La-Z-Boy Stock Jumps On Strong Earnings, Upbeat Outlook—Watch This Price Level
~1.9 mins read

Shares in furniture maker La-Z-Boy (LZB) jumped more than 9% ahead of Tuesday’s opening bell after the company eased investors’ fears over slowing consumer spending and a sluggish housing market by announcing quarterly results and forward sales guidance that came in above analysts’ expectations.

For the quarter ending April 27, the Monroe, Michigan-based company posted adjusted earnings of 95 cents per share, handily topping the consensus estimate of 70 cents a share. Revenue in the period fell 1% to $554 million, but easily surpassed expectations of $516.4 million.

Turning to forward guidance, La-Z-Boy said it sees current-quarter net sales of $475 million to $495 million, with the $485 million midpoint of that forecast beating estimates of $476 million.

CEO Melinda Whittington said that the company’s conversion rates were at all-time highs and average ticket and design sales were trending up for the year, even as the furniture industry faces challenges from high interest rates and as housing turnover sits near three decade lows. Whittington added that she expects industry fundamentals to remain volatile in the near term but anticipates La-Z-Boy to outperform competitors and gain market share.

The company said it expects sales growth in fiscal 2025 to be driven by its Century Vision strategy, which includes the opening of 12 to 15 new La-Z-Boy Furniture Galleries stores, primarily in the second half of the year.

La-Z-Boy shares have traded within a broad rising wedge since early last year, with the 200-day moving average sitting just above the pattern’s lower trendline to provide additional support during pullbacks. Leading into the company’s quarterly results, the stock formed a piercing pattern near the wedge’s lower trendline on above-average volume, indicating a potential reversal back to the upside. Indeed, the shares sit positioned to open sharply higher on Tuesday morning.

Looking ahead, investors should monitor the $41 level, an area on the chart where the price may encounter selling pressure near the rising wedge’s top trendline. A volume-backed breakout above this key level could see an acceleration of the longer-term uptrend.

La-Z-Boy shares were up 9.1% at $37.20 about two hours before Tuesday's opening bell.

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S&P 500 Boosted Stock Buybacks By 10% In Q1
~1.5 mins read

Stock buybacks among S&P 500 companies rose in the first quarter of 2024 compared with the previous quarter and the first quarter of 2023, S&P Dow Jones Indices said Monday.

A total of $236.8 billion was spent on stock buybacks in the first quarter, up from $219.1 billion in the previous quarter, and up about 10% from $215.5 billion in the first quarter of last year.

The largest 20 companies in the index were responsible for 50.9% of the buybacks in the first quarter, slightly down from last quarter's rate of 54%, but still above the historical average of 47.5%.

The overall number of companies buying back shares was similar to last year, with 352 companies reporting buybacks of at least $5 million compared with 358 companies who did so in the same period last year. In the latest quarter, 380 companies performed some form of stock buyback, slightly down from 390 in the year-ago quarter.

The companies with the biggest buyback campaigns in the first quarter were as follows:

Consumer discretionary was the lone sector that decreased buybacks in the quarter. Several retailers warned of a decline in discretionary spending in their most recent earnings reports. Tech, finance, health care, and consumer staples all posted increases in buybacks.

However, uncertainty surrounding when the Federal Reserve will cut interest rates could affect buyback plans for the rest of the year.

"Given the market's current expectations for interest rates to decline later in the year and the continued uncertainty over geopolitical and domestic issues," S&P Dow Jones Indices Senior Index Analyst Howard Silverblatt said, "companies may be shy to finance buybacks going forward as discretionary buybacks, which reduce share count, may need to be financed from ongoing operations."

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What’s Wrong With This Generation?,” Lady Fumes After Her Audacious Talking Stage Partner Told Her He Had Rømp Last Week
~0.2 mins read

A lady has fumes after her audacious talking stage partner told her he had rømp last week.

