Finance

COLUMN-Adani Group threatens, but Hindenburg Research rarely sued in U.S

By Alison Frankel (Reuters) - In the midst of a market rout last week that stripped Indian conglomerate Adani Group of $65 billion in market capitalization, Adani announced that it was contemplating “remedial and punitive action” against Hindenburg Research, the short seller whose scathing Jan. 24 report sparked the sell-off. If Adani is talking about a lawsuit in the U.S., I’ll believe it when

Amazon's outlook disappoints as customer budgets stay tight

By Jeffrey Dastin and Tiyashi Datta (Reuters) -Amazon.com Inc on Thursday said its operating profit could fall to zero in the current quarter as savings from layoffs do not make up for the financial impact of consumers and cloud customers clamping down on spending. And even while Amazon's holiday revenue beat Wall Street's expectations, the company expects sales growth in its long lucrative

Ransomware attack on data firm ION could take days to fix -sources

By James Pearson and Danilo Masoni LONDON/MILAN (Reuters) -A ransomware attack that hit ION Trading UK could take days to fix, leaving scores of brokers unable to process derivatives trades, sources familiar with the matter told Reuters on Thursday. ION Group, the financial data firm's parent company, said in a statement on its website that the attack began on Tuesday. "The incident is

Profit of NYSE parent ICE hit by mortgage headwinds, misses views

(Reuters) -New York Stock Exchange-owner Intercontinental Exchange Inc on Thursday reported a fourth-quarter profit slightly below Wall Street expectations, as rising interest rates weighed on the company's mortgage software business, and its energy and financial futures volumes fell. The NYSE had a systems glitch at the market open on Tuesday last week that sowed widespread confusion among

Wall Street's rally rolls on, led by torrid tech stocks

NEW YORK (AP) — Wall Street closed higher, led by excitement around tech stocks and a surge for Facebook’s parent company, Meta Platforms. The S&P 500 rose 1.5% Thursday, a day after hitting its highest level since the summer. The Nasdaq composite jumped 3.3%, led by a 23.3% surge in Meta. The Dow lagged behind because it has less of an emphasis on...

Honeywell forecasts weak first-quarter profit as supply chain snags hurt

By Nathan Gomes (Reuters) -Honeywell International Inc forecast first-quarter adjusted profit below estimates, signaling strong demand in its high-margin aerospace unit was not enough to beat the impact of supply chain disruptions and labor shortages. Shares of the industrial conglomerate, which counts Boeing Co and Airbus SE as customers, fell nearly 5% to $197.32 in morning trade on Thursday.

TSX slips as commodity stocks fall, Canada Goose slumps

By Shashwat Chauhan (Reuters) - Canada's main stock index slipped on Thursday, as losses in commodity-linked stocks offset gains in technology, while Canada Goose's shares crumbled after the luxury goods maker cut its full-year forecast. At 10:12 a.m. ET (1512 GMT), the Toronto Stock Exchange's S&P/TSX composite index was down 42.99 points, or 0.21%, at 20,708.06. Canada Goose Holdings Inc hit

Nasdaq, S&P 500 jump on Meta rise, Fed relief

By Lewis Krauskopf, Shreyashi Sanyal and Johann M Cherian (Reuters) - The Nasdaq and S&P 500 jumped and touched roughly five-month highs on Thursday as a more dovish-than-expected message from Federal Reserve Chair Jerome Powell boosted equities and Meta Platforms shares soared on rigorous cost controls. The Dow slipped, weighed down by declines in some big healthcare stocks. Shares of megacap

Apple's weak iPhone sales drive first profit miss since 2016

By Stephen Nellis (Reuters) - Apple Inc on Thursday reported sales and profits that missed Wall Street expectations driven by weak iPhone sales after COVID lockdowns in China disrupted production of the company's biggest seller. Shares of Apple fell 5% after publication of the results. Apple sales fell 5% to $117.2 billion and were down in every part of the world in the quarter. Sales from each

Qualcomm forecasts earnings a bit below expectations, shares rise

By Chavi Mehta and Jane Lanhee Lee BANGALORE/OAKLAND Calif (Reuters) -Qualcomm Inc forecast second-quarter revenue and profit below Wall Street estimates on Thursday, but the outlook was not as bleak as those from other chip makers. The stock rose 2.7% in after-hours trading. While inflation and macroeconomic uncertainty has hurt consumer electronics sales, Qualcomm has been buffered by the

