 min

A worker holds a Playstation 5 at a Best Buy store during Black Friday sales in Chicago, Illinois, U.S., November 25, 2022. REUTERS/Jim VondruskaAug 8 (Reuters) - Global video-games market would return to growth in 2023 on the back of strong sales of consoles such as Sony's Playstation 5, according to gaming market research firm Newzoo. Newzoo said it expects industry revenue to rise 2.6% to $187.7 billion in 2023, driven by a 7.4% rise in console sales in the year. Market research firm Circana said U.S. consumer spending on video-game hardware was up by 23% in the first half of 2023. Reporting by Akshita Toshniwal and Chavi Mehta in Bengaluru; Editing by Shilpi MajumdarOur Standards: The Thomson Reuters Trust Principles.

Persons: Jim Vondruska, Newzoo, Tom Wijman, Circana, Akshita Toshniwal, Chavi Mehta, Shilpi Majumdar Organizations: Black, REUTERS, Gaming, PlayStation, Sony, Activision, Electronic Arts, EA Sports FC, Newzoo, Apple, Google, Thomson Locations: Chicago , Illinois, U.S, Bengaluru

☆ Akamai Technologies forecasts upbeat third-quarter revenue, profit
▼ + stars: | 2023-08-08 | by ( ) www.reuters.com time to read: +2 min

The Cambridge, Massachusetts-based company forecasts revenue to be between $937 million and $952 million for the quarter ending Sept. 30, compared with analysts' average estimate of $931 million, according to Refinitiv data. The company expects adjusted profit per share for the third quarter to be between $1.48 and $1.52, while analysts estimated $1.41. Akamai also raised its full-year revenue forecast to between $3.77 billion and $3.80 billion, compared with its prior projection of $3.74 billion to $3.79 billion. Security and compute revenue, which formed 59% of the company's total revenue in the quarter, grew 14% over the year earlier, the company said. Excluding items, the company's profit per share was $1.49, compared with analysts' expectations of $1.41.

Persons: Akamai, Rishi Jaluria, Jaluria, Zaheer Kachwala, Jaspreet Singh, Shilpi Majumdar Organizations: Akamai Technologies, Wall, RBC Capital Markets, U.S . Department of Labor, Census Bureau, Department of Defense, eBay, Electronic Arts, Thomson Locations: Cambridge , Massachusetts, Bengaluru

☆ Take-Two forecasts second-quarter net bookings below estimates
▼ + stars: | 2023-08-08 | by ( ) www.reuters.com time to read: +1 min

[1/2] Grand Theft Auto The Trilogy by Take-Two Interactive Software Inc is seen for sale in a store in Manhattan, New York City, U.S., February 7, 2022. REUTERS/Andrew Kelly/File PhotoAug 8 (Reuters) - Take-Two Interactive Software (TTWO.O) forecast second-quarter net bookings below Wall Street targets on Tuesday, in a sign that spending on games was under pressure amid persistent inflationary pressures. Spending on videogame content was flat in the first half of the year, while console sales rose 23%, according to data from gaming research firm Circana. The videogame publisher forecast net bookings between $1.4 billion and $1.45 billion, compared with analysts' average estimate of $1.45 billion, according to Refinitiv data. Adjusted sales rose 20% to $1.20 billion in the quarter ended June 30, compared with analysts' average estimate of $1.21 billion, according to Refinitiv data.

Persons: Andrew Kelly, Chavi Mehta, Shilpi Majumdar Organizations: Inc, REUTERS, PlayStation, Thomson Locations: Manhattan , New York City, U.S, Bengaluru

☆ Edtech Chegg rallies as strong quarter eases fears about ChatGPT impact
▼ + stars: | 2023-08-07 | by ( ) www.reuters.com time to read: +1 min

Aug 7 (Reuters) - Chegg (CHGG.N) rallied 25% in extended trading on Monday after better-than-expected quarterly sales and an in-line forecast for the current quarter eased worries about the impact of ChatGPT on the educational services company's business. The Santa Clara, California-based firm expects revenue to be in the range of $151 million to $153 million for the third quarter, compared with analysts' average estimate of $152.37 million, according to Refinitiv data. "We launched the beta version of our initial generative AI experience in May and feedback has been very positive," CEO Dan Rosensweig said. The company reported second-quarter sales of $182.9 million, compared with analysts' average estimate of $176.51 million. Reporting by Pratik Jain in Bengaluru; Editing by Shinjini Ganguli and Shilpi majumdarOur Standards: The Thomson Reuters Trust Principles.

