Stock Markets
Nvidia shares drop to five-month-low after report of canceled China orders
© Reuters. FILE PHOTO: The logo of NVIDIA as seen at its corporate headquarters in Santa Clara, California, in May of 2022. Courtesy NVIDIA/Handout via REUTERS/File Photo
By Chibuike Oguh
NEW YORK (Reuters) – Shares of Nvidia Corp (NASDAQ:) dropped by nearly 5% to a nearly five-month-low on Tuesday following a report that the artificial intelligence (AI) giant may be forced to cancel up to $5 billion worth of advanced chip orders to China in compliance with new U.S. government restrictions.
Nvidia was notified last week that AI chip orders scheduled for delivery next year to major Chinese technology companies, including Alibaba (NYSE:) Group, TikTok owner-ByteDance and Baidu (NASDAQ:), are subject to the latest export restrictions announced by the U.S. Commerce Department, according to a Wall Street Journal report citing people familiar with the matter.
Nvidia’s stock fell to as low as $392.30, down 4.7%, to the lowest level since mid-June. The stock, which has been one of the major drivers of the gains in the Nasdaq, is now down nearly 20% from its record high close of $493.55 reached on Aug. 31.
“The stock is getting oversold,” said Tom Plumb, chief executive and lead portfolio manager at Plumb Funds, which has Nvidia as one of its largest holdings.
“Previously, Nvidia has said this is not going to have a short-term impact but it’s more in the long term. We still expect a pretty strong quarter and think it’s a great long-term holding, although we are not adding any new positions because of the volatility,” Plumb added.
A Nvidia spokesperson said there is “high demand” for its advanced chips, which often require significant lead time to build, and that it is working to allocate orders to its “wide range of customers” in the U.S. and elsewhere.
“These new export controls will not have a meaningful impact in the near term,” the Nvidia spokesperson said in a statement.
Earlier this month, the Biden administration imposed export restrictions on shipments of more AI chips designed by Nvidia and others to China, a move designed to stop Beijing from receiving cutting-edge U.S. technologies to strengthen its military.
The new rules go into effect in November and included export controls to countries including Iran and Russia.
“I think Nvidia is priced for perfection and any trip off can have major impact when you have a stock that is trading at 20 times sales and 40 times earnings,” said Thomas Hayes, chairman at Great Hill Capital in New York.
Stock Markets
Trump holds victory rally in Washington ahead of inauguration
By Steve Holland and Tim Reid
WASHINGTON (Reuters) – President-elect Donald Trump will take a victory lap on Sunday with a campaign-style rally in Washington, D.C., a day before he is sworn in for a second term four years after losing the White House to Joe Biden.
Trump’s “Make America Great Again Victory Rally” – scheduled for 3 p.m. ET (1900 GMT) at the Capital One (NYSE:) Arena – marks his first major speech in Washington since he urged his supporters to march on the Capitol on Jan. 6, 2021, in protest against his defeat.
Thousands of people breached the building in an unsuccessful effort to prevent Congress from certifying the results. Trump has vowed to pardon many of the more than 1,500 people charged in connection with the attack.
His rally remarks, along with his inaugural address on Monday, could offer a preview of the tone he plans to adopt in the early days of his second term in office. In recent weeks, Trump has disconcerted foreign allies by musing aloud about taking over Greenland and the Panama Canal and turning Canada into a U.S. state.
The rally is likely to resemble the free-wheeling arena speeches that have been a Trump staple since his first White House campaign in 2016.
The world’s richest man, Elon Musk, who has become a close Trump confidant since spending more than $250 million to boost his campaign, is scheduled to speak at the event, along with Vice President-elect JD Vance, Ultimate Fighting Championship CEO Dana White, conservative activist Charlie Kirk and conservative commentator Megyn Kelly.
TikTok CEO Shou Zi Chew also plans to attend the rally, amid uncertainty over whether Trump will take steps to rescue the app from a U.S. ban set to take effect on Sunday. Chew is expected to join other tech executives at Trump’s inauguration on Monday.
Singer and rapper Kid Rock, disco group The Village People, singer Billy Ray Cyrus and singer Lee Greenwood are all scheduled to perform at the rally.
President Joe Biden will meanwhile make his last official trip as president on Sunday to Charleston, South Carolina, to mark Martin Luther King Jr. Day, which is on Monday, the White House said. He will attend services and speak about King’s legacy at Royal Missionary Baptist Church.
Earlier on Sunday, Trump will participate in a wreath-laying ceremony at the Tomb of the Unknown Soldier in Arlington National Cemetery. In the evening, he will address well-heeled supporters at a dinner in Washington.
The inauguration is scheduled for noon ET (1600 GMT) on Monday, when Trump will take the presidential oath of office inside the rotunda of the Capitol building, after the cold weather prompted organizers to move the ceremony indoors. Approximately 25,000 law enforcement personnel will be on hand to provide security.