Ford posts lower profit, issues downbeat outlook; shares drop

By Joseph White and Paul Lienert DETROIT (Reuters) -Ford Motor Co on Thursday said quarterly profits fell and the automaker predicted a difficult year ahead, sending its shares down after the bell as investors were disappointed following this week's robust report from rival General Motors Co. Ford blamed chip shortages and other supply chain issues and production "instabilities" that raised

Canada Goose stock nosedives as it cuts outlook due to China disruptions

Canada Goose's stock (GOOS.TO)(GOOS) plummeted as much as nearly 21 per cent on Thursday after the company slashed its full year sales expectations due to COVID-19 disruptions in China and softening demand in North America. The Toronto-based luxury parka maker cut its outlook for the fiscal year, predicting that sales, profit and margins will be lower than previously thought, due to weakness in what is a crucial quarter for the company. "We did...

Amazon beats Q4 revenue estimates, but profits slump

More Canadians falling behind on car payments after big run-up in auto prices

A combination of soaring car prices, higher borrowing costs and the surging cost of living is making it harder for some Canadians to keep up with their car payments, a CIBC Capital Markets report says. "Delinquency rates for auto loans are now through pre-pandemic levels and likely heading higher in 2023," Paul Holden, an analyst at CIBC and lead author of the report, said on Wednesday. "The average size of auto loan increased with higher...

Apple's lower iPhone sales drive first profit miss since 2016

By Stephen Nellis (Reuters) -Apple Inc on Thursday reported sales and profits that missed Wall Street expectations driven by weak iPhone sales after COVID lockdowns in China disrupted production of the company's biggest seller. Shares of Apple fell 4% after publication of the results. Amazon.com and Alphabet also fell about 4% after reporting results. All had gained during regular trade. Apple

Bristol Myers' profit beats on better-than-feared Revlimid sales

By Michael Erman (Reuters) -Bristol Myers Squibb Co on Thursday reported quarterly earnings that beat analysts' estimates due to a smaller-than-expected drop in sales of cancer drug Revlimid, which is facing competition from cheaper generic rivals. Fourth-quarter Revlimid sales of $2.26 billion topped Wall Street estimates of $1.89 billion, according to Refinitiv data. The company expects

NY Fed names Piper Sandler's Roberto Perli as System Open Market Account manager

By Michael S. Derby (Reuters) - The Federal Reserve Bank of New York said Thursday that Roberto Perli will next month become the manager of its massive portfolio of securities and cash as the central bank presses forward with its efforts to shed bonds. Perli, who is currently head of global policy at Piper Sandler, will become manager of the central bank's System Open Market Account, which

ConocoPhillips joins rivals with bumper profit on higher energy prices

By Arunima Kumar (Reuters) -ConocoPhillips said on Thursday profit more than doubled to $18.7 billion in 2022, the highest since the company spun off its refining business in 2012, as the oil producer benefited from stronger prices on tight supplies and robust demand. Global crude oil prices climbed 10.45% in 2022, thanks to a surge in demand from economies rebounding after the pandemic, coupled

Eli Lilly's weak sales of diabetes drugs cloud 2023 profit forecast

By Bhanvi Satija (Reuters) -Eli Lilly and Co missed Wall Street estimates for sales of its keenly-watched drug Mounjaro as well as older diabetes treatment, overshadowing a better-than-expected 2023 profit forecast. The drugmaker has been leaning on Mounjaro - its newer diabetes treatment - to soften the hit to sales from price cuts for insulin, competition for cancer therapy Alimta and stalled

Apple set to post rare revenue drop as focus shifts to demand rebound

By Nivedita Balu and Akash Sriram (Reuters) - Apple Inc is expected to report its first decline in quarterly revenue in nearly four years after strict COVID-19 curbs in China rapped the economy and related protests upended iPhone production at its biggest supplier Foxconn. Investors will look for details on how Chief Executive Tim Cook is trying to bolster demand in a weak economy that has

