By Noel Randewich (Reuters) – Nvidia was on the verge of overtaking Alphabet as Wall Street’s third most valuable company on Tuesday as the dominant AI chipmaker ended the day with a market capitalization above Amazon’s for the first time in two decades. Nvidia’s shares slipped 0.17%, leaving its stock market value at $1.78 trillion, …
Nvidia market cap threatens Alphabet after overtaking Amazon Read More »
By Akash Sriram (Reuters) -Lyft beat estimates for fourth-quarter profit on Tuesday and said it would generate positive free cash flow for the first time in 2024, as the ride-share platform reaps the benefits of cost cuts. Shares of the company surged about 25% in extended trading. In 2023, the stock gained about 36%. Under …
Lyft profit beats estimates as benefits from cost cuts kick in Read More »
MEXICO CITY (Reuters) – Mexican antitrust regulator Cofece on Tuesday said it had identified “possible barriers” to competition in the e-commerce market, with Amazon and Mercado Libre together controlling more than 85% of transactions and sales. In a preliminary report shared in the official gazette, Cofece said strong networks between users’ groups limit new entrants …
Amazon, Mercado Libre may threaten e-commerce competition, Mexican regulator says Read More »
By Sameer Manekar (Reuters) -Commonwealth Bank of Australia on Wednesday warned that lagged effect of high interest rates will continue to exert financial strain on household and business customers in fiscal 2024, and reported a drop in first-half cash earnings due to tighter margins. The bank also warned that downside risks to the Australian economy …
Aussie lender CBA warns of ‘financial strain’ from high rates in 2024 Read More »
(Reuters) -Instacart forecast on Tuesday its first-quarter gross transaction value and core profit above analysts’ estimates, and said it plans to cut 250 jobs, or about 7% of its workforce, to focus on “promising” initiatives. However, shares of Instacart, formally known as Maplebear, were down about 10% in extended trading after the company missed fourth-quarter …
Grocery-delivery firm Instacart forecasts strong Q1, plans 250 job cuts Read More »
By Mike Scarcella (Reuters) – Exxon and Canada-based crude pipeline operator Enbridge were sued in Illinois federal court on Tuesday over claims they barred a competitor from building a terminal to ship oil by barge from the Chicago area to refineries in the Midwest and Gulf of Mexico. The antitrust lawsuit from energy infrastructure developer …
Exxon, Enbridge sued by competitor over crude oil transportation Read More »
(Reuters) -Walmart is in talks to buy smart-television manufacturer Vizio for more than $2 billion, the Wall Street Journal reported on Tuesday, citing people familiar with the matter. Vizio shares were trading up 26% in afternoon trading. They briefly surged 36% to their highest since November 2022. Walmart’s shares were down about 1%. The offer …
Walmart in talks to buy Vizio for more than $2 billion, WSJ reports Read More »
DUBAI (Reuters) – OPEC Secretary General Haitham Al Ghais said on Tuesday Saudi Arabia’s decision to postpone its capacity expansion plans should not be translated to mean there is a view that demand is falling. “First of all I want to be clear I cannot comment on a Saudi decision… but this is in no …
Exclusive-OPEC Sec Gen firmly believes published long term demand outlook robust Read More »
By Danilo Masoni and Amanda Cooper MILAN/LONDON (Reuters) -Global investors are at their most bullish in two years this month and no longer expect a recession, as confidence grows in the resilience of the underlying economy, a Bank of America survey showed on Tuesday. Fund mangers with a combined $568 billion in assets cut cash …
Bullish investors drop recession calls for first time since April 2022 Read More »
By Nate Raymond (Reuters) -A federal judge on Monday dismissed a lawsuit by a major pharmaceutical industry trade association challenging a new program that allows Medicare to negotiate prices with drug companies for selected costly drugs. U.S. District Judge David Ezra in Austin, Texas, sided with President Joe Biden’s administration in dismissing a lawsuit by …
Pharmaceutical group’s lawsuit over Medicare drug price program dismissed Read More »
