By Rajesh Kumar Singh and Kannaki Deka CHICAGO (Reuters) – United Airlines Holdings Inc on Monday unexpectedly forecast a loss for the first quarter on account of higher operating costs and weaker-than-expected pricing power, plunging its shares. The Chicago-based carrier now expects an adjusted loss between 60 cents and $1.00 per share for the quarter…
By Pete Schroeder WASHINGTON (Reuters) -The U.S. Federal Reserve announced on Monday it is reviewing its oversight of Silicon Valley Bank in the wake of its abrupt failure Friday. In a statement, Fed Chairman Jerome Powell said the bank’s failure, which set off a wave of concern over the banking system, demanded a “thorough, transparent,…
By Blake Brittain (Reuters) – Apple Inc, Google LLC, Cisco Systems Inc and others can sue the U.S. Patent and Trademark Office to challenge a rule that reduced the number of patent-validity proceedings at a USPTO tribunal, a U.S. appeals court said Monday. The U.S. Court of Appeals for the Federal Circuit reversed a California…
(Fixes typo) (Reuters) -Traders no longer expect a rate hike of 50 basis points by the U.S. Federal Reserve next week as the surprise collapse of lender SVB Financial Group rattles the banking sector. The current projection is for a 25 bps move, with some even expecting no hike at all. That is a quick…
(Reuters) – SVB Financial Group and two top executives were sued on Monday by shareholders, who accused them of concealing how rising interest rates would leave its Silicon Valley Bank unit, which failed last week, “particularly susceptible” to a bank run. The proposed class action against SVB, Chief Executive Greg Becker and Chief Financial Officer…
By Amruta Khandekar and Shristi Achar A (Reuters) -U.S. stock indexes rose in choppy trading on Monday as investors weighed a possible pause in interest rate hikes by the Federal Reserve in March and risks of a contagion from Silicon Valley Bank’s (SVB) collapse. The sudden shutdown of SVB Financial on Friday, after a failed…
(Reuters) – Activist investor Carl Icahn on Monday launched a proxy fight at Illumina Inc, arguing the company’s takeover of Grail Inc had cost shareholders about $50 billion since the closing of the deal. Shares of Illumina jumped 18% to $228.97 in morning trade. Icahn plans to nominate three people to Illumina’s board at the…
By Nell Mackenzie LONDON (Reuters) – Hedge funds ended last week positioned to scoop up winning profits from bearish positions on bank stock falls, according to a note by Goldman Sachs sent to clients late on Sunday. They sold financially themed shares and banks for nine straight weeks but rather than only exiting long positions,…
By Trevor Hunnicutt WASHINGTON (Reuters) -President Joe Biden on Monday will address a banking crisis that led U.S. regulators to step in with a series of emergency measures after the collapses of Silicon Valley Bank and Signature Bank threatened to trigger a broader crisis. His remarks are scheduled for 9 a.m. (1300 GMT), according to…
By Victoria Waldersee and Jan Schwartz WOLFSBURG, Germany (Reuters) -Porsche AG expects sales to rise to as much as 42 billion euros ($45 billion) in 2023 after the luxury carmaker sped to record earnings and revenue in its first year since its initial public offering, as it boosted car deliveries. Chief Financial Officer Lutz Meschke,…
