By Mike Scarcella (Reuters) – The U.S. government’s antitrust lawsuit against Apple draws on the watershed 1998 case that broke Microsoft’s stranglehold on desktop software, but that may prove to be an imperfect blueprint for addressing smartphone competition. The market for the iPhone today looks very different from the near-monopoly enjoyed by Microsoft’s Windows operating…
By Jonathan Stempel (Reuters) -A divided U.S. appeals court said Meta Platforms must face a class action by advertisers that accused the Facebook and Instagram owner of overcharging them by fraudulently inflating the number of people their ads might reach. In a 2-1 decision on Thursday, the 9th U.S. Circuit Court of Appeals in San…
By Lisa Baertlein and Aishwarya Jain (Reuters) -FedEx narrowed its fiscal 2024 profit forecast on Thursday, raising the bottom end and lowering the top, as cost cuts take hold and share buybacks help offset less business from its largest customer, the U.S. Postal Service. Shares of the parcel delivery firm jumped 13% in extended trading…
By Annett Mary Manoj (Reuters) -Lululemon Athletica forecast annual revenue and profit below expectations on Thursday as demand wanes for the apparel retailer’s premium athleisure mainly in the North American region, sending its shares down nearly 11% in extended trading. In the U.S., excessive inventory levels at sporting retailers has resulted in lower orders for…
By Medha Singh and Aditya Soni (Reuters) – Memory chipmaker Micron Technology surged to a record high on Thursday after its strong revenue forecast fanned optimism that soaring demand for AI hardware would take the Nvidia supplier to new peaks. The stock was last up 15%, lifting the broader Philadelphia chip index 3% higher. Micron,…
(Reuters) – U.S. Secretary of State Antony Blinken will visit Israel on Friday in an expansion of his Middle East trip, State Department spokesman Matthew Miller said on Wednesday. The visit comes amid tensions over Israeli plans for a military assault in the southern Gaza town of Rafah. (Reporting by Humeyra Pamuk; Edting by Doina…
By Elizabeth Howcroft LONDON (Reuters) -The recent surge in cryptocurrency prices has been driven by retail investors, but institutions are starting to join in, Goldman Sachs’ head of digital assets Mathew McDermott said on Tuesday. Bitcoin, the biggest cryptocurrency, hit an all-time high of $73,794 last week and has gained 50% so far this year,…
(Reuters) -Super Micro Computer said on Tuesday it will sell 2 million shares that could fetch around $2 billion, sending the AI server maker’s shares 11% lower. The San Jose-based company’s shares have more than tripled since January, making the sale of equity a lucrative option to raise funds. However, buying the shares following their…
By Katya Golubkova TOKYO (Reuters) -Nippon Steel would move its U.S. headquarters to Pittsburgh where its acquisition target U.S. Steel is based if the deal goes through, an executive said, adding to the pledges from the Japanese steelmaker to secure the transaction. Nippon Steel’s proposed $15-billion takeover of U.S. Steel has drawn sharp criticism in…
By Martin Coulter (Reuters) -Apple is in talks to build Google’s Gemini artificial intelligence engine into the iPhone, Bloomberg News reported on Monday, citing people familiar with the situation. The negotiations are about licensing Gemini for some new features coming to the iPhone software this year, the report said, adding that the terms or branding…
