(Reuters) -Etsy Inc on Wednesday forecast third-quarter revenue below market expectations, signaling softening in demand for handcrafted goods at its online marketplace, sending its shares down 6% after the bell. A rise in prices of essential goods has forced consumers to cut back on spending on discretionary items, which include higher-margin home furnishing goods and…
(Reuters) -Nutrien on Wednesday decided to indefinitely pause its ramp-up plans for potash production and halt work on its clean ammonia project at Geismar, Louisiana, as the world’s biggest fertilizer producer grapples with falling prices. Its U.S.-listed shares fell 2.6% in extended trading as the company cited market conditions for stopping efforts to bolster potash…
(Reuters) – MGM Resorts International beat Wall Street profit estimates for the second quarter on Wednesday, as visitor rebound in China surpassed pre-pandemic levels. However, costs for casino operations, hotel rooms and food and beverages rose, sending shares down 6.05% in aftermarket trade. The post-pandemic travel rebound in China and Macau has been a tailwind…
By Patrick Wingrove (Reuters) – Drugmakers are bracing for the U.S. government’s announcement of the 10 prescription medicines that will be subject to the first-ever price negotiations by the Medicare health program that covers 66 million people, according to three top manufacturers. The U.S. is expected to publish the list online in about a month,…
By Chavi Mehta, Stephen Nellis and Max A. Cherney (Reuters) -Qualcomm forecast fourth-quarter sales below market expectations on Wednesday and said it would likely cut jobs as consumer spending on gadgets like smartphones remained stubbornly weak amid slowing global economic growth. The San Diego, California-based company said it also expects no further sales to Chinese…
By Yuvraj Malik (Reuters) -Canada’s Shopify forecast strong revenue growth and delivered better-than-expected results for the second quarter on Wednesday, helped by new signups and price increases across its services. Merchants and businesses are turning to Shopify, which offers tools to create and manage online store-fronts, as retail spending picks up on signs of stabilizing…
By Jamie McGeever (Reuters) – A look at the day ahead in Asian markets from Jamie McGeever, financial markets columnist. No doubt about it, Wednesday was one of the gloomiest days in a long time for stock markets around the world, as Fitch’s surprise move to strip the U.S. of its AAA credit rating gave…
By Granth Vanaik (Reuters) -DoorDash raised its annual core profit forecast for a second time and posted an upbeat quarterly revenue as groceries and food orders jumped, sending its shares up more than 4% after the bell on Wednesday. The delivery firm posted its highest revenue since its IPO in Dec. 2020 as people stick…
By Trevor Hunnicutt and Jarrett Renshaw WASHINGTON (Reuters) -Bahta Mekonnen, a 28-year-old in the key voting state of Georgia, is among the millions of Black voters who helped deliver President Joe Biden the White House in 2020. Three years later, he is one of the voters who Democrats fear could cost Biden a second term…
(Reuters) – MetLife on Wednesday reported second-quarter profit above expectations as a rally in U.S. markets boosted returns from the insurer’s investments. Wall Street has rebounded this year on hopes that the Federal Reserve could tame sky-high inflation without tipping the economy into a recession, amid hints that the central bank is nearing the end…
