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The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas, U.S., November 22, 2019. REUTERS/Angus Mordant/File PhotoAug 1 (Reuters) - Shale producers Pioneer Natural Resources Co (PXD.N) and Devon Energy Corp (DVN.N) on Tuesday tightened budgets and warned of lower drilling and completions activity in coming months after a drop in oil and gas prices slashed their second-quarter profits. U.S. shale producers have been forced to reduce the number of rigs in operation and delay well completions as profits have fallen from bumper 2022 levels after crude prices eased from multi-year highs. Pioneer, a top producer in the Permian shale basin, cut its 2023 budget, including for drilling and completions, by $125 million to a range of $4.375 billion to $4.575 billion. Devon, which operates in Permian's Delaware basin, forecast capital spending of about $900 million in the third quarter, less than in the second quarter, after one temporary fracking crew was dropped from the basin.

Persons: Angus Mordant, Devon, Pioneer's, Arunima Kumar, Maju Samuel, Richard Chang Organizations: REUTERS, Natural Resources, Devon Energy Corp, Thomson Locations: Loving County , Texas, U.S, Permian's Midland, Devon, Permian's Delaware, Bengaluru, Arathy, Houston

☆ Apple heads for largest Q3 revenue drop since 2016 as iPhone sales slow
▼ + stars: | 2023-08-01 | by ( Yuvraj Malik | ) www.reuters.com time to read: +4 min

The world's most valuable firm will wrap up Big Tech earnings on Thursday, with a likely 1.6% drop in total quarterly revenue, according to Refinitiv - its steepest drop in third-quarter revenue since 2016. IPhone sales likely fell more than 2% in the period, according to 24 analysts polled by Visible Alpha, compared with a near 3% increase a year earlier and a 1.5% rise in the quarter ended March. IPHONE SLOWDOWNMuch of the weakness in iPhone sales is expected to come from the Americas, where revenue is set to fall 6%, analysts said. "If there is any sales weakness from China, it is likely to be easily offset by strong sales momentum in India," they added. Mac and iPad sales are expected to fall by 10.6% and 11.2%, respectively, according to Refinitiv data.

Persons: Andrew Kelly, Bob O'Donnell, Apple, Fargo, Piper Sandler, Yuvraj Malik, Sayantani Ghosh, Maju Samuel Organizations: Apple, REUTERS, Big Tech, Alpha, Microsoft, TECHnalysis Research, Bloomberg, Nasdaq, International Data Corp, Reuters, Thomson Locations: Manhattan , New York City, U.S, Americas, China, India, Bengaluru

☆ Allstate posts bigger loss as catastrophe claims rise
▼ + stars: | 2023-08-01 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Robert Galbraith/File PhotoAug 1 (Reuters) - Insurer Allstate Corp (ALL.N) posted a bigger-than-expected quarterly loss on Tuesday as claims related to higher catastrophic events offset gains from strong investment income. The insurer's adjusted second-quarter loss widened to $4.42 per share from 75 cents a year earlier. "Severe weather resulted in 42 catastrophe events, where we remediated losses for 160,000 customers," Allstate CEO Tom Wilson said in a statement. The insurer's catastrophe losses in the quarter were $2.7 billion, compared to $1.11 billion a year earlier. Allstate posted an underlying combined ratio of 92.9%, compared to 93.4% a year earlier.

Persons: Robert Galbraith, Tom Wilson, Sri Hari, Maju Samuel Organizations: Allstate, REUTERS, Allstate Corp, Analysts, Sri, Thomson Locations: San Francisco , California, United States, Bengaluru

☆ Lynas Rare Earths signs updated contract with US govt for Texas facility
▼ + stars: | 2023-07-31 | by ( ) www.reuters.com time to read: +1 min

Aug 1 (Reuters) - Lynas Rare Earths (LYC.AX) said on Tuesday it had signed an updated contract with the U.S. Department of Defense for the construction of the heavy rare-earths component of its rare-earths processing facility in Texas. Under the contract, a contribution of about $258 million by the U.S. government is currently allocated to the project, higher than the $120 million contribution announced last year, Lynas said. Lynas, the world's largest producer of rare-earths outside of China, said the updated contract follows detailed design work and cost updates for the project. Lynas' Texas facility will serve both the DoD and commercial customers, and is targeted to be operational in the financial year 2026. Feedstock for the facility will be sourced from the company's Mt Weld deposit and Kalgoorlie facility in Western Australia, the miner added.

