Reuters Before the Bell: May 11, 2017

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Thursday, May 11, 2017

Macy's quarterly profit tumbles 39 percent

(Reuters) - Department store operator Macy's Inc reported a 39 percent drop in quarterly profit, hurt by a decline in sales and as higher inventory weighed on margins.

EU advised to rank Uber as transport, challenging business model

LUXEMBOURG/BRUSSELS (Reuters) - Uber provides a transport service and must be licensed, an adviser to the European Union's top court said on Thursday, in a potential blow to the U.S. firm which says it is merely a digital enabler.

Adidas CEO says top team now 'ideal' after shakeout

BERLIN (Reuters) - German sportswear company Adidas' new chief executive said his top team was now complete after the departure of two executives who served for years under his predecessor and the appointment of the first woman to the executive board since 1993.

Adidas CEO rejects shareholder calls to sell Reebok

BERLIN (Reuters) - The head of German sportswear company Adidas rejected calls from some shareholders on Thursday to sell the loss-making Reebok brand, saying he was confident that a restructuring plan would restore it to profitability.

Verizon beats AT&T to buy spectrum holder Straight Path

(Reuters) - Verizon Communications Inc , the No.1 U.S. wireless carrier, is buying wireless spectrum holder Straight Path Communications Inc for an enterprise value of about $3.1 billion, ending a bidding war with rival AT&T .

Kohl's profit beats on lower costs, leaner inventory levels

(Reuters) - Department store operator Kohl's Corp reported a better-than-expected quarterly profit, helped by lower costs and a leaner inventory amid a tough retail environment in the United States.

AIG plans to name Brian Duperreault CEO: WSJ

(Reuters) - American International Group is planning to name former company executive Brian Duperreault as its new chief executive, the Wall Street Journal reported late on Wednesday.

In Trump's shadow, Fed official says trade barriers a 'dead end'

MUMBAI/NEW YORK (Reuters) - Trade protectionism is a "dead end" that may score political points but will ultimately hurt the U.S. economy, one of the most influential Federal Reserve officials said on Thursday in the central bank's strongest defense yet of open borders in the face of a skeptical Trump Administration.

Fed's Dudley says to normalize balance sheet in 'very careful way'

MUMBAI (Reuters) - New York Federal Reserve President William Dudley said on Thursday the U.S. central bank will normalize its balance sheet in a "very careful way", while leaving "sufficient" excess reserves in the financial system.

Wells Fargo management expected to woo shareholders with new cost cuts

(Reuters) - Wall Street is waiting to find out exactly how much more money Wells Fargo & Co management plans to save through cost cuts when top executives give six hours of presentations at the bank's investor day on Thursday.

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