By Lisa Pauline Mattackal and Purvi Agarwal(Reuters) - Wall Street’s main indexes slid on Wednesday, with chipmakers leading declines as Nvidia (NASDAQ:NVDA) warned of steep charges from new U.S. curbs on its chip exports to China, making it one of the biggest casualties of the trade war between the two countries.Global chip stocks took a battering as U.S. President Donald Trump’s shifting tra ...
(Reuters) - Insurer Progressive reported a 10% jump in first-quarter profit on Wednesday, helped by resilient demand for its auto insurance policies.Shares of the Mayfield Village, Ohio-based company rose 1.8% to $281 before the bell.Rising wages and low unemployment in the reported quarter helped sustain customer spending on auto insurance, one of Progressive’s mainstay revenue streams.Its net ...
(Reuters) -Activist investor Engine Capital is gearing up for a proxy battle at Lyft (NASDAQ:LYFT), after it nominated two directors to the board of the ride-hailing company on Wednesday.The hedge fund, which owns about 1% of Lyft, said it nominated Alan Bazaar and Daniel Silvers for election to the board of the company, which has underperformed rival Uber Technologies (NYSE:UBER) and the broade ...
By Niket Nishant(Reuters) - Insurance bellwether Travelers (NYSE:TRV)’ first-quarter profit exceeded analysts’ expectations on Wednesday, as strong underwriting gains helped soften the hit from over $2 billion of catastrophe losses driven by the Los Angeles wildfires.Shares rose 4%, extending a recovery after tariff-related market turmoil drove them to a three-month low last week.The results s ...