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(Reuters) – Intel was sued on Wednesday by shareholders who said it fraudulently concealed problems that led to weak second-quarter results, and prompted the Silicon Valley chipmaker to suspend its dividend and to plan cutting its workforce by 15%. The proposed class action filed in San Francisco federal court seeks unspecified damages. Intel Chief Executive …

Intel is sued by shareholders alleging securities fraud Read More »

(Reuters) -Beyond Meat beat estimates for second-quarter revenue on Wednesday and raised the lower end of its sales forecast for the year, as it benefited from a string of price increases on its products, sending its shares up 16% after the bell. The vegan burger meat company’s move to raise prices and cut costs last …

Beyond Meat’s second-quarter revenue beats estimates, shares surge Read More »

By Caroline Valetkevitch NEW YORK (Reuters) -U.S. stocks ended lower on Wednesday, with the Nasdaq falling 1% as technology shares declined and weak demand in a 10-year Treasury auction stoked investor jitters in choppy trade. Indexes started the day higher with a surge in tech shares, and both began to lose steam in afternoon trading. …

Nasdaq ends down 1% as tech shares fall; Treasury auction weak Read More »

(Reuters) -Bumble forecast third-quarter revenue below Wall Street estimates on Wednesday, signaling sluggish discretionary spending by users on its dating apps. Shares of the Austin, Texas-based company, which offers dating apps such as Bumble, Badoo and Fruitz, fell 25% in extended trading. Bumble, which operates its eponymous app, expects third-quarter revenue between $269 million to …

Bumble forecasts third-quarter revenue below estimates, shares drop 25% Read More »

By Jonathan Stempel (Reuters) -Delta Air Lines was sued by passengers who complained that the carrier refused to offer full refunds after delaying or canceling their flights in the wake of last month’s massive computer outage. The proposed class action was made public on Wednesday in Atlanta federal court, after the July 19 outage disrupted …

Delta passengers sue airline for refusing refunds after massive computer outage Read More »

By Laura Matthews NEW YORK (Reuters) – Fund managers are looking to hedge more of their foreign exchange risk for longer to protect their returns, as concerns about volatility and the potential for unpredictable movements resulting from the upcoming U.S. elections grow. Softer-than-expected U.S. jobs data last week, coupled with disappointing earnings from major tech …

Fund managers to lengthen FX hedges on elections, volatility concerns, survey says Read More »

By Paul Sandle LONDON (Reuters) -British ad group WPP is selling its controlling stake in financial PR agency FGS Global to minority shareholder KKR for $775 million in cash, which it will use to reduce debt. WPP, the owner of agencies Ogilvy and GroupM, announced the deal on Wednesday alongside first-half results that showed another …

WPP sells stake in FGS Global to KKR, downgrades guidance Read More »

By Akash Sriram and Abhirup Roy (Reuters) -Rivian on Tuesday stuck to its forecast that production would not rise this year and said deliveries in the third quarter would be slightly lower, as the EV maker races to rebuild inventory after a factory shutdown in April meant to cut costs. Shares of the company fell …

Rivian sticks to production forecast, posts second-quarter margin below estimates Read More »

By Caroline Valetkevitch NEW YORK (Reuters) -The S&P 500 and Nasdaq ended 1% higher on Tuesday as investors jumped back into the market a day after a dramatic sell-off, with recent comments by Federal Reserve officials easing U.S. recession worries. The Dow rose as well, but all three major stock indexes pared gains heading into …

Indexes end with strong gains, rebounding from global market sell-off Read More »