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Police operatives in Anambra State have arrested one Nwalobi Fredrick, 41, for allegedly impregnating his 16-year-old in-law in Ekwulobia, Anambra State.

It was gathered that the suspect was arrested after the family of the teenage girl reported the incident at the office of the Women and Social Welfare Commissioner in Awka.

Chidinma Ikeanyionwu, the media aide to the Women and Social Welfare Commissioner, Hon Ify Obinabo, who disclosed this in a statement on Thursday, July 25, 2024, said the suspect blamed the devil for the crime.

According to the statement, “Contrary to what the suspect had earlier told the Honourable Commissioner, the 16-year-old girl stated that the incident started after she was kept in her in-law’s care in late January to enable her finish her secondary education since the demise of her mother.

She explained that it was just a day after settling in his house that Mr Nwalobi first had carnal knowledge of her and ever since has been having his way with her body.

Upon further interrogation, she revealed that she’s already four months gone, and ever since she became pregnant, her in-law has refused to take responsibility for putting her in a family way.

Meanwhile, the 41-year-old suspect, who remarried in April after the d£ath of his first wife, says he doesn’t have money to take care of the girl since he now has his own family.”

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International Business Machines (IBM) beat analysts’ expectations on the top and bottom lines with its second-quarter results Wednesday, sending shares higher in aftermarket trading as CEO Arvind Krishna pointed to the company’s expanding artificial intelligence (AI) business.

The company posted diluted earnings per share of $1.96 on revenue of $15.8 billion, above projections of $1.74 per share on revenue of $15.6 billion, per Visible Alpha. Software revenue rose 7% to $6.7 billion. IBM reiterated its full-year projection of mid-single-digit revenue growth.

“We continue to see that clients turn to IBM for our technology and our expertise in enterprise AI, and our book of business for generative AI has grown to more than $2 billion since the launch of watsonx one year ago," Krishna said. 

Shares of the company rose about 3% after the closing bell. As of Wednesday's close, IBM's stock was up about 13% in 2024.

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Advanced Micro Devices (AMD) is set to report second-quarter earnings after the bell Tuesday, with investors likely watching for record data center growth and strong guidance amid the artificial intelligence (AI) boom.

The chipmaker is projected to report revenue of $5.74 billion, according to estimates compiled by Visible Alpha, which would represent 7% growth from the year-ago period. Net income is expected to come in at $342.76 million, or 21 cents per share, an increase from the second quarter of 2023.

AMD will report revenue for its data center segment, with investors watching for continued growth on AI demand.

In the first quarter, AMD's data center business reached a record-high revenue of $2.3 billion, up 80% from the year-ago period, driven by sales of MI300 chips used for AI data centers.

Analysts expect data center revenue to be $2.79 billion, according to consensus estimates from Visible Alpha, which would be a quarterly record high for the segment.

AMD will provide its expectations for revenue for the third quarter, with investors likely watching closely as sentiment surrounding the stock has been less favorable than for many of its AI chipmaker peers.

Investors consider Nvidia (NVDA) and Broadcom (AVGO) as favorite stocks within the semiconductor industry, while AMD was among the "most unpopular," according to Citi analysts who recently met with investors to gauge their views on chipmaker stocks.

AMD's third-quarter revenue forecast is expected to be $6.66 billion, according to consensus estimates compiled by Visible Alpha. If AMD's outlook were to surpass estimates, it could act as a positive catalyst for the stock.

Goldman Sachs analysts anticipate AMD will provide third-quarter guidance in line with consensus estimates. The analysts said they expect the chipmaker to update its data center GPU revenue forecast to $4.5 billion from $4 billion, which could also improve investor sentiment.

Shares of AMD have lost about 2% of their value so far this year, at $144.63 as of Wednesday's close.

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Ford Motor (F) shares took a major hit in late trading Wednesday after the automaker’s second quarter earnings fell short of expectations.

The company posted earnings per share (EPS) of $0.46, down slightly year-over-year and below analysts’ expectations of $0.55, according to Visible Alpha. Revenue came in at $47.8 billion, topping expectations of $46.6 billion. Net income dropped more than 4% to $1.83 billion, which the company attributed in part to an increase in warranty reserves.

Looking ahead, Ford maintained its full-year guidance range of $10 billion to $12 billion in adjusted earnings. The Ford Model e division is expected to post a full-year loss between $5 billion and $5.5 billion.

Shares of Ford tumbled nearly 11% in aftermarket trading. They were down more than 1% in the regular session.  

Ford Model e, the company’s electric vehicle division, saw revenue fall 37% year-over-year to $1.1 billion. Ford last week said a Canadian plant scheduled to be converted to EV manufacturing would instead be used to expand production of its Super Duty pickup trucks.

Ford Blue, its passenger gas-powered cars and hybrids, drew revenue of $26.7 billion, while the Ford Pro commercial vehicle division brought in $17 billion, up 7% and 9%, respectively.

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Justice M. A. Oyetenu of the Federal High Court sitting in Uyo, Akwa Ibom State, has convicted one Etiusen Stephen for spraying naira notes.

The convict was arraigned on July 19, 2024, on a two-count charge bordering on naira ab¥se by the Economic and Financial Crimes Commission, EFCC.

One of the charges reads: “That you, Etiusen Stephen Udo, on or about 27th June 2024, in Uyo, Akwa Ibom State, within the jurisdiction of this honourable court, did sell forty thousand naira notes (N40,000.00) only to one Edidiong Usoro and thereby committed an offence contrary to Section 21 (4) of the Central Bank of Nigeria Act 2007 and punishable under Section 21 (1) of the same Act.”

When the charges were read to the defendant, he pleaded ‘guilty’ to both counts.

Justice Onyetenu thereafter convicted him and ordered the forfeiture of the N40,000 recovered from him to the Federal Government of Nigeria.

EFCC in a statement on Wednesday, July 24, noted that: “The convict was arrested at the Shelter Afrique area of Akwa Ibom State on Thursday, June 27, 2024, alongside ten others while partying at Ken’s Court Luxury Apartments. He was caught spraying naira notes and carelessly stepping on them while dancing.”

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It was quite a day for shares of Bausch Health Cos. (BHC), which were cut nearly in half before recovering as it addressed a research firm's report saying it was mulling bankruptcy options.

Bausch's stock finished Wednesday down 23%, above earlier lows that represented their lowest level in nearly 20 years. After trading in the shares was halted Wednesday afternoon, the pharmaceutical company issued a statement citing a report by Reorg.

Investopedia has not read the report, and Reorg did not respond to a reporter's request in time for publication.

“The [Reorg] article contains unsubstantiated rumors, including that the company is considering a bankruptcy or insolvency proceeding of any kind — it is not,” the company said. “We understand that Reorg has subsequently issued an update to its original news article to clarify that the company has not been involved in discussions with its creditors regarding bankruptcy proceedings.”

Bausch is scheduled to report second-quarter results before the opening bell on August 1. In the first quarter, the company posted a net loss of $64 million.

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