S&P 500 Gains And Losses Today: Dollar Tree Stock Tumbles After Earnings Miss
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Major U.S. equities indexes continued their sluggish start to September, ending mixed and little changed on Wednesday.
Data released Wednesday morning showed that job openings in July dropped to their lowest level since early 2021, the latest indication of a cooling labor market.
The S&P 500 traded higher early in the session but lost steam in the afternoon, closing with a daily loss of 0.2%. The tech-heavy Nasdaq ended Wednesday down 0.3%, while the Dow recovered from an afternoon slump to end with a gain of less than 0.1%.
Dollar Tree (DLTR) shares plummeted 22.2%, falling more than any other S&P 500 stock. The discount retailer reported lower-than-expected sales and profits for the second quarter and reduced its full-year guidance. The company said macroeconomic pressure had a growing impact on its middle-income and higher-income customers.
Health insurers' shares came under pressure after executives from Centene (CNC) raised concerns about a potential decline in the number of people who receive Medicaid benefits. Speaking at the Wells Fargo 2024 Healthcare Conference, Centene CEO Sarah London said the company's Medicaid business faces continued headwinds related to shifts in the redeterminations process, which determines eligibility for recipients. Centene shares dropped 8.7%, while shares of competitor Molina Healthcare (MOH) were down 7.0%.
Shares of Hormel Foods (HRL) lost 6.4% after the maker of Spam, Planters peanuts, and other packaged food brands slashed its full-year sales forecast. Although Hormel's net income for its fiscal third quarter topped expectations, the company said lower commodity prices and production disruptions at a plant in Virginia dragged on its performance.
Tesla (TSLA) shares drove 4.2% higher on Wednesday, marking the top performance in the S&P 500, following reports that the electric vehicle (EV) maker intends to launch a six-seat version of its Model Y car. Sources told that Tesla plans to start production of the new model in China late next year and has told suppliers to anticipate a double-digit increase in Model Y output from its Shanghai factory.
Shares of Mondelez International (MDLZ), parent company to food brands like Oreo cookies and Philadelphia cream cheese, added 4.2% following positive comments from Evercore ISI. Analysts at the investment banking firm applauded sales gains in the U.S. and Europe, noting the snack company is well positioned to accelerate sales growth in the second half of 2024.
Seagate Technology (STX) stock advanced 4.1%. A report by Zacks Equities Research earlier this week highlighted positive short-term price momentum for shares of the data storage technology provider, boosted by upward revisions to earnings estimates.
Shares of insulin pump manufacturer Insulet (PODD) gained 2.8%. The stock has posted significant gains since last week, when the Food and Drug Administration (FDA) approved Insulet's Omnipod 5 device for patients with type 2 diabetes.
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The Multifaceted Needs Of Nigerians: A Call To Action
~0.9 mins read
The Multifaceted Needs of Nigerians: A Call to Action
Nigeria, Africa's most populous country, faces a myriad of challenges that affect the daily lives of its citizens. The needs of Nigerians are diverse and pressing, requiring immediate attention from both the government and the international community.
1. *Economic Empowerment*: Nigerians need access to stable employment opportunities, entrepreneurial support, and financial inclusion to break the cycle of poverty.
2. *Quality Education*: Functional education that equips citizens with relevant skills for the modern workforce is crucial for Nigeria's development.
3. *Healthcare Access*: Nigerians require access to quality healthcare services, including affordable medical treatment, sanitation, and hygiene facilities.
4. *Security and Safety*: The need for a secure environment, free from insurgency, banditry, and other forms of violence, is paramount.
5. *Good Governance*: Nigerians demand transparent, accountable, and responsive leadership that prioritizes their welfare.
6. *Infrastructure Development*: Investment in roads, electricity, and other critical infrastructure is essential for economic growth and improved living standards.
7. *Food Security*: Nigerians need access to nutritious food, sustainable agricultural practices, and support for farmers to ensure food availability.
Addressing these needs requires a collective effort from the government, private sector, and civil society. By prioritizing the needs of Nigerians, we can build a more prosperous, equitable, and secure future for all.
Policemen Arrested For Allegedly Squeezing N3 Million From A Ghana Returnee In Bayelsa
~1.5 mins read
The Nigeria Police Force has arrested some policemen attached to the Zone 16 Command in Yenagoa, Bayelsa for their alleged involvement in a N3 million extortion case.
This was disclosed by the Force Public Relations Officer, Muyiwa Adejobi, on Thursday, September 5, 2024.
The officers allegedly extorted the said sum from a Ghana-based Nigerian man, identified as Liberty Kelechi Isaac, at g¥npoint on Monday.
Speaking with newsmen, Isaac said: “My name is Liberty Kelechi Isaac. I am from Nguru Nworie autonomous community in the Aboh Mbaise Local Government Area of Imo State. I am based in Ghana. I have not been to Nigeria for six years now. I came to Nigeria to attend a friend’s traditional wedding in Bayelsa State.
After attending the traditional wedding and we were driving back to Imo State and around Udi axis some policemen flagged us down. We stopped and they asked me to unlock my phone. I asked them why and they said I must open my phone. I reminded them that the Inspector General of Police asked Nigerians not to allow policemen on the road to access their phones. Immediately I said that, they started b£3ting me.
I asked them to take me to a police station but they refused. So instead of me to di3 I obeyed them. Immediately they accessed my phone, they went to my messages log and saw a N10 million bank alert. Immediately they saw the alert they shouted ‘na dem’. At that point the b£3ting increased.
They said that if I don’t give them N6 million they will k33l all of us. Out of fear I started negotiating with them and at the end of the day I transferred N3 million to them in two bank accounts they provided and they drove with us and stopped us at Ahoada in Rivers State and drove back.
I transferred N2 million to one Yusuf Mustafa of Moniepoint Microfinance Bank and I also transferred N1 million to one Jerry Ventures of Moniepoint Microfinance Bank.”
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