Persons: Lynas, Himanshi, Maju Samuel, Sherry Jacob, Phillips Organizations: U.S . Department of Defense, U.S, DoD, Thomson Locations: Texas, China, Lynas ' Texas, Mt Weld, Kalgoorlie, Western Australia, Bengaluru

☆ Tenet Healthcare lifts annual forecast, bets on rebound in surgical procedures
▼ + stars: | 2023-07-31 | by ( ) www.reuters.com time to read: +2 min

July 31 (Reuters) - Tenet Healthcare Corp (THC.N) on Monday raised its annual core earnings forecast after a strong second quarter, betting on a recovery in surgical procedure volumes and improved contract labor costs as staffing shortage eases. The hospital operator sees its 2023 core earnings in the range of $3.31 billion to $3.46 billion, compared with its previous forecast of $3.2 billion to $3.4 billion. It expects adjusted profit per share in the range of $5.18 to $6.03 in 2023, compared with a prior forecast of $4.92 to $6.09. Larger rival, HCA Healthcare (HCA.N), the biggest for-profit hospital U.S. operator, also raised its full-year adjusted core earnings forecast to between $12.3 billion and $12.8 billion, from prior expectations of between $12.1 and $12.7 billion. On an adjusted basis, Tenet reported a net income of $1.44 per share for the quarter ended June, beating estimates of $1.25 per share.

Persons: Tenet, Sriparna Roy, Maju Samuel Organizations: Tenet Healthcare Corp, Tenet, UnitedHealth, HCA Healthcare, Thomson Locations: United States, U.S, Texas, Bengaluru

☆ India raises windfall tax on petroleum crude
▼ + stars: | 2023-07-31 | by ( ) www.reuters.com time to read: +1 min

July 31 (Reuters) - The Indian government has hiked windfall tax on petroleum crude to 4,250 Indian rupees ($51.68) per tonne from 1,600 Indian rupees with effect from Aug. 1. A windfall tax on diesel has been increased to 1 rupee per litre from nil earlier, according to a government notification on Monday. The windfall tax on petrol and aviation turbine fuel has been left unchanged. Earlier this month, the government raised the windfall tax on petroleum crude to 1,600 Indian rupees per tonne from zero. India last July imposed the windfall tax on crude oil producers and extended the levy on exports of gasoline, diesel and aviation fuel after private refiners wanted to make gains from robust refining margins in overseas markets, instead of selling at home.

Persons: refiners, Shivani Tanna, Nikunj, Krishna Chandra Eluri, Maju Samuel Organizations: Thomson Locations: India

☆ Monolithic Power forecasts weak quarter on semiconductor woes
▼ + stars: | 2023-07-31 | by ( ) www.reuters.com time to read: +1 min

July 31 (Reuters) - Monolithic Power Systems (MPWR.O) forecast current-quarter revenue slightly below estimates on Monday, signaling weakness in some areas of the semiconductor industry, sending the company's shares down 4% in after-market trading. The maker of circuit-level power solutions sees revenue between $464 million and $484 million for the quarter ending Sept. 30. The midpoint of the range came in below the $473.5 million estimate, according to Refinitiv data. Kirkland, Washington-based Monolithic Power sells power solutions used in cloud computing, and telecom, automotive, industrial applications. Sales to storage and computing customers, the largest end-market for Monolithic Power, grew 1.8% to $124.5 million.

