By Manya Saini (Reuters) -New York Community Bancorp shares extended their slide days after the lender replaced its CEO and flagged “material weaknesses” in internal controls related to a loan review. The shares tumbled over 23% to close at their lowest since 1996. They had dropped as much as 26% on Friday despite the bank…
By Foo Yun Chee BRUSSELS (Reuters) -Brussels on Monday fined Apple 1.84 billion euros ($2 billion) for thwarting competition from music streaming rivals via restrictions on its App Store, the iPhone maker’s first ever penalty for breaching EU rules. A basic penalty of 40 million euros was inflated by a huge lump sum included as…
By Tom Hals WILMINGTON, Delaware (Reuters) -The lawyers who voided Elon Musk’s $56 billion compensation as excessive on Friday sought a record a $6 billion legal fee, payable in the electric car maker’s stock. “We recognize that the requested fee is unprecedented in terms of absolute size,” the three law firms said in a filing…
By David Randall NEW YORK (Reuters) -As fervor for artificial intelligence sweeps Wall Street, some investors are seeking bargains in more conventional areas of the stock market. Value stocks, typically defined as companies trading at a discount on metrics such as book value or price-to-earnings, have largely been left behind as AI put a charge…
By Echo Wang (Reuters) – Media platform Reddit is eyeing a valuation of up to $6.5 billion in its initial public offering, two people with the matter told Reuters on Friday, far less than what it was worth a few years ago. The company is looking to set a price range of $31-$34 per share,…
By Stephen Nellis PALO ALTO, California – (Reuters) – Nvidia Chief Executive Jensen Huang on Friday said that artificial general intelligence could – by some definitions – arrive in as little as five years. Huang, who heads the world’s leading maker of artificial intelligence chips used to create systems like OpenAI’s ChatGPT, was responding to…
By Jahnavi Nidumolu, Aditya Soni and Sheila Dang (Reuters) -Billionaire entrepreneur Elon Musk has sued ChatGPT-maker OpenAI and its CEO, Sam Altman, saying they abandoned the startup’s original mission to develop artificial intelligence for the benefit of humanity and not for profit. The lawsuit filed late on Thursday in California Superior Court in San Francisco…
By Nicole Jao NEW YORK (Reuters) -Oil prices rose 2% on Friday and posted weekly gains as traders awaited an OPEC+ decision on supply agreements for the second quarter while also weighing fresh U.S., European and Chinese economic data. Brent futures for May settled $1.64 higher, or 2%, at $83.55 a barrel. The April Brent…
(Reuters) – U.S. President Joe Biden has signed into law a short-term stopgap spending bill to avert a partial government shutdown, the White House said on Friday. The bill was approved by the Democratic-majority U.S. Senate on Thursday after the Republican-controlled House of Representatives backed it with less than 36 hours before funding would have…
By Saqib Iqbal Ahmed NEW YORK (Reuters) – The latest knock to the shares of New York Community Bancorp sent traders in the options market looking for defensive positions with renewed gusto on Friday. New York Community Bancorp shares plunged 24% on Friday after it found “material weaknesses” in internal controls related to its loan…