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Investopedia
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Major U.S. equities indexes tumbled Friday following the release of the latest U.S. labor market report, which revealed fewer-than-expected job additions in July and a jump in the unemployment rate to its highest level since October 2021.
The S&P 500 lost 1.8% in the week's final trading session. The Nasdaq plunged 2.4%, while the Dow closed the day 1.5% lower.
Intel (INTC) shares posted the sharpest drop of any S&P 500 constituent, plummeting 26.1% after the chipmaker reported a wider-than-expected quarterly loss and announced layoffs to cut costs. The semiconductor giant said gross margin headwinds related to the development of its artificial intelligence (AI) computer product hurt its results.
The downdraft in the semiconductor industry was not confined to Intel stock. Shares of Microchip Technology (MCHP) sank 10.6% after the company issued a lackluster sales and profit forecast for the current quarter. The chipmaker cited macroeconomic headwinds, particularly softness in U.S. and European industrial and automotive markets, for the unfavorable outlook.
Prudential Financial (PRU) shares fell 10% following mixed second-quarter financial results. Although total revenue slightly topped consensus forecasts, the insurer's adjusted operating income fell short of estimates. A year-over-year decline in the firm's international operating income dragged down its performance in the quarter, reflecting the impact of lower net investment spreads and depressed underwriting results.
Clorox (CLX) shares notched the strongest gains in the S&P 500, jumping 7.4% after the provider of consumer and professional cleaning products posted better-than-expected quarterly profits. The implementation of a streamlined operating model focused on cost reductions helped the company achieve gross margin expansion and drive earnings growth. Clorox also announced an agreement to sell its Better Health Vitamins business and touted its progress on recovering from a cyberattack that affected the company last year.
Shares of internet domain provider GoDaddy (GDDY) gained 7% after the company boosted its full-year revenue guidance. The company highlighted the progress of GoDaddy Airo, an AI-powered tool included with new domain purchases that can help customers with a variety of functions, including the creation of social media ads and email marketing campaigns.
Shares of MarketAxess Holdings (MKTX), which operates an electronic trading platform for fixed-income securities, added 6.1% ahead of the company's second-quarter earnings report on Tuesday. In its most recent report, the firm reported better-than-expected profits, driven by record commission revenue from emerging markets, Eurobonds, and municipal bonds.
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Instablog9ja
10 hrs
12
Damilola and Toyosi also known as TAMI have been evicted from the season 9 ‘No loose Guard’ edition of Big Brother Naija.
The duo who are friends were evicted by their housemates on Sunday, August 4, after making bottom four on the poll.
The BBNaija which began on Sunday, July 28, 2024, saw 28 housemates come in pairs to battle for the grand prize of 100 million naira and other mouthwatering prizes. The show as revealed by the organizers has a lot of twists and turns to keep viewers glued to their TV screens.
One of the twists on the show include viewers having to vote to nominate possible pairs for eviction on Sunday then the housemates get to conspire and vote out a pair or more every Sunday till Big brother says otherwise.
Instablog9ja
11 hrs
11
Media personality Dele Momodu has reacted to president Tinubu’s recent address.
He said, as a man who has held iron grip on Lagos State in the last 25 years, it would be difficult for him to change a winning formula that has worked for him ever since.
So it was mere wishful thinking on the part of incurable optimists like me to think he was going to have mercy on hapless and seemingly helpless Nigerians. Just for academic purposes, let’s reel out what a sensitive leader, who craves the rightful position in posterity, would have done and said:
1. In view of the unprecedented suffering being experienced by Nigerians, we have decided to cut the cost of governance drastically… Some Ministries will be scrapped and some Ministers, Permanent Secretaries and all redundant personnel would be eased out…No official cars would be procured anytime soon.
2. The number of aircrafts on our Presidential fleet will be reduced to maximum two. I offer sincere apologies that we went ahead to invest in luxury items at this bad times. We shall place immediate embargo on subsequent purchases.
3. Subsidy of petroleum products will be reviewed thoroughly to ascertain the genuine costs and true billing of the controversial payments. While we hope to achieve this in maximum of three months, we shall revert to old prices within this period in order to reduce the heavy burden on our people. We shall also escalate work on our existing refineries without which we shall be throwing away loads of resources. Nothing has stalled our refineries other than reckless corruption. This we are blocking immediately.
4. Instead of tasking civil servants and politicians to handle students loans and vocational grants, we shall engage reputable accounting firms and banks to set up modalities for credits and activate the disbursements.” – CHIEF DELE MOMODU
Instablog9ja
14 hrs
14
Team Nigeria’s women basketball squad, ‘Tigress, have qualified for their first-ever quarterfinal at the Olympic Games following a hard-fought 79-70 win over Canadian counterparts in their final group B match at the Pierre Mauroy Stadium in Lille, France, on Sunday.
The victory earned D’Tigress their first-ever appearance in the quarter-final of the Olympics basketball tournament.
Nigeria sailed through the group stage with five classification points and sit top of the pack, with France still to play Australia later in the day. The Rena Wakama-led ladies bounced back from losing to the French in their second game after winning Australia in the first game.
There was little to separate the D’Tigress from the Canadians in the first quarter that finished 18-18. The Canadians edged the team in the second quarter, and the game finished 41-37 by halftime. The third quarter took a different toll from the previous periods, and the Canadians could only manage five points as Nigeria swarmed them. D’Tigress sealed the victory with superior performance in the final quarter and rounded off a historic 9-point victory.
Instablog9ja
15 hrs
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Nobel laureate Prof. Wole Soyinka has said that President Bola Tinubu’s nationwide address on Sunday failed to address the atta3ks on #EndBadGovernance protesters by security agencies.
Soyinka made the observation in a statement on Sunday following Tinubu’s address to the nation. The #EndBadGovernance protests continued on Sunday, marking their fourth day, as demonstrators voiced their frustrations over the country’s deepening economic hardship, escalating poverty, and ineffective governance.
Soyinka said, “I set my alarm clock for this morning to ensure that I did not miss President Bola Tinubu’s impatiently awaited address to the nation on the current unrest across the nation. His outline of government’s remedial action since inception, aimed at warding off just such an outbreak, will undoubtedly receive expert and sustained attention both for effectiveness and in content analysis. My primary concern, quite predictably, is the continuing deterioration of the state’s seizure of protest management, an area in which the presidential address fell conspicuously short.
Such short-changing of civic deserving, regrettably, goes to arm the security forces in the exercise of impunity and condemns the nation to a seemingly unbreakable cycle of resentment and reprisals. Live b¥llets as state response to civic protest – that becomes the core issue. Even tear gas remains questionable in most circumstances, certainly an abuse in situations of clearly peaceful protest. Hunger marches constitute a universal S.O.S, not peculiar to the Nigerian nation. They belong indeed in a class of their own, never mind the collateral claims emblazoned on posters.
Instablog9ja
16 hrs
9
Four years after her Tokyo 2020 Olympics dream was dashed due to negligence, former Nigerian athlete, Annette Echikunwoke, has qualified for USA in 2024 Olympics Hammer Throw Final.
Former Nigerian athlete, Annette Echikunwoke (representing the United States), needed just one attempt in the women’s Hammer Throw to hit instant qualification for the final. One attempt, straight into the final. The automatic standard is 73.00m, but Annette threw over that, landing the implement at a mark of 73.52m
