(Reuters) -Cisco Systems Inc shares on Thursday touched an 18-month low after the company warned of persisting shortages in components, worrying Wall Street on how exports could suffer due to China’s COVID restrictions and the Ukraine crisis. Shares of the company, which lowered its full-year growth forecast, were down about 13% at $42.4 and dragged…
Harley-Davidson announced a two-week suspension of vehicle assembly and most shipments, citing a regulatory compliance issue with one of its suppliers. Shares tumbled almost 8% Thursday. The decision was made Wednesday “out of an abundance of caution” after the company received information from a supplier of one of its component parts, Harley-Davidson said. The company…
Sales of previously occupied U.S. homes slowed for the third consecutive month in April as mortgage rates surged, driving up borrowing costs for would-be buyers as home prices soared to new highs. Existing home sales fell 2.4% last month from March to a seasonally adjusted annual rate of 5.61 million, the National Association of Realtors…
WASHINGTON (AP) — Average long-term U.S. mortgage rates retreated modestly this week, but interest on the key 30-year loan remains at decade-high levels. Mortgage buyer Freddie Mac reported Thursday that the 30-year rate slipped to 5.25% from 5.3% last week. By contrast, the average rate stood at 3% a year ago. Earlier this month, the…
By Mehr Bedi and Deborah Mary Sophia (Reuters) -Canada Goose Holdings Inc on Thursday forecast annual sales and profit above Wall Street expectations on hopes for a recovery in key China market and as demand for its luxury parkas and jackets stays strong. Sales of luxury goods have remained robust in North America with shoppers…
By Praveen Paramasivam (Reuters) -McDonald’s Corp is selling its Russia business to its current licensee Alexander Govor and the restaurants would operate under a new brand, ending more than three decades of presence in the country following its invasion of Ukraine. The world’s largest burger chain owns about 84% of its nearly 850 restaurants in…
Single father Billy Price was already struggling to make ends meet before someone broke into his Michigan storage unit, stole his identity and ruined his credit. Price filed a police report, and then tweeted about it to Bill Pulte, a multimillionaire who he’d heard uses Twitter to give money to those in need. “They took…
NEW YORK (AP) — Kohl’s Corp. cut its annual earnings and sales forecast, as the department store chain joins a string of retailers stung with soaring inflation. The reduction, announced Thursday, came as it reported fiscal first-quarter results that came below analysts’ expectations. Sales at stores opened at least year, a key measure, dropped 5.2%…
McDonald’s is selling all of its restaurants in Russia 30 years after the burger chain became a powerful symbol of easing Cold War tensions between the United States and Soviet Union. The company shuttered hundreds of locations in March after Russia invaded Ukraine, which has cost McDonald’s about $55 million per month. On Monday, McDonald’s…
(Reuters) – Cisco Systems Inc shares were down 10% premarket on Thursday after the company warned of persisting shortages in components, triggering price target cuts from at least nine brokerages as Wall Street braces for further impact on technology exports due to China’s COVID restrictions. Cisco missed quarterly sales estimates and lowered its full-year growth…
