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Super Eagles striker Kayode Olarenwaju has filed for a divorce from his estranged wife, Ezinne, at a Federal Capital Territory High Court in Abuja.

The football star also prayed the Court for ₦1 billion damages against controversial UK-based Pastor, Tobi Adegboyega for emotional tr@uma, financial loss and loss of goodwill occasioned by his alleged ad¥lterous affair with Ezinne.

Olarenwaju and Ezinne have been engaged in a marital battle following allegations of infid£lity, among other issues.

The cross-petition marked Suit Number PET/304/2024 cited several allegations involving infid£lity, financial misconduct, and a dramatic family fallout.

In his cross-petition, Olanrewaju claimed that since their marriage in 2013, Ezinne has repeatedly committed ad¥ltery, including his earlier claim of an ongoing affair with Pastor Adegboyega.

The footballer alleged that his wife’s relationship with Adegboyega has not been discreet, with the pair seen openly attending parties and sharing intimate moments in public.

He also said that Ezinne has had similar relations with other men, which has made it intolerable for him to continue living with her as husband…(swipe to keep reading.)

📷: @pmnewsnigeria

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Shares of Vista Outdoor (VSTO) edged higher Monday after the outdoor products company rejected a private equity firm's takeover offer, putting its support behind another company's bid to buy one of its divisions for $2.1 billion.

Vista's shares were recently up about 0.5% to more than $37 per share. The company rejected last month's offer from MNC Capital in favor of a sweetened offer from Czechoslovak Group (CSG) that it said is a better value for shareholders than MNC Capital's $3.2 billion offer and has a clearer path to closing because it already has received the necessary regulatory approvals.

MNC Capital's offer was for the entire company, while CSG has offered to acquire the Kinetic Group, Vista's group of firearm and ammunition brands like Remington. The deal would allow Vista to retain its Revelyst division, which controls outdoor brands like Camelbak backpacks and Bell cycling helmets.

MNC last month raised its bid for the full company to $42 per share, roughly $3.2 billion, days after the Committee on Foreign Investment in the U.S. (CFIUS) cleared Vista's deal with Prague-based CSG, saying there were "no unresolved national security concerns."

If the CSG deal goes through, Vista said its Revelyst division would become its own publicly traded company, while the Vista name and Kinetic brands would merge with CSG.

"As a pure-play standalone outdoor company, there is significant opportunity for Revelyst to realize superior value for stockholders when separated from The Kinetic Group, with expanded strategic opportunities and the strengthened ability to attract and retain talent," the company said Monday.

Vista said it will hold a special shareholder meeting to approve the CSG deal on July 23, and said its board has "unanimously" rejected MNC's final offer.

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Shares of Corning (GLW) soared Monday when the specialty glass maker boosted its guidance, citing rising demand for its products used in generative artificial intelligence (AI) applications.

The company now anticipates current-quarter earnings per share (EPS) at the high end of or slightly above its previous outlook of $0.42 to $0.46. It sees revenue of about $3.6 billion, $200 million more than its earlier estimate.

Corning shares were up more than 9% early Monday, trading at their highest levels since early 2022.

CEO Wendell Weeks said that the gains were “primarily driven by the strong adoption of our new optical connectivity products for Generative AI.” The results have increased confidence in Corning’s “Springboard” plan to raise annualized sales by more than $3 billion in the next three years "as cyclical factors and secular trends combine," he said.

Weeks said that the company believes the first quarter will be the lowest this year, and that the company expects to post strong incremental profit and cash flow as it “captures this growth management.”

The Corning, N.Y.-based firm is scheduled to report second-quarter numbers on July 30 before the markets open.

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Nvidia Corp. (NVDA) was founded in Santa Clara, California, in 1993, and was originally a silicon chip company specializing in graphics processing units, or GPUs. Nvidia has grown dramatically on a global scale as it has positioned itself as a leader in visual computing, gaming, visualization, data center, cryptocurrency mining, and artificial intelligence.

The top individual shareholders of Nvidia are Jen-Hsun ("Jensen") Huang, Tench Coxe, and Mark A. Stevens, and the top institutional shareholders are Vanguard Group Inc., BlackRock Inc. (BLK), and FMR LLC.

Nvidia has posted a 12-month trailing net income of $42.6 billion as of July 5, 2024, and 12-month trailing revenue of $79.8 billion for the same period. This represents a net profit margin of 53%. As of July 5, 2024, the company has a market capitalization of $3.1 trillion and has become one of the world's most valuable companies companies.

