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Billionaire Businessman Femi Otodela Hails Daughter DJ Cuppy As She Becomes A ‘King’s Trust International Ambassador’ To King Charles III
~0.2 mins read

Billionaire businessman Femi Otodela hails daughter DJ Cuppy as she becomes a ‘King’s Trust International Ambassador’ to King Charles III

She was invited to Buckingham palace by King Charles the 111 where she was presented with award.

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Instablog9ja
Despite Court Order, Gov. Abba Yusuf Reinstates Sanusi As Emir Of Kano
~0.2 mins read

Despite court order, Gov. Abba Yusuf has reinstated Sanusi as Emir of Kano.

The ceremony took place in the city in a state sponsored celebration, against the restraining order from the court against the reinstatement.

 

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Investopedia
Top Stock Movers Now: Nvidia, Boeing, Live Nation Entertainment, And More
~1.3 mins read

The Dow, S&P 500, and Nasdaq were lower in intraday trading Thursday, as a rally fueled by enthusiasm about AI chip giant Nvidia’s (NVDA) blowout earnings fizzled.

Nvidia's results beat forecasts on soaring demand for its artificial intelligence (AI) chips. The company also announced a 10-for-1 stock split. Its shares traded at an all-time high.

TSMC (TSM) American depositary receipts (ADRs) gained as the chipmaker said it expects 10% annual growth for the global semiconductor industry.

GoodRX Holdings (GDRX) shares climbed as RBC upgraded the stock and raised the price target, pointing to the digital health services provider’s opportunities for growth.

Boeing (BA) shares slumped after CFO Brian West warned the aircraft maker expects negative free cash flow this year, and that deliveries will not increase in the second quarter as the company battles production issues.

Shares of Live Nation Entertainment (LYV) tumbled as the Justice Department moved to break up the parent of Ticketmaster, claiming antitrust violations.

Snowflake (SNOW) shares dropped as the cloud computing company's strong revenue was offset by disappointing earnings and a cut in its operating margin guidance. 

Oil and gold futures slumped. The yield on the 10-year Treasury advanced. The U.S. dollar was up on the euro, pound, and yen. Prices for most major cryptocurrencies lost ground.

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Investopedia
Nvidia's 10-for-1 Stock Split Is Coming—What You Need To Know
~1.8 mins read

Nvidia (NVDA) announced a 10-for-1 forward stock split along with its blockbuster earnings report Wednesday, in a move that will lower the chipmaker's stock price and could make ownership more accessible to a wider range of investors.

Nvidia shares soared above $1,000 following the earnings and stock split news, with shares up over 9% at $1,040.55 as of 2:30 p.m. ET Thursday. Ahead of Nvidia's stock split, analysts suggested the artificial intelligence (AI) chip manufacturer's stock price could go even higher.

Nvidia's 10-for-1 stock split means shareholders will get ten shares for each one they held before the split.

The split will affect shareholders of Nvidia common stock as of market close on Thursday, June 6, with investors receiving nine additional shares after market close on Friday, June 7. Split-adjusted trading will begin on Monday, June 10.

After the split, there will be ten times as many shares of Nvidia common stock, lowering the price of individual shares without impacting the total value of investors' Nvidia holdings or the company's market cap. If Nvidia shares were trading at $1,000 before the split, an investor holding one share before the split would hold 10 shares priced at $100 each after the split.

The stock split could help make investing in Nvidia more accessible to a wider range of investors and increase liquidity, as the stock's price at over $1,000 could discourage some from buying it. Nvidia said the split was "to make stock ownership more accessible to employees and investors."

Another reason some companies might undergo a stock split is because the lower price could help get them added to an index like the Dow Jones Industrial Average (DJIA). Price-weighted indexes like the Dow tend to avoid adding high-priced stocks as movements in price could have an outsized impact on the index.

The highest-priced stocks in the Dow were UnitedHealth Group (UNH) at $516.51, Goldman Sachs (GS) at $457.94, and Microsoft (MSFT) at $427.37, as of 2:30 p.m. ET Thursday, well below Nvidia's share price of $1,040.55. Amazon (AMZN) joined the Dow earlier this year after undergoing a 20-for-1 stock split in June 2022.

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Instablog9ja
Why Zubby Michael And Mercy Johnson-Okojie Have Refused To Reply To My Call Out — Actress Angela Okorie
~0.3 mins read

Actress Angela Okorie has revealed why Zubby Michael and Mercy Johnson-Okojie have refused to reply to her call out.

She said they know she is saying the truth, and if they try anything more people will come out, so instead they go spiritual or they send people to p%ison or sh%t him,

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Investopedia
Live Nation Entertainment Stock Tumbles As DOJ Announces Antitrust Suit
~2.8 mins read

Ticketmaster parent Live Nation Entertainment's (LYV) stock moved sharply lower Thursday as the U.S. Department of Justice announced an antitrust suit against the ticketing and concert giant, as it seeks to break up the company.

The DOJ, along with attorneys general from 29 states and the District of Columbia, filed the suit against Live Nation on Thursday, accusing the company of using anticompetitive tactics to exert control over the live event industry.

“We allege that Live Nation relies on unlawful, anticompetitive conduct to exercise its monopolistic control over the live events industry in the United States at the cost of fans, artists, smaller promoters, and venue operators,” U.S. Attorney General Merrick Garland said.

“The result is that fans pay more in fees, artists have fewer opportunities to play concerts, smaller promoters get squeezed out, and venues have fewer real choices for ticketing services. It is time to break up Live Nation-Ticketmaster,” Garland added.

Shares of Live Nation Entertainment were down 8.0% at $93.30 at around 2:00 p.m. ET Thursday. The stock had already lost ground after reported lateWednesday that a lawsuit was imminent, and shares had previously tumbled last month when reported that the lawsuit was being prepared.

The government alleges that Live Nation uses its control over venues across the country to influence artists to perform at those it has a relationship with, along with intimidating venues and artists from choosing a ticketing and promotional service other than Ticketmaster.

The company's dominant position in the industry allows Ticketmaster and Live Nation to charge excessively high prices and tack on a number of fees that make tickets prohibitively expensive for many consumers, the DOJ alleges.

To remedy the situation, the DOJ is seeking to break up Live Nation Entertainment, which consists of Live Nation as the venue operator and show promoter, along with Ticketmaster, which sells tickets. The DOJ approved a merger of the two companies in 2010 on several conditions, including that Live Nation would not retaliate against venues and artists for choosing ticket sellers other than Ticketmaster, a condition it said in the complaint that Live Nation has violated.

Live Nation has repeatedly denied that it operates as a monopoly or retaliates against or threatens venues, artists, or other smaller event promoters. In a lengthy response to the DOJ's suit published Thursday, Live Nation said the DOJ is attempting to paint Ticketmaster as the sole reason ticket prices are high, when it says there are many more factors.

The company said Ticketmaster's 5% commission rate is one of the lowest across any digital marketplace, pointing to higher fees from companies like Uber (UBER), Stubhub, and Apple's (AAPL) App Store as evidence that it does not fit the definition of a monopoly that benefits from monopolistic prices.

Live Nation also referenced its relatively low profitability, especially compared to other tech giants the Biden administration has targeted in its antitrust push, including Meta Platforms (META), Apple, and Google parent Alphabet (GOOGL).

"Critically, Live Nation can offer and has offered fans, artists, venues and the rest of the performance ecosystem better prices and better services than they would receive if these complementary businesses were separated," the company said. "Ticketmaster in particular is a far better, more artist- and fan-focused business under Live Nation’s ownership than it ever was as a standalone company."

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