Reuters US Business

(Reuters) -Tech conglomerate Broadcom beat market estimates for first-quarter revenue on Thursday, as cloud providers continue to upgrade data centers to support artificial intelligence, helping drive demand for its advanced networking chips. However, the company did not update its annual revenue forecast of $50 billion, which still falls short of expectations, likely disappointing investors. Broadcom’s …

Broadcom’s Q1 revenue beats estimates as AI powers demand for networking chips Read More »

By Sinéad Carew and Bansari Mayur Kamdar (Reuters) -Wall Street charged ahead on Thursday, with the S&P 500 rising 1% to a record closing high while the Nasdaq composite finished up 1.5%, with the biggest boosts from technology and growth stocks on increasing investor optimism about prospects for Federal Reserve rate cuts this year. The …

Wall Street rallies, S&P 500 posts record closing high Read More »

(Reuters) -Costco Wholesale missed market expectations for quarterly sales on Thursday as consumers feeling the pinch of inflation cut back spending at the retailer. The membership-only retailer’s shares were down 5% in extended trading. With still-high interest rates and sticky inflation hammering household budgets, customers have kept a tight lid on their spending, particularly for …

Costco Wholesale misses quarterly revenue estimates Read More »

By Arunima Kumar (Reuters) -U.S. oil producer Hess said on Thursday it was reviewing the timeline for closing its takeover deal by Chevron after oil major Exxon signaled a potential counter offer for Hess’s Guyana assets. Exxon on Wednesday filed a contract arbitration claim related to Hess’ proposed sale of its Guyana oil properties and …

Hess says reviewing timeline for closing Chevron’s takeover deal Read More »

(Reuters) -Abu Dhabi wealth fund ADQ has chosen advisers, including HSBC Holdings, Citigroup and First Abu Dhabi Bank, for a potential initial public offering of Etihad Airways, Bloomberg News reported on Thursday. Europe-based Rothschild & Co is acting as an independent financial adviser to ADQ, which owns the United Arab Emirates’ national carrier, the report …

Abu Dhabi taps banks for Etihad Airways IPO, Bloomberg News reports Read More »

By Pete Schroeder, Michelle Price and Koh Gui Qing WASHINGTON (Reuters) -A U.S. banking regulator could have stopped New York Community Bank from pursuing a deal that has contributed to its financial woes. Instead, they signed off on it. The Office of the Comptroller of the Currency (OCC) approved NYCB’s $2.6 billion merger with Michigan …

US regulators greenlit NYCB’s rapid growth, even with red flags Read More »

(Reuters) – Goldman Sachs has raised its share buyback forecast for companies in the S&P 500 index, with repurchases pegged to rise 13% to $925 billion in 2024, driven by stronger than expected mega-cap tech earnings growth. The Wall Street brokerage had earlier expected a 4% annual rise in companies buying back their own shares, …

Goldman Sachs lifts stock buyback forecast for S&P 500 companies Read More »

By Linda Pasquini and Marleen Kaesebier (Reuters) -Hugo Boss on Thursday forecast sales and operating profit for 2024 below market expectations and said it 2025 sales target might be slightly delayed, blaming weak consumer demand, especially in some European markets. The German fashion house sees earnings before interest and taxes (EBIT) of 430-475 million euros …

Hugo Boss’ 2024 outlook misses expectations amid slowing demand Read More »