Oil falls about 3% as strong U.S. jobs data prompt interest rate concerns

By Stephanie Kelly NEW YORK (Reuters) -Oil prices fell to over three-week lows on Friday in a volatile session, after strong U.S. jobs data raised concerns about higher interest rates and as investors sought more clarity on the imminent EU embargo on Russian refined products. Brent crude futures fell $2.23, or 2.7%, to $79.94 a […]

Peloton shares soar as turnaround plan shows promise

By Priyamvada C (Reuters) -Peloton Interactive Inc on Wednesday forecast current-quarter revenue above expectations, in an early sign that its efforts to boost sales, including by selling on third-party platforms, were beginning to yield fruit. Shares of the fitness equipment maker jumped as much as 22.4% after it also reported a slowing cash burn on […]

GM shoves aside recession fears with robust 2023 forecast

By Paul Lienert and Joseph White DETROIT (Reuters) – General Motors Co shares jumped early on Tuesday after it reported higher net income for the fourth quarter, forecast stronger-than-expected earnings for 2023 and said it would cut $2 billion in costs. The automaker, the top in the United States by sales, forecast that it could […]

Tech, megacaps drag Wall St to lower close as big market week kicks off

By Lewis Krauskopf, Shreyashi Sanyal and Johann M Cherian NEW YORK (Reuters) – Major U.S. stock indexes sank on Monday, weighed down by declines in technology and other megacap shares, as investors looked toward a major week of events including central bank meetings and a slew of earnings reports. The heavyweight tech sector dropped 1.9% […]

U.S. consumer spending ends 2022 on weaker footing; inflation slowing

By Lucia Mutikani WASHINGTON (Reuters) – U.S. consumer spending fell for a second straight month in December, putting the economy on a lower growth path heading into 2023, while inflation continued to subside, which could give the Federal Reserve room to further slow the pace of its interest rate hikes next week. The report from […]

ADM’s earnings top forecasts on strong crush margins, buoyant demand

By Karl Plume CHICAGO (Reuters) -Archer-Daniels-Midland Co on Thursday said robust soy crushing margins and hefty global demand for crops had propelled the U.S. grains merchant to a record fourth-quarter profit and would keep driving strong results in 2023. The solid quarterly earnings highlighted how global crop merchants like ADM have weathered rising energy costs […]

Abbott’s medical device sales hit by China curbs, supply chain issues

By Leroy Leo and Pratik Jain (Reuters) – Abbott Laboratories on Wednesday reported lower-than-expected medical device sales for the fourth quarter as COVID-19 curbs in China and supply-chain issues hit its international operations. The company also flagged that medical devices sales would remain soft in the first quarter, mirroring similar comments a day earlier from […]

Wall Street extends rally, powered by tech bounce

By Stephen Culp NEW YORK (Reuters) – Wall Street closed sharply higher on Monday, fueled by surging technology stocks as investors began an earnings-heavy week with a renewed enthusiasm for market-leading momentum stocks that were battered last year. All three major stock indexes extended Friday’s gains, with the tech-heavy Nasdaq leading the pack, boosted by […]

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Peloton shares soar as turnaround plan shows promise

February 1, 2023

By Priyamvada C (Reuters) -Peloton Interactive Inc on Wednesday forecast current-quarter revenue above expectations, in an early sign that its efforts to boost sales, including by selling on third-party platforms, were beginning to yield fruit. Shares of the fitness equipment maker jumped as much as 22.4% after it also reported a slowing cash burn on […]
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