NEW YORK (Reuters) – Hedge fund manager William Ackman exited his position in Lowe’s after the home improvement retailer earned more than $1 billion in profits for Pershing Square Capital Management’s investors, according to an investor update. “Lowe’s was a highly successful investment for Pershing Square,” Ackman wrote to investors, noting he cashed out after…
By Yuvraj Malik (Reuters) -Uber Technologies forecast quarterly core profit and gross bookings above estimates and reported market-beating results for the holiday quarter on Wednesday, fueled by higher demand in its ride sharing and food delivery businesses. It posted its first annual net profit as a public company as user retention improved, also benefiting from…
By Noel Randewich (Reuters) – Wall Street’s enthusiasm about artificial intelligence has Nvidia on the verge of becoming more valuable than Amazon for the first time in two decades, and the AI chipmaker is not far behind Google-owner Alphabet. A 40% surge in Nvidia so far in 2024 has elevated its market capitalization to $1.715…
By Deborah Mary Sophia (Reuters) -Chipotle Mexican Grill topped market estimates for quarterly profit and sales on Tuesday, helped by its relatively wealthier clientele ordering its burritos and rice bowls despite menu items getting pricier. Shares of the California-based company were up nearly 3% in after-hours trading. While customer traffic dropped 1.6% across the U.S….
(Reuters) – U.S. power consumption will rise to record highs in 2024 and 2025, the U.S. Energy Information Administration (EIA) said in its Short Term Energy Outlook (STEO) on Tuesday. EIA projected power demand will rise to 4,112 billion kilowatt-hours (kWh) in 2024 and 4,123 billion kWh in 2025. That compares with 3,994 billion kWh…
By Patrick Wingrove and Bhanvi Satija (Reuters) – Eli Lilly on Tuesday forecast 2024 profit above Wall Street estimates on soaring demand for Zepbound, its recently approved weight-loss drug, and said it would have new supply from expanded manufacturing capacity as soon as this year. Explosive demand for diabetes treatment Mounjaro, which had also been…
By Andrew Chung and John Kruzel WASHINGTON (Reuters) – Donald Trump will try to persuade the U.S. Supreme Court this week to reverse a judicial decision to kick him off the ballot in Colorado over his actions concerning the Jan. 6, 2021, Capitol attack, arguing that the constitutional provision his opponents cite does not apply…
(Reuters) -Nvidia’s shares scaled a new peak on Monday after Goldman Sachs raised its price target for the high-flying chipmaker’s stock in anticipation of a major boost to its earnings from the artificial intelligence (AI) boom. The stock rose about 4% to $689.21 and looked set to add about $70 billion to the company’s market…
By Bianca Flowers and Shivansh Tiwary (Reuters) -Caterpillar beat estimates with a double-digit jump in operating profit on Monday to send its shares to a record high buoyed by mining equipment sales and higher prices across its machinery divisions. Shares for the Texas-based company were up 5%. Spending on heavy machinery held steady among commercial…
By Lewis Krauskopf NEW YORK (Reuters) -Robust U.S. economic data is confronting investors with an unexpected question: whether strong growth can keep driving stocks higher even if the Federal Reserve delivers less monetary-policy easing than the market had hoped. Expectations that the Fed would pivot to cutting rates sent stocks soaring at the end of…
