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(Reuters) -Rare earths miner MP Materials reported wider-than-expected loss in first quarter on Thursday, hurt by lower concentrate sales and weak prices for the strategic minerals. MP processes rock it extracts from its Mountain Pass mine in California into rare earths concentrate. It is the second-biggest producer of rare earths outside China after Australia’s Lynas …

MP Materials reports wider-than-expected Q1 loss on weak rare earth prices Read More »

(Reuters) – EOG Resources beat first-quarter profit estimates on Thursday as the oil and gas firm benefited from higher oil production and prices. Crude oil prices in the quarter mirrored prices from the previous year as production cuts by OPEC+ countries offset lower demand, helping oil producers such as EOG Resources. Quarterly crude oil and …

EOG Resources beats first-quarter profit estimates on higher oil production Read More »

By Anirban Sen NEW YORK (Reuters) -Sycamore Partners is one of the buyout equity firms that have expressed interest in taking U.S. department store Nordstrom private, according to people familiar with the matter. Nordstrom said last month that CEO Erik Nordstrom and his brother Pete, the company’s president, were exploring options to take the retailer …

Exclusive-Buyout firm Sycamore vies to take Nordstrom private, sources say Read More »

By Dawn Chmielewski and David Shepardson (Reuters) -Universal Music Group and TikTok said on Thursday they had reached a new licensing agreement that will restore the label’s songs and artists to the social media platform as well as give musicians more protections from artificial intelligence. TikTok began removing Universal’s content from its app after their …

Universal Music Group artists to return to TikTok after new licensing pact Read More »

(Reuters) – Oil and gas firm Marathon Oil narrowly beat first-quarter profit estimates on Wednesday, helped by higher oil and liquefied natural gas (LNG) pricing. Crude oil prices in the quarter mirrored prices from the previous year as production cuts by OPEC+ countries offset lower demand, helping oil producers such as Marathon Oil. The Houston-based …

Marathon Oil narrowly beats first quarter profit estimates on higher prices Read More »

(Reuters) – MetLife reported a rise in first-quarter profit on Wednesday, helped by higher premiums and strong returns from investments. Adjusted premiums, fees and other revenues – excluding pension risk transfers at the insurance firm – rose 4% for the first quarter from last year to $11.97 billion. A higher-for-longer interest rate environment maintained by …

MetLife Q1 profit rises on higher premiums, investment income Read More »

(Reuters) – Chipmaker Wolfspeed forecast current-quarter revenue below estimates on Wednesday as automakers grapple with high inventory levels due to slower-than-expected EV sales growth. Shares of the company, which counts General Motors and Mercedes-Benz among its customers, fell about 4% in extended trading. Wolfspeed makes chips out of silicon carbide, a more energy-efficient material than …

Chipmaker Wolfspeed forecasts quarterly revenue below estimates as EV sales growth slows Read More »

(Reuters) – Albemarle, the world’s largest producer of lithium for electric vehicle batteries, on Wednesday missed first quarter profit estimates on lower prices. Softening Electric Vehicle (EV) demand has knocked down global lithium prices, hitting lithium producers such as Albemarle. Many producers worldwide have cut production and reduced their workforce. Lithium prices had fallen by …

Albemarle profit just misses estimates on weak lithium prices Read More »

By Allison Lampert (Reuters) -Spirit AeroSystems said it has developed a plan that gives it “a high degree of confidence” to meet U.S. planemaker Boeing’s rate and quality demands for parts for the 737 MAX jet, the company told Reuters on Wednesday. Boeing is under pressure to restore slumping production of its strong-selling narrowbody jet …

Spirit Aero says it has a new plan to address Boeing 737 MAX parts demand Read More »

By Stephen Nellis and Arsheeya Bajwa (Reuters) – Qualcomm on Wednesday forecast fiscal third-quarter sales and adjusted profit above Wall Street expectations, driven by a faster-than-expected recovery in smartphone markets thanks to artificial-intelligence features. The company has also branched out into selling chips for cars and devices such as headphones, which in the second quarter …

Qualcomm forecast beats estimates as AI revives smartphone market Read More »