By Ananya Mariam Rajesh (Reuters) -Nike raised its full-year revenue outlook on Tuesday after reporting quarterly results that beat estimates, but warned of margin pressures as it continues to get rid of excess inventory through heavy discounts. The company saw strong demand for its sneakers, including classic styles such as Jordan Retro and newer franchise…
By Blake Brittain (Reuters) -A Utah federal judge on Tuesday overturned a jury’s verdict that Dish Network LLC must pay $469 million to parental-control technology maker ClearPlay Inc for infringing two patents related to filtering material from streaming video. U.S. District Judge David Nuffer reversed the jury’s finding that Dish’s AutoHop commercial-skipping feature violated ClearPlay’s…
By Lisa Pauline Mattackal and Medha Singh (Reuters) – As crisis stalks the traditional world of stocks and bonds, bitcoin is suddenly looking like a safe haven. The infamously volatile cryptocurrency seems positively hale and hearty, just as a banking meltdown drives markets into the arms of a recession. Bitcoin has risen 21% this…
By Hannah Lang and Pete Schroeder (Reuters) – In the United States and many other countries, the government guarantees a certain amount of each customer’s deposits in the event of a bank failure, to protect both consumers and the broader financial system. With the collapse of Silicon Valley Bank and Signature Bank and the U.S….
(Reuters) -Nike Inc beat estimates for third-quarter revenue and profit on Tuesday, boosted by strong demand for its sneakers as consumers snapped up newer franchise launches and classic styles such as Jordan Retro in North America and Europe. The company has benefited from higher sales of its franchises such as LeBron helping grow its market…
By David French, Nupur Anand and Lananh Nguyen (Reuters) – Shares of U.S. regional lenders including battered First Republic Bank surged on Tuesday as fears of a wider banking crisis abated and investors turned their focus to the U.S. Federal Reserve’s next move. The Fed’s relentless rate hikes to rein in inflation have been partly…
By David Morgan WASHINGTON (Reuters) – Republican U.S. Senator Rick Scott doubled down on his call to replace the Federal Reserve’s current inspector general with a new, more independent office, following the collapses of Silicon Valley Bank and Signature Bank. In an opinion column posted on the Fox News website, the Florida Republican also pledged…
By Andrea Shalal WASHINGTON (Reuters) -The U.S. Treasury is continuing to monitor the health of mid-sized and regional banks and is considering what steps can be taken to further strengthen the country’s financial stability, Deputy Treasury Secretary Wally Adeyemo said on Tuesday. Adeyemo said “decisive action” taken by the Treasury, Federal Reserve and the Federal…
By Stephen Nellis (Reuters) – Intel Corp’s Raja M. Koduri, an executive vice president who oversaw the company’s efforts to break into the graphics chip market, is leaving the company at the end of March. Chief Executive Pat Gelsinger announced the move in a tweet on Tuesday. Gelsinger said Koduri is leaving to start a…
By Dietrich Knauth (Reuters) – SVB Financial Group said on Tuesday the U.S. Federal Deposit Insurance Corporation had taken “improper actions” to cut it off from cash held at its former subsidiary Silicon Valley Bank, which was seized by regulators to stem a national bank run. SVB Financial made the accusations in court filings ahead…
