By Leroy Leo and Christy Santhosh (Reuters) -AbbVie expects a drop in sales volumes of its blockbuster arthritis drug Humira to deepen after recent changes by U.S. pharmacy benefit managers and as patients shift to other drugs. Its shares were down nearly 5% in afternoon trade on Friday, after the company forecast U.S. Humira sales […]

NEW YORK (Reuters) – U.S. economic growth slowed more than expected in the first quarter, but a surprisingly hot quarterly Personal Consumption Expenditure inflation component suggested that the Federal Reserve would not cut interest rates before September. Gross domestic product increased at a 1.6% annualized rate last quarter, the Commerce Department said in its advance […]

By Mike Scarcella (Reuters) – The U.S. government set up a likely court showdown over the scope of TikTok’s free speech protections under the U.S. Constitution after President Joe Biden signed legislation on Wednesday to ban the social media platform from app stores unless its Chinese owner sells it. While the bill itself does not […]

By Ilona Wissenbach and Christoph Steitz FRANKFURT (Reuters) -Tesla is targeting around 400 job cuts at its German gigafactory near Berlin, or about 3% of the plant’s total workforce, it said on Tuesday, adding it was hoping to achieve this without forced layoffs. That is less severe than group-wide efforts to slash over 10% of […]

(Reuters) – Traders who bet against the “Magnificent 7” group of big U.S. tech stocks booked their biggest-ever weekly profit of more than $10 billion last week, with the biggest gains coming from their short position in shares of Nvidia and Tesla, Ortex data showed. The chip designer shed almost 14% last week to clock […]

By Nicole Jao NEW YORK (Reuters) -Oil settled slightly higher on Friday, but posted a weekly decline, after Iran played down a reported Israeli attack on its soil, a sign that an escalation of hostilities in the Middle East might be avoided. Brent futures settled up 18 cents, or 0.21%, at $87.29 a barrel. The […]

(Reuters) – Snap-On missed Wall Street estimates for first-quarter sales on Thursday, as vehicle service and repair technicians bought fewer tools and equipment made by the company, offsetting steady demand for its products from auto dealerships. Higher tool prices are causing U.S. repair technicians to cut back on spending, denting demand for Snap-On’s smaller wrenches […]

By Laura Sanicola (Reuters) -Oil prices settled down 3% on Wednesday, pressured by a rise in U.S. commercial inventories, weaker economic data from China and U.S. progress on Ukraine and Israel aid bills. Brent futures for June settled down $2.73, or 3%, at $87.29 a barrel, while U.S. crude futures for May settled down $2.67 […]