By Siddharth Cavale NEW YORK (Reuters) – Walmart’s stake in Chinese e-commerce firm JD.com was once central to its China strategy. Now it is tearing up that playbook by unloading its entire $3.74 billion stake in one of China’s biggest online retailers, in another example of the volatile nature of its relationship with China. The unshackling…
By Ananya Mariam Rajesh, Siddharth Cavale (Reuters) -Target raised its full-year profit forecast on Wednesday and reported its first increase in quarterly comparable sales in over a year, driven by price cuts that attracted more shoppers to its stores. Target’s results reflect a similar strategy employed by Walmart and other retailers looking to attract increasingly…
By Noel Randewich (Reuters) – The S&P 500 will trade near current record levels at year-end, according to a Reuters poll of market strategists that suggests the AI rally is losing steam as investors wait for a widely-expected U.S. central bank interest rate cut next month. The benchmark S&P 500 will end 2024 at 5,600…
By David Shepardson and Abhijith Ganapavaram (Reuters) – Stellantis said on Tuesday its planned investments at Belvidere, Illinois, will be delayed but insisted it is committed to moving forward and is not in violation of its union contract. On Monday, the United Auto Workers union said some of its local units representing tens of thousands…
(Reuters) -Sam Altman-led OpenAI on Tuesday announced a multi-year partnership with Condé Nast to display content from its brands such as the Vogue and the New Yorker within the AI startup’s products, including ChatGPT and SearchGPT prototype. The Microsoft-backed firm has signed similar deals with the Time magazine, Financial Times, Business Insider-owner Axel Springer, France’s…
(Reuters) – Energix Renewables said on Tuesday it has signed a long term agreement with Alphabet’s Google to supply electricity and renewable energy credits generated from its solar projects to the tech giant. To power their rapidly expanding AI data centers, major technology firms like Google are increasingly negotiating electricity supply agreements with energy providers….
By Rishav Chatterjee (Reuters) -Australia’s Lendlease on Monday reported a wider annual loss as the real estate developer grappled with the impact of an operational strategy shift and delays in reviewing the sale of community projects. Lendlease, the country’s largest property developer, builder and real estate investor, is looking to retreat from its overseas construction…
By Max A. Cherney (Reuters) -AMD on Monday said it plans to acquire server maker ZT Systems for $4.9 billion as the company seeks to expand its portfolio of artificial intelligence chips and hardware and battle Nvidia. AMD plans to pay for 75% of the ZT Systems acquisition with cash and the remainder in stock….
By Rajesh Kumar Singh and Allison Lampert CHICAGO (Reuters) – Southwest Airlines is girding itself for a fight with Elliott Investment Management, rallying support from investors and employees to face down an activist investor looking for wholesale changes to company leadership. In recent weeks, CEO Bob Jordan has been meeting and gathering feedback from investors…
By Nell Mackenzie LONDON (Reuters) – Hedge funds sold industrial stocks at the fastest pace since December, while buying energy stocks for the fourth straight week last week, a Goldman Sachs note seen by Reuters on Monday showed. Hedge funds last week sold industrial stocks at some of the highest levels seen in five years,…
