Facebook profit soars, no sign of impact from Russia issue

Facebook profit soars, no sign of impact from Russia issue

(Reuters) – Facebook Inc (FB.O) reported better-than-expected quarterly profit and revenue on Wednesday as it pushed further into video advertising, showing no sign of financial damage from the controversy over how Russia used the social network in an attempt to sway voters in the 2016 U.S. election. A 3D-printed Facebook like button is seen in […]

Wall St. ends strong October higher as tech, staples lead

Wall St. ends strong October higher as tech, staples lead

(Reuters) – A jump in shares of consumer companies Mondelez and Kellogg after their quarterly reports on Tuesday, along with further gains for tech stocks, helped Wall Street end October on a positive note. The three major indexes tallied their best monthly gains since February. Mondelez (MDLZ.O) jumped 5.4 percent after the Oreo cookie maker […]

Morgan Stanley quits brokerage industry pact on recruiting

Morgan Stanley quits brokerage industry pact on recruiting

NEW YORK (Reuters) – Morgan Stanley is quitting a pact it signed with rival securities brokerages over a decade ago agreeing not to sue one another when brokers quit to join rivals and take clients with them. FILE PHOTO: The headquarters of Morgan Stanley is pictured in New York, U.S., June 1, 2012. REUTERS/Eric Thayer/File […]

CVS bid for Aetna: A $66 billion bet on cutting drug costs

CVS bid for Aetna: A $66 billion bet on cutting drug costs

NEW YORK (Reuters) – The proposed merger between U.S. pharmacy operator CVS Health Corp and No. 3 health insurer Aetna Inc represents a $ 66 billion bet that insurers can drive down high U.S. drug prices by cutting out the middleman. FILE PHOTO: The CVS logo is seen at one of their stores in Manhattan, […]

As Trump tax comes to floor, failure could spell stocks selloff

As Trump tax comes to floor, failure could spell stocks selloff

NEW YORK (Reuters) – Investors are increasingly pricing in the effect of a corporate tax cut into the shares of U.S. companies, leaving the market primed for a steep sell-off if the Republican-controlled Congress fails to pass one of President Donald Trump’s top priorities. FILE PHOTO: A street sign is seen in front of the […]

SEC fines UBS $3.5 million for overcharging mutual fund customers

SEC fines UBS $3.5 million for overcharging mutual fund customers

(Reuters) – UBS AG (UBSG.S) will pay a $ 3.5 million civil fine to settle U.S. Securities and Exchange Commission claims that it overcharged customers on mutual funds, the regulator said on Friday. FILE PHOTO – The logo of Swiss bank UBS is seen on a branch office in Zurich, Switzerland November 8, 2016. REUTERS/Arnd […]

Global insurers look to raise rates after catastrophic quarter

Global insurers look to raise rates after catastrophic quarter

(Reuters) – Insurers and reinsurers around the globe are looking to raise rates after what looks set to be their most costly quarter on record. A recreational vehicle (RV) that caught fire is pictured following Hurricane Irma in Cudjoe Key, Florida, U.S., September 24, 2017. REUTERS/Carlo Allegri Hurricanes Irma and Maria alone caused as much […]

Higher bond yields, soft earnings weigh on Wall St.

Higher bond yields, soft earnings weigh on Wall St.

NEW YORK (Reuters) – U.S. stocks fell on Wednesday, with the Dow Industrials and S&P 500 indexes suffering their worst day in seven weeks, on a batch of soft quarterly earnings and a rise in bond yields. Benchmark U.S. 10-year note US10YT=RR yields hit a seven-month high of 2.475 percent, buoyed by economic data, recent […]

Fidelity chairman says U.S. regulations lag social media advances

Fidelity chairman says U.S. regulations lag social media advances

BOSTON (Reuters) – U.S. financial regulations on data retention do not fit with the way people expect to communicate on social media, Fidelity Investments Chairman Abigail Johnson said on Tuesday. FILE PHOTO: Fidelity Chairman and Chief Executive Officer Abigail Johnson interviews founder of Bloomberg L.P. and former New York City Mayor Michael Bloomberg about innovation […]

IBM lags in cloud computing and AI. Can tech’s great survivor recover?

IBM lags in cloud computing and AI. Can tech’s great survivor recover?

TECHNOLOGY giants are a bit like dinosaurs. Most do not adapt successfully to a new age—a “platform shift” in the lingo. A few make it through two and even three. But only a single company spans them all: IBM, which is more than a century old, having started as a maker of tabulating machines that […]