By Leroy Leo and Christy Santhosh (Reuters) -AbbVie, girding for government price negotiations on its big-selling cancer drug Imbruvica, on Friday disclosed a $2.1 billion charge related to an expected drop in revenue once the new price for U.S. Medicare patients goes into effect. The Illinois-based drugmaker’s leukemia pill in August was selected as one…
By Sabrina Valle HOUSTON (Reuters) -Exxon Mobil Corp on Friday posted a sharply lower $9.1 billion third-quarter profit, missing analysts’ estimates for the second quarter in a row, and off 54% from a year ago. Earnings by the largest U.S. oil producer have benefited from higher crude oil prices compared to the previous quarter and…
By Lisa Baertlein (Reuters) – United Parcel Service on Thursday said it is spending more than $1 billion this quarter to buy two companies it hopes will bolster profit and volumes amid bare-knuckled market share battles with delivery rivals like FedEx. The world’s biggest parcel delivery firm on Wednesday announced an agreement to buy Happy…
By Tatiana Bautzer and Lananh Nguyen NEW YORK (Reuters) – Major Wall Street firms said a dismal year of dealmaking appears to have hit a trough, and now some companies are looking to merge, offering hope that investment banking revenues could pick up after a disappointing third quarter. Dealogic data showed that globally, investment banking…
By Aditya Soni (Reuters) -Amazon.com rose 7% on Friday on a pick up in growth at its most profitable cloud business as it aims for a larger share of the booming artificial intelligence market in a race with Microsoft. The e-commerce giant was on track to add almost $90 billion to its market capitalization based…
By Paul Lienert and Nathan Gomes DETROIT (Reuters) -Ford Motor on Thursday withdrew its full-year results forecast due to “uncertainty” over the pending ratification of its deal with the United Auto Workers (UAW) union, and warned of continued pressure on electric vehicles, sending shares of the company down more than 4% after-hours. The union and…
By David Lawder WASHINGTON (Reuters) -U.S. Treasury Secretary Janet Yellen on Thursday said U.S. third quarter economic growth of nearly 5% was a good sign that the economy was headed for a soft landing, but could help keep longer-dated bond yields elevated. “It’s a good strong number and shows the economy is doing well,” Yellen…
By Seher Dareen (Reuters) -Newmont on Thursday missed Wall Street estimates for third-quarter profit as the world’s largest gold miner struggled with weak production stemming from a labor strike at its Mexico mine. The company was forced to suspend operations at the Penasquito mine in Mexico in June, but it reached a resolution with the…
LOS ANGELES (Reuters) -FedEx Corp on Wednesday said its U.S. Express deliveries could be delayed due to an overnight Federal Aviation Administration (FAA) information technology system outage that the regulatory agency said has been resolved. FedEx’s signature Express service uses planes to provide overnight deliveries. The company said shipments delayed due to the outage are…
By Aditya Soni and Krystal Hu (Reuters) -Alphabet shares slumped on Wednesday after its cloud unit’s growth fell to near a three-year low, paling in comparison to Microsoft’s relative success as the tech giants race to make money from generative artificial intelligence. Shares of Alphabet fell 9.6% on Wednesday, compared with a healthy 2.8% gain…
