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☆ Walgreens profit tumbles, slashes guidance amid significant drop in Covid vaccine demand
▼ + stars: | 2023-06-27 | by ( Parija Kavilanz | ) edition.cnn.com time to read: +3 min

New York CNN —Walgreens Boots Alliance on Tuesday reported earnings that tumbled from the same time a year ago amid softening consumer spending and a pullback in demand for Covid vaccines. Its pharmacy sales increased 6.3% in the period versus a year ago, while comparable pharmacy sales increased 9.8%, boosted by higher prices of branded medication. But the volume of Covid vaccines administered in the quarter plummeted to 0.8 million, compared to 4.7 million a year ago. Outside of pharmacy products, Walgreens reported retail sales fell 1% and comparable sales decreased 0.2% in the quarter. Excluding tobacco, comparable retail sales increased 0.2%, led by purchases of grocery, household and beauty items.

Persons: Rosalind Brewer, Neil Saunders, ”, Saunders Organizations: New, New York CNN, Walgreens Boots Alliance, Walgreens, U.S . Healthcare, Roosevelt, Global Locations: New York, Chicago

☆ Wall Street extends sell-off as Powell hints at further rate hikes
▼ + stars: | 2023-06-21 | by ( Stephen Culp | ) www.reuters.com time to read: +3 min

All three major U.S. stock indexes notched their third straight daily declines, with megacap tech- and tech-related shares weighing most. Tesla Inc (TSLA.O), along AI-related stocks such as Microsoft Corp (MSFT.O) and Nvidia Corp (NVDA.O) were the heaviest drags. "There could be one more rate hike, but I don’t think anyone's buying the fact that there will be two. "A big portion of today’s weakness is because Tesla had one of its worst days in a while," Detrick added. "After a record win streak some kind of weakness is perfectly acceptable and normal."

Persons: Tesla, Jerome, Ryan Detrick, Powell, Detrick, Stephen Culp, Shubham Batra, Johann M Cherian, Ankika Biswas, Aurora Ellis Organizations: FedEx, Barclays, NEW, Federal, Carson Group, Tesla, Microsoft Corp, Nvidia Corp, . House Financial Services, Nasdaq, Dow Jones, Tesla Inc, United Parcel Service Inc, Thomson Locations: Omaha, Bengaluru

☆ Dollar gains after Fed hike hint; yen tumbles
▼ + stars: | 2023-06-15 | by ( ) www.cnbc.com time to read: +2 min

The U.S. dollar strengthened on Thursday after the Federal Reserve left borrowing costs unchanged but signaled further rate hikes to come as attention turned to the European Central Bank policy announcement later in the day. The Fed's policy decision snapped a string of 10 consecutive rate hikes, but the projections, or dot plot, showed policymakers expect two more increases by the end of 2023. The market's attention is now turning to other central bank decisions late this week, with the ECB policy announcement on Thursday before the Bank of Japan on Friday. "Dollar-yen is at year highs and markets are increasingly beginning to talk about whether a further rise could trigger the BoJ to verbally and also effectually intervene in the FX market," Lomholt added. Japan's top government spokesperson said on Thursday that volatile currency market moves were undesirable and the authorities would take "appropriate" action as needed.

Persons: Powell, Fed, Mohit Kumar, Kristoffer Kjær Lomholt, Lomholt Organizations: U.S, Federal Reserve, European Central Bank, Jefferies, Bank of Japan, Money, ECB, Danske Bank, The Bank of, FX Locations: The Bank of Japan

The pan-European STOXX 600 index (.STOXX) closed 0.2% higher, with the DAX (.GDAXI) up 0.9%. Luxury majors LVMH (LVMH.PA) and Hermes (HRMS.PA) climbed 1.8% and 3%, respectively, further supporting the STOXX 600. Meetings of the U.S. Federal Reserve, the European Central Bank and the Bank of Japan are lined up for the week. The STOXX 600 started the year on a stronger footing compared to the S&P 500 index (.SPX) but lost steam during the second quarter due to a rise in preference for growth-oriented stocks as opposed to value stocks. Shares in SES tumbled 14.6% to the bottom of the STOXX 600 after the satellite company announced its chief executive Steve Collar would step down.

