2 days Ago
NEW YORK — Nvidia helped pulled U.S. stock indexes higher Nov.
19 after they stumbled in the morning on worries about escalations in the Russia-Ukraine war. The S&P 500 rose 0.4 percent Tuesday after erasing an early drop of 0.
7 percent. The Nasdaq composite also shook off an early loss to turn 1 percent higher, while the Dow Jones Industrial Average slipped 0.3 percent.
Nvidia's 4.9 percent climb accounted for the vast majority of the turnaround. The chip company's stock rallied ahead of its profit report for the latest quarter, which is coming on Wednesday, and vaulted its gain for the year to nearly 197 percent thanks to the craze around artificial-intelligence technology.
Activity in the options market suggests Nvidia's profit report may be the most anticipated event on Wall Street for the rest of the year, beating out the upcoming jobs report and even the next meeting of the Federal Reserve on interest rates, according to strategists at Barclays Capital. Nvidia's rise helped calm the stock market, even as indexes sank across Europe after Russia said Ukraine fired six U.S.
-made ATACMS missiles at it. Earlier in the day, Russian President Vladimir Putin formally lowered the threshold for Russia's use of its nuclear weapons. Both France's CAC 40 and Germany's DAX fell 0.
7 percent. The worries also sent investors into U.S.
Treasury bonds, which are seen as some of the world's safest investments. The rise in their prices in turn lowered their yields. MOORESVILLE, N.
C. — Home improvement giant Lowe's Cos. on Tuesday reported fiscal third-quarter net income of $1.
7 billion, beating forecasts on both the top and bottom lines. The chain posted revenue of $20.17 billion in the period.
Eleven analysts surveyed by Zacks expected $19.96 billion. The company said its profit worked out to $2.
99 on a per-share basis, or $2.89 after adjusting for onetime accounting items. The average estimate of 13 analysts surveyed by Zacks Investment Research called for $2.
82. Despite the strong quarter, shares of Lowe's fell 4.6 percent after the company projected a year-over-year sales decline.
Also, a report released Tuesday said construction crews broke ground on fewer new homes last month than expected. Lowe's said it expects full-year earnings in the range of $11.80 to $11.
90 per share, with sales in the range of $83 billion to $83.5 billion. NEW YORK — The North Carolina founder of an artificial intelligence company that supplied some major school districts with a chatbot to create learning plans for students was arrested on fraud charges Tuesday, accused of spending investor money on herself as her company spiraled into bankruptcy.
Joanna Smith-Griffin, 33, of Raleigh was arrested in her home state and charged with securities and wire fraud, along with identity theft. She founded ALLHere Education Inc., an artificial intelligence technology company that created "Ed" the chatbot.
The Los Angeles Unified School District was among those that used the product for a time before shutting it down, citing the financial collapse of Smith-Griffin's company. Authorities say the company's products were also used in other major school districts including New York City and Atlanta. An indictment unsealed Tuesday in Manhattan federal court accused Smith-Griffin of making misrepresentations to investors that enabled her to collect millions of dollars illegally from them since 2020.
It says she used some of the fraudulently obtained money from investors to put a down payment on her home in North Carolina and to pay for her wedding. ORLANDO, Fla. — Harry Potter fans anticipating the third attraction based on the popular book and movie franchise at Universal Orlando Resort learned that the fictional setting for the ride will be the British Ministry of Magic.
Universal announced details about the attraction on Nov. 19. Harry Potter and the Battle at the Ministry is slated to debut May 22 as part of the opening of the operator's fourth Florida theme park, to be called Universal Epic Universe.
Besides the Harry Potter ride, the attraction will have areas based on Super Nintendo, the "How to Train Your Dragon" films and monster movies. The two previous Harry Potter attractions at Universal Orlando Resort used Hogwarts castle and Gringotts Wizarding Bank as settings. GULFPORT, Miss.
— A Mississippi Gulf Coast restaurant and its co-owner it were sentenced this week on federal charges of mislabeling inexpensive imported seafood as local premium fish. Mary Mahoney's Old French House, founded in Biloxi in 1962 in a building that dates to 1737, was sentenced to five years of probation and ordered to pay nearly $1.5 million, including a $149,000 criminal fine and $1.
35 million in forfeiture for some of the money it received from fraudulent sales of seafood, the Justice Department said. Co-owner and manager Anthony Charles Cvitanovich, 55, was sentenced to three years of probation and four months of home detention. He was ordered to pay a $10,000 fine.
"Misbranding foreign seafood as premium, locally caught fish hurts the Gulf Coast seafood industry and defrauds customers that paid to taste the real thing," U.S. Attorney Todd Gee said Nov.
18..
