Biden, Trump prep for presidential debate that will highlight mental fitness

By Nathan Layne and Trevor Hunnicutt (Reuters) – President Joe Biden is hunkered down with aides at Camp David for several days to get ready to debate rival Donald Trump, who is eschewing traditional preparation and instead holding informal policy discussions between campaign stops. The face-off in Atlanta, at 9 p.m. ET on Thursday (0100 GMT on Friday), will be the earliest presidential debate in modern U.S. history and a critical event for both candidates. … Read more…

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S&P, Nasdaq end lower as Nvidia drags the tech sector for second day

By Echo Wang (Reuters) -The S&P 500 and Nasdaq closed marginally lower on Friday, weighed down by a decline in Nvidia shares for a second straight day, which dragged down the technology sector. Technology was the biggest loser among the 11 major S&P 500 sectors, down 0.84%, weighed by Nvidia, while communication services led the gain. “It’s Nvidia’s game, and the rest of us are just pretending to be here,” said Michael Green, chief strategist … Read more…

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Under Armour to pay $434 million to settle 2017 lawsuit

(Reuters) – Under Armour said on Friday it would settle a 2017 shareholder class action lawsuit that accused the apparel maker and CEO Kevin Plank of intentionally misleading them about the company’s financial health. Under Armour said it intends to pay the settlement amount of $434 million through cash on hand as well as by drawing on its $1.1 billion revolving credit facility. Under Armour added it has consistently denied the accusations and entered into this agreement … Read more…

US imposes sanctions on Russia’s AO Kaspersky Lab executives over cyber risks

WASHINGTON (Reuters) – The United States slapped sanctions on 12 people in senior leadership roles at AO Kaspersky Lab on Friday, citing cybersecurity risks a day after the Biden administration announced plans to bar the sale of the Russian company’s antivirus software. The sanctions targeted company leadership including the chief business development officer, chief operating officer, legal officer, corporate communications chief and others. The Treasury Department did not designate Kaspersky Lab, its parent or subsidiary … Read more…

Apple to delay launch of AI-powered features in Europe, blames EU tech rules

By Foo Yun Chee BRUSSELS (Reuters) – Apple will delay launching three new artificial intelligence features because landmark European Union tech rules require it to ensure that rival products and services can function with its devices, the U.S. tech group said on Friday. Apple underscored its AI push earlier this month with a slew of new features and software enhancements for its iPhone and other devices to bolster sagging sales. It said Apple Intelligence, which … Read more…

Tesla tells judge that shareholder vote should reverse Musk pay ruling

By Tom Hals WILMINGTON, Delaware (Reuters) – A Delaware judge should recognize a vote by Tesla shareholders in favor of Elon Musk’s $56 billion pay package and reverse her January ruling that voided the compensation, the company said in a filing that was made public on Friday. In addition, Chancellor Kathaleen McCormick should not consider a request for a record $6 billion legal fee by the lawyers that led the case against Musk’s 2018 pay … Read more…

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Fisker heads toward liquidation as creditors fight over assets

By Dietrich Knauth NEW YORK (Reuters) – Electric vehicle startup Fisker is headed towards a liquidation, attorneys said in U.S. bankruptcy court on Friday, as two creditor factions previewed a battle over which group will be paid first. Fisker filed for bankruptcy protection in Delaware on Monday after burning through cash in an attempt to ramp up production of its Ocean SUVs. The company initially said it would seek additional financing and continue “reduced operations,” … Read more…

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U.S. jet fuel output rises to pre-COVID levels as demand soars

By Shariq Khan and Seher Dareen NEW YORK (Reuters) – U.S. refiners pumped out jet fuel last week at the fastest pace since the pandemic, government data showed, as they look to keep up with forecasts of record air travel this summer. U.S. refiners’ net production of jet fuel hit about 1.9 million barrels per day (bpd) last week, 8% higher than the same time last year and the highest weekly total since January 2020, … Read more…

Soaring Favorites – by Justin Vaughn

(Justin Vaughn, Editor, Options Trading Report) Another week of gains for the indices as the Nasdaq hit another weekly high, up 3.2% with the S&P 500 following, up 1.6%, both reaching records almost daily. The Dow Jones Industrial Average struggled for the third week in a row, again losing 0.5% for the week. With labor adding 272,000 jobs for May and inflation beginning to flatline, the Fed appears to be standing pat holding interest rates … Read more…

Colombia congress approves extension of debt ceiling to $17.6 billion

By Carlos Vargas BOGOTA (Reuters) – Plenaries in Colombia’s lower house and Senate on Thursday both approved a request from the leftist government of President Gustavo Petro to increase the debt ceiling to $17.6 billion to finance its development plans and comply with payment terms. The vote comes amid warnings from analysts about the state of the Andean country’s fiscal needs and after Petro said last month that Colombia could stop paying its debts or … Read more…

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