Persons: BOJ, Bernstein, DAX, Lionel Messi's, Hermes, Daniela Hathorn, Sergio Ermotti, he’s, Michael Hewson, Silvio Berlusconi, Steve Collar, Shreyashi Sanyal, Bansari, Eileen Soreng Organizations: Fed, ECB, Adidas, UBS, CS, Inter Miami, U.S . Federal Reserve, European Central Bank, Bank of Japan, Credit Suisse, CMC Markets, MEDIAFOREUROPE, Italian, Novartis, Seattle, Chinook Therapeutics, SES, BNP, Exane, Thomson Locations: Europe, Bengaluru

☆ GameStop Stock Tumbles After CEO Is Fired
▼ + stars: | 2023-06-08 | by ( ) www.wsj.com time to read: 1 min

GameStop shares are plummeting in morning trading, following Wednesday’s news that it fired its chief executive officer and elevated Ryan Cohen to executive chairman. Shares are down 18% at $21.49, putting the stock on track for its biggest daily fall since 2021, when GameStop became a meme stock. That year, GameStop shares regularly swung sharply. Lately, the stock’s daily moves have been much more subdued.

Persons: Ryan Cohen Organizations: GameStop

☆ Turkish Lira Tumbles to New Low as Devaluation Pressure Mounts
▼ + stars: | 2023-06-07 | by ( Jared Malsin | Chelsey Dulaney | ) www.wsj.com time to read: 1 min

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/turkish-lira-tumbles-to-new-low-as-devaluation-pressure-mounts-409c461b

Persons: Dow Jones

☆ A bridge under construction in India's Bihar state has collapsed -- for the second time
▼ + stars: | 2023-06-06 | by ( Rhea Mogul | ) edition.cnn.com time to read: +1 min

CNN —A four-lane concrete bridge being built across the River Ganges in the east Indian state of Bihar has collapsed for the second time in just over a year, once again raising questions about the quality of its construction. The Sultanganj Bridge has collapsed twice since construction began in 2017, the first time in April last year before Sunday’s catastrophic failure. It’s not clear why the bridge collapsed last year or if those problems had been rectified. Crowds of people on the river bank can be seen filming the bridge and shouting as it tumbles down. The Sultanganj Bridge is not the only one to have collapsed in India in the last year.

Persons: Bihar’s, Nitish Kumar, McElhanney Organizations: CNN, Singla Locations: Bihar, India, Morbi, Gujarat

☆ Euro zone inflation tumbles, fuelling ECB rates debate
▼ + stars: | 2023-06-01 | by ( Balazs Koranyi | ) www.reuters.com time to read: +4 min

Some economists argued that the bigger than forecast drop in underlying inflation suggests that not much work is left to be done. "Underlying inflation has probably passed its peak," Commerzbank economist Christoph Weil said. "This supports our expectation that the ECB will raise key interest rates by 25 basis points for the last time in June." Services inflation slowed to 5.0% from 5.2% while price growth for industrial goods eased to 5.8% from 6.2%, still excessive but both moving in the right direction. Euro zone wage growth is hovering in the 5% to 6% range, twice the rate that would be consistent with the ECB's inflation target.

Persons: Christine Lagarde, Christoph Weil, Nordea, Balazs Koranyi, John Stonestreet Organizations: FRANKFURT, European Central Bank, ECB, Thomson Locations: Germany, Netherlands, Ireland

☆ UK equities rise on upbeat global mood, BT Group tumbles on weak cash flow
▼ + stars: | 2023-05-18 | by ( Johann M Cherian | ) www.reuters.com time to read: +2 min

"There's clearly a lack of real strategy and it's not enough to just say we're going to cut costs. Vodafone Group Plc (VOD.L) earlier this week said it would cut 11,000 jobs globally over three years after it warned that a poor performance in its biggest market Germany would hit cash flow. The blue-chip FTSE 100 (.FTSE) rose 0.6%, reflecting an upbeat mood in global markets on hopes that Washington is edging closer to a deal to raise the U.S. debt ceiling and avert a default. Among other movers, luxury group Burberry Group Plc (BRBY.L) fell 6.2% as continued weakness in the United States overshadowed a stronger-than-expected fourth quarter sales driven by a rebound in China. EasyJet Plc rose 1% after the airline posted a first-half loss in line with its guidance.

