(Reuters) – Southwest Airlines’ shares rose about 7% in premarket trade on Monday after the Wall Street Journal reported that activist investor Elliott Investment Management had built a nearly $2 billion stake in the U.S. carrier. According to the Journal’s report on Sunday, Elliott is one of Southwest’s largest investors and plans to push for…
(Reuters) -FedEx reported a drop in first-quarter profit on Thursday and lowered the top end of its annual profit forecast as demand in the package industry remained muted, especially for priority services. The company’s shares fell about 11% to $268.21 after the bell. FedEx and other transportation firms expanded operations during the pandemic-fueled online shipping…
By Joseph Ax (Reuters) -Reuters won two Pulitzer Prizes on Monday, taking home the breaking news photography award for searing images of the Israel-Gaza conflict as well as the national reporting award for a series of investigations into Elon Musk’s manufacturing empire. ProPublica won the coveted public service award for stories detailing undisclosed gifts and…
US stocks opened mixed on Thursday as Oracle’s troubling earnings report spooked investors despite the Federal Reserve’s dovish rate cut just a day earlier. The S&P 500 fell 0.3%, unable to hold Wednesday’s momentum near record highs, while the tech-heavy Nasdaq Composite retreated 0.7%, reflecting broader concerns about AI spending sustainability.
By Aatreyee Dasgupta (Reuters) – Top U.S. steelmakers are expected to post a decline in second-quarter earnings and could face additional pressure from a further retreat in steel prices heading into a slow summer season, according to analysts. Nucor, Steel Dynamics and U.S. Steel have highlighted a fall in profitability in their steel-making operations on…
WASHINGTON (Reuters) -The United States is considering taking additional steps against Chinese companies that have been supplying Russia’s defense industrial sector, the State Department said on Thursday. “We are considering further actions,” State Department spokesperson Matthew Miller said in a briefing to reporters a day after Washington targeted China-based firms that have been selling semi-conductors…
WASHINGTON (Reuters) – The U.S. Trade Representative’s (USTR) office on Friday announced a further extension of all China Section 301 tariff exclusions on 352 Chinese import and 77 pandemic-related categories through June 14, and said some would be extended through May 31, 2025. WHY IT’S IMPORTANT The administration of former President Donald Trump used Section…
(Reuters) – A California state agency said on Thursday it had rejected AT&T’s bid to be able to stop offering landline telephone service and other services as the “carrier of last resort.” Marin County said AT&T’s request made in March 2023 would have ended services to over 580,000 eligible households throughout the state. The California…
(Reuters) -Levi Strauss fell short of market expectations for second-quarter revenue on Wednesday and maintained its annual earnings forecast, taking its shares down 11% in extended trading. Apparel makers such as Levi and peer Ralph Lauren have worked to prioritize higher margin products and increase penetration through their direct-to-consumer channels. An inventory glut last year…
By Jonathan Stempel (Reuters) – Warren Buffett’s Berkshire Hathaway on Wednesday revealed a new, $6.72 billion stake in the insurer Chubb, ending months of speculation that it had made a big new investment. In a regulatory filing describing its U.S.-listed stock holdings as of March 31, Berkshire said it owned 25.92 million shares of Chubb….
