(Reuters) -U.S. shale oil producers Marathon Oil Corp and APA Corp on Wednesday topped Wall Street’s first-quarter profit estimates on strong crude prices and demand. Shares of APA rose 2% in extended trade on a pledge to reduce spending on new production this year, while Marathon fell 3% after promising to retain its output and…
By David Shepardson WASHINGTON (Reuters) -Ford Motor Co is cutting prices on its Mustang Mach-E electric vehicle and reopening orders, the No. 2 U.S. automaker said on Tuesday, the second time has reduced prices this year after a series of price cuts by rival Tesla Inc. Ford said it is also increasing the range for…
By Caroline Valetkevitch NEW YORK (Reuters) – U.S. stocks ended lower on Wednesday, reversing gains after comments by Federal Reserve Chair Jerome Powell left investors wondering what the U.S. central bank’s next move would be with interest rate hikes. Indexes initially held onto gains following the Fed’s statement. It increased interest rates by a quarter…
By Luc Cohen NEW YORK (Reuters) – A former product manager at non-fungible token (NFT) marketplace OpenSea was convicted on Wednesday of fraud and money laundering for using inside knowledge of which assets would be featured on its home page to trade NFTs. Nathaniel Chastain was accused of buying NFTs he had decided to…
By Chavi Mehta, Jane Lanhee Lee and Stephen Nellis (Reuters) -Qualcomm Inc on Wednesday forecast third-quarter revenue and profit below Wall Street estimates, saying the smartphone industry would take longer to use up excess chips before fresh orders flow in. Shares of the chip designer fell nearly 7% in extended trading after it said its…
By Niket Nishant and David French (Reuters) -Carl Icahn’s empire took another hit on Wednesday when his holding company’s shares plunged further in the aftermath of a critical report from short seller Hindenburg Research, bringing the valuation drop since the short seller attacked it to more than $6 billion. Hindenburg on Tuesday accused Icahn Enterprises…
By Anirban Sen NEW YORK (Reuters) -PacWest Bancorp is exploring strategic options, including a potential sale or capital raise, after a liquidity boost it announced in March failed to inspire confidence in its ailing share price, a person familiar with the matter said. PacWest is hoping to avoid the fate of other regional lenders that…
By Echo Wang NEW YORK (Reuters) -Johnson & Johnson on Wednesday priced the initial public offering (IPO) of its consumer-health business Kenvue Inc at the upper end of its target range to raise $3.66 billion, according to two people familiar with the matter. Kenvue defied volatile market conditions to price about 166 million shares at…
(Reuters) – A new 300-megawatt (MW) Con Edison Rainey-to-Corona transmission line, which can power 240,000 average-sized homes in New York City’s Queens borough, has been energized, New York Governor Kathy Hochul said on Wednesday. The six-mile-long (10 km-long) line is part of the Reliable Clean City projects that will add 900 MW of transmission capacity…
By Stephen Nellis, Josh Ye and Jane Lanhee Lee (Reuters) -U.S. microchip export controls imposed last year to freeze China’s development of supercomputers used to develop nuclear weapons and artificial-intelligence systems like ChatGPT are having only minimal effects on China’s tech sector. The rules restricted shipments of Nvidia Corp and Advanced Micro Devices Inc chips…