☆ TSX tumbles after hotter-than-expected inflation data
▼ + stars: | 2023-05-16 | by ( Johann M Cherian | ) www.reuters.com time to read: +2 min

A report by Statistics Canada showed that April annual consumer inflation had surprisingly ticked up, fueled by higher rental and mortgage interest costs. "Underlying core inflation is settling in around 4%, which is clearly still too high for the BoC's comfort." ET (14:14 GMT), the Toronto Stock Exchange's S&P/TSX composite index (.GSPTSE) was down 235.32 points, or 1.15%, at 20,304.65. The materials sector (.GSPTTMT) tumbled 1.4% and was the biggest drag on the TSX, tracking weak base- and precious-metal prices. Reporting by Johann M Cherian and Vansh Agarwal in Bengaluru; Editing by Pooja DesaiOur Standards: The Thomson Reuters Trust Principles.

☆ PayPal tumbles 12%, eyes lowest close since 2017
▼ + stars: | 2023-05-09 | by ( ) www.reuters.com time to read: +1 min

May 9 (Reuters) - PayPal Holdings' (PYPL.O) stock slumped 12% on Tuesday, on track for its lowest close in almost six years, after the payments company cut the outlook for its annual adjusted operating margin. The stock, last trading at $66.45, was set to record its lowest closing price since October 2017. It touched a session low of $66.39, its lowest intra-day price since December. PayPal late on Monday estimated adjusted operating margin expansion of 100 basis points this year, compared with its earlier forecast of 125-basis-point growth. Its stock has fallen 7% in 2023, compared to a 17% rise in the Nasdaq Composite Index (.IXIC).

☆ Opinion | On ‘Succession,’ Marriage Reveals Its Sting
▼ + stars: | 2023-05-08 | by ( Pamela Paul | ) www.nytimes.com time to read: +2 min

“I love you, but you kill me, and I kill you.”Marriage is where “Succession” hits viewers the closest. And marriage is the theme of this week’s episode — one of the best in the four-season series. It shows the marriage of Shiv and Tom plunge from workplace sexting to brooding in separate beds in the same cavernous apartment. The unlikely marriage of Connor and Willa endures under the mutual recognition of his submission and her domination. And the impending marriage of creaky Waystar Royco and futuristic Nordic GoJo hangs in the balance.

☆ First Horizon stock tumbles 50% after TD Bank merger collapses
▼ + stars: | 2023-05-04 | by ( David Goldman | ) edition.cnn.com time to read: +3 min

New York CNN —First Horizon and TD Bank have called off a $13 billion deal that would have formed America’s sixth-largest bank, adding to the turmoil sweeping the country’s regional lenders. But regional banks have been losing the confidence of investors and customers since the March collapse of Silicon Valley Bank and Signature Bank. On Monday, a third regional bank, First Republic, failed and JPMorgan purchased most of its assets. Other regional bank stocks have tumbled in recent days after First Republic’s failure. Customers had been moving their money to bigger banks, leaving some regional banks without the cash they need to pay for withdrawals.

☆ Stock Market Today: PacWest Tumbles; Oil Steadies
▼ + stars: | 2023-05-04 | by ( ) www.wsj.com time to read: 1 min

Aftershocks from March's banking turmoil rumbled on, even as the end of the Federal Reserve's aggressive rate-rise campaign approaches. In recent market action:PacWest's already battered shares fell sharply in off-hours trading. The bank said it was talking to potential partners and investors, and would keep evaluating "all options to maximize shareholder value." Index futures were modestly higher ahead of a big earnings day, with Apple and other big companies on tap. Treasury yields were relatively stable.

