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Artificial intelligence (AI) chipmaker Nvidia (NVDA) is set to report its fiscal second-quarter earnings after the bell Wednesday, with investors likely watching what its results could signal about the strength of AI demand.
Nvidia's earning results could be "viewed globally as the most significant 'tell' about the outlook for AI spending," LPL Financial Chief Global Strategist Quincy Krosby said Wednesday, ahead of Nvidia's results.
Krosby said that based on analysts' projections, Nvidia's results are expected to "confirm that demand remains strong," which could boost investor sentiment for the stock and others in the AI space.
Nvidia has established itself as an early winner of the AI boom, with shares more than doubling in value from the start of the year, despite some headwinds in recent months.
Many of Nvidia's partners like Arm (ARM) and Micron Technology (MU), as well as other companies in the AI space, have climbed since the start of the year amid expectations of AI-driven growth.
Nvidia shares were 1.9% lower at $125.84 Wednesday afternoon, ahead of the company's earnings, though most analysts maintained a "buy" or equivalent rating for the stock, anticipating further gains.
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Instablog9ja
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NAHCO staff has been hailed for returning missing $10,000 to the authorities at Malam Aminu Kano International airport, Kano.
This Boy, Named Auwal Ahmed Dankode, an Employee of Nigeria Aviation Handling Company (NAHCO), Found $10,000, approximately 16 Million Naira inside a Plane While Cleaning It.
Upon discovering the money, Auwal immediately reported it to the airline company’s manager to initiate the search for the rightful owner. The incident took place at Malam Aminu Kano International Airport. Auwal, originally from Kode in Kano State, is known for his strong fear of God and honesty.
Investopedia
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If your company relocated its headquarters, would you move with it if it weren't required?
That's the question facing employees at Foot Locker (FL), which on Wednesday said it would move to St. Petersburg, Fla., from New York City late next year, maintaining "only a limited presence in New York City going forward."
The move is intended to increase collaboration and cut costs, the company said as part of the release of its latest quarterly financial results, adding it would open a technology site in Dallas in September. It also builds on its already "meaningful presence in St. Petersburg," Foot Locker said.
Chief Executive Officer (CEO) Mary Dillon said on the company's conference call with analysts Wednesday that Foot Locker was still determining which departments might move. "But generally speaking, it's kind of a move to enhance the center of gravity we have already, while maintaining a presence in New York," Dillon said on the call, a transcript of which was made available by AlphaSense.
One wrinkle: Executives said on the call that they wouldn't require relocation. According to an Atlas Van Lines survey released earlier this year, about two-thirds of companies said an employee declined to relocate in 2023.
"We really think we'll be able to … retain our great talent," Dillon said.
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Instablog9ja
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A lady has revealed how a man who’s indisposed asked his woman for one ‘work out’ session to cure him.
The man was sick and he was visited by his woman who hurriedly showed up and wish her man get better. Next thing the man is asking her for one round of work out and that it will cure him.
Investopedia
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Mortgage rates keep dropping, but it isn't enough to get many prospective homebuyers off the sidelines.
According to data from the Mortgage Brokers Association (MBA) Wednesday, the volume of mortgage loan applications was mostly flat for the week ending on Aug. 23, up only a half-percentage point compared with the prior week.
Many potential buyers have been priced out of the market for about two years as high interest rates gridlocked the housing market. However, recent demand has remained muted despite drops in the average interest rate offered on 30-year, fixed mortgages. The MBA calculated that the average mortgage rate is now at its lowest since April 2023, at 6.44%.
“As observed in recent weeks, despite lower rates, purchase applications have not moved much,” said Joel Kan, MBA vice president and deputy chief economist. “Prospective homebuyers are staying patient now that rates are moving lower and for-sale inventory has started to increase.”
Broader economic forces could be keeping potential home buyers from reentering the market, Wells Fargo economists found last week.
