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Vice President Kashim Shettima has summoned the Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, and Group Managing Director of Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari, to address the recent hike in pump price of petrol.
The meeting, held on behalf of President Bola Tinubu, who is currently on an official visit to China, also included the National Security Adviser, Nuhu Ribadu.
The Vice President is meeting with the trio in his office at the State House, Abuja today, Thursday, September 5.
NNPCL on Tuesday increased the pump price of petrol from ₦568 to ₦855, ₦897 (depending on the location per litre) amid lingering fuel scarcity and the country’s crisis.
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Stellantis (STLA) temporarily stopped making its top-selling Jeep Wrangler and Grand Cherokee sports-utility vehicles in the past week, as dealers complain about excess inventory.
The Big Three automaker paused production at two Detroit plants that reportedly make the Grand Cherokee, and another factory in Toledo, Ohio, where the Wrangler is made.
Stellantis said it will resume production at the plants Thursday, as it "continues to take the necessary actions to improve operations in the U.S. market. This included making production adjustments at the Toledo North, Jefferson and Mack plants."
The automaker added it "will continue to monitor the situation to assess whether further action is required."
Stellantis' high inventory levels have been attributed by dealers and Wall Street analysts in part to higher prices and the company offering fewer promotions than competitors, according to
The automaker in July posted a 48% year-over-year drop in net profit for the first half of the year, as it struggled with bloated inventories.
Shares of Stellantis were 0.8% lower at $15.95 in early trading Thursday. They've lost about 31% of their value since the start of the year.
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Hewlett Packard Enterprise (HPE) shares fell in premarket trading Thursday, even as the storage and server maker's fiscal third-quarter earnings topped analysts' estimates. The company, while lifting its annual profit guidance, left its full-year revenue forecast unchanged, possibly disappointing investors amid lofty expectations for artificial intelligence (AI)-fueled sales growth.
The enterprise technology giant’s stock has gained about 10% since the start of the year through Wednesday’s close, benefiting from strong growth in its AI server business as companies ramp up spending on infrastructure to run generative AI and machine learning applications.
Below, we take a closer look at the technicals on the HP Enterprise weekly chart and point out important post-earnings price levels to watch out for. The stock was down 3.3% at $18.15 about two hours before Thursday's opening bell.
HP Enterprise shares broke out from an ascending triangle in June on the largest weekly trading volume since early November 2015, only to retrace the move throughout most of July, However, the stock found buying interest last month on a retest of the pattern’s top trendline and rising 50-day moving average (MA), potentially flipping the initial breakout area from prior resistance into future support.
Amid the possibility for post-earnings price swings, investors should keep a close eye on the following chart levels.
Firstly, results-driven selling could see another retest of the breakout area around $17.50, where buyers would likely look to place bids near the ascending triangle’s top trendline, which also forms part of a multi-year trendline extending back to May 2018.
A failure to hold this level could trigger a decline to the $16.50 level, a location currently just above the upward sloping 200-day MA where investors may look for buying opportunities near the descending triangle’s lower trendline.
An initial overhead level to focus on sits around $21.60, where the stock may run into resistance near a range of similar trading levels positioned near its record close in July.
Investors can also forecast a price target using the measuring principle, sometimes referred to the measuring move technique. To do this, we calculate the distance between the ascending triangle’s two trendline towards the start of the pattern and add that amount to the initial breakout point. In this case, the technique projects an upside target of $23 ($5.50 + $17.50), just above the stock's all-time high (ATH) at $22.82.
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GE Vernova (GEV) shares rose Wednesday as the power company received a "buy" rating from Jefferies analysts, who said the company is "uniquely positioned" to benefit from the surging demand for power across the globe to power facilities like data centers.
The analysts highlighted GE Vernova's position as a "top-3 player" in each of the sectors it operates, from wind turbines to natural gas-powered turbines and electrification. They initiated their coverage of GE Vernova with a "buy" rating, with a price target of $261, just over 30% above its current price.
"A sudden increase in the demand for power has left the supply chain squarely in a seller's market position, with margins looking poised to recoup years of cumulative losses," the analysts wrote in a note published late Tuesday.
In recent conversations with executives, the analysts said GE Vernova plans to prioritize the profitable parts of its wind business, as it is the only one of GE Vernova's three segments that has been unprofitable in its two-plus quarters as a public company.
The focus will likely shift to GE Vernova's onshore wind projects in North America, while "shelving" less profitable projects like offshore wind turbines and some of its international efforts, the analysts said.
