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  Reuters

  ADM says employees received DOJ subpoenas amid probe over accounting practices

  (Reuters) -Global grains merchant Archer-Daniels-Midland said on Tuesday some of its employees have received subpoenas from the Department of Justice amid an ongoing investigation over its accounting practices. The disclosure came as ADM reported a lower-than-expected fourth-quarter profit as oilseed processing and crop origination margins fell and as the company's Nutrition unit, the subject of the investigation, posted a quarterly loss. ADM said some sales between business units within the company were not recorded at amounts approximating market value and corrected certain segment-specific financial information for previous financial statements from 2018 to 2023.

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  Barrons.com

  On Earnings Reveal Surprise Loss. The Stock Is Dropping.

  On Holding stock was dropping Tuesday morning after the Swiss shoe seller reported a surprise loss for the quarter and sales fell short of Wall Street’s expectations. Early Tuesday morning, On delivered an adjusted loss of 0.05 Swiss Franc (CHF), or 6 cents, a share for the fourth quarter of 2023, for the period ended December.

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  Barrons.com

  Supercore Inflation Rate Weakened

  The so-called “supercore” inflation rate, which calculates services prices without housing costs factored in, slowed to 0.47% on a monthly basis in February, according to Gargi Chaudhuri, head of investment strategy for the Americas at iShares. Services inflation is a component of the overall consumer price index that Federal Reserve officials have said they would like to see soften to provide more confidence that overall price pressures are sustainably cooling toward the central bank’s 2% target. The supercore rate tends to be most sensitive to the labor market, which has remained resilient despite higher interest rates.

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  Barrons.com

  These Stocks Are Moving the Most Today: Oracle, Nvidia, Southwest, American, 3M, Acadia, On Holding, Archer Daniels, and More

  Oracle reports strong cloud growth in its fiscal third quarter, Southwest reduces its revenue growth forecast, 3M names a new CEO, and Acadia Pharmaceuticals says a drug for the treatment of certain schizophrenia symptoms failed in a trial.

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  The Wall Street Journal

  Apple Tweaks App Store Plans in Europe

  Apple will allow iPhone users in Europe to download apps directly from a developer’s website, marking another concession to regulators as the company faces new competition rules in the European Union.

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  SmartAsset

  Our Combined Income Will Top $400k This Year. Can We Use a Backdoor Roth to Avoid Future Taxes?

  A backdoor Roth conversion can save you significantly in future taxes, but at the cost of paying those taxes now. This isn't always a good deal in the long run. If you’re considering a backdoor Roth IRA or other strategies to save on taxes, consider talking it over with a financial advisor. For example, perhaps […] The post Our Combined Income Will Top $400k This Year. Can We Use a Backdoor Roth to Avoid Future Taxes? appeared first on SmartReads by SmartAsset.

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  Associated Press Finance

  Choice Hotels surrenders its $8 billion hostile takeover attempt of rival chain, Wyndham

  Choice Hotels is abandoning its hostile $8 billion takeover bid for Wyndham Hotels & Resorts. Choice said Monday that while it received support from some Wyndham shareholders, it wasn't sufficient enough for the company to conclude that a deal could be done, particularly when taking into account the Wyndham board's opposition to a combination. Choice launched a hostile takeover offer for Wyndham in December after repeated attempts to reach a deal with the rival hotel chain were rebuffed.

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  Bloomberg

  Gold Extends Loss as US Inflation Data Reinforces Fed Caution

  (Bloomberg) -- Gold snapped nine days of record-breaking gains as underlying US inflation topped forecasts for a second month in February, reinforcing the Fed’s cautious approach to cutting interest rates. Most Read from BloombergOne of the Most Infamous Trades on Wall Street Is Roaring BackChina Has Never Canceled This Many Shipments of US WheatStock Traders Bracing for Worst Shrug Off Hot CPI: Markets WrapBoeing Whistleblower Who Raised Safety Concerns Found DeadSpot bullion whipsawed as trade