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Intel (NASDAQ:INTC) shares stumbled more than 6% Friday after the semiconductor giant reported weak fourth-quarter results and issued a stunningly weak first-quarter forecast, leaving Wall Street analysts to question whether the dividend is safe.
Bernstein analyst Stacy Ragson, who has an underperform rating on Intel (INTC), called the level of deterioration for the financial results "stunning" and became concerned for the company's cash position.
"It is now clear why Intel needs to cut so much cost as the company's original plans prove to be fantasy," Ragson wrote in a note to clients. Ragson said the size of Intel's (INTC) deterioration is so large that it "brings potential concern to the company's cash position over time, in our opinion."
Ragson went on to add that with Intel (INTC) likely to start burning through cash, "it seems reasonable to think that investors should at least start thinking about the security" of the chip giant's dividend payments.
Santa Clara, California-based Intel (INTC) expects to lose 15 cents a share, excluding one-time items for the first-quarter, with revenue forecast to be between $10.5B and $11.5B. The company also expects gross margins to fall below 40%, coming in at 39%.
Analysts expect the company to earn 25 cents a share, on $13.96B in sales, and gross margins of 45.5%.
KeyBanc Capital Markets analyst John Vinh said the results from the PC and data center went from "bad to worse," as AMD (AMD) continues to take market share.
Vinh said that after "undershipping" sales in the PC sector by 10% in 2022, Intel (INTC) expects that gap to widen in the first quarter of this year. It also forecast "incremental weakness" in its data center business across areas like the enterprise and China.
"While no full-year guidance was provided, [Intel] sees the [first-half] correction will be followed by a [second-half] recovery," Vinh said. "We expect 2023 will be another challenging year with limited catalysts."
BMO Capital Markets analyst Ambrish Srivastava was particularly negative in his assessment on Intel's (INTC) financial health and the guidance.
"Whatever the reason, and however compelling it might be, a company of Intel's stature should know better than to spring a surprise such as materially lowering depreciation," Srivastava wrote in a note to clients.
Srivastava lowered his 2023 estimates, as he now sees earnings of 35 cents per share for the full year, down from a previous forecast of $1.80 a share, and expects negative free cash flow of $14B, down from a prior view of negative $3B.
Deutsche Bank analyst Ross Seymore said the poor results were "more than macro," as the Pat Gelsinger-led company continues to impose pain on itself.
"We agree that macro [economic issues] are the primary driver of this shortfall," Seymore, who has a hold rating on the stock, said. "We cannot ignore the Intel-specific dynamics exacerbating this pain," such as overly confident revenue outlook and hiring in 2022 and data center roadmap issues.
Earlier this month, Intel's (INTC) Gelsinger said the company was still in talks with Italy to build a fab in the country but was talking to other European countries as well.
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The Buhari Media Organisation (BMO) has described the latest update on the ongoing Siemens power project as another indication that history will be kind to President Muhammadu Buhari.
The group said in a statement signed by its Chairman Niyi Akinsiju and Secretary Cassidy Madueke that it is heartwarming that the German company is fully committed to delivering and installing 10 power transformers and 10 mobile substations before May 2023.
“If there is any doubt about the Presidential Power initiative (PPI) of the Buhari administration and the government-to-government agreement it sealed in 2019 with Germany on increasing Nigeria’s electricity power capacity, then the recent visit of the Chief Executive Officer (CEO) of Siemens Energy, Dr. Christian Bruch; the CEO of Siemens Africa, Nadia Haakansson, and the CEO of Siemens Nigeria, Seun Suleiman to the President ought to lay those doubts to rest.
“But what we find interesting enough to bring to the notice of our fellow Nigerians from that meeting is the German company’s assurance to fast track the delivery of the project which was slowed down by the COVID-19 pandemic.
“So from all indications, the first phase of the 25,000-megawatt project which is to deliver a capacity improvement of 2,000 megawatts is to be completed before May next year with the installation of 10 transformers and 10 mobile substations across the country.
“This will effectively move the nation’s capacity from about 4,000 to 7,000 megawatts in the first instance.
“It is also worth noting that Siemens also promised that the forthcoming general election would have no effect on the power initiative, including the training of 5,000 Nigerian engineers”, the statement added.
BMO noted that the time President Buhari leaves office, the first phase of the project would have been completed.
“It is good to know that by the time the President is completing his final term in office, the first of the three phases of the Siemens project would have been completed.
“What this means is that the incoming administration would not have to concern itself with solving a problem that three previous Peoples Democratic Party (PDP) administrations could not find a solution to, after spending over 16billion dollars.
“And by the time the project would be completed, possibly by 2026 or 2027, there is no way President Buhari would not be singled out for praise long after he would have left office.
“We are also not unaware of how an opposition presidential candidate gave the impression that the Siemens project was stalled, and had at a point misled Nigerians in the diaspora about the true situation of things.
