(Reuters) – Shares of Metagenomi Technologies, a genetic medicines company backed by Bayer Healthcare and Moderna, slumped 32% in their Nasdaq debut on Friday. The stock opened for trading at $10.25 compared with the IPO price of $15 per share. The lukewarm debut, which gives Metagenomi a valuation of $384 million, underscores the unpredictability young…
By David Shepardson WASHINGTON (Reuters) -The White House on Friday touted the U.S. government’s plan to spend $11 billion on semiconductor-related research and development and said it was launching the $5 billion National Semiconductor Technology Center. Congress in August 2022 approved the landmark Chips and Science Act. The law provides that $52.7 billion, including $39…
By Manya Saini and Niket Nishant (Reuters) -Embattled New York Community Bancorp faced its third credit-rating cut on Thursday while default worries from exposure to the beleaguered U.S. commercial real estate (CRE) took its toll on lenders in Europe and Asia. Morningstar DBRS on Thursday downgraded NYCB’s credit rating due to “outsized” exposure to CRE,…
By Dawn Chmielewski (Reuters) -In 2017, Epic Games was among a handful of companies selected to participate in Walt Disney’s Accelerator incubator program, where the game company’s founder held ambitions of incorporating the entertainment giant’s well-known characters into his digital playground. Now, Disney is making a much bigger bet that will make this possible. Disney…
By Brijesh Patel and Polina Devitt (Reuters) – Spot palladium prices fell below those of sister metal platinum for the first time since April 2018 on Thursday, as growing demand concerns and bets on stable supply weighed on the metal. By 1303 GMT palladium was down 2.8% at $869.6 per troy ounce, its lowest in…
By Samrhitha A (Reuters) -Arm Holdings shares surged more than 55% on Thursday, on track for their best day since a blockbuster market debut in September, powered by strong forecasts on demand for its technology to design chips for artificial intelligence features. The surge would put the British chip designer’s market value at more than…
By Andrew Goudsward WASHINGTON (Reuters) -A U.S. appeals court on Tuesday ruled that Donald Trump does not have immunity from criminal charges accusing him of trying to overturn his 2020 election defeat, but the decision does not mean the former U.S. president will head immediately to trial. Here is a look at next steps in…
By Niket Nishant and Lewis Krauskopf (Reuters) -Shares of New York Community Bancorp closed higher on Wednesday after the lender sought to bolster investor confidence by appointing a new executive chairman and said it could cut exposure to the troubled commercial real estate (CRE) segment. The bank’s shares gained 6.7% on the day, rebounding after…
NEW YORK (Reuters) – Hedge fund manager William Ackman exited his position in Lowe’s after the home improvement retailer earned more than $1 billion in profits for Pershing Square Capital Management’s investors, according to an investor update. “Lowe’s was a highly successful investment for Pershing Square,” Ackman wrote to investors, noting he cashed out after…
By Yuvraj Malik (Reuters) -Uber Technologies forecast quarterly core profit and gross bookings above estimates and reported market-beating results for the holiday quarter on Wednesday, fueled by higher demand in its ride sharing and food delivery businesses. It posted its first annual net profit as a public company as user retention improved, also benefiting from…
