Reuters US Business

Rivian Automotive on Tuesday raised its full-year production forecast after it beat second-quarter revenue expectations on higher deliveries. The electric-vehicle maker, which posted a smaller quarterly loss, expects to make 52,000 vehicles in the year, up from its previous forecast of 50,000 units. Shares of Rivian, however, dropped 2.2% in choppy extended trading after the …

Rivian lifts 2023 production target, beats Q2 revenue view on higher deliveries Read More »

By David French (Reuters) – All three major Wall Street benchmarks finished lower on Tuesday in a broad sell-off after the downgrading of several lenders by credit rating agency Moody’s reignited fears about the health of U.S. banks and the economy. After a five-month rally pushed the benchmark S&P 500 and Nasdaq Composite within 5% …

Wall St ends lower after bank rating cuts spark wider sell-off Read More »

By David Shepardson WASHINGTON (Reuters) -Two tech groups on Monday backed TikTok in its lawsuit seeking to block enforcement of a Montana state ban on use of the short video sharing app before it takes effect on Jan. 1. NetChoice, a national trade association that includes major tech platforms, and Chamber of Progress, a tech-industry …

US tech groups back TikTok in challenge to Montana state ban Read More »

By Yadarisa Shabong (Reuters) -Holiday Inn owner IHG expects room revenue growth to remain positive across its regions in the second half of 2023 “irrespective of any” macroeconomic pressures, with leisure travel showing no sign of cooling. IHG’s global revenue per available room, a key performance indicator for the hotel industry, rose 17% in the …

Holiday Inn owner IHG makes light of tough economy Read More »

NEW YORK (Reuters) – Equity hedge funds ended July with gains of 7.83% so far this year, helped by technology, financials and energy stocks, data provider HFR said on Monday. Equity strategies are leading the industry’s gains in 2023, with a 2.03% last month. Still, they lag the benchmark index S&P 500, which surged 20.65% …

AI mania, financials and energy stocks boost hedge fund gains Read More »

By Akash Sriram and Abhirup Roy (Reuters) -Luxury electric vehicle maker Lucid Group stuck to its annual production target of more than 10,000 cars, brushing aside supply chain worries and a quarterly revenue miss, while sending its shares higher by nearly 5% in extended trading. Lucid’s production plan is in contrast to the wider EV …

EV maker Lucid sticks to annual production roadmap Read More »

By David Shepardson WASHINGTON (Reuters) -Major U.S. airlines on Monday asked the Federal Aviation Administration to extend cuts to minimum flight requirements at congested New York City-area airports and a Washington airport, citing a lack of adequate air traffic control staffing. The FAA in March agreed to the request of Delta Air Lines and United …

Airlines seek extension to minimum flight requirements cuts at New York-area airports Read More »

By Jaiveer Shekhawat and Hannah Lang (Reuters) -Payments giant PayPal said on Monday it has launched a U.S. dollar stablecoin, becoming the first major financial technology firm to embrace digital currencies for payments and transfers. PayPal’s announcement, which lifted its shares 2.66% on Monday, reflects a show of confidence in the troubled cryptocurrency industry that …

PayPal launches dollar-backed stablecoin, boosting shares Read More »

(Reuters) -Paramount Global said on Monday it was selling Simon & Schuster to KKR & Co for $1.62 billion in an all-cash deal, ending a years-long attempt to sell the marquee book publisher. Shares of the company rose nearly 7% in extended trading after Paramount also beat estimates for quarterly earnings as its streaming service …

Paramount to sell Simon & Schuster to KKR for $1.62 billion Read More »

By David French (Reuters) – U.S. stocks finished higher on Monday, regaining some of the ground lost last week, as investors added positions ahead of Thursday’s highly awaited U.S. inflation report. The main stock indexes ended last week lower as investors took profits after months of gains due to worries over economic data, mixed earnings …

Wall St closes up, regains ground as US inflation report nears Read More »