Persons: Dan Rosensweig, Pratik Jain, Shinjini Ganguli, Shilpi majumdar Organizations: Thomson Locations: Santa Clara , California, Bengaluru

REUTERS/Patrick T. Fallon/File PhotoAug 7 (Reuters) - Beyond Meat (BYND.O) cut annual revenue forecast and missed second-quarter net sales estimates, as slowing demand for its pricier plant-based meat products shows no signs of recovery, sending shares down 8% in extended trading on Monday. Bogged down by inflationary pressures, customers are opting for lower-priced animal protein over alternatives such as plant-based products. The ambiguity around the health benefits of plant-based meat is also weighing on growth, said CEO Ethan Brown in a post-earnings call. The company forecast 2023 revenue between $360 million and $380 million, compared with its prior expectation of $375 million to $415 million. Beyond Meat's quarterly net revenue fell nearly 31% to $102.1 million, missing analysts' average estimate of $108.4 million, according to Refinitiv data.

Persons: Patrick T, Ethan Brown, Arun Sundaram, Ananya Mariam Rajesh, Shilpi Majumdar Organizations: Kroger, REUTERS, CFRA, Thomson Locations: Los Angeles , California, U.S, Bengaluru

☆ US money market funds draw biggest inflow in four months
▼ + stars: | 2023-08-04 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Rick Wilking/File PhotoAug 4 (Reuters) - U.S. money market funds saw robust demand in the seven days to Aug. 2 as investors favoured safer assets on concerns over a U.S. credit rating downgrade and economic reports signalling a still-tight labour market. Investors secured U.S. money market funds worth about $58.56 billion in their biggest weekly net buying since March 29, data from Refinitiv Lipper showed. Reuters Graphics Reuters GraphicsU.S. equity funds drew $133 million worth of inflows, compared with about $2.57 billion worth of net purchases a week ago. U.S. equity growth funds saw net outflows worth $3.48 billion, the biggest since June 7, but value funds had $891 million worth of net buying. Reuters Graphics Reuters GraphicsU.S. bond funds witnessed about $1 billion worth of outflows, the first weekly net selling since June 28.

Persons: Rick Wilking, Lipper, baring industrials, Gaurav Dogra, Shilpi Majumdar Organizations: REUTERS, Investors, Reuters Graphics Reuters Graphics, Reuters Graphics Reuters, Thomson Locations: Westminster , Colorado, U.S, Patturaja, Bengaluru

☆ Global money market funds see largest inflows since March amid US downgrade, economic woes
▼ + stars: | 2023-08-04 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Jason Lee/Illustration/File PhotoAug 4 (Reuters) - Global money market funds attracted massive inflows in the week to Aug. 2 as investors sought safer assets amid a U.S. credit downgrade and weak economic data from the euro zone and China. Investors poured in a net $67.52 billion into global money market funds during the week, marking the biggest weekly net purchase since March 22, according to Refinitiv Lipper data. The U.S. and the European money market funds drew $58.56 billion and $14.35 billion worth of inflows, respectively, while Asia faced a second weekly outflow, amounting to $360 million. Riskier global equity funds still received inflows worth about $4.45 billion in a second straight week of net purchases. Data for 24,127 emerging market funds showed that investors withdrew about $487 million from bond funds after eight straight weeks of net purchases.

Persons: Jason Lee, Fitch, Gaurav Dogra, Patturaja, Shilpi Majumdar Organizations: Hong, REUTERS, Investors, Reuters Graphics Reuters, AAA, Global, Equity, Thomson Locations: Hong Kong, China, United States, Europe, U.S, Asia, Bengaluru

REUTERS/Dado Ruvic/Illustration/File PhotoAug 2 (Reuters) - Bunge Ltd (BG.N) raised its full-year earnings outlook on Wednesday after improved processing margins helped the agri-trader post a second-quarter profit above Wall Street estimates, sending shares up sharply. "Shares are up due to a strong quarter and raised guidance. ADM reported a drop in second-quarter profit last month but raised full-year guidance, citing improving market conditions in the second half of 2023. Bunge said second-quarter adjusted earnings in Agribusiness, its largest segment in terms of sales and volumes, jumped 75% as a record-large Brazilian soybean crop boosted processing operations. Bunge's adjusted profit was $3.72 per share for the three months ended June 30, compared with analysts' estimate of $2.69 per share.

