By Blake Brittain (Reuters) – Sonos Inc and Alphabet’s Google LLC will face off in a San Francisco federal trial on Monday over claims that Google copied Sonos’ patented smart-speaker technology in wireless audio devices like Google Home and Chromecast Audio. The case is part of a sprawling intellectual property dispute between the former business…
By Tiyashi Datta (Reuters) -AMC Entertainment Holdings Inc on Friday provided an upbeat assessment of box office recovery this year, after beating quarterly revenue estimates as films including the latest installment of “Ant-Man” drew moviegoers to theaters. Movie theaters have started to see a revival in footfalls after an uneven recovery from pandemic lows, thanks…
By Sourasis Bose (Reuters) -PBF Energy Inc boosted its share buyback authorization to $1 billion after soaring margins helped the U.S. refiner to beat first-quarter profit estimates. The company expects to continue and potentially increase shareholder returns. Shares rose 2% in the morning trade. PBF’s gross refining margin, excluding special items, soared 65% to $1.41…
By Stephen Nellis (Reuters) -When Apple Inc surprised investors this week with a rise in iPhone sales despite a slump in the global smartphone market, Chief Executive Tim Cook credited emerging markets like India where the company is luring away Android phone users. Cook is betting that those markets will provide more opportunities for growth,…
By Philip Pullella VATICAN CITY (Reuters) -Pope Francis on Friday praised the work of an international Vatican commission on sexual abuse prevention, following the recent acrimonious resignation of a high-profile member who accused it of lacking transparency. In an address to a plenary session of the Pontifical Commission for the Protection of Minors, Francis made…
By Leroy Leo and Khushi Mandowara (Reuters) -Cigna Group on Friday raised its annual profit forecast after lower medical costs at the company’s health insurance business helped it beat estimates in the first quarter, lifting shares 7.5% in morning trade. The health insurer also cut the midpoint of its 2023 medical cost ratio – or…
By Kannaki Deka (Reuters) – Carvana Co’s shares soared as much as 55% on Friday after the struggling online used-car retailer’s surprise second-quarter profit forecast caught bearish investors on the wrong foot. Carvana endured a turbulent 2022 as the company struggled to offload used cars purchased at higher prices during the pandemic due to weak…
By Hilary Russ NEW YORK (Reuters) – More job seekers are filling out applications to sling Big Macs at McDonald’s, and Starbucks baristas are staying in their jobs longer, as a cooling economy sends workers back to low-wage restaurant gigs and keeps them there. “We’re seeing the labor situations improving,” McDonald’s Chief Executive Chris Kempczinski…
(Reuters) – Republic First Bancorp said on Friday it cut jobs in its commercial lending unit as the lender prepares to exit its mortgage origination business. The Philadelphia-based regional bank said high costs of running a mortgage origination platform were not allowing it to improve its profitability and sharpen focus on core businesses. The layoffs…
By Mike Stone WASHINGTON (Reuters) – The drones that crashed over the Kremlin earlier this week probably evaded an extensive number of defenses in and around Moscow, suggesting they might have been launched from inside Russia, U.S.-based drones experts said. Footage of the unmanned aircraft has sent governments and open source intelligence analysts on a…
