By Niket Nishant and Manya Saini (Reuters) -Shares of Robinhood Markets fell 14% on Thursday after more than doubling in value this year, as incentives aimed to attract customer assets hurt the retail trading platform’s third-quarter results. The incentives reduced third-quarter net revenue of the company by $27 million, CFO Jason Warnick said late on …
Robinhood shares drop as growth push takes a toll on Q3 results Read More »
By Harshita Mary Varghese (Reuters) -Comcast said it was considering spinning off its cable networks that include CNBC and MSNBC into a separate company, as the media industry grapples with a decline in traditional TV viewership due to cord-cutting by consumers shifting to streaming. The potential spin-off would exclude the NBC broadcast network and the …
Comcast weighs spin-off of declining cable networks after strong third quarter Read More »
LONDON (Reuters) – Financial companies in Britain must prepare to ensure they can deliver business services in “severe but plausible” scenarios, such as a global tech outage, to minimise any impact on consumers and markets, the markets regulator said on Thursday. In a statement outlining what lessons could be learned after U.S. cybersecurity firm CrowdStrike’s …
UK finance firms told to beef up buffers against CrowdStrike-like events Read More »
By Greg Bensinger (Reuters) -More than 500 Amazon.com employees sent a letter on Wednesday to the CEO of its AWS unit urging reversal of a full return-to-office policy and rejecting his assertion that the rule had broad support and opponents should leave Amazon Web Services. “We were appalled to hear the non-data-driven explanation you gave …
Amazon workers ‘appalled’ by AWS CEO’s return to office remarks, urge policy reversal Read More »
(Reuters) – Alaska Air Group forecast its fourth-quarter profit below analysts’ expectations on Thursday, as higher costs associated with overstaffing and aircraft delivery delays dented margins. The Seattle, Washington-based carrier has been hit by delayed jet deliveries, which have reduced its aircraft utilization and left it with excess staffing, adding to its cost burden. “We …
Alaska Air forecasts Q4 profit below Street expectations due to cost pressures Read More »
WASHINGTON (Reuters) – U.S. labor costs recorded their smallest increase in more than three years in the third quarter amid cooling wage growth, indicating that inflation was firmly on a downward trend. The employment cost index (ECI), the broadest measure of labor costs, rose 0.8% last quarter, the Labor Department’s Bureau of Labor Statistics said …
US third-quarter labor costs growth smallest in more than three years Read More »
(Reuters) – The Commerce Department’s personal consumption expenditures (PCE) price index, closely watched by the Federal Reserve, increased 0.2% in September after an unrevised 0.1% gain in August. Economists had forecast PCE inflation climbing 0.2%. In the year through September, the PCE price index increased 2.1%, the smallest year-on-year rise in PCE inflation since February …
September US PCE inflation ticks up, as expected Read More »
WASHINGTON (Reuters) – U.S. consumer spending increased slightly more than expected in September, putting it and the economy on a higher growth trajectory heading into the final three months of the year. Consumer spending, which accounts for more than two-thirds of U.S. economic activity, rose 0.5% last month after an upwardly revised 0.3% gain in …
US consumer spending beats expectations in September Read More »
By John Revill (Reuters) -Siemens is to buy U.S. engineering software firm Altair Engineering for $10.6 billion, strengthening its position in the growing market for industrial software. The deal, Siemens’s second biggest acquisition, is part of the German engineering group’s increased focus on a sector being revolutionised by data analysis and artificial intelligence. Michigan-based Altair …
Siemens’ $10.6 billion Altair deal strengthens its industrial software offering Read More »
(Reuters) – Altria Group beat market expectations for third-quarter revenue and profit on Thursday, as robust demand for its nicotine pouches and e-cigarettes helped soften the hit to its cigarettes category. Altria’s NJOY vapes and on! nicotine pouches have seen steady demand in the United States, with its menthol flavored NJOY vape products receiving authorization …