She asked what’s wrong with this generation?, as her talking stage partner told her he had s+x last week, after she asked him.

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How Block Makes Money
~2.0 mins read

Block Inc. (SQ), formerly Square, is a financial services and online payments company that provides hardware and software tools to help businesses run and grow their operations. Block's primary products are its point-of-sale hardware system, software for payments processing and analytics, Square, and Cash App. The company also owns a majority in music-streaming service TIDAL and TBD, a bitcoin ecosystem.

Blockfaces small and large competitors such as business software companies, payroll processors, payment terminal vendors, and banks. They include PayPal Holdings Inc. (PYPL), Intuit Inc. (INTU), Shopify Inc. (SHOP), and venture capital startup ShopKeep.

Block has two reportable segments: Square and Cash App. Products and services not assigned to a specific reportable segment, include TIDAL, TBD, and other emerging ecosystems.

Block Inc. announced in Feb. 2024 its financial results for fiscal year (FY) 2023 that ended Dec. 31, 2023. Annual revenue was $21.9 billion, a 25% increase year-over-year (YOY) from FY2022. The company posted a gross profit of $7.5 billion, up from $6.0 billion in 2022. Bitcoin transactions accounted for 43% of revenues.

In 2009, Jack Dorsey and Jim McKelvey founded Square, Inc., a platform for merchant services and mobile payments. By December 2021, Square rebranded as Block, Inc. Since its 2015 initial public offering (IPO), Block has grown into one of the largest and best-known payment services companies in the U.S. The company posted its first annual profit in fiscal year (FY) 2019.

As of 2024, Jack Dorsey serves as the Chairman of the company. Amrita Ahuja is Block's Chief Operating Officer COO and Chief Financial Officer CFO.

In May 2024, Square added new platform integrations for food and beverage businesses including SevenRooms, Restaurant365, and Popmenu.U.S. prosecutors are reportedly examining financial transactions at Block Inc. following a whistleblower allegation in 2024 that the company processed transactions for countries subject to economic sanctions and handled cryptocurrency transactions for terrorist groups.

To prevent fraud and identity theft, Block integrates encryption technology on its devices, which do not store card numbers, security codes, or magnetic stripe data.

A POS or point of sale is a device used to process transactions by retail customers. Services like Square offer POS transactions so merchants can accept card payments through tapping or swiping.

As of 2023, Block Inc. employed 12,985 individuals.

Jim McKelvey and Jack Dorsey launched Square, Inc., in 2009. Square changed its name to Block, Inc. in December 2021. Since 2017, the company's Cash App has allowed merchants to use Bitcoin in the technology to accept payment.

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Ó Pọ̀ Jù: ‘Steeze’ Overflows At The 2024 Ojude Oba Festival In Ijebu-Ode, Ogun State
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‘Steeze’ overflowed at the 2024 Ojude Oba festival in Ijebu-Ode, Ogun State.

The Ojude Oba festival 2024 was full of glamour and colors, has different groups came out with their beautiful attire.

Click to watch

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10 Most Profitable Companies In The World
~4.5 mins read

The list of the world's most profitable companies offers a glimpse of which countries wield the most economic power and the sectors with the most economic influence. The world's largest two economies by far, the U.S. and China, are headquarters for all but one of the 10 most profitable companies. Equally important, half of the companies on the list are financial service firms while the rest consist of technology and energy firms.

Only companies listed on U.S. exchanges, either directly or through ADRs, and OTC, are included in this list. Notably, the three most profitable companies in the world are technology firms. All technology firms in the top 10 are from the U.S.

Four out of the five companies on the list are based in China, most of them receiving major financial support from China's central government.

These are the 10 most profitable companies by 12-month trailing (TTM) net income. Data is courtesy of TradingView. All financial information is as of June 30, 2023, unless otherwise stated. All market caps and one-year trailing returns are as of Oct. 16, 2023.

