By Scott DiSavino NEW YORK (Reuters) – Oil prices eased on Friday ahead of the long Christmas holiday weekend on expectations Angola could increase output after leaving OPEC, but rose for the week on positive U.S. economic news and worries Houthi ship attacks would boost supply costs. Brent futures fell 32 cents, or 0.4%, to…
By Savyata Mishra and Aishwarya Venugopal (Reuters) – Nike is starting to lose share to upstart sneaker brands such as On and Hoka and will need to invest in fresher styles, analysts said on Friday, after the sportswear giant trimmed its annual sales forecast and sent shares tumbling 11%. The Air Jordan 1 shoe maker…
By Michael Erman and Manas Mishra (Reuters) -Bristol Myers Squibb on Friday agreed to buy Karuna Therapeutics for $14 billion, gaining a promising new type of antipsychotic medicine to help power growth as patents on its older therapies expire later this decade. Karuna’s experimental schizophrenia drug, called KarXT, should drive sales through the late 2020s…
LONDON (Reuters) – Global investors put a record $1.3 trillion into cash in 2023, according to a report from Bank of America and data provider EPFR on Friday. They also pumped a record $177 billion into U.S. Treasuries this year, though on a weekly basis the U.S. government bonds are in their third weekly outflow,…
By Siyi Liu and Dominique Patton BEIJING (Reuters) – This Dec. 21 story has been corrected to clarify that the ban was on the export of technology to make rare earth magnets and that the ban on technology to extract and separate critical materials was already in place, in paragraphs 1 and 6. It also…
(Reuters) -Chipmaker Micron Technology’s shares jumped 7% on Thursday after it predicted a strong recovery in the supply-demand balance for memory and flash storage in 2024. The company’s quarterly results on Wednesday exceeded market expectations and it forecast a strong February quarter in a clear sign that memory chip prices will improve next year to…
(Reuters) -CarMax on Thursday posted a more than two-fold rise in quarterly profit to beat analyst estimates after cost cuts helped it offset lower demand for used vehicles, sending the pre-owned car retailer’s shares up 7%. Used-vehicle demand, which rose during the pandemic, fell significantly over the past few quarters after consumers were faced with…
By Anton Bridge TOKYO (Reuters) -Toyota Motor shares slumped on Thursday as Japan’s transport ministry inspected a subsidiary over safety concerns dating back decades and as the world’s top-selling automaker separately announced a recall of 1.1 million vehicles. Shares in Japan’s biggest automaker closed down 4.0%, underperforming the benchmark Nikkei average, which fell 1.6%. A…
By Andrea Shalal WASHINGTON (Reuters) – Brian Deese, a key player in President Joe Biden’s 2024 re-election bid, said on Wednesday that Nippon Steel’s proposed purchase of U.S. Steel was concerning and that the administration should look closely at it. Several Democratic and Republican U.S. senators have criticized the deal this week, citing national security…
By Jonathan Saul, Helen Reid and Corina Pons LONDON/MADRID (Reuters) -Exporters are scrambling to find alternative air, land and ocean routes to get toys, apparel, tea and auto parts to retailers as disarray ripples through freight supply chains around the world during a wave of attacks in the Red Sea. Iran-backed Houthi militants in Yemen…
