By Shivansh Tiwary (Reuters) -Caterpillar Inc said on Tuesday that strong demand for heavy machinery from construction and mining industries was expected to drive full-year operating margin near the top end of its prior forecast, sending its shares to a record high. The company, seen as a proxy for global economic activity, also reported better-than-expected…
By Max A. Cherney (Reuters) – Taiwanese chipmaker TSMC has developed the most expansive arsenal of patents surrounding advanced chip packaging, followed by Samsung Electronics and then Intel, according to data from LexisNexis. Advanced chip packaging is a crucial technology that squeezes the most horsepower from the latest chip designs, and is crucial to chip…
By Bhanvi Satija and Michael Erman (Reuters) -Pfizer on Tuesday said it will launch a cost-cutting program if its COVID-19 vaccine and antiviral treatment keep underperforming expectations in the coming months due to plunging demand. Pfizer said it anticipates more clarity on the future size of the COVID market later this year as infection rates…
By Laura Sanicola and Arshreet Singh (Reuters) – U.S. refiner Marathon Petroleum Corp reported a 63% drop in second-quarter profit on Tuesday, as improved fuel supplies and slowing economic activity compressed its margins. Despite resilient fuel demand in the U.S., an increase in global refining capacity over the last year and slowing economic activity has…
By Krystal Hu (Reuters) – Nile, a networking startup co-founded by former Cisco Systems executives John Chambers and Pankaj Patel, has raised $175 million in a new round to fund its efforts to build a Cisco competitor, the company said. The new round, co-led by March Capital and Saudi Arabia’s sovereign wealth fund, Sanabil Investments,…
By Lewis Krauskopf NEW YORK (Reuters) – Oppenheimer Asset Management on Tuesday projected the S&P 500 would rise above its record high by year end, the latest Wall Street firm to grow more bullish on the outlook for stocks following the market’s rally this year. Oppenheimer lifted its year-end price target for the S&P 500…
NEW YORK (Reuters) – A senior Goldman Sachs executive, who oversaw the firm’s office that manages the wealth of its partners and senior executives, is leaving the company after two decades, according to an internal memo seen by Reuters. Lisa Opoku, global head of the Goldman Sachs Partner Family Office, oversaw the firm’s wealth management…
By Sruthi Shankar, Amruta Khandekar and Shristi Achar A (Reuters) -European stocks fell on Tuesday, with the German DAX pulling back from record highs as shrinking factory activity in the euro zone, China and the United States underscored growing risks to the global economy from rising interest rates. The pan-European STOXX 600 index closed down…
By Blake Brittain (Reuters) – Laboratory equipment maker Thermo Fisher Scientific has settled a lawsuit brought by the estate of Henrietta Lacks, whose cells have fueled biomedical research for decades, lawyers for the estate said on Tuesday. The story of Lacks, a young African-American woman who died in Baltimore in 1951, was made famous in…
By Granth Vanaik (Reuters) -Norwegian Cruise Line on Tuesday forecast downbeat third-quarter profit after a strong second quarter, as elevated costs offset gains from robust demand and higher ticket prices, sending the company’s shares tumbling down as much as 16.7%. While higher costs have hounded most cruise operators, they have also benefited from pent-up demand…