Persons: Yuvraj Malik, Maju Samuel Organizations: Systems, Thomson Locations: Kirkland , Washington, Bengaluru

☆ Archer shares jump on air taxi deal with US Air Force
▼ + stars: | 2023-07-31 | by ( ) www.reuters.com time to read: +1 min

July 31 (Reuters) - Archer Aviation (ACHR.N) shares jumped as much as 33% on Monday after the air taxi maker entered into a deal to provide up to six of its "Midnight" aircraft to the U.S. Air Force. The deal, worth up to $142 million, includes delivery of vertical takeoff and landing (eVTOL) aircraft, pilot training, development of maintenance and repair operations, and share data such as additional flight test and certification-related test reports. The California-based company in May completed the final assembly of its first "Midnight" (eVTOL) aircraft. It can carry four passengers and a pilot and has a range of up to 100 miles (160.9 km). Last month, Joby Aviation (JOBY.N), which also has a deal with the U.S. Air Force, said it would deliver the first two electric aircraft in March 2024 to the Edwards Air Force Base after completing their initial testing.

Persons: Archer, Billy Nolen, Archer's, Pratyush Thakur, Maju Samuel Organizations: Archer Aviation, U.S . Air Force, Joby Aviation, Edwards Air Force Base, Federal Aviation Administration, FAA, Thomson Locations: California, Bengaluru

For the week, the Nasdaq climbed 2.02%, while the S&P rose 1.01%, and the Dow gained 0.66%. The gains gave the S&P 500 its highest close since April 4, 2022. Barclays said investors flocked to equities this week, with inflows of $10 billion to U.S.-listed stocks, according to a note to clients. Advancing issues outnumbered declining ones on the NYSE by a 2.64-to-1 ratio; on Nasdaq, a 2.81-to-1 ratio favored advancers. The S&P 500 posted 27 new 52-week highs and two new lows; the Nasdaq Composite recorded 83 new highs and 84 new lows.

Persons: Scott Ladner, Win Murray, Diamond Hill, Jerome Powell, Brendan McDermid, Peers, Dow, Jim Farley, Carolina Mandl, Kamdar, Johann M, Maju Samuel, Deepa Babington Organizations: Dow, Nasdaq, Big Tech, Federal Reserve, Horizon Investments, Dow Jones, Barclays, New York Stock Exchange, REUTERS, Peers Nvidia, Marvell Technology, Treasury, Bank of Japan, Procter & Gamble, Ford, Enphase Energy, Juniper Networks, Exxon Mobil, Chevron, Reata Pharmaceuticals, NYSE, Thomson Locations: China, U.S, New York City, New York, Bengaluru

U.S. annual inflation slowed considerably in June, likely pushing the Federal Reserve closer to ending its fastest interest rate hiking cycle since the 1980s, data showed on Friday. Barclays said investors flocked to equities this week, with inflows of $10 billion to U.S.-listed stocks, according to a note to clients. On the earnings front, Intel's (INTC.O) results and forecast pointed to an improving PC market, sending the chipmaker's shares up. The yield on the U.S. 10-year note slipped from 4% hit in the previous session, lifting megacap growth and technology stocks sharply higher. Reata Pharmaceuticals (RETA.O) surged after Biogen (BIIB.O) agreed to buy the rare disease drugmaker for nearly $6.5 billion.

Persons: Scott Ladner, Win Murray, Diamond Hill, Jerome Powell, Peers, Dow, Jim Farley, Carolina Mandl, Kamdar, Johann M, Maju Samuel, Deepa Babington Organizations: Horizon Investments, Federal Reserve, Nasdaq, Dow Jones, Barclays, Peers Nvidia, Marvell Technology, Treasury, Bank of Japan, Procter & Gamble, Ford, Enphase Energy, Juniper Networks, Exxon Mobil, Chevron, Reata Pharmaceuticals, Thomson Locations: China, U.S, New York, Bengaluru

U.S. annual inflation slowed considerably in June, likely pushing the Federal Reserve closer to ending its fastest interest rate hiking cycle since the 1980s. Most of the 11 major S&P 500 sectors posted gains, led by communications services (.SPLRCL), which gained 2.01% as big tech companies kept an upward trend after announcing earnings earlier this week. More than half of the firms listed on the S&P 500 have reported second quarter earnings as of Friday, out of which 78.7% have surpassed analyst expectations, according to Refinitiv data. Advancing issues outnumbered declining ones on the NYSE by a 2.31-to-1 ratio; on Nasdaq, a 2.62-to-1 ratio favored advancers. The S&P 500 posted 26 new 52-week highs and two new lows; the Nasdaq Composite recorded 73 new highs and 69 new lows.