"The loss of momentum in the labor market recently, and potential for further weakening down the road, might be causing buyers to postpone a home purchase until more stability arrives," they wrote. "What's more, real income growth has downshifted alongside a slower pace of hiring and increased supply of workers."
Additionally, the effects of sustained high interest are still working their way through the housing market. Sellers still hesitate to trade their ultra-low pandemic-era rates for prevailing rates that are nearly twice what they currently pay. That has left buyers with fewer options and low supply continues to push prices further up. As a result, home prices hit another record high in the most recent tally.
Many of these economic forces are likely to change course soon.
The Federal Reserve is expected to reduce its federal funds rate from its current record high in its next meeting in September, which will likely help beleaguered buyers. Mortgage rates are heavily influenced by the fed funds rate and will likely fall as the central bank makes cuts.
While falling mortgage rates so far haven't been enough to entice buyers back thus far, the Fed's cuts are designed to stabilize the labor market and may also encourage sellers to list more homes, economists said.
"A dip in mortgage rates as the Federal Reserve pivots to a less restrictive stance of monetary policy could improve affordability and provide a needed jolt to the residential sector," the Wells Fargo economists wrote.
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Instablog9ja
3 hrs
9
Adeolu Adeboye, son of Redeemed Christian Church of God’s General Overseer, Pastor Enoch Adeboye, received over N8 billion from Kaduna State Government for a contract, but abandoned the project after 30% completion, SaharaReporters is reporting.
SaharaReporters learnt that Adeolu and his wife, who secured the contract through Ronchess Global Resources Plc during former Governor Nasir El-Rufai’s administration, have been evading accountability for the diverted funds and unfinished project.
Following Kaduna State Government and House of Assembly’s probe into the alleged fra¥d, the cleric’s son filed a suit (FHC/L/CS/1206/24) at the Federal High Court in Lagos. Adeolu seeks an injunction restraining the Economic and Financial Crimes Commission (EFCC), Kaduna State Government, and the House of Assembly from arresting or detaining him over the abandoned N17.26 billion project. The EFCC, Inspector General of Police, Assistant Inspector General of Police, Commissioner of Police, Lagos State Command, Kaduna State Government and Kaduna State House of Assembly are the 1st to 6th Respondents respectively.
A Kaduna State House of Assembly team inspected the Wusasa to Danmagaji Nagoyi Road project site (Kaduna North Local Government Area) on May 16, 2024, at 4:47 pm. They found the site abandoned by Ronchess Global Resources Plc, owned by Adeolu Adeboye. The project is an 8km road in Zaria. Though N8.195,014,236.95 had been paid for the project, the job was only 30 percent completed before being abandoned by the cleric’s son.
The period of contract is 18 months and the expected completion date was January 2, 2021. Meanwhile, the contract was awarded to Ronchess Global Resources Plc on September 15, 2020. The initial contract sum is N8.74 billion while the full contract sum was revised on December 6, 2022 to the sum of N17.26 billion.
However, to stop the probe, Adeolu Adeboye quickly ran to court to seek an “interim order restraining the 1st, 2nd, 3rd and 4th Respondents whether by themselves, their servants, officers or agents from taking any further step(s) in compelling the Applicant (him), either by arrest and/or detention, to attend the scheduled meetings of 8th July, 2024 or any other meeting or any meeting subsequently convened by the 1st-4th and 5th &6th Respondents in respect of the contracts awarded to Ronchess Global Resources Plc. which are presently subject of a pending civil action filed at the Kaduna State High Court…”
This is constituted as Suit No: KDH/KAD/594/2024: Ronchess Global Resources Pic v. Kaduna State Government, Kaduna State House of Assembly &2 ors. He sought the interim order pending the hearing and final determination of the Applicant’s (Adeolu) Motion on Notice for Interlocutory Injunction filed herein. Justice K.O. Ogundare of the Federal High Court in Lagos subsequently granted an interim order “to the Applicant (Adeolu) directing the parties herein, whether by themselves, their agents, officers, servants or otherwise howsoever to 4th Applicant and the threat of his arrest and detention by the 1st – 4th Respondents, the subject matter of this suit, pending the hearing and final determination of the Applicant’s Motion on Notice for Interlocutory Injunction filed herein.
