By Shashwat Chauhan (Reuters) -Canadian stocks rose on Tuesday, echoing an upbeat sentiment on Wall Street as Treasury yields fell, while top cannabis producer Canopy Growth surged on plans to create a holding company to speed up its entry into the United States. Shares of Canopy Growth jumped 21.9%, among the top gainers on the…
Biogen delivered a better-than-expected third quarter and hiked its 2022 forecast, as cost cutting continued to help the drugmaker balance sliding sales. The maker of the multiple sclerosis treatment Tecfidera said Tuesday that it chopped research and development costs 22% and also booked a $504 million gain from a building sale as it reduced office…
WASHINGTON (AP) — U.S. consumer confidence waned this month as concerns about inflation took hold after receding somewhat in recent months. The Conference Board reported Tuesday that its consumer confidence index fell to 102.5 in October, from 107.8 in September. Consumers had grown more confident in the two previous months as rising gas prices moderated…
WASHINGTON (Reuters) – U.S. single-family home prices fell sharply on a monthly basis in August as surging mortgage rates dampened demand for housing, closely watched surveys showed on Tuesday. The S&P CoreLogic Case Shiller national home price index dropped 0.9% on a seasonally adjusted basis after slipping 0.5% in July. Monthly house prices decreased in…
(Reuters) -Top Canadian cannabis producer Canopy Growth Corp is creating a holding company to speed up its entry into the United States and complete the purchase of Acreage Holdings Inc, Wana Brands and Jetty Extracts, it said on Tuesday. Its U.S.-listed shares rose 4.8% in premarket trade as the deals are expected to give Canopy…
BERLIN (Reuters) -Volkswagen is entering into direct purchase agreements in unprecedented areas to tackle the worst supply chain shortages the company has seen, its purchasing chief Murat Askel said at a conference in Berlin on Tuesday. The carmaker was also building a database to help predict geopolitical, natural and supply chain risks ahead of time,…
NEW YORK (AP) — Adidas ended a partnership that helped make the artist formerly known as Kanye West a billionaire and lent the German sportswear an edgy appeal, but ultimately couldn’t survive a mounting outcry over the rapper’s offensive and antisemitic remarks. The split will leave Adidas searching for another transcendent celebrity to help it…
Coca-Cola booked stronger-than-expected sales in the third quarter as it hiked prices around the world. The beverage giant raised its revenue expectations for the second time this year. Coke said Tuesday that it now expects organic revenue growth of 14% to 15%, up from the 12% to 13% it predicted at the end of the…
DETROIT (AP) — General Motors’ third-quarter net profit rose 36.6% as vehicle sales began to rebound from persistent supply chain troubles. The Detroit automaker on Tuesday reported earnings of $3.3 billion from July through September, compared with $2.42 billion a year earlier. The increase was fueled largely by a 24% sales increase in the U.S.,…
(Reuters) -Refiner Valero Energy Corp reported a bumper third-quarter profit on Tuesday, boosted by higher demand for fuel and refined products. U.S. refineries have operated this year at record levels due to plant closings, quick recovery of domestic demand and strong export demand over Russia’s invasion of Ukraine. San Antonio, Texas-based Valero’s total refinery throughput…