Amazon beats estimates for quarterly sales

(Reuters) -Amazon.com Inc beat Wall Street estimates for quarterly sales on Thursday, as the retailer's marketing blitz during the holiday period helped attract shoppers. Amazon tapped into its huge base of Prime subscribers during the crucial holiday season with attractive early offers and discounts that helped drive business on its e-commerce platform, despite economic turbulence. The world's

Canada Goose cuts forecasts after spike in China's COVID infections hit sales

By Granth Vanaik (Reuters) -Canada Goose Holdings Inc cut annual forecasts on Thursday after a spike in COVID-19 infections in China dulled store traffic and inflation bit into spending power in North America. Toronto-listed shares of the luxury parka maker fell 15% after it also missed third-quarter revenue and profit estimates. Businesses of luxury goods companies in China have suffered for

Harley-Davidson rides boom in leisure spending, lifting profit and shares

By Bianca Flowers and Aishwarya Nair (Reuters) -Harley-Davidson Inc reported higher-than-expected quarterly profit on Thursday as a boost in bike shipments, coupled with strong pricing, allowed the motorcycle maker to navigate cost inflation and deliver on pent-up demand. Shares in the U.S. company rose as much as 9.6%, the biggest one-day move since last quarter's results. The manufacturer has

Alphabet misses Street estimates as ad business slips after pandemic run-up

(Refiles to fix computer-generated formatting error) By Greg Bensinger and Nivedita Balu (Reuters) -Alphabet Inc on Thursday fell short of Wall Street expectations for fourth-quarter profit and revenue and Chief Executive Sundar Pichai said Google's digital ad clients pulled back spending more in the period than in the preceding quarter. Shares of Alphabet were down nearly 5% in after-hours

City of Calgary granted $165M loan for electric bus purchases

Electric buses are part of Calgary's climate strategy, which aims to achieve net-zero emissions by 2050.

Adani's adversity raises the stakes for India and investors

By Tom Westbrook and Vidya Ranganathan SINGAPORE (Reuters) - As Indian tycoon Gautam Adani's woes deepen and force him to drop a share sale, foreign investors and Indian regulators are abandoning any pretence that the conglomerate's troubles are contained and domestic markets will be spared contagion. Foreign investors, many of them already underweight what they consider an overpriced stock

Lazard profit drops on M&A slowdown but outlook improves; shares climb

NEW YORK (Reuters) - Investment bank Lazard Ltd reported an 80% decline in fourth-quarter profit on Thursday as dealmaking slumped, but its chief executive predicted improving market sentiment could revive mergers and acquisitions (M&A). Net income fell 80% to $42 million in the fourth quarter, the company said in a statement. Adjusted earnings per share dropped 64% to 69 cents, falling short of

Marketmind: Communication breakdown

By Jamie McGeever (Reuters) - A look at the day ahead in Asian markets from Jamie McGeever. The Fed, ECB, and BoE have spoken, and the market's message is: We hear you, but we don't believe you. All three raised interest rates as expected this week, said they will act again at upcoming meetings, and with varying degrees of guidance and conviction said they stand ready to tighten even further if

Canada Soccer parts ways with chief marketing officer Sandra Gage

Sandra Gage, who was front and centre with the Canadian team at the recent World Cup in Qatar, has been let go as chief marketing officer of Canada Soccer. Gage had been with the governing body since 2009, "We can confirm that Sandra Gage is no longer with Canada Soccer, and a search for a chief commercial officer will commence immediately," Canada...

Nasdaq, S&P 500 post strong gains on Fed relief, Meta surge

By Lewis Krauskopf, Shreyashi Sanyal and Johann M Cherian (Reuters) - The Nasdaq and S&P 500 ended higher on Thursday and touched roughly five-month highs as a more dovish-than-expected message from Federal Reserve Chair Jerome Powell boosted equities and Meta Platforms shares soared on rigorous cost controls. The Dow slipped, dragged down by declines in some big healthcare stocks. Investors

Meta mojo is back as earnings surprise sparks share surge, lifts Big Tech

By Aditya Soni and Medha Singh (Reuters) -Meta Platforms Inc shares rose about 23% on Thursday and helped spark a rally in the technology sector after the Facebook owner floored Wall Street by slashing its spending forecast and boosting its stock buyback plan by $40 billion. The company was set to add more than $90 billion to its market value and was on course to log its best day in a decade.

