Reuters - Business Today

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Wednesday, May 31, 2017

Wall Street little changed as financials drop, defensive stocks gain

NEW YORK (Reuters) - U.S. stocks were little changed on Wednesday as financials dropped after JPMorgan and Bank of America warned of revenue weakness, offsetting gains in defensive plays.

Exxon shareholders approve climate impact report in win for activists

DALLAS (Reuters) - Exxon Mobil Corp's chief executive said on Wednesday the company would reconsider how it communicates the risks its faces from climate change after shareholders approved a measure calling for increased transparency.

Bank of America CEO talks down second-quarter expectations

(Reuters) - Bank of America Corp second-quarter earnings will be hurt by a drop in trading revenue, lower-than-expected interest rates and the sale or shuttering of certain assets, according to comments from Chief Executive Brian Moynihan on Wednesday.

JPMorgan second quarter market revenue down 15 percent vs year earlier - CFO

NEW YORK (Reuters) - Markets revenue at JPMorgan Chase & Co has been down about 15 percent so far in the second quarter from a year earlier, Chief Financial Officer Marianne Lake said on Wednesday.

Volkswagen woos BMW, Mercedes buyers in new upmarket push

HANOVER, Germany (Reuters) - Volkswagen's troubled mass-market brand is pushing upmarket again with a new flagship model a year after ceasing the flopped Phaeton luxury saloon in a bid to lift margins and revive its post-dieselgate image.

Coal stocks fall; U.S. exit from climate deal may hurt, not help

NEW YORK/LOS ANGELES (Reuters) - U.S. coal company shares dipped alongside renewable energy stocks on Wednesday after reports that President Donald Trump plans to pull the United States from a global accord on fighting climate change.

U.S. pending home sales fall; housing market recovery intact

WASHINGTON (Reuters) - Contracts to buy previously owned U.S. homes fell for a second straight month in April amid a supply squeeze, but the housing market recovery remains supported by a strong labor market.

U.S. companies sign billions in deals with Vietnam

SEATTLE/WASHINGTON (Reuters) - U.S. industrial companies General Electric Co and Caterpillar Inc made deals with Vietnam worth billions of dollars as Vietnamese Prime Minister Nguyen Xuan Phuc continued his three-day trip to the United States.

Toshiba moves back some chip unit assets to ward off Western Digital's legal claim

TOKYO (Reuters) - Toshiba Corp has moved some of the assets of its memory chip unit back to the parent company to ward off Western Digital Corp's legal claim that the Japanese conglomerate cannot sell the unit without the U.S. partner's consent.

HPE posts steep revenue decline in key servers business

(Reuters) - Hewlett Packard Enterprise Co on Wednesday reported a steep fall in revenue in its biggest business that sells servers, networking and data storage equipment, hurt by tepid demand, intense competition and a strong dollar.