Tag: Industrial Goods
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Samsung manages to beat on earnings despite 84% drop in Q2 net profit
[ad_1] Samsung Electronics 005930, +1.29% posted above-consensus quarterly earnings despite an 84% drop in net profit for the second quarter, as the South Korean tech giant sees the memory-chip industry passing through a trough. The world’s largest manufacturer of memory chips, smartphones and televisions said Thursday that it expects global demand for technology products and…
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Fed no longer foresees a U.S. recession — and other things we learned from Powell’s press conference
[ad_1] The Federal Reserve on Wednesday raised its benchmark interest rate to a range of 5.25% to 5.5%, the highest level in 22 years, in order to combat “elevated” inflation. With financial markets and economists widely expecting that rate move, the focus was on Fed Chair Jerome Powell’s one-hour session with reporters, which followed. Here…
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Nvidia estimates ‘may prove conservative’ as Microsoft, Google mentions of AI more than double
[ad_1] Microsoft Corp. and Alphabet Inc. mentioned “AI” so many times on their earnings conference calls that one bullish Nvidia Corp. analyst is beginning to think his above-consensus estimates may be too conservative. Jefferies analyst Mark Lipacis, who has a buy rating on Nvidia NVDA, -0.79%, noted that mentions of artificial intelligence on both Microsoft’s…
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NatWest CEO resigns after admitting to be source for inaccurate story on Nigel Farage
[ad_1] The chief executive of NatWest resigned on Wednesday, leaving after admitting to leaking banking information on a conservative politician to the BBC. Alison Rose will step down “by mutual consent,” just a day after she said she was the source of a story from the BBC that Nigel Farage had his account closed because…
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Raytheon’s stock heads for worst selloff since 9/11
[ad_1] Raytheon Technologies Corp.’s stock tumbled 10% Tuesday, its worst day in more than three years, after the aerospace and defense company said it needs to remove certain Pratt & Whitney jet engines from service for inspection. The stock RTX, -10.22% ended at its lowest since Oct. 17, when it closed at $84.47. It suffered…
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AT&T says recent tests at two sites with lead-clad cables did not find health risks
[ad_1] AT&T Inc. said Tuesday that recent tests at a pair of sites where there are lead-clad cables didn’t deem the cables to be a risk to public health. The telecommunications company has been under some fire lately after the Wall Street Journal reported on lead-sheathed cables historically used by the telecommunications industry, and AT&T…
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Biogen to slash 1,000 jobs as it looks to save $700 million
[ad_1] Biogen Inc. BIIB, -3.58% said Tuesday that it will eliminate about 1,000 jobs as part of a broader cost-cutting initiative designed to save $700 million annually. The belt-tightening comes as the biotech company launches its Alzheimer’s treatment, Leqembi, a collaboration with Eisai Co. Ltd. ESALF, -2.36% that received full U.S. Food and Drug Administration…