☆ PacWest tumbles on weighing options, other U.S. regional bank stocks fall
▼ + stars: | 2023-05-04 | by ( ) www.reuters.com time to read: +2 min

May 4 (Reuters) - Shares of U.S. regional banks fell premarket on Thursday, hurt by a 37% slump in PacWest Bancorp (PACW.O) after its announcement about exploring strategic options spurred market concerns of a worsening banking crisis. Zion Bancorporation (ZION.O), KeyCorp (KEY.N), Valley National Bancorp (VLY.O), Comerica (CMA.N) and First Horizon (FHN.N) dropped between 2% and 6%. The SPDR S&P Regional Banking ETF (KRE.P) shed 2.8%. The slide in shares of PacWest and its peers highlights uncertainty around the health of regional banks despite regulatory efforts to call an end to the banking crisis that started with the collapse of Silicon Valley Bank and Signature Bank in March. PacWest Bancorp reported a loss of $1.1 billion attributed to shareholders for the first quarter of the year.

☆ Carl Icahn's investment firm tumbles 18% after Hindenburg attack
▼ + stars: | 2023-05-03 | by ( ) www.reuters.com time to read: 1 min

May 3 (Reuters) - Shares of activist investor Carl Icahn's investment firm lost nearly a fifth of their value on Wednesday, a day after short seller Hindenburg Research launched a scathing attack on the company. Icahn Enterprises LP's (IEP.O) shares were trading at $33.66, giving the company a market value of $11.9 billion. Hindenburg accused the company of over-valuing its holdings and relying on a "Ponzi-like" structure to pay dividends. Since its release on Tuesday, the report has wiped $7.5 billion off Icahn's fortune, leaving him with a net worth of $10.8 billion, according to Forbes. Reporting by Niket Nishant in Bengaluru; Editing by Saumyadeb ChakrabartyOur Standards: The Thomson Reuters Trust Principles.

☆ Scientists capture first direct image of a supermassive black hole, 6.5 billion times the size of the sun, spewing out jets of plasma
▼ + stars: | 2023-04-27 | by ( Marianne Guenot | ) www.businessinsider.com time to read: +4 min

The jets were captured being released from a black hole 6.5 billion times the size of our sun. The image is the first to connect the jets to the edge of the supermassive black hole. The black hole, located at the center of the M87 galaxy 55 million light-years away, is around 6.5 billion times bigger than our sun. Black holes don't only swallow matter, they sometimes shoot it outMost galaxies, including our own, swirl around a supermassive black hole. Material swirling around a black hole needs to lose speed and energy before it can fall inwards.

☆ Stock Market Today: Dow Futures Waver; First Republic Stock Tumbles
▼ + stars: | 2023-04-26 | by ( ) www.wsj.com time to read: 1 min

Activision shares are sinking ahead of the bell as investors digest a U.K. rejection of Microsoft's planned takeover of the game maker. The wild ride in First Republic stock continues, with the lender's shares down sharply. Stock futures are rising ahead of results from companies including Meta Platforms after the close. ET: the Journal's Nick Timiraos and Gunjan Banerji will join finance editor Charles Forelle for a discussion about the Fed and markets ahead of the central bank's meeting next week. Watch here.

☆ What First Republic's results mean for the regional bank trade, according to Wall Street
▼ + stars: | 2023-04-25 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +4 min

First Republic 's quarterly update left investors with major questions about whether the bank can repair itself after massive withdrawals, but the regional bank troubles appear to now be limited to just a small corner of the industry, according to Wall Street analysts. The troubled regional lender reported its first-quarter results Monday, showing a 40.8% drop in deposits that was steeper than analyst estimates. The bank said deposits have stabilized in recent weeks and that it was taking steps to cut expenses and shrink its balance sheet, while also exploring strategic options. Results from regional banks over the last two weeks demonstrated the stickiness of the deposit customer base. ... We expect FRC to embrace a new approach and a different business model, as it adjusts to operating with a smaller balance sheet.

