Reuters US Business

(Reuters) -AbbVie Inc cut its full-year profit forecast on Thursday, citing $280 million in milestone and in-process research and development expenses during the second quarter. The company now expects adjusted profit between $10.57 and $10.97 per share, compared with $10.72 to $11.12 it previously expected. Analysts on average were expecting full-year earnings of $10.97 per …

AbbVie trims full-year profit forecast on higher R&D expenses Read More »

(Reuters) -Levi Strauss & Co cut its annual profit forecast on Thursday, in a sign that higher costs were weighing on the denim maker’s margins at a time when its wholesale sales remained under pressure in North America. Shares of the company fell about 5% in extended trading. Customers are turning more cautious on spending …

Levi Strauss trims annual profit forecast on higher costs, slowing consumer spending Read More »

(Reuters) – Electric-truck maker Nikola on Thursday adjourned its annual shareholder meeting for the second time this year, as it could not muster sufficient votes for a proposal to increase the number of outstanding shares. The Arizona-based company pushed its shareholder meeting thrice last year as it struggled to garner investor approval for a similar …

Nikola pushes shareholder meet again as it seeks nod for key proposal Read More »

NEW YORK (Reuters) – Federal Reserve lending to banks ebbed in the latest week, central bank data released Thursday said. Lending via the central bank’s discount window stood at $3.4 billion on Wednesday from $3.2 billion on June 28, while “other credit” tied to the wind down of failed banks stood at $164.8 billion from …

Fed lending to banks eases a bit in latest week Read More »

By Jonathan Stempel NEW YORK (Reuters) – The National Labor Relations Board on Thursday sued Starbucks over the coffee chain’s refusal to rehire 33 workers as it reorganized three downtown Seattle stores, including its flagship store in Pike Place Market. In a petition filed in Seattle federal court, the agency called Starbucks’ plan to reorganize …

US labor agency sues Starbucks over treatment of Seattle workers Read More »

By David Shepardson WASHINGTON (Reuters) -California state air regulators and truck and engine manufacturers said on Thursday they had reached an agreement on state emissions rules that will give companies more flexibility to meet requirements. The California Air Resources Board (CARB) said the “Clean Truck Partnership” with the Truck and Engine Manufacturers Association (EMA) includes …

California, truck manufacturers strike deal on emissions rules Read More »

By David Shepardson WASHINGTON (Reuters) – A U.S. government watchdog will review Federal Aviation Administration (FAA) efforts to prevent airport runway incursions after a series of incidents where airplanes came dangerously close to each other. The U.S. Transportation Department Office of Inspector General (OIG) said it was opening its audit to assess FAA processes for …

US watchdog to review FAA efforts to prevent runway incursions Read More »

By Michael S. Derby NEW YORK (Reuters) – Federal Reserve forecasts released at the June monetary policy meeting laid out an outlook that was more hawkish than what Wall Street’s biggest banks had penciled in ahead of the gathering. According to the June survey of primary dealers, who underwrite Treasury debt auctions, the banks forecast …

Market surveys show Wall Street expected less hawkish Fed outlook Read More »

By Lewis Krauskopf, Bansari Mayur Kamdar and Johann M Cherian (Reuters) – Wall Street’s main indexes ended sharply lower on Thursday in a broad sell-off after data showing a strong labor market boosted bond yields and fanned fears the Federal Reserve will be aggressive in raising U.S. interest rates. The S&P 500 posted its biggest …

Wall St logs sharp losses as labor market strength stokes rate-hike fears Read More »

By Maiya Keidan TORONTO (Reuters) – Canadian mergers and acquisitions (M&A) volumes picked up in the second quarter driven primarily by some large proposed transactions, but dealmakers are cautious on the outlook for the rest of the year over global economic concerns and potential interest rate hikes. The total value of Canadian M&A rose to …

Canada M&A activity improves, but dealmakers uncertain on second-half outlook Read More »