The court also granted the following: “That an Interim Order is hereby granted to the Applicant restraining the Respondents from taking any or further steps in relation to the subject matter of this fundamental right action and issues canvassed therein, pending the hearing and final determination of the Applicant’s Motion on Notice for Interlocutory Injunction filed herein. “That the Applicant shall file an undertaking as to damages within seven (7) days. That this Order and the Motion on Notice shall be served on the Respondents within seven (7) days. That this case is adjourned to 20/9/2024, for hearing of the Motion on Notice.”
However, in a counter-affidavit filed by the EFCC sworn by a staff member of the anti-corruption agency, Mohammed Arabo on August 14, 2024 at the Federal High Court Registry, Ikoyi, the agency said after a critical analysis of the petition and interaction with the principal officers of the 6th Respondent, it “found evidence of fraud and criminal diversion of public funds against the Applicant (Adeolu Adeboye) and 26 other contractors”. Arabo identified himself as a member of the team set up by 1st Respondent (EFCC) to investigate the petition.
He further deposed that the “Applicant’s company, Ronchess Global Resources Plc abandoned the jobs even though the level of completion is 30%”.
Arabo confirmed that the “Applicant’s company, Ronchess Global Resources Pic has collected a sum of N8,185,014,328.95 (Eight Billion, One Hundred and Eighty Five Million, Fourteen Thousand, Three Hundred and Twenty Eight Naira, Ninety Five Kobo) even though the level of completion of the jobs is only 30% (thirty percent)”. He said, “In line with the practice of the 1st Respondent (EFCC), we sent invitation letters to the aforementioned contractor including the Applicant, to enable them to react to the allegations made against them by the 6th Respondent.
“The 1st Respondent invited 35 contractors indicted by the 6th Respondent. 16 Contractors reported and made statements to the 1st Respondent’s team while 9 others have requested to report at a later day. “The Applicant is one of the 10 other contractors that rushed to this Honourable Court for judicial cover from investigation.”
The lawyers representing the EFCC are Femi Falana (SAN), Mrs Funmi Falana (SAN), and Chukwuma Onwuemene Esq., all of Falana & Falana’s Chambers while the lawyers for the cleric’s son are Ebun-Olu Adegboruwa (SAN), Adedoyin Adesoji Esq., Oluwatosin Adesioye Esq., Omia Ejewentotor Esq., Ayorinde Ogundeji Esq., Emmanuel Omohavwa Esq., Percious Chukwu Esq., and Hannah Ayanwale Esq., all of Ebun-Olu Adegboruwa SAN & Company.
In the 1st respondent’s (EFCC’s) written address as argued by Falana (SAN), he lamented the tendency and temptation to “misuse the Fundamental Right (Enforcement Procedure) Rules randomly by the desire of legal practitioners to elevate the profile of their claim and sentimentally try to pressure up the court to have an early audience have always manifested in our courts”.
One of the issues for determination was whether the high court has the jurisdiction to hear and determine the Applicant’s case when the allegations of breach of fundamental rights do not constitute the principal claims.
Falana argued that the question to be “resolved is whether the applicant’s claim falls within the type that is enforceable as an infraction of fundamental right”. The EFCC’s counsel argued further: “The position of the law is that for a claim to qualify as falling under fundamental rights, it must be clear that the principal relief sought is for the enforcement or for securing the enforcement of a fundamental right and not, from the nature of the claim, to redress a grievance that is ancillary to the principal relief which itself is not ipso facto a claim for the enforcement of fundamental right.” Falana noted that “significantly, the claim of any breach is not like a magic wand which can be waved in the face of every claim and turn on the engine of enforcement of a right that may not be constitutional”.