Teck completes sale of Fort Hills stake to project partners; exits oilsands

VANCOUVER — Teck Resources Ltd. says it has completed the sale of its 21.3 per cent stake in the Fort Hills oilsands mine to Suncor Energy Inc. and TotalEnergies EP Canada Ltd. The Vancouver-based mining company announced last year that it would sell its stake in Fort Hills to Suncor, one of two other partners in the project, for about $1 billion. ...

A single word from the Federal Reserve chair fuels hopes of lower mortgage rates in Canada

U.S. Federal Reserve chair Jerome Powell only had to say one word in his Feb. 1 news conference to raise hopes that mortgage rates in Canada may be heading lower. “We can now say, I think for the first time, that the disinflationary process has started,” Powell said following the Fed’s decision to hike its benchmark rate by 25 basis points to 4.75 per cent on Wednesday afternoon. The key word — “disinflation” — was all markets needed. Stocks...

Adani's market losses top $100 billion as crisis shockwaves spread

By Aftab Ahmed, Chris Thomas and Aditya Kalra NEW DELHI/MUMBAI (Reuters) -Adani's market losses swelled above $100 billion on Thursday, sparking worries about a potential systemic impact a day after the Indian group's flagship firm abandoned its $2.5 billion stock offering. The shock withdrawal of Adani Enterprises' share sale marks a dramatic setback for founder Gautam Adani, the school

Alphabet revenue misses estimates as ad business takes a hit

By Greg Bensinger and Nivedita Balu (Reuters) -Alphabet Inc on Thursday reported lower-than-expected quarterly revenue as the Google parent's digital ad business struggled under an economic slowdown that has choked corporate spending and triggered mass layoffs. Shares of Alphabet, which lost roughly 40% of their value in 2022, were down about 4% in after-hours trading. Revenue from Google

Qualcomm forecasts earnings below expectations as smartphone demand worsens

(Reuters) - Qualcomm Inc forecast second-quarter revenue and profit below Wall Street estimates on Thursday, as the company grapples with weak demand for smartphones and a supply glut. Smartphone shipments dropped 18.3% in the quarter ended Dec. 31 marking the largest ever quarterly slump, according to data from research firm IDC, as even the holiday shopping season could not revive battered

Markets to central bankers: we don't believe you

By Naomi Rovnick and Dhara Ranasinghe LONDON (Reuters) - Central bank policy announcements, once viewed as the rule book for how markets should move, are not resonating with traders any more. Take Wednesday's Federal Reserve rate move. The central bank lifted its main funds rate by 25 bps to its highest since 2007 as it continued its fight against inflation. Yet the S&P 500 hit a five-month

Exclusive-Adani made scheduled U.S. bond payments, to release credit report Friday -sources

By Aditya Kalra and Davide Barbuscia NEW DELHI/NEW YORK (Reuters) - Adani Group entities made scheduled coupon payments on outstanding U.S. dollar-denominated bonds on Thursday, a bondholder and a source with direct knowledge of the Indian conglomerate's strategy told Reuters. The payments were made as Adani Group, led by Indian billionaire Gautam Adani, battles with a rout in its stocks in

Apple forecasts another revenue decline after quarterly profit miss

By Stephen Nellis (Reuters) -Apple Inc on Thursday said revenue in the start of the year would be similar to the 5% drop it posted for the holiday quarter but that iPhone sales were likely to improve. For the just-ended quarter, Apple's sales and profits missed Wall Street expectations driven by lower iPhone sales, sending shares down after hours. But the losses lessened after Chief

Explainer-The Fed says disinflation is welcome. What is that, exactly?

By Ann Saphir WASHINGTON (Reuters) - Financial markets this week latched on to what U.S. Federal Reserve Chair Jerome Powell called "most welcome" disinflation, betting it signals the central bank's war on high inflation is nearing an end. Powell in fact used the word 15 times during his 45-minute press conference Wednesday - an explosion of attention after just one mention in other press

Bank of England rate hike says 'too soon to declare victory'

LONDON (AP) — The Bank of England announced another “forceful” increase in interest rates Thursday, saying it was too soon to declare victory against inflation that has slowed slightly but is still fueling a cost-of-living crisis, public-sector strikes and fears of recession. The bank raised its key rate by half a percentage point, to 4%, resisting...

