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Instablog9ja
19 m
9
Media Personality Chiamaka Ugoo has replied those att@cking her for writing Tinubu and Akpabio must go.
She said PBAT will never affect her and her household because during his tenure she a built a seven room duplex in four months for her late father, she spen one million Naira monthly on 24hours electricity and she is paying millions as children school fees and her and her family eat multiple times in a day. But with all this, she feels the pain of millions of Nigerians who are s#ffering and can not afford a tuber of yam for N10,000.
Investopedia
20 m
11
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Intel (INTC) shares plunged in extended trading Thursday after the company posted a wider-than-expected loss and said it would lay off 15% of its workforce as part of a $10 billion cost-savings plan.
The chipmaker missed expectations on its top and bottom lines, swinging to a second-quarter loss of $1.6 billion from a profit of $1.5 billion a year earlier. Revenue of $12.8 billion was down 1% year-over-year.
“Second-quarter results were impacted by gross margin headwinds from the accelerated ramp of our AI PC product, higher than typical charges related to non-core businesses and the impact from unused capacity,” CFO David Zinsner said.
Intel said it expects third-quarter revenue of $12.5 billion to $13.5 billion, well below the $14.3 billion analysts had been expecting. It projected a loss of 24 cents per share, while analysts had expected a profit of 3 cents.
In order to bring down costs, Intel said it would reduce its headcount by 15% by the end of 2024. Other cost-saving measures include lowering its research and development (R&D); marketing; and general and administrative spending to $20 billion in 2024, with further cuts in 2025 and 2026.
The company also said it would suspend its dividend starting in the fourth quarter.
“By implementing our spending reductions, we are taking proactive steps to improve our profits and strengthen our balance sheet," Zinsner said.
Shares of Intel were down over 19% at $23.47 per share in extended trading as of 6:30 p.m. ET Thursday following the company's earnings release.
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Instablog9ja
1 h
11
A nursing mother has said she is ready to d#e as she returns for Day 2 of the #EndBadGovernance protest after being tear-gassed on Day 1 of the protest in Abuja.
Suwaiba Abdullahi, a nursing mother, has said she is ready to d#e as she returns to the streets of Abuja to protest.
Investopedia
1 h
13
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A raft of worse-than-expected economic data Thursday raised questions about how long the economy will be able to keep its head above water as high interest rates drag down vulnerable industries.Three separate reports delivered downbeat surprises. Construction spending fell in June for the second month in a row, dropping 0.3%, the Census Bureau said. Forecasters had expected a 0.2% increase instead, according to a survey of economists by Dow Jones Newswires and the
The manufacturing sector is struggling too, according to an index released by the Institute of Supply Management, which showed manufacturing activity declining for a fourth month in a row in July, the 20th decline in the last 21 months. The index dropped to a reading of 46.8%, down from 48.5% in June and below the 50% mark that separates expansion from contraction. Forecasters had expected an uptick to 48.9% rather than the deepening slump.
Industry struggles may be affecting workers too: 249,000 people filed for unemployment for the first time, the most since last August, the Department of Labor said. Economists typically take that report with a grain of salt, since the numbers tend to bounce around a lot from week to week.
Taken together, the data was enough to raise concerns among investors that the economy could be more at risk of a downturn than previously thought. Major U.S. stock indexes fell sharply, in part because of concerns about the additional signs of a slowing economy. Friday's monthly jobs report will provide another critical indication of the economy's health.
Up to this point, the U.S. has avoided a long-predicted recession as the economy has stayed resilient despite the Federal Reserve’s campaign of anti-inflation interest rate hikes that are meant to slow it down. The unemployment rate is low by historic standards despite a recent uptick, and overall economic growth, as measured by the Gross Domestic Product, has run at a healthy clip.The Fed has maintained its benchmark interest rate at its highest since 2001 for more than a year, pushing up borrowing costs on mortgages, car loans, and all kinds of other credit, to discourage borrowing and spending and allow supply and demand to rebalance. Inflation has come down significantly since its recent peak in mid-2022, but it’s come at a cost.“The economy is in pretty good shape in 2024, but it does have weak spots. High interest rates are a major headwind for industries that use a lot of credit, like manufacturing, property development, and retailers of big-ticket items like furniture and cars,” Bill Adams, chief economist for Comerica Bank, wrote in a commentary.One of the softer weak spots has been the housing market, which has been all but paralyzed by high mortgage rates driving buyers out of the market. With 2023 marking the worst year for home sales in nearly 30 years, the slowdown may be spilling over into other areas, especially manufacturing.
“The U.S. economy’s manufacturing base appears to be capitulating to the sustained combination of high interest rates, weak homebuying, and consumers’ price tag fatigue,” Gus Faucher, chief economist at PNC wrote in a commentary.
If the grim numbers have a bright side for borrowers and investors, it’s that the Fed may respond by lowering those high interest rates faster than previously thought.
The Fed was already widely expected to cut its benchmark interest rate as soon as its next meeting in September. In the wake of Thursday’s data, the odds grew that the central bank would follow that up with more rate cuts at a faster pace, according to the CME Group’s FedWatch tool, which forecasts rate movements based on fed funds futures trading data.
Treasury yields, which are sensitive to expectations around interest rates, moved sharply lower Thursday, after falling on Wednesday following Fed Chair Jerome Powell's comments about the prospects for monetary easing as soon as September. The yield on the 10-year Treasury dropped below 4% on Thursday for the first time since February.
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Amazon's Revenue Guidance Came In Light. Its Stock Is Falling
Amazon (AMZN) Shares Dropped After ...
Investopedia
3 hrs
12
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Amazon (AMZN) shares dropped after the closing bell Thursday as the tech titan delivered third-quarter revenue guidance that disappointed investors.
The company projected current-quarter net sales between $154 billion and $158.5 billion, while analysts had called for $158.42 billion — near the top end of Amazon’s range — per Visible Alpha. The results will incorporate Amazon's latest Prime Day sales event, which the company called its biggest ever.
Amazon’s second-quarter net sales totaled $147.98 billion, up 10% year-over-year and below expectations of $148.67 billion. Earnings per share (EPS) were $1.26, compared to 65 cents in the year-ago quarter and the analyst consensus of $1.04. Amazon Web Services revenue rose 19% year-over-year to $26.3 billion.
Advertising revenue gained 12% to $12.77 billion. Prime Video advertising will continue to be in focus for Amazon: Shows and movies on the platform began having limited advertisements this year, and the NBA earlier this month accepted Amazon's reported bid of $1.8 billion to stream a package of games.
Amazon stock declined more than 5% in late trading Thursday after losing 1.6% during the regular session. Shares are up more than 20% in 2024.
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Simonkingsley
4 hrs
1
