Reuters US Business

NEW YORK (Reuters) – The U.S. Securities and Exchange Commission on Wednesday said it plans to appeal from a court ruling last month that the sale of the XRP digital token on public exchanges complied with federal securities laws, in a case involving the cryptocurrency company Ripple Labs. (Reporting by Jonathan Stempel in New York; …

US SEC to appeal from Ripple Labs court ruling Read More »

By Andrew Chung (Reuters) -The U.S. Supreme Court on Wednesday dealt a setback to Epic Games, maker of the popular video game “Fortnite,” in its legal battle against Apple, declining to let a federal judge’s injunction take effect that could force the iPhone maker to change payment practices in its lucrative App Store. Liberal Justice …

US Supreme Court refuses Epic bid to let App Store order take effect in Apple case Read More »

(Reuters) – Pot producer Canopy Growth on Wednesday said it continues to see “substantial doubt” in its ability to continue as a going concern, even as it reported a smaller first-quarter adjusted core loss aided by cost cuts. The company has taken several initiatives to turn profitable, including exits from some international markets, store closures …

Canopy Growth reiterates going concern doubts after smaller quarterly loss Read More »

(Reuters) -Illumina Inc cut annual profit forecast, in a sign that a funding crunch among its biotech and pharmaceutical clients is expected to weigh on sales for its genetic testing tools and diagnostics products. Shares were down nearly 6% in extended trading on Wednesday. Rising interest rates have squeezed funding for drug development and research …

Illumina cuts annual profit forecast as biotech funding woes linger Read More »

By Dietrich Knauth NEW YORK (Reuters) -Bankrupt trucking company Yellow Corp will not seek court approval to borrow $142.5 million from private equity firm Apollo Global Management as planned on Wednesday, instead seeking time to explore alternate loan offers, an attorney for the company said. Yellow has received similar-sized loan offers from MFN Partners, an …

Trucking firm Yellow explores alternate bankruptcy loans Read More »

By Ross Kerber (Reuters) – Boards of S&P 500 companies made recruiting directors with financial expertise their top priority over the past year, slowing boardroom gains for minorities, according to a new report. Out of 388 new directors added by the top U.S. corporations, 36% self-identified as Black, Hispanic or other racial or ethnic minorities, …

US boardroom diversity gains slow as S&P 500 seeks resumes from finance Read More »

(Reuters) – Wynn Resorts on Wednesday reported second-quarter results above Wall Street estimates as strength in its Las Vegas and Macau properties drove growth in gaming, dining and hotel bookings. The casino operator saw an accelerated recovery in visitors to Macau in the quarter ended June, while a post-pandemic revenue surge in Las Vegas continued. …

Wynn Resorts beats Wall Street estimates on Vegas, Macau strength Read More »

By Lewis Krauskopf NEW YORK (Reuters) – After a “relief rally” in the first half of 2023, the S&P 500 is set to remain largely flat through the end of the year as inflation keeps monetary policy tight, Stifel equity strategists said on Wednesday. The S&P 500 has rebounded 16.4% so far this year after …

Stifel’s Bannister expects little change for S&P 500 through year end Read More »

By Echo Wang (Reuters) – U.S. stocks closed lower on Wednesday, the day after a report showed Americans borrowed more than ever on their credit cards in the last quarter, and a day ahead of U.S. Consumer Price Index (CPI) inflation data that could influence Federal Reserve interest rate decisions. “The markets today are just …

Wall Street ends lower as investors await US inflation data Read More »