It’s been a tough week for chip stocks. On Monday, Nvidia had warned its revenues would be well below its guidance as gaming revenue slowed. Then Micron cut its current-quarter revenue and warned of negative free cash flow for the quarter as customer inventories pile up amid weakening demand for chips used in PCs and smartphones. Micron ( MU ) shares fell nearly 4%, while Nvidia ( NVDA ) shares fell another 4% after losing 8% the day before. The Micron warning also rattled other chip and chip-related stocks. Lam Research ( LRCX ), Applied Materials ( AMAT ), and KLA ( KLAC ) shares fell over 7%. Micron said fourth quarter revenue is likely to come in at or below the low end of the company’s prior forecast. Its earlier range of $6.8 billion to $7.6 billion had fallen short of analyst targets in June. The company also warned it could see significant sequential declines in revenue and margins in the first quarter due to a fall in shipments. The news came as Micron … [Read more...] about Micron Warning Rattles Chip Stocks
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Checks & Imbalances: Mar-A-Lago’s Busy Week
Share to Twitter Share to Linkedin Welcome to the Checks & Imbalances newsletter . Today we get you caught up on this week’s abundance of Trump news. Mar-A-Lago Is Looking To Hire 91 Foreign Workers This Year M ar-a-Lago, former president Donald Trump’s private club-cum-legal residence at the center of an investigation into his handling of classified government documents, has relied on temporary foreign workers to keep the sprawling estate humming. Last year, the Trump Organization sought 87 foreign workers for the Palm Beach property, up from 78 a few years earlier. It’s not clear how many were hired, but no doubt at least some likely had backstage access to political theater (maybe even scraps of presidential records floating in toilets ). On Monday, the Federal Bureau of Investigation raided Mar-a-Lago, with one of Trump’s attorneys confirming the agency’s search related to an investigation into his handling of classified … [Read more...] about Checks & Imbalances: Mar-A-Lago’s Busy Week
Technical View | Bullish candle on Nifty’s weekly scale indicates positive sentiment
The Nifty50 extended its northward journey for the fifth consecutive session on August 12 and registered a fresh closing high ahead of inflation and industrial output data due later in the day. Positive European cues, a fall in volatility, and buying in metal, select banking & financial services along with index heavyweight Reliance Industries aided the rally. The index witnessed bullish candle formation on the weekly scale for the fourth consecutive week, indicating the mood is positive, while on the daily charts, there was a small-bodied bullish candlestick pattern with a higher high formation. As long as the index holds the previous bullish gap zone of 17,566-17,632, the uptrend is expected to continue till 17,800-17,900-18,000, but small bouts of volatility and consolidation can't be ruled out after a rally in four straight weeks, experts said. The mood was also positive in the broader space with moderately decent breadth. The Nifty Midcap 100 and Smallcap 100 indices … [Read more...] about Technical View | Bullish candle on Nifty’s weekly scale indicates positive sentiment
Snap Shares Plunge on Weakest Sales Ever
Shares of Snap Inc. ( SNAP ) plunged nearly 35% at the start of trading Friday following disappointing second quarter results , posting its weakest-ever sales. The social media company was hit hard by a major slowdown in ad spending and rising competition from competitors like TikTok for dwindling marketing dollars. The company also said Apple's privacy upgrades continued to hurt its advertising business. Snap’s second quarter revenue grew 13% to $1.11 billion, falling short of analyst expectations of $1.14 billion. Snap’s daily active users rose to 347 million in the quarter compared to estimates of 344 million. Because of the economic uncertainty, Snap failed to issue financial guidance for the third quarter. Snap also said it would “substantially slow” its rate of hiring, as well as the rate of operating expense growth. In a statement, the company said “we are not satisfied with the results we are delivering, regardless of the current headwinds.” Snap’s board also … [Read more...] about Snap Shares Plunge on Weakest Sales Ever
Shabu worth P204K seized in Camarines Norte bust
Crystal methamphetamine, known in the Philippines as “shabu,” contained in plastic sachets. | (INQUIRER.net stock photo) LEGAZPI CITY — A businessman was arrested by police in a buy-bust operation in a hotel in Daet town in Camarines Norte province early Saturday, August 13. Police Major Maria Luisa Calubaquib, Bicol police spokesperson, said Joferan Baylon, 37, was arrested after selling a plastic of shabu (crystal meth) worth P3,500 to an undercover agent in Barangay (village) Magang at around 1:30 a.m. During a body search, authorities confiscated another seven sachets of shabu from Baylon. Calubaquib said a total of P204,000 worth of shabu was recovered from Baylon who was listed in the Drug Related Data Integration and Generation System of the police. The suspect is now in the custody of the Daet police and will be charged for violating the Comprehensive Dangerous Drugs Act of 2002. /MUF News handpicked by our editors … [Read more...] about Shabu worth P204K seized in Camarines Norte bust
As GMA Network turns 72, grateful celebrities recall their milestones as a Kapuso
Who would have thought that the launch of dzBB, GMA Network’s first AM radio station in March 1950, would eventually turn that station into the multimedia giant it is today? So it’s just fitting for the company, fondly called the Kapuso Network by its loyal followers, to celebrate its string of triumphs 72 years later. In a glittering—OK, sparkling—evening of fun, excitement and heartwarming nostalgia, the network held its first-ever GMA Thanksgiving Gala at Shangri-La The Fort last July 30 attended by its biggest stars and most influential personalities clad in sophisticated outfits that harked back to the Golden Age of Hollywood. GMA president and chief operating officer Gilbert Duavit Jr., executive vice president/chief financial officer Felipe Yalong and GMA Films president Annette Gozon-Valdes led the attendees who paid special tribute to GMA chair and CEO Felipe Gozon for leading the company through the decades. For the guests and kibitzers who were lucky to be around, the … [Read more...] about As GMA Network turns 72, grateful celebrities recall their milestones as a Kapuso
Editor Daily Rundown: Gas Prices Shatter Record Highs
GAS PRICES SHATTER RECORD HIGHS… USA TODAY: Gas prices are now the most expensive in US history, breaking record from 2008 After days of dramatically rising gas prices in wake of Russia’s invasion of Ukraine, the national average for a gallon of gas is now the highest in United States history, breaking the record that stood for nearly 14 years. As of Tuesday morning, the cost of regular gas in the U.S. is $4.17, according to AAA, up from $4.06 on Monday. Last week, the average cost was $3.60. The previous national average high was $4.11, set on July 17, 2008, according to AAA. The cost for diesel is also nearing the record of $4.84, which was also set in July 2008. The current price for a gallon of diesel is $4.75, over double what it was in October 2020. WORSE THAN HOLLYWOOD COULD IMAGINE… ‘I Am Legend’ Set A Prediction For Gas Prices In The Apocalypse. Prices In Beverly Hills Just Surpassed It In one rich pocket of the country, gas is officially more … [Read more...] about Editor Daily Rundown: Gas Prices Shatter Record Highs