The analysts also highlighted the possibility of the company introducing dividends or stock buybacks to assure investors of their positive cash-flow position, but noted that investments in making its wind business profitable will likely take priority before those measures could be introduced.
GE Vernova became a public company earlier this year, when General Electric completed its split into three companies and GE Vernova was spun off from GE Aerospace (GE).
GE Vernova shares finished 3.7% higher at $199.63 Wednesday, about 40% above where they ended their first day of trading in April.
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A Ugandan athlete, Rebecca Cheptegei, has passed away days after her boyfriend Dickson Ndiema allegedly s3t her on fir£.
Cheptegei, who lived in Kenya, represented Uganda at the 2024 Paris Olympics and finished 44th in the women’s marathon event.
According to local authorities, the 33-year-old was dou§£d in petrol and set abl@ze during a domestic dispute with her boyfriend, Dickson Ndiema, on Sunday, September 2.
Cheptegei s¥ffered burns on 80 percent of her body and was rushed to Moi Teaching and Referral Hospital in Eldoret City. While Ndiema was also admitted to the hospital for less critical burn.
The att@ck allegedly stemmed from a disagreement over land ownership, which Cheptegei’s parents claim she had purchased to be closer to the region’s renowned athletic training centers.
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Apple's (AAPL) "It’s Glowtime" event is set to take place on Monday, Sept. 9, where the company is expected to unveil the iPhone 16 supercharged with artificial intelligence (AI) capabilities. Investors will also likely be watching for pricing and hardware differences in the new iPhone compared to previous models, and possible next-generation wearable products like AirPods and the Apple Watch.
AI-supercharged Siri is likely to be a key focus of the event, with Apple's announcement for "It’s Glowtime," displaying the company's logo in the style of the glowing aura of Apple's Siri interface.
Apple announced its newest operating system, iOS 18, and Apple Intelligence, at its developer conference in June, where the company said the intelligent system will help Siri understand more natural speech patterns, use personal context from on-device content, and accept typed prompts, among other AI-powered capabilities.
The iPhone maker has also announced a partnership with Microsoft-backed (MSFT) OpenAI to integrate ChatGPT into iOS 18 later this year. Apple Intelligence is expected to roll out after the initial iOS 18 launch, but the company could demo some of the AI features to come at the event, showing investors how the iPhone maker is integrating the technology.
Apple is expected to release four models of the next-generation iPhone—the iPhone 16, the iPhone 16 Plus, the iPhone 16 Pro, and the iPhone 16 Pro Max. The new models, particularly the Pro models are expected to have significant upgrades to the device hardware including battery life and displays, as well as other features, Bernstein analysts indicated.
Improvements to battery life could be especially appealing to users as AI features require increased computing power. Morgan Stanley analysts said they "believe a strong battery upgrade can help to drive old device refreshes given battery life is one of the key reasons users historically upgrade an iPhone."
The base iPhone 16 models are expected to have similar designs and display sizes to the iPhone 15, while the Pro models are expected to be larger than their predecessors at 6.3 and 6.9 inches for the 16 Pro and 16 Pro Max, respectively, marking the first size upgrade in several years.
The new iPhones are expected to run on the A18 chip, the next generation of Apple's silicon chips, which will likely be designed to handle Apple Intelligence workloads.
The new device's camera will also likely be in focus with CFRA analysts expecting an ultra-wide 48-megapixel camera and potentially a shutter button for capturing photos.
The iPhone 16 models are expected to be priced like their iPhone 15 counterparts when they were launched, but analysts noted that AI capabilities could be a "wildcard" in pricing.
Analysts expect the iPhone 16 base model to start at $799 while the lowest storage option of the iPhone 16 Max could cost around $1,199, the same range as the iPhone 15 when it was released around the same time last year.
Morgan Stanley analysts said that while they don't expect Apple to raise iPhone prices from their levels last year, the possibility of a price increase still exists, though they view potential price hikes as "a net negative for Apple given it would likely drive some upgraders to extend the useful life of their iPhone for another year."
The iPhone maker could also unveil new additions to its wearable portfolio, with analysts expecting Apple to introduce upgraded versions of the AirPod Pro and AirPod Max with USB-C charging ports.
The company is also expected to overhaul its watch offerings with a new Apple Watch Series 10, an Apple Watch Ultra 3, and a third-gen Apple Watch SE. The new models are likely to feature bigger and thinner displays.
Apple shares have gained close to 15% since the start of the year, at $220.85 as of Wednesday's close.
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