By Lewis Krauskopf NEW YORK (Reuters) – Actively managed U.S. equity funds in the first quarter posted their best quarterly out-performance since 2007, BofA Global Research strategists said. In the first quarter, 64% of actively managed U.S. large-cap mutual funds beat their Russell 1000 benchmarks, compared to just 38% last year, BofA’s data showed. The…
By Nivedita Balu TORONTO (Reuters) – Royal Bank of Canada expects its struggling unit in the U.S. to be “a net contributor” to Canada’s biggest lender and is bullish about the opportunities south of the border, CEO Dave McKay told Reuters on Wednesday. City National Bank, which RBC acquired in 2015 under McKay’s watch, required…
(Reuters) -Shares of Moderna fell 4% on Wednesday after a U.S. judge issued an order that strengthened Arbutus’ arguments in a patent infringement lawsuit related to Moderna’s blockbuster COVID-19 vaccines. Roivant’s shares gained 4% in afternoon trading, while its subsidiary Arbutus rose more than 17%. In a so-called “claim construction order”, U.S. District Judge Mitchell…
(Reuters) -Electric vehicle startup Fisker has hired restructuring advisers to assist with a possible bankruptcy filing, the Wall Street Journal reported on Wednesday, citing people familiar with the matter. The company has hired financial adviser FTI Consulting and the law firm Davis Polk to work on a potential bankruptcy filing, according to the report. Fisker…
By Joey Roulette WASHINGTON (Reuters) – The FAA on Wednesday granted SpaceX a license to test-launch the company’s Starship rocket system from Texas, according to the agency’s website, paving the way for another early demonstration of a spacecraft crucial to Elon Musk’s satellite launch business and NASA’s moon program. “The FAA determined SpaceX met all…
(Reuters) -Lennar Corp reported first-quarter profits above Wall Street estimates on Wednesday, as historically low existing home supply led to sustained demand for new unit construction. The company delivered 16,798 homes in the quarter ended Feb. 29, a 23% jump from a year earlier. “Macroeconomic environment remained relatively consistent throughout the quarter,” said Stuart Miller,…
By Caroline Valetkevitch NEW YORK (Reuters) -The S&P 500 and Nasdaq edged lower on Wednesday as investors took profits in chipmaker stocks, while they braced for producer price data and further clues on the inflation trend ahead of next week’s Federal Reserve meeting. An index of semiconductors eased 2.5% after recent strong gains, but was…
By David Lawder ELIZABETHTOWN, Kentucky (Reuters) -U.S. Treasury Secretary Janet Yellen on Wednesday said President Joe Biden’s administration is taking steps to ensure success of the domestic electric vehicle (EV) industry in the face of China’s growing exports in the sector and heavy government subsidies. Asked whether the United States needs new tariffs on Chinese…
By Brendan Pierson (Reuters) – UnitedHealth Group has already been hit with at least six class action lawsuits accusing it of failing to protect millions of people’s personal data from last month’s hack of Change Healthcare, its payment processing unit, with more lawsuits likely to come. In a motion filed late on Tuesday in Washington,…
(Reuters) – Apparel maker Under Armour said on Wednesday that founder vwill return to the company as CEO, effective April 1. The company’s shares rose 6% to $8.26 after the bell. Plank founded Under Armour in 1996 and served as the company’s top boss till 2019. In January 2020, Plank was appointed as the company’s…
