By Deborah Mary Sophia (Reuters) -Caterpillar on Thursday warned of a sales drop in the current quarter as volumes take a hit from dealers tightening equipment inventories, sparking worries that a months-long boom in machinery demand may be coming to an end. Shares of the global economy bellwether slumped 7% in morning trade as it…
By Blake Brittain (Reuters) -GlaxoSmithKline sued Pfizer and BioNTech in Delaware federal court on Thursday, accusing them of infringing GSK patents related to messenger RNA (mRNA) technology in the companies’ blockbuster COVID-19 vaccines. GSK said in the lawsuit that Pfizer and BioNTech’s Comirnaty vaccines violate the company’s patent rights in mRNA-vaccine innovations developed “more than…
By Raphael Satter WASHINGTON (Reuters) – Technology firm Cisco Systems said that hackers have subverted some of its digital security devices to break in to government networks globally. In a blog post published on Wednesday, the company said its Adaptive Security Appliances – pieces of equipment that roll several different digital defense functions into one…
By Stephen Culp NEW YORK (Reuters) – Disappointing forecasts from Facebook parent Meta Platforms has proven contagious, sparking a sell-off in tech and tech-related stocks in after-hours trading. Meta said it expects increased spending on AI technology and lower revenues in the current quarter, sending its stock down as much as 13% in extended trading….
By Granth Vanaik (Reuters) -Chipotle Mexican Grill raised its full-year sales forecast on Wednesday, on the back of resilient demand for its burritos and rice bowls despite higher menu prices. Shares of the company were up 3% at $3,015 in extended trading. They breached the $3,000 mark for the first time after the company approved…
By Arsheeya Bajwa (Reuters) -International Business Machines will buy HashiCorp in a deal valued at $6.4 billion, the company said on Wednesday, expanding its cloud-based software products to tap into an AI-powered boom in demand. Software has been a bright spot for IBM as its consulting business grapples with more cautious spending by enterprises navigating…
By Hyunjoo Jin and Akash Sriram (Reuters) -Tesla said on Tuesday it would introduce “new models” by early 2025 using its current platforms and production lines as it retreated from more ambitious plans to produce an all-new model that had been expected to cost $25,000. The talk of new offerings on a faster timeline sent…
By Manya Saini and Pritam Biswas (Reuters) -Visa’s second-quarter results sailed past Wall Street estimates on Tuesday, as consumers shrugged off worries of a slowing economy to swipe cards on everything from travel to dining out, sending its shares up 2.7% after the bell. U.S. consumer spending has remained remarkably resilient despite higher-for-longer interest rates,…
By Nupur Anand (Reuters) -JPMorgan Chase CEO Jamie Dimon expressed confidence in a robust U.S. economy backed by strong employment and healthy consumer finances. The U.S. economic boom is “unbelievable,” Dimon said at an Economic Club of New York event on Tuesday. “Even if we go into recession, the consumer’s still in good shape.” Still,…
By Stephen Nellis (Reuters) – Microsoft said on Tuesday that Coca-Cola had signed a $1.1 billion five-year deal to use its cloud computing and artificial intelligence services. Under the agreement, Microsoft and Coca-Cola will “jointly experiment” with Azure OpenAI. That service uses technology from Microsoft-backed startup and ChatGPT creator OpenAI to let customers build chatbots…
