Reuters

(Reuters) - Shares of Advanced Micro Devices and Super Micro Computer sank on Wednesday, sparking a selloff in chip stocks, after their earnings disappointed investors who have piled into the sector on hopes rising AI investments would boost demand.

AMD was down more than 6% in premarket trading, and is on course to lose more than $16 billion in market value.

Its forecast of $4 billion in AI chip sales for 2024 fell short of Wall... (continue reading...)

(Reuters) - Canadian food and pharmacy retailer Loblaw Companies topped expectations for first-quarter revenue and profit on Wednesday, aided by sustained consumer demand well as easing prices of grocery items.

The company has seen gains from steady sales of essential items such as groceries and medicines, as well as higher demand for its private labels as consumers trade down from well-known brands that are typically more expensive.

(Reuters) - Yum Brands reported a fall in quarterly global same-store sales on Wednesday, hurt by choppy demand for its KFC and Pizza Hut brands from inflation-weary consumers in the United States as well as in overseas markets.

Consumers in the United States are increasingly looking for value-oriented meals in the face of sticky inflation, pushing fast food chains to double down on promotions and offers and on revamping their store and order... (continue reading...)

By Chibuike Oguh

NEW YORK (Reuters) - Private equity firm KKR & Co Inc said on Wednesday its first-quarter adjusted net income jumped 20% year-on-year, driven by strong management and transaction fees as well as earnings from its annuities business.

KKR's adjusted net income rose to $863.7 million from $719.3 million a year earlier. That resulted in adjusted net income per share of 97 cents, which was slightly ahead of the average analyst... (continue reading...)

Kraft Heinz missed Wall Street expectations for first-quarter sales on Wednesday, as inflation-weary consumers pushed back on higher prices of its branded lunch combos, meat cold cuts and mac & cheese.

The Heinz ketchup maker posted net sales of $6.41 billion in the three months ended March 30, compared with analysts' average estimate of $6.43 billion, according to LSEG data.

(Reporting by Savyata Mishra in Bengaluru; Editing by Sriraj Kalluvila)