By Mike Stone and Pratyush Thakur WASHINGTON (Reuters) – Raytheon Technologies Corp reported a 4% rise in quarterly adjusted profit on Tuesday, as the aerospace and defense company saw strong Chinese demand for commercial aircraft spare parts and services. “The rebound in China was explosive,” chief financial officer Neil Mitchell said in an interview. “We…
By Jonathan Stempel (Reuters) – First Republic Bank has been sued by shareholders who accused the beleaguered U.S. regional bank of concealing how rising interest rates threatened its business model by prompting an exodus of deposits. The lawsuit filed late Monday in San Francisco federal court accused First Republic and its auditor KPMG of misrepresenting…
(Reuters) – Truckmaker PACCAR Inc on Tuesday beat first-quarter profit and revenue estimates as demand for its truck models and aftermarket parts remained strong, boosted by customers looking to replace ageing fleets. Shares of the Bellevue, Washington-based company were up 1.65% at about $75 in premarket trading. The company benefited from a surge in ecommerce…
By Hyunsu Yim (Reuters) -Netflix Inc said on Tuesday it will invest $2.5 billion in South Korea over the next four years to produce Korean TV series, movies and unscripted shows, doubling its investment in the market since 2016. The U.S. streaming service made the announcement after a meeting between South Korean President Yoon Suk…
(Reuters) – Specialty glass maker Corning Inc beat profit estimates for the first quarter on Tuesday as price hikes more than made up for higher raw material costs and a demand slowdown. Shares of the company, whose Gorilla glass is used in smartphones of companies including Apple Inc and Samsung Electronics, rose 2% in premarket…
By Jason Lange WASHINGTON (Reuters) – About half of U.S. Democrats say President Joe Biden should not seek re-election next year and that he is too old to run, a worrisome sign for the 80-year-old, a Reuters/Ipsos poll found. The three-day opinion poll completed on Monday, a day before he announced his re-election bid, showed…
(Reuters) – Kimberly-Clark Corp raised its full-year profit forecast on Tuesday as consistent price hikes helped the company post better-than-expected sales in the first quarter, despite weak volumes across all its segments. Like several other consumer goods companies, Kimberly-Clark has been bumping up the prices of its products to offset spiraling costs associated with labor,…
(Reuters) – Wealth manager Northern Trust Corp reported lower-than-expected first-quarter profit on Tuesday, as lower asset management fees dragged down gains from higher interest rates. The results come close on the heels of two of the biggest bank failures in U.S. history that dampened hopes of an economic recovery and shook global markets. Market volatility…
(Reuters) – JetBlue Airways Corp forecast a better-than-expected second-quarter profit on Tuesday as the low-cost carrier remains confident about a robust recovery in leisure and international travel. Shares of the airline rose 2.64% in premarket trade after it reported a smaller-than-expected quarterly loss. The New-York based carrier maintained an optimal low-cost structure, while adding new…
(Reuters) – U.S. homebuilder PulteGroup Inc on Tuesday beat Wall Street estimates for first-quarter profit and revenue as home prices stayed elevated amid limited supply. A shortage of homebuilding supplies had affected the availability of new homes, cushioning prices from the impact of sky-high interest rates that curbed the spending power of potential buyers. Still,…
