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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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The Ondo State government has appealed to Nigerian students, particularly those from the state, to shun the planned August 1st nationwide protest against hardship in the country.

The Senior Special Assistant on Students’ Affairs to the state government, Kevin Olaolu, who made the appeal in a statement said the government urged its citizens to embrace peace and dialogue.

“We urge all students to support the Renewed Hope Agenda, which aims to bring about positive change and development in our country.

In the spirit of unity and progress, we call for peace among all Nigerian students and emphasize the importance of constructive engagement and dialogue in addressing our challenges.

It is important to note that Ondo state students firmly dissociate themselves from any planned protests, vi%lence, or d£§truction of public properties belonging to the government. We believe that change takes time, and as the saying goes, ‘Rome wasn’t built in a day.

Let us remain steadfast in our commitment to the progress and prosperity of our great nation. Together, we can overcome our challenges and build a better future for all. Nigeria shall be great,” the statement reads.

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The Area Controller of Nigeria Customs Service, NCS, Cross River/Akwa Ibom Command, Chukwudi Gabriel Ogbonna, has stressed that Nigeria requires more manufacturing firms instead of hotels.

Speaking in Calabar on Wednesday, July 24, the Customs boss said there seems to be more hotels in the country compared with manufacturing facilities.

According to the News Agency of Nigeria, he said: “The local or national economy cannot survive without manufacturers. Manufacturing or productive economy energizes any economy.

But there seems to be more hotels than manufacturing facilities in Cross River and many other states. It shouldn’t be that way.

We ourselves are affected when manufacturers are not working. We take in revenues when manufacturers are working. We should give more support to local manufacturers.”

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