Reuters US Business

By Akash Sriram and Arsheeya Bajwa (Reuters) -Broadcom’s shares closed down 10% on Friday after the chipmaker’s tepid revenue forecast spooked investors betting on robust demand for AI chips to drive strong growth. Chipmakers are bearing the brunt of Wall Street’s lofty expectations after a months-long rally in shares of semiconductor firms, as investors bet …

Broadcom shares slump as revenue target fails to impress investors counting on AI boost Read More »

By Saqib Iqbal Ahmed NEW YORK (Reuters) – A well-timed trade in GameStop’s options reaped a handsome profit on Friday after an account associated with “Roaring Kitty,” a stock influencer and longtime champion for the video game retailer, published a cryptic post on social media platform X. The post from “Roaring Kitty,” whose real name …

Well-timed GameStop options trade scores $550K profit after Roaring Kitty post Read More »

By Georgina McCartney HOUSTON (Reuters) – Fuel oil exports bound for the U.S. Gulf Coast slumped to their lowest level since January 2019 last month, a sign of weakened refinery demand as margins have softened, analysts said. Feedstocks like high sulfur fuel oil and other heavy residues can be refined into higher value products such …

US Gulf Coast-bound fuel oil cargoes hit 5-yr low as refinery demand weakens Read More »

By Harry Robertson LONDON (Reuters) – Investors poured $61 billion into cash-like money market funds in the week to Wednesday, as they braced for the Federal Reserve to cut interest rates for the first time in four years, Bank of America said on Friday. WHY IT’S IMPORTANT Many investment fund managers have hoped rate cuts …

Investor dash to cash continues ahead of Fed rate cut, BofA says Read More »

By Byron Kaye SYDNEY (Reuters) – A recent slump in sales means Sydney liquor store owner Louise Dowling has to work an additional 40 hours a week to make up for the staff she had to let go, as a prolonged cost of living crisis in Australia drives more people to drink less. “Without the …

Analysis-Cash-strapped consumers are giving Australia’s liquor makers a headache Read More »

By Nicole Jao NEW YORK (Reuters) – Marathon Petroleum has been unwilling to negotiate with union members at its Detroit refinery since more than 200 workers went on strike, Teamsters said on Thursday, adding that the industrial action could be extended to the largest U.S. independent refiner’s other plants. Around 200 workers at Marathon’s Detroit …

Teamsters could extend strike to other Marathon refineries as Detroit negotiations stagnate Read More »

(Reuters) -Chipmaker Broadcom forecast fourth-quarter revenue slightly below Wall Street expectations on Thursday, hurt by sluggish spending in its broadband segment. Despite a sharp rise in orders for its artificial intelligence chips, shares fell nearly 5% in extended trading. The Irvine, California-based company expects revenue of around $14 billion, while analysts polled by LSEG expected …

Broadcom forecasts lukewarm quarterly revenue despite AI chip surge, shares fall Read More »

(Reuters) -Salesforce said on Thursday it would buy Own Company, a provider of data protection and management solutions, for $1.9 billion in cash to accelerate growth of its data security and privacy products. The acquisition comes at a time when customers are increasingly focused on mitigating data loss due to system failures, human error, and …

Salesforce to buy data protection provider Own Company for $1.9 billion Read More »

By David Shepardson and Rajesh Kumar Singh WASHINGTON/CHICAGO (Reuters) -The U.S. Transportation Department (DOT) said on Thursday it is opening an inquiry into the four largest U.S. air carrier rewards and frequent flyer programs to ensure consumers do not face unfair, deceptive, or anticompetitive practices. Transportation Secretary Pete Buttigieg sent letters to American, Delta, Southwest …

US probes top airlines’ frequent flyer programs for unfair practices Read More »