Wall St edges up with earnings, rate-cut expectations in focus

reuters | February 6, 2024

By Johann M Cherian and Ankika Biswas (Reuters) – Wall Street’s main indexes inched higher on Tuesday as investors parsed big-ticket earnings and awaited commentary from policymakers for clues on the timing of the Federal Reserve’s first interest-rate cut. Eli Lilly jumped 3.5% after forecasting 2024 profit above estimates, driven by demand for its blockbuster […]

Lilly expects strong 2024 profit on rising weight-loss drug demand

reuters | February 6, 2024

By Patrick Wingrove and Bhanvi Satija (Reuters) -Eli Lilly on Tuesday forecast 2024 profit above Wall Street estimates on soaring demand for its recently approved weight-loss drug, and said the treatment helped reduce symptoms of a common, difficult to treat fatty liver disease in a mid-stage trial. The company said it expects 2024 revenue of […]

Wall Street equities fall with interest rates, earnings in focus

reuters | February 6, 2024

By Sinéad Carew and Johann M Cherian (Reuters) -Wall Street’s main indexes closed lower on Monday after Federal Reserve Chair Jerome Powell pushed back firmly against speculation that rate cuts would be imminent, while investors assessed a mixed bag of U.S. earnings reports. In an interview aired on Sunday, Powell said more evidence on a […]

Nvidia eyes fresh record as Goldman Sachs bullish on AI prospects

reuters | February 5, 2024

(Reuters) – Nvidia’s shares were set to scale a new peak on Monday after Goldman Sachs raised its price target for the high-flying chipmaker’s stock in anticipation of a major boost to its earnings from the artificial intelligence (AI) boom. The stock rose 3.4% to $683.80 in premarket trading and looked set to add about […]

AbbVie raises 2027 sales forecast for new immunology drugs to $27 billion

reuters | February 2, 2024

By Leroy Leo and Patrick Wingrove (Reuters) -AbbVie on Friday raised its 2027 forecast for sales of its immunology drugs Skyrizi and Rinvoq to $27 billion, up $6 billion from its previous prediction. The Chicago-based drugmaker has been counting on revenues from its newer immunology medicines to help make up for declining sales of blockbuster […]

US labor market sizzles with blowout job growth, solid wage gains

reuters | February 2, 2024

By Lucia Mutikani WASHINGTON (Reuters) – U.S. job growth accelerated in January and wages increased by the most in nearly two years, signs of persistent strength in the labor market that could make it difficult for the Federal Reserve to start cutting interest rates in May as currently envisaged by financial markets. The closely watched […]

Hong Kong billionaire Richard Li seeks to sell asset manager PineBridge -sources

reuters | February 2, 2024

By Selena Li and Kane Wu HONG KONG (Reuters) -Hong Kong investment firm Pacific Century Group (PCG), founded by billionaire Richard Li, is seeking to sell its majority stake in asset manager PineBridge Investments, according to four people with knowledge of the matter and a deal document seen by Reuters. PCG has hired JPMorgan to […]

Musk seeks Tesla shareholder vote on moving incorporation to Texas

reuters | February 1, 2024

By Shubham Kalia, Maria Ponnezhath and Samrhitha A (Reuters) – Tesla CEO Elon Musk said on Thursday the company will hold a shareholder vote to transfer its state of incorporation to Texas from Delaware, days after a judge invalidated his $56 billion pay package at the electric vehicle (EV) maker. On Tuesday, Delaware judge Kathaleen […]

Activist investor Elliott gains board seat at Etsy

reuters | February 1, 2024

(Reuters) -Etsy (NASDAQ: ETSY) on Thursday appointed Elliott Investment Management portfolio manager Marc Steinberg to its board, effective Feb. 5, the two sides said in a release. Elliott, one of the world’s most prominent investors, has a 13% economic stake in Etsy, including both common shares and swaps, a person familiar with the matter said, […]

US semiconductor index jumps as TSMC signals strong AI chip demand

reuters | January 18, 2024

By Caroline Valetkevitch NEW YORK (Reuters) – An index of semiconductor stocks was up more than 2% on Thursday and chip stocks were helping the broader market after Taiwan Semiconductor Manufacturing cited strong demand for high-end chips used in artificial intelligence (AI). U.S.-listed shares of the world’s largest contract semiconductor maker, which also forecast more […]

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