By Carolina Mandl and Shristi Achar A (Reuters) – The Nasdaq ended Wednesday at its highest intraday level in more than eight months, boosted by a slightly lower-than-expected increase in April inflation and Alphabet Inc’s latest artificial intelligence rollout. The Labor Department’s Consumer Price Index (CPI) rose 4.9% in April from a year ago, compared …
Nasdaq rallies as investors cheer inflation data, Alphabet Read More »
By Manya Saini (Reuters) -Robinhood Markets Inc blew past Wall Street estimates for first-quarter revenue on Wednesday, as the U.S. Federal Reserve’s rapid rate hikes boosted the online brokerage’s interest income. Shares of the company, which was at the center of 2021’s retail trading frenzy, rose 4% in extended trading after Robinhood also said it …
Robinhood beats revenue estimates as rate hikes bolster interest income Read More »
By Richard Cowan and David Morgan WASHINGTON (Reuters) – Detailed talks on raising the U.S. government’s $31.4 trillion debt ceiling kicked off on Wednesday with Republicans continuing to insist on spending cuts, the day after Democratic President Joe Biden and top congressional Republican Kevin McCarthy’s first meeting in three months. Time is tight to avoid …
US Congress, White House begin tough debt limit, budget negotiations Read More »
By Lisa Richwine and Dawn Chmielewski LOS ANGELES (Reuters) – Walt Disney Co reduced streaming losses by $400 million from the prior quarter but also shed subscribers, the company reported on Wednesday as earnings landed in line with Wall Street expectations. Shares of Disney fell 4.2% to $96.90 in after-hours trading. The company plans to …
Disney shares slip as company loses streaming subscribers Read More »
By Dietrich Knauth NEW YORK (Reuters) – Vyera Pharmaceuticals, which previously settled price-fixing charges that resulted in founder Martin Shkreli being banned from the pharmaceutical industry, filed for bankruptcy late Tuesday to sell its assets. Vyera said its bankruptcy was the result of declining profits, increased competition for generic drugs, and litigation alleging that Vyera …
Martin Shkreli-founded drug company files for bankruptcy Read More »
By Dietrich Knauth NEW YORK (Reuters) – A U.S. bankruptcy judge on Wednesday blocked the NBA’s Phoenix Suns from moving ahead with a television and streaming rights deal for its basketball games, saying the team violated the rights of its current broadcast partner, the bankrupt Diamond Sports Group. The Phoenix Suns last month announced they …
US bankruptcy judge blocks NBA team Phoenix Suns’ new TV deal Read More »
(Reuters) -Beyond Meat reported upbeat quarterly results on Wednesday as the plant-based meat company benefited from easing supply chain pressures and cost controls, sending its shares up 9% in extended trading. The company has cut jobs, restructured certain contracts, ramped up automation in its manufacturing processes and also tightened its sourcing network in its bid …
Beyond Meat keeps losses in check with cost cuts; shares rise Read More »
By Jarrett Renshaw and Timothy Gardner WASHINGTON (Reuters) -The White House on Wednesday called on Congress to pass permitting legislation that would help speed up clean energy and fossil fuel projects as the bipartisan effort gets pulled into a standoff on the debt ceiling. The renewed push on permitting reform comes the day after President …
White House backs faster energy project permits, joining Republicans Read More »
NEW YORK (Reuters) – JPMorgan Chase & Co’s CEO Jamie Dimon said the congressional standoff over the U.S. debt ceiling, and a potential U.S. default, could create a financial panic, according to an interview with Punchbowl News published on Wednesday. “Panic isn’t necessarily a rational thing,” the website quoted Dimon as saying. “People panic. And …
JPMorgan’s Dimon says debt ceiling standoff could cause panic – report Read More »
(Reuters) -Australian lithium miner Allkem Ltd has inked an agreement to acquire U.S.-based chemical manufacturing firm Livent Corp in a deal that will create a $10.6 billion entity, the two companies announced on Wednesday. Following the transaction, Allkem will own 56% of the new firm, with the remaining stake going to Livent. Allkem shareholders are …
Allkem to buy US lithium producer Livent Corp to create $10.6 billion firm Read More »
