Steven Jobs 1955 – 2011 was an American businessman, inventor, and investor best known for co-founding the technology company Apple Inc.
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“The only way to do great work is to love what you do.” – Steve Jobs
Intel sells stake in UK chip designer Arm
Intel has divested its 1.18 million share stake in the British chip company Arm Holdings, according to a regulatory filing.
Intel is undergoing significant restructuring and cost-cutting to address competitive challenges in the semiconductor industry.
The recent transaction, disclosed on Tuesday 13th August 2024, is believed to have earned Intel approximately $147 million, based on Arm’s average share price between April and June 2024.
This move away from Arm occurs during a challenging financial phase for Intel, as it embarks on what CEO Pat Gelsinger reportedly describes as “the most extensive restructuring of Intel since the memory microprocessor transition four decades ago.”
In early August, Intel announced a cost-reduction plan designed to save $10 billion. This includes the layoff of about 15,000 employees, the elimination of the fiscal fourth-quarter dividend, and a reduction in capital expenditures.
At the same time, Intel disclosed quarterly figures that fell short of expectations and provided conservative guidance for the upcoming quarter.
This announcement precipitated the steepest single-day decline in Intel’s stock value in half a century, plummeting 26%.
Intel one year chart as of 15th August 2024
UK retailers reported a 0.5% rebound in July 2024
UK retail sales up
The rise came after a significant drop in sales volumes, which track the amount purchased, in June due to unfavorable weather affecting demand.
Last month, department stores and retailers of sports equipment saw an uptick in the volume of goods sold thanks to the Euro football tournament.
However, the Office for National Statistics (ONS), which provided the data, noted that it was a challenging month for clothing and furniture retailers, with fuel sales declining even as prices at the pump decreased.
Nikkei rises 3% to lead gains in Asia
Japanese stocks led gains across Asia on Friday 16th August 2024, poised for their best week in four years, with the Nikkei 225 climbing over 3% following a Wall Street rally.
The surge came as new economic data alleviated concerns of a U.S. recession.
In the U.S., retail sales saw a 1% increase in July, significantly exceeding the Dow Jones estimate of a 0.3% rise. Additionally, weekly jobless claims experienced a decline.
The rise in the Nikkei came after the biggest fall in history just days ago where it hit historic lows last seen in 1987 making it a remarkably fast recovery.
Comeback rally gains steam – Nasdaq, S&P 500 and Dow up
U.S. stocks surged on Thursday, buoyed by investor confidence bolstered by positive consumer and labour data, which alleviated fears of a recession.
The Dow Jones Industrial Average soared 554 points to close at 40563 – one year chart
The S&P 500 ended up 1.61% at 5,543.22, marking its sixth consecutive gain. The S&P 500 index has risen approximately 8% from its intraday low on 5th August 2024 – one year chart
The Nasdaq Composite escalated 2.34% to 17594 – one year chart
Positive U.S. economic data
Retail sales saw a 1% increase in July 2024, significantly exceeding the prediction of a 0.3% rise. Additionally, the number of weekly jobless claims dropped. This data provided a boost to investors and the broader market, which is recovering from an August downturn linked to worries over a slowing economy, sparked by a disappointing U.S. jobs report on 2nd August 2024.
With over a 3% increase this week, the S&P 500 is now just about 2% shy of its record high. All three major U.S. indexes are trading above their 2nd August closing levels, which preceded the global stock market plunge on 5th August.