(This May 8 story has been refiled to correct a misspelled word in paragraph 7) By Andrew Goudsward (Reuters) – Law firm Wilmer Cutler Pickering Hale and Dorr pushed back on Monday against an effort to bar the firm from defending JPMorgan Chase & Co in a lawsuit accusing the bank of helping to facilitate…
By Lisa Richwine and Dawn Chmielewski LOS ANGELES (Reuters) – Walt Disney Co reduced streaming losses by $400 million from the prior quarter but also shed subscribers, the company reported on Wednesday as quarterly earnings landed in line with Wall Street expectations. Shares of Disney fell 4.4% in after-hours trading. A price increase and reduced…
By Carolina Mandl and Shristi Achar A (Reuters) – The Nasdaq ended Wednesday at its highest intraday level in more than eight months, boosted by a slightly lower-than-expected increase in April inflation and Alphabet Inc’s latest artificial intelligence rollout. The Labor Department’s Consumer Price Index (CPI) rose 4.9% in April from a year ago, compared…
By Manya Saini (Reuters) – Robinhood Markets Inc on Wednesday surpassed Wall Street estimates for first-quarter revenue, as the U.S. Federal Reserve’s rapid rate hikes boosted the online brokerage’s interest income. Shares of the company, which was at the center of 2021’s retail trading frenzy, pared gains and were last up 2% in volatile extended…
By Chris Prentice and Michelle Price WASHINGTON (Reuters) – A U.S. accounting watchdog found unacceptable deficiencies in audits of U.S.-listed Chinese companies performed by KPMG in China and PricewaterhouseCoopers in Hong Kong, the government agency said on Wednesday. The U.S. Public Company Accounting Oversight Board (PCAOB)published the findings of its inspections after gaining access to…
By Ananya Mariam Rajesh (Reuters) -Beyond Meat said on Wednesday it expects sharper revenue growth in the second half of 2023 after reporting a smaller-than-expected quarterly loss on easing supply chain pressures and cost controls. Shares in the plant-based meat company rose as much as 11% in extended trading before paring gains, last up 4%,…
By Dietrich Knauth NEW YORK (Reuters) – A U.S. bankruptcy judge on Wednesday blocked the NBA’s Phoenix Suns from moving ahead with a television and streaming rights deal for its basketball games, saying the team violated the rights of its current broadcast partner, the bankrupt Diamond Sports Group. The Phoenix Suns last month announced they…
LONDON (Reuters) – Bank of America has hired former BNP Paribas banker Benoit Nevouet to be the manager of a newly created Luxembourg branch as the U.S. lender seeks to grow its business in Europe, a senior executive at Bank of America told Reuters. The opening of a branch in the small but wealthy country…
By Foo Yun Chee and Ilona Wissenbach BRUSSELS (Reuters) – Lufthansa suffered a setback on Wednesday after Europe’s second-highest court sided with Ryanair and annulled a European Union competition regulator’s decision clearing its state bailout. The court cited errors in the EU competition regulators’ decision to approve the German government’s 6-billion-euro ($6.60 billion) rescue package…
By Ananya Mariam Rajesh and Brendan Pierson (Reuters) -Altria Group Inc said Wednesday that it will pay $235 million to settle at least 6,000 lawsuits accusing it of fueling a teen vaping epidemic through its former investment in e-cigarette maker Juul Labs Inc. The deal ends nearly all of the litigation brought against the tobacco…
