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Conservative news outlet Newsmax announced it has filed with the Securities and Exchange Commission (SEC) for an initial public offering (IPO) to be held by the end of this year or early 2025.
The media company said it seeks to raise $75 million in the IPO under Regulation A+, which it said was "the largest offering of its kind to date on a national securities exchange."
In addition, Newsmax noted that ahead of the planned IPO it has begun a private placement offering to accredited investors, with the hope of raising another $150 million. That offering would be for Series B 7% Convertible Preferred Stock and give the company the ability to generate up to $75 million above the initial $150 million.
Newsmax noted in a private placement memorandum that between its TV and digital divisions, the company's revenue shot up to $135.3 million in 2023 from $41.8 million in 2019.
Newsmax explained that it expects to apply to be listed on the New York Stock Exchange (NYSE) under the ticker symbol "NMAX."
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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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