☆ Tesla's California market share tumbles despite aggressive price cuts
▼ + stars: | 2023-04-22 | by ( Hyunjoo Jin | ) www.reuters.com time to read: +1 min

SAN FRANCISCO, April 21 (Reuters) - Tesla's market share in its key California market tumbled in the first quarter of the year despite aggressive price cuts as rivals stepped up, data showed on Friday. Tesla's sales in California accounted for 16% of the automaker's global deliveries last year, according to Reuters calculation. Tesla CEO Elon Musk's pursuit of Twitter and embrace of Republicans has sparked concerns about Tesla's brand, especially in liberal states like California. Globally, Tesla posted record quarterly vehicle deliveries for the quarter, but quarter-on-quarter sales growth was modest despite price cuts as rising competition, especially in China, and a bleak economic outlook weighed. The price cuts hit Tesla's first-quarter margins, pushing its shares down nearly 10% on Thursday.

At $517 billion, Tesla's market capitalization ended Thursday below Meta Platforms' (META.O) for the first time since 2021. Tesla's automotive gross margin, excluding regulatory credits and leasing, stood at 18.3%, missing an 'above 20%' target provided in January by Tesla CFO Zachary Kirkhorn. At least 15 analysts cut their Tesla price targets following Tesla's report, pulling the median target of 42 analysts from $210 down to $200, or about 23% above the stock's current level, according to Refinitiv data. Investors dumped automaker shares from Europe to the United States on fears that they too will sacrifice margins to maintain market share. Tesla remains up 32% year to date, far outperforming the S&P 500's (.SPX) 8% rise.

☆ 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.

☆ Britain's De La Rue warns on profit as demand for cash tumbles
▼ + stars: | 2023-04-12 | by ( ) www.reuters.com time to read: +2 min

April 12 (Reuters) - Struggling British banknote printer De La Rue Plc (DLAR.L) warned its fiscal 2023 profit was set to miss market expectations and next year's outlook was uncertain, as demand for cash hit its lowest in over two decades, sending shares to a record low. De La Rue shares, which have lost more than half of their value so far this year, fell more than 30% to 33 pence on Wednesday to a record low. The company said it expected adjusted operating profit for the year ended on March 25 to undershoot market expectations by a mid-single digit percentage. It expected adjusted operating profit to be in the low 20 million pound ($24.84 million) range for its fiscal 2024. The banknote printer said the downturn in demand for currency was also causing significant uncertainty in its outlook for 2024.

☆ Cutera fires CEO, stock tumbles and large investor speaks out
▼ + stars: | 2023-04-12 | by ( Svea Herbst-Bayliss | ) www.reuters.com time to read: +2 min

CEO David Mowry and activist investor J. Daniel Plants, who has served on the board for eight years, were terminated for alleged violations of their employment contracts, Cutera said. RTW Investments, Cutera's second biggest investor with a 9.3% stake, called on the company to reinstate Mowry and to hold a special meeting. Market reaction to Mowry's removal "demonstrates the need for the Special Meeting and the lack of confidence in the board," RTW said in a statement. Top Cutera executives, including the chief financial officer, on Tuesday supported Mowry and Plants, arguing the men work well together and had earned their trust. The California-based company, which sells devices including laser treatments for tattoo removal and acne, appointed independent board member Sheila Hopkins as interim CEO.

☆ Yen sinks as rates outlook diverges; NZ dollar tumbles
▼ + stars: | 2023-04-10 | by ( Kevin Buckland | ) www.reuters.com time to read: +3 min

The yen slipped 0.4% against the U.S. dollar to 132.70, extending its decline from Friday, when data showed the U.S. economy continued to add jobs at a brisk pace in March. The yield remained elevated at 3.3719% in Tokyo on Monday, when many markets in Asia as well as Europe will remain closed. Against the euro , the yen slumped over 0.5% to 144.635. Barring an upside surprise in U.S. consumer price data on Wednesday, the dollar has limited room to rise against the yen from current levels, they added. Meanwhile, the New Zealand dollar slumped about 0.7% to $0.62325, and the Aussie slipped 0.13% to $0.6665.

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