"Insider" refers to people in senior management positions and members of the board of directors, as well as people or entities that own more than 10% of the company's stock. In this context, it has nothing to do with insider trading.

Below are the top three individual insider shareholders of Nvidia. Note that this list reflects direct ownership and does not include indirect ownership of shares or shares accessible through stock options.

Jen-Hsun Huang—who goes by Jensen Huang—owns 93,463,791 shares of Nvidia, representing 3.79% of all outstanding shares. Huang founded the company in 1993 and serves as president and CEO. He is also a director of Nvidia. Prior to establishing Nvidia, Huang worked for chip manufacturer LSI Logic Corp. and semiconductor company Advanced Micro Devices Inc. (AMD). Huang is listed as #13 on the Forbes billionaires list, with a net worth of about $110 billion.

Tench Coxe owns 3,785,524 shares of Nvidia, representing less than 0.01% of all outstanding shares. Coxe has been a board member of Nvidia since 1993, accumulating enough shares to become a billionaire.

Coxe came to Nvidia from the world of venture capital. He served as a managing director for Sutter Hill Ventures from 1989 to 2020, and also served on the boards of Mattersight Corp. and Artisan Partners Asset Management. His net worth is $5.6 billion as of July 2024, putting him at #544 on the Forbes billionaires list.

Mark A. Stevens owns 4,102,881 shares of Nvidia, representing less than 0.01% of all outstanding shares. Stevens has served on Nvidia's board from 1993 to 2006 and again since 2008. Since 2012, Stevens has been managing partner of S-Cubed Capital, a private family office investment firm. From 1993 to 2011 he was managing partner of venture capital firm Sequoia Capital and has also held positions at Intel Corp. (INTC) and Hughes Aircraft Co. He has a net worth of $8.4 billion as of July 2024, placing him at #303 on the Forbes billionaires list.

More than 5,500 institutions filing 13Fs hold Nvidia stock as of Q1 2024. Of these, 124 hold 10% or more of their portfolio in Nvidia. Roughly 67.5% of all outstanding Nvidia shares are held by institutional shareholders.

Vanguard Group owns 2.13 billion shares of Nvidia, representing 8.7% of total shares outstanding, according to the company's 13F filing for the period ending March 31, 2024. The company is primarily a mutual fund and ETF management company with about $8.6 trillion in global assets under management (AUM) as of year-end 2023. The Vanguard Information Technology ETF (VGT) has nearly $80.0 billion in AUM. Nvidia is the third-largest holding in the fund's portfolio, at about 14% of fund assets.

BlackRock owns 1.82 billion shares of Nvidia, representing 7.4% of total shares outstanding, according to the company's 13F filing for the period ending March 31, 2024. The company is primarily a mutual fund and ETF management company with approximately $10.5 trillion in AUM. The iShares PHLX Semiconductor ETF (SOXX) has about $15.6 billion in AUM. Nvidia is the second-largest holding in the fund's portfolio, at about 8.4% of fund assets.

FMR LLC, also known as Fidelity, owns 1.15 billion shares of Nvidia, representing 7.0% of total shares outstanding, according to the company's 13F filing for the period ending March 31, 2024. Fidelity is one of the nation's largest financial services companies and offers investment management, retirement options, brokerage, financial planning, and wealth management services. 

The company owns investment management firm Fidelity Investments, which has a total discretionary AUM of approximately $5.3 trillion. The firm manages a range of ETFs and mutual funds. The Fidelity Blue Chip Growth Fund (FBGRX) has about $67.2 billion in AUM. As of 2024, Nvidia was the largest holding in the fund's portfolio, at about 13.8% of fund assets.

The largest owners of Nvidia stock are asset managers, such as BlackRock and Vanguard. These companies hold Nvidia stock in mutual funds and ETFs on behalf of their clients. Among individual investors, the largest shareholders are company insiders and board members, like founder Jensen Huang.

Yes. Nvidia was founded in 1993 by American computer scientists Jensen Huang, Chris Malachowsky, and Curtis Priem. Today, it is still headquartered in Santa Clara, Calif., and covers about 80% of the world's GPU market.