Persons: Dado Ruvic, Bunge, Arun Sundaram, Archer, Cargill, Louis Dreyfus, Shilpi Majumdar, Nick Zieminski, Marguerita Choy, Kirsten Donovan Organizations: Bunge, REUTERS, Bunge Ltd, Wall, CFRA Research, Daniels, Midland, ADM, Specialty, Saikeerthi, Thomson Locations: Ukraine, Bengaluru

The National Bank of Canada logo is seen outside of a branch in Ottawa, Ontario, Canada, February 14, 2019. National Bank said in a statement it will acquire the C$1 billion ($752 million) loan portfolio made up of technology, life science and global fund banking sectors. National Bank already has made a number of bets in the tech space in Canada investing in fintech firms such as KOHO, Synctera and Flinks over the years. Veritas Investment Research analyst Nigel D'Souza said the deal does not restrict National Bank from acquiring Laurentian Bank (LB.TO), but that deal was now less likely. "We continue to view National Bank as the best fit among the Big Six banks for Laurentian," D'Souza said.

Persons: Chris Wattie, Michael Denham, Denham, Tuyen Vo, Nigel D'Souza, D'Souza, Jaiveer Singh, Will Dunham, Krishna Chandra Eluri, Shilpi Majumdar Organizations: National Bank of Canada, REUTERS, National Bank, National Bank's Technology, Innovation Banking, Bank, Veritas Investment Research, Laurentian Bank, Big, Thomson Locations: Ottawa , Ontario, Canada, U.S, Silicon, Bengaluru

☆ TSX starts month on weak note as China slowdown hits sentiment
▼ + stars: | 2023-08-01 | by ( Fergal Smith | ) www.reuters.com time to read: +2 min

A sign board displaying Toronto Stock Exchange (TSX) stock information is seen in Toronto June 23, 2014. The Toronto Stock Exchange's S&P/TSX composite index (.GSPTSE) ended down 93.71 points, or 0.5%, at 20,532.93, after posting its highest closing level in three months in the previous session. The materials group, which includes precious and base metals miners and fertilizer companies, lost 1.8% as gold and copper prices fell. Shares of Silvercrest Metals (SIL.TO) were particularly weak, plunging 21.5% after two brokerages cut their price target on the stock. The TSX notched a gain of 2.3% in July, while it has advanced 5.9% since the start of the year.

Persons: Mark Blinch, Robert McWhirter, Fergal Smith, Siddarth, Shilpi Majumdar, Cynthia Osterman Organizations: Toronto Stock Exchange, REUTERS, Metals, Toronto Stock, Selective Asset Management Inc, Canada's, Silvercrest Metals, TSX, Thomson Locations: Toronto, China, Coast, Bengaluru

☆ Toronto stocks start August on a weak note as commodity-linked sectors drag
▼ + stars: | 2023-08-01 | by ( Siddarth S | ) www.reuters.com time to read: +2 min

A sign board displaying Toronto Stock Exchange (TSX) stock information is seen in Toronto June 23, 2014. ET (1417 GMT) on Tuesday, the Toronto Stock Exchange's S&P/TSX composite index (.GSPTSE) was down 84.12 points, or 0.41%, at 20,542.52. Data showed Canada's manufacturing sector contracted for the third straight month in July as an uncertain economic outlook held back new orders, offsetting a pickup in production. Lower oil prices dragged the energy sector (.SPTTEN) down 0.7%. In the neighboring U.S., manufacturing appeared to stabilize at weaker levels in July, data showed, amid a gradual improvement in new orders.

