Reuters US Business

By David French (Reuters) – The S&P 500 and Dow Jones Industrial Average both surged to close at record highs on Thursday, powered by investors piling into growth and technology stocks the day after artificial intelligence poster child Nvidia’s bumper earnings and outlook. Nvidia’s shares leaped after the chip designer forecast a roughly three-fold surge …

S&P 500, Dow jump to record closes as Nvidia sparks AI frenzy Read More »

(Reuters) – Pioneer Natural Resources on Thursday reported 2023 production that exceeded its prior forecast, as the U.S. shale producer works to close its about $60 billion purchase by oil major Exxon Mobil later this year. The company said full-year total production averaged 715,000 barrels of oil equivalent per day (boepd), ahead of its prior …

Pioneer Natural reports strong FY production as Exxon takeover looms Read More »

(Reuters) -Reddit disclosed $90.8 million in losses and revenue growth of roughly 21% in 2023 on Thursday, as the social media company made public its IPO filing ahead of a planned stock market debut in March. The initial public offering (IPO) filing comes almost two decades after Reddit’s launch and will be a major test …

Reddit IPO filing discloses $90.8 million losses, 21% revenue growth in 2023 Read More »

By Michael S. Derby (Reuters) – Federal Reserve Bank of Philadelphia President Patrick Harker said on Thursday a rate cut is the next step for monetary policy, although he declined to say when the central bank will be able to lower the cost of short-term borrowing. “I believe that we may be in the position …

Fed’s Harker: Central bank likely on track for rate cut this year Read More »

By Divya Rajagopal TORONTO (Reuters) – Shares in Canadian miner First Quantum Minerals Ltd rose as much as 9% on Thursday as investors heaved a sigh of relief after the company announced measures to boost its balance sheet. Late on Wednesday, the Vancouver-based company announced four financial restructuring measures, including $1 billion in capital raising …

First Quantum shares jump 8% on plans to bolster capital Read More »

By Dietrich Knauth NEW YORK (Reuters) – Bankrupt crypto exchange FTX may sell its shares in artificial intelligence startup Anthropic, a U.S. judge ruled Thursday. U.S. Bankruptcy Judge John Dorsey in Wilmington, Delaware approved FTX’s proposal to sell the shares after FTX reached a compromise in court with a group of FTX customers that had …

Crypto exchange FTX to sell shares in AI startup Anthropic Read More »

By Joe Brock SINGAPORE (Reuters) – Promoting the Singapore Airshow on Sunday, the organiser of the event was asked what would be different about this year’s aviation and defence jamboree. “Sustainability, sustainability, sustainability,” he replied. The sound bite from Leck Chet Lam, managing director of the events business Experia, was a precursor to three days …

Airlines’ sustainability mantra masks divides over green future Read More »

(Reuters) -Rivian said on Wednesday it would cut its workforce by 10% and forecast EV production this year that widely missed estimates, hurt by downtime for factory upgrades and slowing demand for electric vehicles due to high interest rates. Shares of the company tumbled about 17% in extended trading after Rivian said it expects to …

Rivian cuts jobs, sees annual production below estimates Read More »

(Reuters) -Lucid Group forecast annual vehicle production far below analysts’ estimates on Wednesday, on signs that demand for its luxury electric vehicles will slow down as high interest rates pinch consumer budgets. Shares of the company fell around 5% in extended trading. The company expects to make 9,000 units for the full-year 2024 compared with …

Lucid forecasts annual vehicle production below estimates Read More »