Persons: Win Murray, Diamond Hill, Peers, Dow, Jim Farley, Bansari Mayur Kamdar, Johann M, Maju Samuel, Deepa Babington Organizations: Dow, Nasdaq, Federal Reserve, Peers Nvidia, Marvell Technology, Treasury, Bank of Japan, Big Tech, Dow Jones, Procter & Gamble, Ford, Enphase Energy, Juniper Networks, Exxon Mobil, Chevron, Reata Pharmaceuticals, NYSE, Thomson Locations: China, Bengaluru

☆ Church & Dwight lifts annual targets on higher prices, steady demand
▼ + stars: | 2023-07-28 | by ( ) www.reuters.com time to read: +2 min

July 28 (Reuters) - Church & Dwight (CHD.N) raised its annual sales and profit forecasts on Friday, betting on higher prices and steady demand for its household and personal care products including liquid detergents and mouthwash. However, investors have now started flagging their concerns about higher prices to consumer good companies as it can put them at a potential risk of losing customers. The consumer products firm's overall average selling prices increased 5.8%, while its volumes decreased slightly during the quarter ended June 30. Church & Dwight now expects full-year adjusted profit to increase by 6%, compared with its earlier forecast of growth of 2% to 4%. The company sees full-year reported net sales growing by 8%, compared with its previous forecast of a 6% to 7% increase.

Persons: CHD.N, & Dwight, Granth, Maju Samuel Organizations: & Dwight, Unilever, &, Thomson Locations: Bengaluru

☆ What are global companies saying about China's economy?
▼ + stars: | 2023-07-28 | by ( ) www.reuters.com time to read: 1 min

July 28 (Reuters) - Major global firms ranging from banks to chipmakers are taking a largely cautious stance on their China business amid a frail recovery at the world's second-largest economy from a pandemic slowdown. Following are comments from firms on their China business during the latest reporting season:Reporting by Savyata Mishra and Arunima Kumar in Bengaluru; Additional reporting by Niket Nishant, Granth Vanaik, Aditya Soni and Bhanvi Satija; Editing by Sriraj Kalluvila, Eileen Soreng and Maju SamuelOur Standards: The Thomson Reuters Trust Principles.

Persons: Savyata Mishra, Arunima Kumar, Niket Nishant, Granth Vanaik, Aditya Soni, Bhanvi, Sriraj Kalluvila, Eileen Soreng, Maju Samuel Organizations: Thomson Locations: China, Bengaluru

[1/2] A trader works on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 24, 2023. The Fed lifted its benchmark overnight interest rate by a widely expected 25 basis points, marking the 11th hike in the U.S. central bank's past 12 policy meetings. As of Wednesday, 77.6% of the 152 companies listed on the S&P 500 (.SPX) that have reported earnings have beaten analysts' expectations as compiled by Refinitiv. Advancing issues outnumbered decliners on the NYSE by a 1.75-to-1 ratio; on Nasdaq, a 1.64-to-1 ratio favored advancers. The S&P 500 posted 29 new 52-week highs and no new lows; the Nasdaq Composite recorded 72 new highs and 92 new lows.