Historically, Nvidia's main competitors have been other chipmakers, such as Advanced Micro Devices (AMD) and Intel (INTC). However, with the explosive growth of generative AI, other tech companies like Google and Amazon are also investing in chip architecture, while many new startups are also securing funding.

With the growth of generative AI, chipmaker Nvidia has become one of the most valuable companies in the world. Although institutions like Vanguard and BlackRock are the largest shareholders, company insiders and directors also have significant stakes.

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Maureen Achebe, daughter of the renowned novelist, late Chinua Achebe, has received the Brigham and Women’s Hospital 2024 Faculty Development and Diversity Awards.

The hospital notified Okam Achebe of her award in a letter dated July 2, according to a post shared by Chidi Achebe, her brother and chairman of African Integrated Development Enterprise Public Benefit Corporation (AIDE PBC).

Chidi stated that the hospital, a premier teaching hospital of Harvard Medical School based in Boston, Massachusetts, notified Maureen of her award in a letter dated July 2, 2024, which he also shared.

The Brigham and Women’s Hospital is a world-class academic medical centre based in Boston, Massachusetts, and a premier teaching hospital of Harvard Medical School.

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The latest monthly U.S. employment report provided more evidence that the economy is cooling, boosting expectations that the Federal Reserve will cut its benchmark interest rate in the coming months. 

The Bureau of Labor Statistics said Friday that U.S. employers added fewer jobs in June than the month before and that the unemployment rate rose to its highest level since late 2021.

The BLS also adjusted downward the jobs growth numbers for the previous two months, an indication that the Fed’s policy of high interest rates to slow economic activity and tame inflation is having its intended effect. 

“Overall, (the) report is consistent with ongoing moderation in growth and inflation. Job gains are still not slowing as fast as consensus expectations, but the underlying pace is cooling," Nomura economists said in a report Friday.

Stocks gained and Treasury yields fell following the release of the jobs data, as optimism that the US central bank could start cutting its fed funds rate, which is currently at a 23-year high, rose.

Traders are pricing in a 77% chance that the Fed will cut the benchmark rate at the September meeting of the Federal Open Market Committee (FOMC), according to the CME Group’s FedWatch tool, which forecasts rate movements based on fed funds futures trading data. That compares with the 64% likelihood priced in a week ago.

“The June jobs report adds to evidence from other recent growth indicators that the Fed is likely sufficiently restrictive,” Deutsche Bank economists said Friday. “These data therefore boost prospects for a September rate cut, though that outcome requires continued evidence of moderating inflation over the coming months."

“We continue to expect ongoing disinflation to make the case for two rate cuts this year, in September and December," Nomura analysts wrote.

Fed officials have said that progress is being made in the fight against inflation, but have also said they need to see more data confirming that price pressures are under control.

"We want to be more confident that inflation is moving sustainably down toward (the Fed’s annual target of) 2% before we start the process of reducing how tight our policy is," Fed Chair Jerome Powell said last Tuesday during a panel discussion at a European Central Bank conference in Portugal.

The latest reading of the Fed’s preferred measure of inflation, the Personal Consumption Expenditures index, showed that inflation in the 12 months ending in May slowed to 2.6%.

Fed officials are leery of moving too quickly to cut rates and run the risk of reigniting inflation. At the same time, they are watching labor trends closely to ensure that the high rates aren’t causing damage. The Fed has a dual mandate to keep prices stable and to promote maximum employment. 

“We have to balance the two, and given the strength in the economy, we can approach that carefully,” Powell said last week.

Powell is scheduled to address the Senate Banking Committee on Tuesday and the House Financial Services Committee on Wednesday, where he’ll give an overview of current economic conditions. 

Lawmakers will likely press Powell on the impact that high interest rates are having on the economy and about the timetable for cutting the fed funds rate, which affects costs on everything from mortgages to student loans.    

Later in the week, the first official readings on inflation in June will be released. 

The Consumer Price Index report, due Thursday, is expected to show that annual inflation moderated in June to 3.1% from 3.3% the month before, according to economists surveyed by and . The Producer Price Index, to be released Friday, will give a view of inflation at the wholesale level. 

“In his comments last week, Powell reiterated a number of points from the June FOMC meeting but skewed dovishly at times by suggesting the disinflation trend has resumed and that policy is restrictive," Deutsche Bank said in its report. “Importantly, his testimony will come before the June CPI release, which will be more important for determining whether the Fed will cut rates before the election.”

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