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Instablog9ja
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The House of Representatives has thrown its weight behind the introduction of independent candidacy as part of the ongoing constitutional review on Thursday. The bill, sponsored by Akin Rotimi, spokesperson for the House and Chairman of the House Committee on Media and Public Affairs, was introduced for its first reading at the plenary session.
The bill, titled “A Bill for an Act to Alter the Provisions of the Constitution of the Federal Republic of Nigeria, 1999 (as amended),” seeks to enable candidates unaffiliated with political parties to contest in presidential, governorship, National Assembly, state assembly, and local government elections.
Rotimi, speaking after the plenary, emphasized that the amendment is aimed at expanding Nigeria’s democratic space and promoting greater inclusion in the political process. He said, “This bill will broaden the democratic process, thereby allowing citizens who are not affiliated with any political party the opportunity to run for public offices.”
The proposed bill seeks to amend Section 7 of the Principal Act by introducing new subsections (4A) and (4B). Subsection (4A) would allow any eligible voter or candidate for the State House of Assembly to run for local government office, regardless of political party affiliation or sponsorship. In subsection (4B), the bill stipulates that independent candidates must meet certain criteria to contest elections. For Chairmanship elections, candidates must secure verified signatures from at least 10% of registered voters across two-thirds of the electoral wards in the local government area.
Similarly, for Councillorship elections, candidates must obtain signatures from at least 10% of registered voters in two-thirds of the polling units within the electoral wards. Furthermore, the bill proposes an amendment to Section 65, replacing subsection (2). The new provision states that a person is qualified for election if they have at least a School Certificate or its equivalent, and either (a) are a member of a political party and sponsored by that party, or (b) are an independent candidate with verified signatures from 10% of registered voters across two-thirds of the local government areas in their Senatorial District or Federal Constituency.
Investopedia
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Major U.S. equities indexes pushed higher as the latest estimates from the Bureau of Economic Analysis showed that U.S. gross domestic product (GDP) growth slightly outpaced expectations in the second quarter of 2024.
The S&P 500 added 0.4% on Thursday, printing a new all-time closing high. The Dow gained 0.6%, ending just below the level of Tuesday's record close. The Nasdaq was also up 0.6%, boosted by strength in the tech sector and solid gains from semiconductor stocks.
Micron Technology (MU) shares secured Thursday's top performance in the S&P 500, skyrocketing 14.7% after the memory chip maker beat revenue estimates and provided higher-than-expected sales guidance for the current quarter. The Nvidia (NVDA) partner nearly doubled its revenue from the year-ago period, with strong artificial intelligence (AI) demand helping underpin the strong sales growth. The firm's CEO said Micron's competitive positioning has reached its highest point in company history.
Circuit board manufacturer Jabil (JBL) also reported strong quarterly results, topping sales and profit estimates for its fiscal fourth quarter. Like Micron, Jabil benefitted from strong AI demand during the quarter. The electronics manufacturer and Apple (AAPL) supplier also approved a $1 billion share repurchase plan and announced several cost-cutting initiatives. Jabil shares jumped 11.7% on Thursday.
Shares of beauty products company Estée Lauder (EL) popped 10.0% higher following the announcement of an economic stimulus in China. The makeup maker generates around a third of its revenue from the Asia/Pacific region. However, in its most recent earnings report, Estée Lauder pointed to softness in the prestige beauty market in China as a key factor behind its 2% year-over-year decline in organic net sales. Any improvement in consumer sentiment that results from the stimulus could flow through to increased consumer spending and help drive a sales recovery for Estée Lauder in the key market.
Super Micro Computer (SMCI) shares plunged 12.2%, falling further than any other S&P 500 stock on Thursday. According to a report in , the U.S. Department of Justice (DOJ) has launched an investigation into the server and data storage provider's accounting practices. News of the DOJ probe follows a report published last month by activist short-selling firm Hindenburg Research alleging that Supermicro had engaged in accounting manipulation.
Crude oil futures prices fell more than 3% amid reports that Saudi Arabia and other major producers are prepared to increase oil output in December, pressuring oil and gas stocks. Diamondback Energy (FANG) stock slid 6.5%, with news that insiders sold more than $2.3 billion worth of in the exploration and production company.
Softness in natural gas prices also dragged on companies in that part of the energy sector. Shares of natural gas players Targa Resources (TRGP) and Oneok (OKE) were down around 5.9%.
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Instablog9ja
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VeryDarkMan has said if Fela could go to prison for speaking the truth, why wouldn’t he want to be like my role model?
He said he would like to go to prison like his role model, who is none for speaking the truth.
Analysts Say Meta's Ambitions Make It A Top AI Pick
JPMorgan And Jefferies Analysts Sai...
Investopedia
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JPMorgan and Jefferies analysts said Meta's (META) AI and metaverse ambitions make it a top pick after the tech giant's Connect event keynote Wednesday, where Meta unveiled several new products and AI features.
The analysts said the event showcased Meta's progress in monetizing AI and made them more bullish on the stock, with JPMorgan analysts writing Thursday that they believe Meta has "earned the right to spend big on AI," given its "early AI benefits in both engagement and monetization."
Jefferies analysts added that Meta's "proven ability to successfully scale & monetize new products" added to their confidence in Meta's "new AI future."
JPMorgan lifted its price objective for Meta's stock to $640 from $610, while Jefferies maintained its target of $600, representing about a 5.7% to 12.7% premium above Thursday's closing price of $567.84. Both targets were higher than the analyst consensus of $587.66 compiled by Visible Alpha, though all but one of the 31 analysts surveyed held a "buy" or equivalent rating for the stock.
Meta shares finished slightly lower Thursday after hitting a record intraday high earlier in the session. They've gained about 60% since the start of the year.
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Instablog9ja
3 hrs
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Actor Stan Nze has responded to a follower who criticized his wife, Blessing Obasi, for not using his surname on social media.
The follower said it’s unwise and lack of marital respect for her not to have her husbands name on her social media handles. But the husband responded by said it’s unwise to be in other people businesses without minding yours.
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Investopedia
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Jabil (JBL) shares soared Thursday after the circuit board manufacturer posted better-than-expected results on artificial intelligence (AI) demand, authorized a stock buyback program, and launched a restructuring that includes job cuts.
The company, which supplies Apple (AAPL), reported fourth-quarter adjusted earnings per share (EPS) of $2.30, ahead of consensus forecasts of analysts polled by Visible Alpha. Revenue fell 17.7% year-over-year to $6.96 billion, reflecting the loss from the divestiture of its Mobility division last December, but that still beat estimates.
Chief Executive Officer (CEO) Mike Dastoor noted that during its fiscal year, along with the Mobility sale, Jabil saw growth in the AI datacenter sector while dealing with softness in multiple end-markets. He added that while short-term demand remains challenged in certain end-markets, "we are confident that in the mid-to-long term, we are well-positioned to capitalize on secular trends."
Jabil's board also approved a $1 billion share repurchase plan.
Along with the earnings news, the company announced a restructuring plan "to align our support infrastructure to further optimize organizational effectiveness." It explained that would entail layoffs across the selling, general and administrative (SG&A) and manufacturing cost base, and capacity realignment. Jabil explained that it expects to take a $150 million to $200 million charge in fiscal 2025 to implement the changes.
Despite Thursday afternoon's nearly 12% gains to $126.85, shares of Jabil remain slightly lower year-to-date.
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