Persons: Brendan McDermid, Dow, Jerome Powell, Goldman Sachs, Angelo Kourfafas, Edward Jones, Brent Schutte, David Bahnsen, Jim Vena, Lance Fritz, Wells Fargo, decliners, Bansari Mayur Kamdar, Johann M, Savio D'Souza, Anil D'Silva, Maju Samuel, Richard Chang Organizations: New York Stock Exchange, REUTERS, Microsoft, Boeing, Dow, Nasdaq, Federal, Fed, Northwestern Mutual Wealth Management, Google, NYSE, Bahnsen, Meta, Facebook, Refinitiv, Reuters Graphics Reuters, Dow Jones, Union Pacific, Thomson Locations: New York City, U.S, 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

☆ General Dynamics profit beats estimates on military equipment demand
▼ + stars: | 2023-07-26 | by ( ) www.reuters.com time to read: +1 min

July 26 (Reuters) - Defense contractor General Dynamics Corp (GD.N) on Wednesday reported a better-than-expected quarterly profit, helped by resilient demand for military equipment, sending its shares up 2% in premarket trading. General Dynamics benefited from robust demand for weapons, driven by simmering geopolitical tensions in the Indo-Pacific region, conflict in Ukraine and military modernization efforts of ally countries. The aerospace segment booked $2.5 billion in new orders during the quarter, driven by strong demand for the company's Gulfstream business aircraft. The company reported a backlog of $91.4 billion, compared to $87.6 billion. Its book-to-bill ratio, which is the ratio of orders received to units shipped and billed, was 1.2-to-1.

Persons: Pratyush Thakur, Shilpi Majumdar, Maju Samuel Organizations: Defense, General Dynamics Corp, General Dynamics, Revenue, U.S . Navy, Gulfstream, Thomson Locations: Ukraine, Virginia, Reston , Virginia, Bengaluru

[1/2] A trader works on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 24, 2023. Microsoft (MSFT.O) eased 4.0% after laying out an aggressive spending plan to meet demand for its new artificial intelligence (AI)-powered services. "This is indicative of the selectivity we are seeing in big tech after such a stock price surge so far this year." Advancing issues outnumbered decliners by a 1.50-to-1 ratio on the NYSE and by a 1.32-to-1 ratio on the Nasdaq. The S&P index recorded 24 new 52-week highs and no new lows, while the Nasdaq recorded 58 new highs and 64 new lows.

Persons: Brendan McDermid, David Bahnsen, Melissa Brown, we're, Dow, Jim Vena, Lance Fritz, Wells Fargo, Bansari Mayur Kamdar, Johann M, Savio D'Souza, Anil D'Silva, Maju Samuel Organizations: New York Stock Exchange, REUTERS, Microsoft, Boeing, Dow, Nasdaq, Federal, Google, NYSE, Bahnsen, Facebook, Applied Research, Reuters Graphics Reuters, Dow Jones, Union Pacific, Thomson Locations: New York City, U.S, Qontigo, Bengaluru

☆ MarketAxess tops profit estimates on strength in Eurobond trading
▼ + stars: | 2023-07-20 | by ( ) www.reuters.com time to read: +1 min

July 20 (Reuters) - MarketAxess Holdings (MKTX.O) reported a better-than-expected second-quarter profit on Thursday, as a bustling Eurobond market helped offset the hit from a decline in U.S. government bond trading. The New York-based bond trader reported a profit of $1.59 per share for the three months ended June 30, beating analysts’ estimates of $1.57 per share, according to Refinitiv data. MarketAxess is an electronic trading platform for institutional investors and broker-dealers to trade corporate bonds and other fixed-income products. That prompted Eurobond investors to keep rejigging their portfolios, boosting trading volumes for the segment by 30.2% in the second quarter. However, a 33.1% slump in trading volumes for U.S. government bonds proved a drag.