Stock Markets
CELH DEADLINE NOTICE: ROSEN, A GLOBAL AND LEADING LAW FIRM, Encourages Celsius Holdings, Inc. Investors to Secure Counsel Before Important January 21 Deadline in Securities Class Action – CELH
New York, New York–(Newsfile Corp. – January 19, 2025) – WHY: Rosen Law Firm, a global investor rights law firm, reminds purchasers of common stock and sellers of puts of Celsius Holdings , Inc. (NASDAQ: NASDAQ:) between February 29, 2024 and September 4, 2024, both dates inclusive (the “Class Period”), of the important January 21, 2025 lead plaintiff deadline.
SO WHAT: If you purchased Celsius common stock or sold Celsius puts during the Class Period you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement.
WHAT TO DO NEXT: To join the Celsius class action, go to https://rosenlegal.com/submit-form/?case_id=31677 or call Phillip Kim, Esq. at 866-767-3653 or email case@rosenlegal.com for more information. A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than January 21, 2025. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.
WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources, or any meaningful peer recognition. Many of these firms do not actually litigate securities class actions, but are merely middlemen that refer clients or partner with law firms that actually litigate the cases. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm achieved the largest ever securities class action settlement against a Chinese Company at the time. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action (WA:) Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs’ Bar. Many of the firm’s attorneys have been recognized by Lawdragon and Super Lawyers.
DETAILS OF THE CASE: According to the lawsuit, during the Class Period, defendants made false and/or misleading statements and/or failed to disclose that: (1) Celsius materially oversold inventory to PepsiCo (NASDAQ:), Inc. (“Pepsi”) far in excess of demand, and faced a looming sales cliff during which Pepsi would significantly reduce its purchases of Celsius products; (2) as Pepsi drew down significant amounts of inventory overstock, Celsius’ sales would materially decline in future periods, hurting Celsius’ financial performance and outlook; (3) Celsius’ sales rate to Pepsi was unsustainable and created a misleading impression of Celsius’ financial performance and outlook; (4) as a result, Celsius’ business metrics and financial prospects were not as strong as indicated in defendants’ Class Period statements; and (5) consequently, defendants’ statements regarding Celsius’ outlook and expected financial performance were false and misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.
To join the Celsius class action, go to https://rosenlegal.com/submit-form/?case_id=31677 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email case@rosenlegal.com for information on the class action.
No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.
Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm, on Twitter: https://twitter.com/rosen_firm or on Facebook (NASDAQ:): https://www.facebook.com/rosenlawfirm/.
Attorney Advertising. Prior results do not guarantee a similar outcome.
——————————-
Contact Information:
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/237600
Stock Markets
XRAY DEADLINE NOTICE: ROSEN, A TOP RANKED LAW FIRM, Encourages Dentsply Sirona Inc. Investors with Losses in Excess of $100K to Secure Counsel Before Important January 27 Deadline in Securities Class
New York, New York–(Newsfile Corp. – January 19, 2025) – WHY: Rosen Law Firm, a global investor rights law firm, reminds purchasers of common stock of Dentsply Sirona Inc. (NASDAQ: XRAY) between May 6, 2021 and November 6, 2024, both dates inclusive (the “Class Period”), of the important January 27, 2025 lead plaintiff deadline.
SO WHAT: If you purchased Dentsply Sirona common stock during the Class Period you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement.
WHAT TO DO NEXT: To join the Dentsply Sirona class action, go to https://rosenlegal.com/submit-form/?case_id=31762 or call Phillip Kim, Esq. at 866-767-3653 or email case@rosenlegal.com for more information. A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than January 27, 2025. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.
WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources, or any meaningful peer recognition. Many of these firms do not actually litigate securities class actions, but are merely middlemen that refer clients or partner with law firms that actually litigate cases. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm achieved the largest ever securities class action settlement against a Chinese Company at the time. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action (WA:) Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs’ Bar. Many of the firm’s attorneys have been recognized by Lawdragon and Super Lawyers.
DETAILS OF THE CASE: According to the lawsuit, during the Class Period, defendants made false and/or misleading statements and/or failed to disclose material facts necessary to make the statements made, in light of the circumstances in which they were made, not false and misleading. In truth, Byte aligners had been causing serious injuries to patients since at least May 2021, as revealed in backlogged injury reports that Dentsply Sirona filed with the U.S. Food and Drug Administration (“FDA”) over the course of 2024. At least part of the problem was that customer service employees and overseeing dentists were incentivized to enroll contraindicated patients who had other dental issues which should have made them ineligible for Byte treatment. As a result, defendants’ positive statements concerning Byte’s customer experience, and the expansive network of dentists overseeing and controlling each customer’s treatment, were materially misleading and/or lacked a reasonable basis. In addition, Dentsply Sirona concealed the fact that its high conversion rates were due to sales incentives to enroll contraindicated patients. When the true details entered the market, the lawsuit claims that investors suffered damages.
To join the Dentsply Sirona class action, go to https://rosenlegal.com/submit-form/?case_id=31762 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email case@rosenlegal.com for information on the class action.
No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.
Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm, on Twitter: https://twitter.com/rosen_firm or on Facebook (NASDAQ:): https://www.facebook.com/rosenlawfirm/.
Attorney Advertising. Prior results do not guarantee a similar outcome.
——————————-
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/237618
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