(Reuters) -Caterpillar said on Tuesday that Chief Operating Officer Joe Creed would succeed Jim Umpleby as CEO, a move that comes as the construction equipment maker braces for an economic downturn brought on by President Donald Trump’s tariffs. Umpleby, who has been with the company for more than four decades, held the top job for…
By Tatiana Bautzer and Arasu Kannagi Basil NEW YORK (Reuters) – Citigroup beat Wall Street estimates for first-quarter profit on Tuesday as its traders reaped a windfall from volatile markets that fueled client activity. The third-largest U.S. lender’s earnings echoed those of Wall Street rivals, including JPMorgan Chase, Bank of America, and Morgan Stanley, whose…
(Reuters) – Barclays on Tuesday downgraded U.S. autos and mobility sector to “negative” from “neutral”, warning that President Donald Trump’s tariffs could pressure automakers’ earnings and curb investments. The comments echo those cited by Goldman Sachs last week, when the U.S. brokerage cut its estimate for automobile sales in the country for this year by…
By Abhirup Roy and Akash Sriram (Reuters) – Lucid is on track to launch its midsize electric SUV in 2026, company executives said on Tuesday, as the EV maker looks to tap an increasingly competitive segment dominated by rival Tesla’s bestselling Model Y crossover. “There are a lot of crazy things going on in the…
By Amanda Cooper and Dhara Ranasinghe LONDON (Reuters) -Global markets have been sucked into a down-draft after U.S. President Donald Trump’s sweeping tariffs, setting investors’ go-to warning lights flickering but not yet flashing red. Stocks have seen some $3 trillion wiped off Wall Street so far this week. European and Japanese markets have lost almost…
(Reuters) – Meta Platforms plans to release the latest version of its large language model later this month, after delaying it at least twice, the Information reported on Friday, as the Facebook owner scrambles to lead in the AI race. Meta, however, could push back the release of Llama 4 again, the report said, citing…
WASHINGTON (Reuters) – U.S. President Donald Trump on Friday extended the deadline for the sale of ByteDance’s U.S. assets of short video app TikTok, saying “tremendous progress” had been made but more work was needed to secure approvals. Trump added that he looked forward to working with TikTok and China to close the deal, and…
By Georgina McCartney HOUSTON (Reuters) – U.S. oilfield service firms are bracing for a hit as President Donald Trump’s tariffs throw supply chains into disarray and tumbling oil prices set the stage for a drop in drilling activity, analysts and financial firms said on Friday. Financial services firm Morningstar lowered its fair value estimates for…
(Reuters) – Goldman Sachs on Wednesday raised its end-2025 gold price forecast to $3,300 per ounce from $3,100, citing stronger-than-expected ETF inflows and sustained central bank demand. Goldman Sachs also raised its forecast range to $3,250-$3,520 from $3,100-$3,300 earlier, according to its research note. The investment bank expects large Asian central banks to continue their…
By Carolina Mandl NEW YORK (Reuters) -Hedge funds are increasingly betting against stocks, with Nvidia, Advanced Micro Devices and Tesla as their top three shorts placed on Wednesday, a Morgan Stanley note showed on Thursday. Wednesday was the third largest day of single stock selling by hedge funds this year, according to the bank’s institutional…