Apple designs and manufactures mobile communication and media devices, personal computers, and portable digital music players. The company also sells a range of related software, services, accessories, networking solutions, music and video streaming, as well as third-party digital content and applications. Apple is best known for its series of iPhones, iPads, and Mac personal computers.

Microsoft develops, licenses, and supports a range of software products, services, and devices. The company's products include operating systems, server applications, business applications, software development tools, video games, and more. The company also manufactures personal computers, tablets, gaming and entertainment consoles, phones, other intelligent devices, and related accessories. Microsoft also offers cloud-based solutions through its Azure cloud-computing platform.

Alphabet is a holding company and the parent of Google Inc., its primary business. Google offers a range of Internet products, including Search, Ads, Commerce, Maps, YouTube, Google Cloud, Android, Chrome, and Google Play. It engages in advertising, the sale of digital content, applications, cloud computing services, and the sale of hardware products. Alphabet also offers smart-home products through Nest and is developing autonomous-driving technology through its Waymo project.

Industrial and Commercial Bank of China provides commercial banking and financial services. Those services include corporate and personal loans, trade financing, deposit-taking, corporate and personal wealth management, and custodial services. The company also engages in investment activities for its own account or on behalf of customers, including money market transactions, investment securities, foreign exchange transactions, and the holding of derivative positions.

The world's largest refiner of petroleum products, ExxonMobil is headquartered in Irving, Texas. The company distributes fuel, lubricants, and chemicals around the world under its four brands: Esso, Exxon, Mobil, and ExxonMobil. The company's upstream oil and gas production division includes various production chains including deep water, unconventional, heavy oil, and liquefied natural gas chains.

Some of the stocks included here are only traded over-the-counter (OTC) in the U.S., not on exchanges. Trading OTC stocks often carries higher trading costs than trading stocks on exchanges. This can lower or even outweigh potential returns.

JPMorgan is a global financial holding company that provides banking and financial services. The bank is involved in a broad range of businesses such as corporate lending, investment banking, market-making, prime brokerage, treasury and securities products, and services to corporations, investors, financial institutions, and government and municipal entities. It also offers consumer banking and asset management services.

China Construction Bank provides a wide range of financial services to corporate and individual customers, including corporate and personal loans, deposit-taking, wealth management, trade financing, financial consulting and advisory services, and remittance services. The bank also engages in investment activities such as inter-bank money market transactions, investments in debt securities, and equities, as well as trading of derivatives and foreign currency.

Agricultural Bank of China provides international commercial banking and financial services. It offers financial products and services to individuals, corporations, government agencies, and financial institutions. The bank also engages in money market or repurchase transactions, debt instrument investments, and holding of derivative positions.

Bank of China provides a broad range of banking and financial services to individuals, corporations, government authorities, and financial institutions. Its services include savings, deposits, lending, mortgages, credit and debit cards, trade-related products, and credit facilities. The bank also offers insurance, underwriting, stock brokerage, investment research, and asset management services.

Shell is an international energy company that operates refining and petrochemical complexes around the world. The company's primary line of business is the exploration, production, processing, transportation, and marketing of oil and gas. Headquartered in London, England, the company's product line also includes lubricants and petrochemical products used in plastics, coatings, or detergents.

The most profitable company in the world is Saudi Arabian Oil Co., known as Saudi Aramco. The company had a trailing 12-month (TTM) net income of $230.48 billion as of June 2024. It is the most profitable company because of Saudi Arabia's vast oil reserves.

No companies have more than $1 trillion in revenue. None have close to $1 trillion in revenue either. The company with the highest revenue as of June 2024 is Walmart, with a revenue of $648.12 billion.

The largest company by market capitalization is Microsoft, with a market cap of $3.33 trillion as of June 2024.

The 10 most profitable companies in the world are a mix of technology, energy, and financial companies. All of the companies are located in either the U.S. or China, with one being headquartered in the U.K. These companies play an important role in society across the globe, with many of their products being used daily by billions of people.

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