Persons: MarketAxess, Sri Hari, Pooja Desai, Maju Samuel Organizations: MarketAxess Holdings, The, European Central Bank, U.S . Federal Reserve, Treasury, Sri, Thomson Locations: The New York, Washington, Bengaluru

☆ Fifth Third Bancorp tops profit estimates on strong interest income
▼ + stars: | 2023-07-20 | by ( ) www.reuters.com time to read: +1 min

July 20 (Reuters) - Fifth Third Bancorp (FITB.O) on Thursday posted a better-than-expected second-quarter profit, as interest rate hikes by the U.S. central bank boosted its interest income. The bank's shares, down 13% this year, were up 1.2% in premarket trading. The rigorous rate hike cycle by the Federal Reserve has allowed lenders to boost their interest income by charging higher interest on loans. Fifth Third's net interest income - the difference between the income from loan interests and payout on deposits - jumped 9% to $1.46 billion. The result trails major U.S. regional banks who saw their shares rise on the back of higher interest income and stabilized deposits after the banking crisis in the previous quarter sparked industry turmoil.

Persons: Sri Hari, Maju Samuel Organizations: Third Bancorp, U.S, Federal Reserve, Fifth, Fifth Third Bancorp, Sri, Thomson Locations: Ohio, Bengaluru

The S&P 500 banking index (.SPXBK) added 1.5%, but was still down 1.8% this year in the aftermath of a banking crisis that took down three lenders and pummeled the regional banking sector. The benchmark S&P 500 index (.SPX) has notched a 19.2% gain in the same period. Elevance Health (ELV.N) advanced 5.1% and was among top gainers on the S&P 500 after the health insurer forecast an upbeat annual profit. Halliburton(HAL.N) shed 2.8% after posting disappointing quarterly revenue, while Baker Hughes(BKR.O) edged up 0.5% after beating quarterly earnings expectations. The S&P index recorded 36 new 52-week highs and no new lows, while the Nasdaq recorded 117 new highs and 42 new lows.

Persons: Goldman, Goldman Sachs, Mike Loewengart, Dow, Baker Hughes, Bansari Mayur Kamdar, Johann M, Saumyadeb Chakrabarty, Maju Samuel Organizations: T Bank, Dow, Nasdaq, Big, Morgan Stanley Global Investment, Citizens, U.S, U.S . Federal, US Bancorp, Dow Jones, Netflix, IBM, Verizon, Elevance, Halliburton, NYSE, Thomson Locations: Big U.S, U.S ., Minneapolis, Bengaluru

Big U.S. lenders rallied on Tuesday after they said higher interest rates had helped boost profits in the second quarter. The S&P 500 banking index (.SPXBK) has fallen 3.4% this year in the aftermath of a banking crisis that took down three lenders and pummeled the regional banking sector. The benchmark S&P 500 index (.SPX) has notched an 18.6% gain in the same period. Among other lenders, Citizens Financial(CFG.N) and M&T Bank(MTB.N) beat Wall Street estimates for second-quarter profit, benefiting from the U.S. Federal Reserve's rapid rate hikes. ET, Dow e-minis were up 7 points, or 0.02%, S&P 500 e-minis remained unchanged, and Nasdaq 100 e-minis were up 22.5 points, or 0.14%.

Persons: Goldman Sachs, Goldman, Dennis Dick, noteholders, Bansari Mayur Kamdar, Johann M, Saumyadeb Chakrabarty, Maju Samuel Organizations: T Bank, Dow, Nasdaq, Street, Big, Triple D, Citizens, U.S, U.S . Federal, Dow e, Credit Suisse, Netflix, IBM, Microsoft, Verizon, Elevance, VMware, Federal Reserve, Thomson Locations: Big U.S, U.S ., Bengaluru

☆ Nasdaq beats profit estimates on steady demand for investment products
▼ + stars: | 2023-07-19 | by ( ) www.reuters.com time to read: +2 min

July 19 (Reuters) - Exchange operator Nasdaq (NDAQ.O) beat estimates for second-quarter profit on Wednesday on the back of consistent demand for its investment-related products and capital markets solutions such as anti-financial crime software. The diversification helped the transatlantic exchange operator blunt the effects of a drought in the U.S. market for IPOs that had soured last year due to rising interest rates and heavy volatility. A total of 23 companies listed on its Nasdaq Stock Market through IPOs in the quarter. In line with CEO Adena Friedman's diversification strategy, Nasdaq inked its biggest-ever deal of $10.5 billion for Thoma Bravo-owned software firm Adenza in the quarter. Reporting by Manya Saini in Bengaluru; Editing by Maju SamuelOur Standards: The Thomson Reuters Trust Principles.

