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Major U.S. equities indexes moved higher on the final trading day of the week after the release of strong labor market data. The S&P 500 added 0.9% on Friday, while the Nasdaq jumped 1.2%, and the Dow gained 0.8%. All three indexes ended posted moderate gains for the week.
U.S. employers added 254,000 jobs in September, marking the quickest pace of hiring since March and blowing past economists' forecasts. The indication of resilience in the jobs market could lower the likelihood of another jumbo rate cut by the Federal Reserve.
Shares of lithium producers moved higher following reports that British-Australian mining giant Rio Tinto (RIO) might be considering an acquisition in the lithium industry. Although Rio Tinto is well known for its copper, iron ore, and diamond business, the company produces lithium and is reportedly looking to expand, even as prices for the metal have been pressured by soft electric vehicle (EV) demand. Shares of Albemarle (ALB), the world's largest lithium producer, surged 8.2% on Friday, marking the top performance in the S&P 500.
United Airlines (UAL) shares gained 6.5% following reports that low-cost rival Spirit Airlines (SAVE) is considering a bankruptcy filing in the wake of its failed merger with JetBlue Airways (JBLU). Spirit is also said to be exploring options to restructure its balance sheet as it faces billions of dollars in debt. Spirit shares plummeted 24.6% on Friday, while JetBlue shares soared 14.2%.
Deckers Outdoor (DECK) shares added 6.4% on the day. The parent company of the Ugg, Hoka, and Teva footwear brands is a relatively fresh addition to the S&P 500, having joined the benchmark index in March. More recently, Deckers Outdoor completed a six-for-one stock split in September. Following the split, Baird analysts highlighted Deckers stock for its "best-in-class growth."
Extra Space Storage (EXR) shares dropped 3.9%, the biggest loss of any S&P 500 stock on Friday. The downtick for the self-storage real estate investment trust (REIT) came after regulatory filings revealed CEO Joseph D. Margolis sold around $1.34 million worth of shares in the company. Investors often consider significant sales by company insiders as a potential warning signal.
Shares of credit reporting agency Equifax (EFX) sank 3.4%. Earlier this week, UBS initiated coverage on Equifax stock with a "buy" rating, asserting that the company could be positioned to benefit from an expected normalization in the mortgage market. However, there could be less certainty around a mortgage recovery after today's jobs report, which raised questions about the likely pace of interest-rate cuts by the Federal Reserve.
Concerns about Fed rate cuts and the trajectory of mortgage rates weighed on companies in the homebuilding industry. Shares of homebuilders D.R. Horton (DHI) fell 2.9%, while shares of both Lennar (LEN) and PulteGroup (PHM) were down 2.5%.
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Instablog9ja
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Governor Dikko Radda of Katsina State has launched the distribution of 21,924 bags of rice as part of the Federal Government’s food security programme.
The governor while launching the program at the Katsina People’s Square on Sunday, revealed that the aim was to alleviate the current economic hardship faced by the citizens.
According to him, the programme targets various segments of the population mostly the vulnerable women and youth groups at various ward and local government levels where a total of 6,652 polling units will be covered. Katsina State is in the North-West region of Nigeria.
He recalled that this is the second time, the Federal Government has distributed palliatives to Katsina State after the President recently procured fertilizer for farmers in the State to use for both wet and dry season farming. Governor Radda explained that Katsina State in this year’s farming season recorded a significant reduction in insecurity compared with last year when 95 percent of farmlands he said have been successfully cultivated.
“The State Government has also awarded N30 billion contracts to boost the agricultural sector of the State. This is what we have been doing to make life easier for the masses,” he stated.
On his part, the Minister of Budget and Economic Planning Atiku Bagudu maintained that the palliative measure aligns with President Bola Tinubu’s Renewed Hope agenda. He therefore commended the governor for his efforts in supporting vulnerable populations during these challenging times.
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What You Need To Know Ahead Of AMD’s Advancing AI Event
Advanced Micro Devices (AMD) Is Gea...
Investopedia
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Advanced Micro Devices (AMD) is gearing up to showcase new tech at its 2024 Advancing AI event on Thursday, which Bank of America analysts said could be a "catch-up catalyst" for the chipmaker.
AMD is expected to highlight its line of Instinct GPU accelerators and EPYC server processors at the event, and could potentially offer a glimpse into how it plans to capture a larger share of the AI accelerator market.
Analysts expect a followup to AMD’s MI300 series of accelerators launched in the fourth quarter of 2023. The company is off to a strong start in its first year of accelerator sales, Bank of America analysts said in a note Wednesday, guiding for more than $4.5 billion in sales this year.
The big question is how large of a market share can it command with Nvidia (NVDA) dominating the AI sector. The current analyst consensus suggests that AMD is expected to hold a roughly 5% to 7% share of the AI accelerator market over the next couple years (while Nvidia's share is north of 80%). However, if it could show a path to 10% by the end of 2026, the company would add about $5 billion in sales, Bank of America said.
What could help is the announcement of high-profile companies that use AMD's MI300 series accelerators. Analysts said they believe AMD's MI300X is already used by Microsoft (MSFT), Oracle (ORCL), and Meta (META), and others could be announced at the event.
Shares of AMD jumped nearly 10% the day after last year’s AI event in December, and could surge again after this year's event.
The stock climbed nearly 5% Friday to $170.90 and is up about 16% so far this year, thanks to surging AI demand.
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Instablog9ja
2 hrs
11
Delta Governor’s aide, Ossai Success, has criticized Pastor Jerry Eze for his guest list at his birthday party.
He said Pastor Jerry Eze shouldn’t have invited E-Money and Obi Cubana to his birthday. This is disappointing as we all know E-Money and Cubana aren’t genuinely Christians, considering their lifestyles.
Just as Bishop David Oyedepo didn’t invite them to his birthday despite their celebrity status, Pastor Jerry Eze, Lead Pastor of Streams of Joy International, shouldn’t have invited them, as this puts his faith into question.
If this guys were to be poor living a worldly lifestyle, I don’t think he would have invited them or associated himself with them but then they are rich Popular celebrities In the Bible, 2 Corinthians 6:14 states, “Do not be unequally yoked with unbelievers. For what partnership has righteousness with lawlessness? Or what fellowship has light with darkness?”
It’s disappointing that Pastor Jerry invited E-Money and Obi Cubana without encouraging them to commit to Jesus Christ. The birthday celebration should have been an opportunity to win souls for God, but after watching the birthday videos, I didn’t see E-Money or Obi Cubana give their lives to Jesus Christ.
Investopedia
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Meta (META) unveiled a new artificial intelligence (AI) tool that can generate realistic videos with accompanying music from text inputs.
Meta's Movie Gen can create new videos, edit existing ones, or adapt images into video form, the company said Friday. Specifically, it can create videos up to 16 seconds long that run at 16 frames per second.
Movie Gen rivals the video generator from Microsoft (MSFT)-backed OpenAI, which announced its product, Sora, in February.
Meta's Movie Gen isn’t publicly available yet, but Meta said it's working toward a potential future release.
Shares of Meta hit another record high Friday, and were up 2% at $594.25 in afternoon trading. They've gained more than two-thirds of their value since the start of the year.
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Instablog9ja
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Bobrisky has thrown shades at VeryDarkMan following his latest exposé.
He said nurse Titi, your patient is out again o.
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