Reuters US Business

By Savyata Mishra (Reuters) -American Eagle Outfitters on Wednesday missed Wall Street estimates for quarterly revenue as sticky inflation hurt demand for its apparel and accessories often sold at full price. Shares of American Eagle fell more than 8% in trading after the bell as the company also maintained its fiscal 2024 forecasts. Despite a …

American Eagle misses quarterly sales estimates on cautious consumer spending Read More »

(Reuters) – The California Public Employees Retirement System (CalPERS) CEO Marcie Frost is planning to oppose Tesla CEO Elon Musk’s $56 billion pay package, CNBC reported on Wednesday. “We do not believe that the compensation is commensurate with the performance of the company,” Frost said in an interview to CNBC. CalPERS is among the top …

Musk’s $56 billion pay package opposed by CalPERS CEO, CNBC reports Read More »

By Daniel Wiessner (Reuters) -A group founded by former Trump administration officials accused Tyson Foods on Wednesday of discriminating against U.S. citizens by disproportionately hiring immigrants, including children and people in the country illegally. America First Legal (AFL) sent letters to the U.S. Department of Justice, the Equal Employment Opportunity Commission, and an Iowa civil …

Tyson Foods accused by conservative group of hiring migrants over US citizens Read More »

By Davide Barbuscia and Carolina Mandl NEW YORK (Reuters) -The transition to faster trade settlements for securities in the U.S. has faced processing bumps although the switch has mainly been smooth, market participants said on Wednesday. On Tuesday, U.S. trading of equities, corporate and municipal bonds and other securities moved to a one-day settlement cycle …

Wall Street’s faster trade settlement sees some temporary bumps Read More »

By Abigail Summerville NEW YORK (Reuters) -U.S. stocks fell on Wednesday amid further gains in Treasury yields and concern over the timing and scale of possible interest rate cuts from the Federal Reserve. The Dow fell more than 1% and hit its lowest level in nearly a month. All of the S&P 500 sectors ended …

Wall Street ends lower amid rate concerns, higher bond yields Read More »

(Reuters) -Salesforce forecast second-quarter profit and revenue below Wall Street estimates on Wednesday due to weak client spending on its cloud and enterprise business products, sending its shares down more than 16% after the bell. The company expects revenue between $9.20 billion and $9.25 billion compared with estimates of $9.37 billion, according to LSEG data. …

Salesforce forecasts Q2 revenue, profit below estimates on soft cloud demand Read More »

WASHINGTON (Reuters) – Boeing said Wednesday it is making progress on developing a permanent solution to address an issue with the 737 MAX anti-ice system that can overheat and could cause an engine failure. The planemaker in January withdrew a request it filed with the Federal Aviation Administration last year seeking an exemption from a …

Boeing says it’s making progress on 737 MAX anti-ice engine issue Read More »

By Dietrich Knauth NEW YORK (Reuters) -Bankrupt crypto lender Genesis and crypto exchange Gemini have returned over $2 billion in crypto to 232,000 retail customers in their jointly managed Gemini Earn program, giving customers a 242% return on assets locked up since January 2023, Gemini said on Wednesday. Unlike other crypto companies that went bankrupt …

Gemini customers get back over $2 billion in crypto from Genesis bankruptcy Read More »

NEW YORK (Reuters) – Meta said on Wednesday it had found “likely AI-generated” content used deceptively on its Facebook and Instagram platforms, including comments praising Israel’s handling of the war in Gaza published below posts from global news organizations and U.S. lawmakers. The social media company, in a quarterly security report, said the accounts posed …

Meta identifies networks pushing deceptive content likely generated by AI Read More »

(Reuters) -Accounting giant PWC will become the largest customer and first reseller of artificial intelligence startup OpenAI’s enterprise product, as part of a new deal, the Wall Street Journal reported on Wednesday. OpenAI and PWC did not immediately respond to a Reuters request for comment. PWC will roll out a version of Microsoft-backed OpenAI’s flagship …

PWC to become OpenAI’ largest enterprise customer, WSJ reports Read More »