By Devik Jain and Anisha Sircar (Reuters) -U.S. stocks were set to open higher on Thursday after strong earnings outlooks from companies such as Macy’s, while data confirmed the U.S. economy contracted in the first-quarter, quelling some worries about aggressive rate hikes. Macy’s Inc jumped 13.0% in premarket trading after the department store raised its…
Nvidia (NVDA) stepped up to the earnings plate last night. There was a lot of pressure to perform. Supply issues led to poor performance and a 14% decline at Cisco last week. Snap (SNAP) delivered a negative pre-announced a few days later that led to widespread selling in the tech space. Neither company indicated any…
By Divya Chowdhury DAVOS, Switzerland (Reuters) – Southeast Asia and Latin America are strong growth regions for Mastercard after its withdrawal from Russia in March and India’s 2021 ban on it from issuing new cards, the company’s co-president for international markets said. “Southeast Asia is exciting (due to) the right demographics, the adoption of technology…
DAVOS, Switzerland (AP) — Corporate buzzwords. Technical jargon. Bold but vague pronouncements about climate change and Russia’s war in Ukraine. The World Economic Forum’s annual gathering of CEOs and government leaders this week in Davos, the town in the Swiss Alps, may seem full of important but impersonal announcements. So what do Davos-goers really think?…
WASHINGTON (AP) — Fewer Americans applied for jobless aid last week with the number of Americans collecting unemployment benefits already near five-decade lows. Applications for unemployment benefits fell by 8,000 to 210,000 for the week ending May 21, the Labor Department reported Thursday. First-time applications are generally representative of the number of layoffs. The four-week…
WASHINGTON (AP) — The U.S. economy shrank in the first three months of the year even though consumers and businesses kept spending at a solid pace, the government reported Thursday in a slight downgrade of its previous estimate for the January-March quarter. Last quarter’s drop in the U.S. gross domestic product — the broadest gauge…
NEW YORK (AP) — Shoppers’ return to occasion dressing helped to power Macy’s fiscal first-quarter results, and the department store chain raised its annual earnings outlook even as surging inflation is crimping Americans’ budgets. The results announced Thursday were among the few bright spots in a pile of reports from retailers that showed the impact…
Computer chip and software maker Broadcom will spend about $61 billion to acquire the cloud technology company VMware, one of the biggest deals of the year despite an environment of rising inflation and economic uncertainty. The proposed deal comes just weeks after billionaire and Tesla CEO Elon Musk offered to spend $44 billion on Twitter…
ISTANBUL (AP) — Turkey’s central bank kept its main interest rate unchanged for a fifth month running on Thursday despite an annual inflation rate of nearly 70%. The bank said it would keep its policy rate “constant” at 14%, arguing inflation was driven by geopolitical developments and the “temporary effects of pricing formations.” The bank…
NEW YORK (AP) — CEO pay is a tricky thing to explain. Within the eight- and even nine-figure sums trumpeted for CEOs each year, just a small portion is actual cash. Last year, only a little more than a quarter of compensation for the typical CEO at an S&P 500 company came from cash salary…
