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Video of the last moments of late gospel singer Aduke Gold at a hospital for her s¥rgery has surfaced online.
The late singer was seen walking her way to the theatre in company of a medical practitioner.
Click to watch
Starbucks (SBUX) shares have had a rocky time in recent years, most notably under Chief Executive Officer (CEO) Laxman Narasimhan, who was ousted Tuesday and will be replaced by Chipotle Mexican Grill (CMG) CEO Brian Niccol.
Since going public in 1992, Starbucks has had five CEOs, with founder Howard Schultz taking the reins three times. As the coffee chain grapples with lower revenue from declining U.S. same-store sales and intense competition from home-grown brands in China, Niccol — like Narasimhan a Starbucks outsider — will have to address an increasingly value-seeking consumer but also shares that fell about 22%during his predecessor's tenure.
Still, an investor in Starbucks at its initial public offering (IPO) would have done very well, substantially outperforming the S&P 500: The stock has risen to almost $96 a share Tuesday from the closing price when Starbucks went public on June 26, 1992, of $21.50 (now valued at 34 cents per share, adjusted for subsequent stock splits).
Here's how Starbucks shares did under each of its CEOs over the years:
Narasimhan’s stint at the company came as it battled headwinds including sliding sales, a frugal consumer, and a weak Chinese market, but also Middle East boycotts and the emergence of a new activist investor in the shape of Starboard shortly after a stake purchase by activist hedge fund Elliott Investment Management. Starbucks shares fell about 22% during his tenure, compared with the benchmark S&P 500, which rose about 37%.
The man credited with building out Starbucks as a global multinational took over again after previous CEO Kevin Johnson retired. Under his latest round of leadership, Starbucks shares rose about 12%.
Kevin Johnson kept the company going through pandemic lockdowns and supply shortages. Shares under Johnson surged more than 55%.
Schultz came back to run the coffee chain after Jim Donald's departure. In this stretch, Starbucks shares rose almost fivefold.
Donald was ousted in 2008 as the chain struggled with overexpansion, slowing U.S. growth, and competition from the likes of McDonald's (MCD). Shares under Donald fell more than 25%.
The late Smith helped Starbucks to grow from 45 stores when he arrived as chief financial officer in 1990 to 9,200 stores globally by the time he retired. Under his tenure, the share price almost tripled.
Schultz bought out the company and expanded it. Between the company's June 26, 1992, listing until the end of his first stint, shares of Starbucks rose more than 10 times in value.
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Mortgage demand last week reached its highest level since January 2023 as homeowners continued to take advantage of a decline in mortgage rates to refinance their home loans.
Mortgage applications increased 16.8% in the week ending Aug. 9, driven by refinancing demand, according to data from the Mortgage Bankers Association (MBA). Mortgage rates didn’t decline as much as in the week prior, with the average interest rate on 30-year fixed-rate mortgages inching lower to 6.54%, but the rate is down from around 7% in early July.
The data indicated homeowners with high rates sought to lower their borrowing costs. Refinancing jumped 35% over the prior week, pushing it to its highest since May 2022. Refinancing activity is more than double what it was at the same time last year, the MBA found.
“We’ve been at such a low level for so long that even these little blips in refinancing have caused some pretty sizable percent changes,” Kan said.
Mortgage rates are near their lowest levels in more than a year, but they were still higher than at any point between 2009 and 2021. However, after facing near-7% interest for more than a year, many homeowners are pouncing on lower mortgage rates, said Joel Kan, MBA vice president and deputy chief economist.
“A lot of these are a lot of more recent loan issuances that originated in 2023 or early 2024 that are now getting into the money, even though they only have about a half percentage point rate drop,” Kan said.
Rates were also good enough last week to increase the volume of applications for home purchases. Kan said the data shows home buyers are slowly reentering the market after high borrowing costs depressed home sales in recent months.
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Allstate (ALL) shares reached an all-time high Wednesday after the insurance provider announced it sold its Employer Voluntary Benefits business to privately owned StanCorp Financial Group, also known as The Standard, for $2 billion.
The insurer said Tuesday that the move was the first step in its plan to enable its three Allstate Health & Benefits insurance units—Employee Voluntary Benefits, Individual Health, and Group Health—to "realize their full growth potential by combining them with companies that have additional capabilities."
Chief Executive Officer (CEO) Tom Wilson said that Allstate was continuing discussions to sell off the Individual Health and Group Health segments, which "are expected to achieve the same success."
Chief Financial Officer (CFO) Jess Merten said that Allstate believes the agreement with StanCorp will "generate a gain of about $600 million and increase deployable capital by $1.6 billion." Merten added that adjusted net income return on equity will decline by about 100 basis points (bps) after the closing of the transaction, which is expected in the first half of next year.
Allstate stock jumped 4.7% as of 3 p.m. ET Wednesday to $180.05 after earlier hitting $181.28, a new all-time high, and joined the top four performers for the day in the S&P 500. Shares have risen about 29% in 2024.
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Performance Food Group Co. (PFGC) shares surged in intraday trading Wednesday after announcing a $2.1 billion cash acquisition of foodservice distributor Cheney Bros. and posting fourth-quarter adjusted earnings per share (EPS) that topped expectations.
The acquisition allows Richmond, Va.-based PFG to expand its distribution footprint across four Southeastern states with the addition of five distribution facilities. Cheney Bros. generates roughly $3.2 billion in annual revenue and is currently owned by the Cheney family along with private-equity firm Clayton Dubilier & Rice.
"Cheney Brothers will be an outstanding addition to our Foodservice segment, and we are excited to welcome their many talented associates to the PFG family of companies," Chief Executive Officer (CEO) George Holm said. "This acquisition will expand and enhance our offerings to a high-quality and diverse customer base. We have long admired the success of Cheney Brothers in the Southeastern U.S. and believe that the combination of our organizations will push the business to new heights."
In its fiscal fourth quarter, the company reported adjusted EPS of $1.45, topping analysts' consensus expectations, per Visible Alpha. Net sales of $15.19 billion, up 2% year-over-year, came in a tick below estimates.
Shares of the company rose 7.7% to $72.27 as of 2 p.m. ET Wednesday to move into positive territory for 2024.
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Senator Monday Okpebholo Donates Luxury Buses to Edo South for Free Transport Service