Toronto market dips for second day as Canada Goose slumps

By Fergal Smith (Reuters) - Canada's main stock index edged lower on Thursday as losses in commodity-linked stocks offset gains in technology, while Canada Goose's shares crumbled after the luxury goods maker cut its full-year forecast. The Toronto Stock Exchange's S&P/TSX composite index ended down 10.61 points, or 0.1%, at 20,740.44. It was the index's second straight day of modest losses

Hindenburg bet against India's Adani puzzles rival U.S. short sellers

By Shankar Ramakrishnan, Svea Herbst-Bayliss and Carolina Mandl (Reuters) -When Hindenburg Research revealed a short position in Adani Group last week, some U.S. investors said they were intrigued about the actual mechanics of its trade, because Indian securities rules make it hard for foreigners bet against companies there. Hindenburg's bet has been lucrative so far. Its allegations, which the

After a joint rate surge, central banks start to see the end in sight

By Howard Schneider, Balazs Koranyi and William Schomberg WASHINGTON/FRANKFURT/LONDON (Reuters) - Global central banks that raced to raise interest rates last year amid soaring inflation are now laying the groundwork in unison for a pause that, while not yet promised, is coming into view for later this year. The shift was couched in different ways when top central bankers issued their latest

Harley-Davidson profit jumps amid boom in leisure spending, shares up 8%

By Bianca Flowers and Aishwarya Nair (Reuters) -Harley-Davidson Inc reported higher-than-expected quarterly profit on Thursday as a boost in bike shipments, coupled with strong pricing, allowed the motorcycle maker to navigate cost inflation and deliver on pent-up demand. Shares in the U.S. company rose 8.3%. The manufacturer has either beaten or met Wall Street earnings forecasts for the

ECB raises rates, signals at least one more hike

By Francesco Canepa and Balazs Koranyi FRANKFURT (Reuters) - The European Central Bank raised interest rates by 0.5% on Thursday and explicitly signalled at least one more hike of the same magnitude next month, reaffirming it would stay the course in the fight against high inflation. But financial markets immediately interpreted the move as suggesting the tightening cycle might in fact end soon

Ford quarterly profit falls, shares drop after bell

By Joseph White and Paul Lienert DETROIT (Reuters) -Ford Motor Co on Thursday reported fourth-quarter profit fell from a year earlier, and the automaker blamed supply chain issues and production "instabilities" that raised costs, along with lower-than-expected volumes. Full-year profit was short of expectations and Ford shares dropped more than 6% in after-market trading. "We should have done

Lightspeed slows down as CEO Chauvet cuts jobs, writes down value of acquisitions

In November, Jean-Paul Chauvet, chief executive of Lightspeed Commerce Inc. , said he wouldn’t lay off staff like so many of his peers at other digital technology companies. “We’re spending a fortune on hiring,” Chauvet told journalists at the company’s headquarters in Montreal. “Our recruiters spend their time saying: ‘Yeah! Facebook just downsized!’ … Let’s go and try and recruit the best people there.” The bold statement would come back to...

Meta mojo is back as earnings surprise powers Big Tech rally

By Aditya Soni and Medha Singh (Reuters) - Meta Platforms Inc shares closed about 23% higher on Thursday and helped spark a rally in the technology sector after the Facebook owner floored Wall Street by slashing its spending forecast and boosting its stock buyback plan by $40 billion. The company added more than $90 billion to its market value and the stock logged its best day in a decade. The

Qualcomm sees earnings below Street as smartphone market sags

By Chavi Mehta and Jane Lanhee Lee BANGALORE/OAKLAND Calif (Reuters) -Qualcomm Inc forecast second-quarter revenue and profit below Wall Street estimates on Thursday as the chipmaker grapples with the combined toll of weak demand for smartphones and a supply glut, a situation that is expected to persist into the first-half of this year. The stock, which initially rose 2.7% in after-hours trading