Persons: Mark Blinch, Brian Madden, Siddarth, Shilpi Majumdar Organizations: Toronto Stock Exchange, REUTERS, Reuters, Toronto Stock, Bank of Canada, Investment, Silvercrest Metals, Thomson Locations: Toronto, China, U.S, Bengaluru

☆ Gartner lifts annual profit forecast on consulting, research demand
▼ + stars: | 2023-08-01 | by ( ) www.reuters.com time to read: +1 min

Aug 1 (Reuters) - Gartner (IT.N) raised its annual profit forecast after beating quarterly earnings estimates on Tuesday, on steady demand for research and consulting services in a tough economy. A dominant player in the data and analytics market, Gartner expects its full-year adjusted earnings per share to be $10, compared with its prior forecast of $9.50. Gartner's mainstay research business saw a near 6% jump in revenue to $1.21 billion, while the consulting business reported an almost 5% rise to $126 million. Still, the company lowered its full-year revenue forecast by about $50 million to $5.85 billion, citing weakness in its non-subscription research business. On an adjusted basis, Gartner earned $2.85 per share in the three months to June 30, compared with analysts' estimate of $2.51 per share profit.

Persons: Gartner, Zaheer Kachwala, Shilpi Majumdar Organizations: Gartner, PayPal, Comcast, Thomson

☆ Merck's Keytruda meets main goal in late-stage breast cancer study
▼ + stars: | 2023-07-28 | by ( ) www.reuters.com time to read: +1 min

July 28 (Reuters) - Merck (MRK.N) said on Friday its blockbuster drug Keytruda, in combination with chemotherapy, met one of the main goals in a late-stage trial testing it in some breast cancer patients. The study showed that the therapy was able to help clear all signs of tumor in patients compared to neo-adjuvant placebo plus chemotherapy. Breast cancer is one of the leading causes of cancer-related deaths in women. The therapy addresses the patients who are diagnosed with a sub-type of breast cancer, which has an increased risk of spread to lymph nodes and recurrence. Reporting by Khushi Mandowara in Bengaluru; Editing by Shilpi MajumdarOur Standards: The Thomson Reuters Trust Principles.

Persons: Khushi, Shilpi Majumdar Organizations: Merck, Thomson Locations: Bengaluru

☆ Colgate-Palmolive bumps up annual sales, profit forecasts on strong pricing
▼ + stars: | 2023-07-28 | by ( ) www.reuters.com time to read: +2 min

July 28 (Reuters) - Colgate-Palmolive (CL.N) raised annual organic sales and profit forecasts on Friday, banking on price hikes and resilient demand for its self-care and pet nutrition products. "Strong investment levels should continue in the back half of the year as we work to deliver balanced organic sales growth." Colgate-Palmolive also topped Wall Street estimates for second-quarter sales and profit. Colgate-Palmolive expects annual organic sales to grow between 5% and 7%, compared with previous forecast of 4% to 6% growth. Organic sales for the Hill Pet Nutrition brand, which contributed 22% to company's sales, grew 10.5% in the quarter, driven by demand in the U.S. and Europe.

Persons: Noel Wallace, Juveria, Shilpi Majumdar Organizations: Colgate, Palmolive, Consumer, Procter & Gamble, Nutrition, Thomson Locations: North America, U.S, Europe, Bengaluru

☆ General Dynamics raises revenue outlook on private jet, military equipment demand
▼ + stars: | 2023-07-26 | by ( ) www.reuters.com time to read: +2 min

[1/2] A General Dynamics NASSCO ship yard entrance is shown in San Diego, California, U.S., June 17, 2019. REUTERS/Mike Blake/File Photo/File PhotoJuly 26 (Reuters) - General Dynamics (GD.N) on Wednesday lifted its annual revenue forecast as demand for business jets and military equipment stays resilient, sending its shares up 3% at midday. Demand for business jets from U.S. corporations remains buoyant despite a recovery in commercial flights and pressure from environmentalists over emissions. "It's the Fortune 500 that are really driving the demand (for business jets). The company forecasts revenue in the segment to rise between $900 million and $1 billion to $11 billion in the year.

Persons: Mike Blake, Phebe Novakovic, Pratyush Thakur, Shilpi Majumdar, Maju Samuel Organizations: Dynamics, REUTERS, General Dynamics, Gulfstream, Thomson Locations: San Diego , California, U.S, Ukraine, Reston , Virginia, Bengaluru

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