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Investopedia
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Following a pair of negative trading sessions, major U.S. equities indexes closed out the week on a strong note, pushing higher on Friday as investors cheered upbeat earnings results from e-commerce and cloud computing behemoth Amazon (AMZN).
The S&P 500 added 0.4% to wrap up the trading week and kick off November. The Dow and the Nasdaq were up 0.7% and 0.8%, respectively.
Shares of Waters Corp. (WAT), a provider of analytical laboratory instruments and software, surged 19.8% on Friday to a 52-week high, delivering the top daily performance in the S&P 500. The gains for Waters stock came after the life, materials, food, and environmental sciences supplier reported better-than-expected third-quarter revenue and earnings per share (EPS).
Cable TV, mobile, and internet service provider Charter Communications (CHTR) also topped sales and profit estimates with its third-quarter results, and its shares jumped 11.9%. The company posted a solid increase in mobile customers, and although Charter lost subscribers to its internet and video services, declines in those areas were less significant than analysts anticipated. Despite Friday's rally, Charter shares remain in negative territory for 2024.
Although semiconductor giant Intel (INTC) posted a third-quarter loss, reflecting the impact of impairment and restructuring charges, its sales for the period came in ahead of forecasts, and its shares gained 7.8%. Intel also struck a positive tone regarding the future of its server and PC businesses, issuing better-than-expected sales guidance for the current quarter. The company has benefitted from an uptick in PC demand driven by the launch of on-device AI features.
Super Micro Computer (SMCI) shares dropped 10.5%, the heaviest loss of any S&P 500 constituent. Friday's plunge extended steep losses posted by the stock earlier this week as accounting firm EY resigned from its role as auditor for the server and data storage company. Questions about Supermicro's accounting practices came to the forefront over the summer when short-seller Hindenburg Research published a report alleging manipulation by the company.
Power generation company AES Corp. (AES) reported better-than-expected profits for the third quarter, boosted by increased utilities and renewables earnings, but its shares sank 9.9%. Although companies like AES are expected to benefit from increased power demand from AI data centers, the Virginia-based firm posted a year-over-year decline in revenue, dragged down by lower sales from its energy infrastructure unit.
Amcor (AMCR) shares slipped 7.8% after the packaging provider missed quarterly sales estimates. Soft consumer demand weighed on Amcor's sales of cartons and containers to consumer goods companies. Destocking in health care packaging represents another headwind for the company. Amcor also announced that it would sell its 50% stake in Bericap North America, a joint venture focused on plastic closures for various packaging applications.
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Instablog9ja
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Former presidential aide Bashir Ahmad has shared social etiquette advice with Nigerians.
He said, if a friend lends you a car, it’s appropriate to return it with a full tank of fuel.
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Investopedia
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Shares of Waters Corp. (WAT) surged nearly 20% on Friday, delivering the top daily performance in the S&P 500 after the company reported third-quarter sales and earnings that topped analysts' projections.
The provider of analytical laboratory instruments and software reported third-quarter earnings per share (EPS) of $2.71, up over 19% from a year ago, while revenue rose 4% to $740 million. Both figures exceeded analysts' estimates compiled by Visible Alpha.
Waters reported sales growth in all the regions and end markets in which it operates. Notable revenue gains came from the industrial market, where sales jumped 9%, and the pharmaceutical market, which saw growth of 2%. Sales to the academic and government markets also advanced 2%.
Waters CEO Dr. Udit Batra said new product adoption and "improved customer spending trends" contributed to the strong quarter.
The company said it expects sales growth of 5% to 7% in the fourth quarter, and lifted its full-year outlook. Waters projected full-year sales to decline between 0.2% and 0.8%, compared to a drop of 0.7% to 2.2% previously, with adjusted EPS of $11.67 to $11.87, up from $2.60 to $2.70.
Shares of Waters finished 19.8% higher at $387.21 Friday following the release, bringing their year-to-date gain close to 18%.
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Instablog9ja
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Actor Emeka Nwagbaraocha reacts to news that the First Lady is set to lead national prayers for economic turnaround, just hours after Peter Obi suggested that night vigils be turned into night shifts so Nigerians can be productive.
He said President Tinubu has his vote, not Peter Obi for condemning vigils. Meanwhile Mrs Tinubu and Mallam Ribadu are set to lead national prayers for economic turnaround.
Investopedia
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Retirement savers can stash more money in their 401(k)s next year.
Friday, the IRS announced cost-of-living adjustments for retirement plans and IRAs. The 401(k) contribution limit for 2025 is $23,500, up from $23,000 in 2024. However, individual retirement account (IRA) contributions will continue to be $7,000 in 2025, the same as in 2024.
Workers over the age of 50 are eligible to make additional contributions to "catch-up" as they approach retirement. The catch-up contribution limit for workplace retirement plans will also stay at $7,500 in 2025 for 401(k)s, 403(b)s, and other retirement plans.
However, starting next year, older workers will be able to make even greater catch-up contributions than other workers because of a provision in Secure 2.0, a federal retirement law. Beginning in 2025, employees aged 60, 61, 62, or 63 who participate in workplace retirement plans can make catch-up contributions of up to $11,250.
The IRS has also made some changes to phase-out ranges for traditional and Roth individual retirement accounts (IRAs).
Some people can deduct traditional IRA contributions from their income. However, depending on if that person has a retirement plan at work and their income, that deduction may be phased out or reduced.
For individuals covered by a workplace retirement plan, the phase-out range has increased. In 2025, it will be between $79,000 and $89,000, up from between $77,000 and $87,000 in 2024. That means individuals making more than $89,000 would receive no deduction while those making between $79,000 and $80,000 would receive a partial deduction.
For married couples filing jointly in 2025, if the spouse who contributes to the IRA is covered by a workplace retirement plan, the phase-out range in 2025 is up to $126,000 and $146,000.
And the income phase-out ranges for Roth IRAs are changing in 2025 too.
In 2025, the phase-out range for singles and heads of household is between $150,000 and $165,000, up from between $146,000 and $161,000.
Therefore, in 2025, people making between $150,000 and $165,000 would be able to make reduced Roth IRA contributions, while those making above that amount would be ineligible to make any contributions.
For married couples filing jointly, the income phase-out range for Roth IRAs increased to between $236,000 and $246,000.
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Instablog9ja
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Influencer Pamilerin has expressed surprise that some people can actually spend an entire day alone in their room with just their phones.
He said, seriously, there are people who can actually spend an entire day alone in their room with just their phones.
