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Snap-on Misses Quarterly Sales Estimates on Weak Demand for Power Tools

(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 […]
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Oil settles down 3% as demand worries outweigh Middle East supply risks

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 […]
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AMD introduces AI chips for business laptops and desktops

(Reuters) -Advanced Micro Devices unveiled a new series of semiconductors for artificial intelligence-enabled business laptops and desktops on Tuesday as the chip designer looks to expand its share of the lucrative “AI PC” market. These chips are expected to be available in platforms from HP and Lenovo starting in the second quarter of 2024, AMD […]
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California battery plant is among world’s largest as power storage booms

By Nichola Groom and Jorge Garcia (Reuters) – A major battery plant near Los Angeles will be among the largest in the world when it comes online later this year, promising to shore up California’s power grid during the peak summer season and help the state a meet ambitious climate goals. Calpine’s billion-dollar Nova Power […]
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Will Bitcoin Slump To $20K Amid Increasing Middle East Tensions? Peter Schiff Doesn’t Rule Out Possibility, Citing Technical Pattern.

The geopolitical tensions that emerged in the Middle East following Iran’s drone-and-missile attack on Israel sent cryptocurrencies into a tailspin over the weekend. Economist Peter Schiff, who is a crypto bear, on Sunday flagged the possibility of the sell-off worsening. What Happened: “$60K is critical support for Bitcoin (CRYPTO: BTC),” said Schiff in a post […]
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Soaring Insurance Costs Hit as Us Buyers Finally Get a Break on Car Prices

By Timothy Aeppel (Reuters) – A new form of sticker shock has hit American car buyers like Darin Davis. In January, when the 56-year-old Dallas real estate agent renewed the insurance on the pearly-white 2024 Cadillac XT4 that he bought just a few months earlier, the rate nearly doubled. “It takes the fun out of […]
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Delta expects summer travel demand to produce record second-quarter revenue

By Rajesh Kumar Singh and Deborah Mary Sophia CHICAGO (Reuters) -Delta Air Lines said on Wednesday it expects the highest second-quarter revenue in its history thanks to buoyant demand for spring and summer travel and what it called the “most constructive backdrop” for the airline industry. The Atlanta-based carrier forecast a strong profit in the […]
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HSBC takes $1 billion hit from Argentina sale as Asia pivot continues

By Rishav Chatterjee and Lawrence White LONDON (Reuters) -HSBC is selling its business in Argentina and booking a $1 billion loss on the deal, the bank said on Tuesday, as it continues to shrink its once globe-spanning empire to focus on Asia. HSBC is selling the business, which covers banking, asset management and insurance, to […]

Tech talk

Snap-on Misses Quarterly Sales Estimates on Weak Demand for Power Tools

April 18, 2024

(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 […]
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