Persons: Thoma, Manya Saini, Maju Samuel Organizations: Nasdaq, Thoma Bravo, Thomson Locations: U.S, IPOs, Bengaluru

☆ India's Vedanta says it's awaiting govt nod for semiconductor plant in Gujarat
▼ + stars: | 2023-07-18 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, July 18 (Reuters) - India's Vedanta is awaiting government approval for incentives under a modified semiconductor production plan to begin construction of a plant in the country's western state of Gujarat, for which its has tapped technology and equity partners, a top executive said on Tuesday. The group already has a partnership with Taiwan's Innolux for display fab manufacturing, he added. After Foxconn pulled out, Vedanta said it had lined up partners for the venture, without giving details. Separately, Gujarat is holding talks with Foxconn over a semiconductor plant, while the Taiwanese company had said it intends to apply for incentives under India's semiconductor production plan. Reporting by Sethuraman NR and Aleef Jahan in Bengaluru; Editing by Savio D'Souza and Maju SamuelOur Standards: The Thomson Reuters Trust Principles.

Persons: Taiwan's, Anil Agarwal, Taiwan's Foxconn, Foxconn, Vedanta, Foxconn's pullout, Aleef, Savio D'Souza, Maju Samuel Organizations: Vedanta Semiconductors, Reuters, Sethuraman, Thomson Locations: BENGALURU, Gujarat, Bengaluru

Of the 30 companies in the S&P 500 that have reported earnings as of Friday, 80% beat analyst expectations, according to Refinitiv data. Tesla (TSLA.O) gained 1.9% after the company said on Sunday it had built its first Cybertruck, after two years of delays. New York Fed Manufacturing data showed the general business conditions index fell to 1.1 from 6.6 in June, indicating activity changed little during the month. Elsewhere, data showed the Chinese economy grew at a frail pace in the second quarter. The S&P index recorded 44 new 52-week highs and four new lows, while the Nasdaq recorded 104 new highs and 50 new lows.

Persons: Ford, Morgan Stanley, Goldman Sachs, Chris Zaccarelli, JPMorgan Chase, Bansari Mayur Kamdar, Johann M, Nivedita Bhattacharjee, Maju Samuel Organizations: Citi, Dow, Nasdaq, Apple, Tesla, Bank of America, Netflix, Independent, Alliance, Ford, General Motors, Dow Jones, Federal Reserve, New York Fed, JPMorgan, Citigroup, Activision, Microsoft, PlayStation, Federal Trade, NYSE, Thomson Locations: Wells Fargo, U.S, Bengaluru

Second-quarter earnings are gathering momentum, with Tesla (TSLA.O) due to report on Wednesday, while Bank of America (BAC.N), Morgan Stanley (MS.N), Goldman Sachs (GS.N) and Netflix (NFLX.O) are also lined up through the rest of the week. Of the 30 companies in the S&P 500 that have reported earnings as of Friday, 80% beat analyst expectations, according to Refinitiv data. In trading before the bell, Tesla <TSLA.O> gained 1.6% after the company said on Sunday it had built its first Cybertruck, after two years of delays. Lackluster Chinese economic data weighed on investors' minds on Monday as the world's second largest economy grew at a frail pace in the second quarter. During the week, investors also await retail sales and new homes figures for June.

Persons: Morgan Stanley, Goldman Sachs, JPMorgan Chase, Danni Hewson, AJ Bell, Bansari Mayur, Nivedita Bhattacharjee, Maju Samuel Organizations: Dow, Nasdaq, Bank of America, Netflix, Dow e, Federal Reserve, JPMorgan, Citigroup, Activision, Microsoft, PlayStation, Federal Trade, Meta, Thomson Locations: Norway, Wells Fargo, U.S, Bengaluru

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