“But we hope that the recent visit of top officials of Siemens Energy and their publicly declared commitment to seeing the project through has again shown the extent the opposition is ready to go to cast the All Progressives Congress APC-led Buhari administration in a bad light.
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BMO added that aside from Buhari, Nigerians would not forget the role played by his first Chief of Staff, the late Abba Kyari in sealing the deal to modernize the national grid.
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Former Vice-President Atiku Abubakar cannot absolve himself and the Peoples Democratic Party (PDP) of blame for the problem besetting the Mambila hydro-electric power project, contrary to the impression he recently created on the campaign trail.
According to the Buhari Media Organisation (BMO) in a statement signed by its Chairman Niyi Akinsiju and Secretary Cassidy Madueke, as former Vice President in 2003, Atiku was central to legal issues over the project that the Buhari administration has been battling to resolve.
“After a previous misstep of pledging to implement what President Muhammadu Buhari is already doing with the private sector, we were surprised to hear the PDP Presidential candidate making another monumental gaffe.
“This time, he claimed at a rally in Bauchi that no government has summoned the needed courage to execute the Mambila Power Project in the last 50 years, in a manner that we consider an insult to the sensibilities of the average Nigerian.
“And like many people have pointed out, Atiku’s claim is yet another proof that he is cut off from reality as a result of his intermittent sojourn in the United Arab Emirates (UAE), so he does not have a clue about what the Buhari administration had been doing to extricate the country from the various legal disputes the PDP plunged her into with its poor handling of the project almost 20 years ago.
“For the avoidance of doubt, the former Vice President was part of the administration that, in 2003, awarded a 6billion dollars to build, operate and transfer (BOT) contract for a 3050mw plant to Sunrise Power and Transmission Company Limited (SPTCL), a local content partner with no requisite background, which later sought an arbitration award of 2.3billion dollars after the deal was called off, ” the group said.
BMO added that the Buhari administration had since 2017 been engaged in a two-prong approach to get the Mambila plant off the ground.
“It is on record that soon after assuming office, President Buhari entered into a government-to-government arrangement with China to finance the project after signing a 5.8billion dollars engineering, procurement and construction (EPC) contract with a consortium of three Chinese firms.
“At the same time, the administration was pushing to extricate Nigeria from a legal wrangle with Sunrise which caused the China Export-Import (EXIM) Bank to put on hold the 85 per cent funding it was to commit to the Mambila plant until the dispute was resolved.
“Now the government is on the verge of making a pay off to the firm for the termination of the earlier contract to build the plant to finally get the project going.
“So it is uncharitable for the former Vice-President to in one breath, claim that the project had been on the drawing board for over 50 years, and in another breath say no government had summoned the courage to execute it.
This, against the backdrop of the hole his administration dug Nigeria into with its shoddy handling of what could have been a straight-forward deal without a middle man,” it said.
The group urged Nigerians to be “wary of more of such political antics from politicians out to pull the wool over their eyes as the 2023 Presidential election inches closer”.
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The Economist Intelligence Unit (EIU’s).
description of Nigeria’s economy as ‘a resilient one’ is a testimony to the good works of the President Muhammadu Buhari administration in the last seven years.
The Buhari Media Organisation (BMO) said in a statement signed by its Chairman Niyi Akinsiju and Secretary Cassidy Madueke that it was not surprising that the team of analysts from the influential magazine is now reviewing its country’s economic forecast upward from 2.9 per cent to 3.1 per cent.
“Our attention has been drawn to the conclusion by the EIU on the Nigerian economy, on the watch of President Buhari at the global stage, that is going largely unnoticed locally in the midst of rising inflation.
“To quote the research and analysis division of The Economist; ‘The Nigerian economy has been more resilient to multiple headwinds, both external and domestic, than anticipated, growing by 3.4 per cent in Q2 of 2022 and powered by services.
Our full-year growth rate forecast has inched up from 2.9 per cent to 3.1 per cent.
“We see the position as a reflection of the policies and initiatives that have in the last few years been put in place by the Buhari administration to stabilize an economy that was always susceptible to the slightest of external factors.
“For the avoidance of doubt, the Buhari administration assumed office in the middle of a global oil slump that began in mid-2014 and had begun to affect financial accruals to all tiers of government, so it introduced the Economic Recovery and Growth Plan (ERGP) with a view to restoring growth and building a more competitive economy, in the aftermath of the 2016 recession,” BMO said.
“And just as the ERGP was winding down in 2020, the world was gripped by a global pandemic that led to the introduction of the Economic Sustainability Plan (ESP) supervised by Vice President Yemi Osinbajo as part of the country’s Covid-19 recovery strategy.
In announcing the N2.3 trillion plan, the Buhari administration announced that it was in order to ‘stimulate and diversify the economy, retain and create jobs, and extend more protections to the poor.
“This is aside from no fewer than 37 interventions by the Central Bank of Nigeria (CBN) estimated at N1.3 trillion and targeted at various sectors of the economy from manufacturing to agriculture.
“We want to place it on record that even medium and small-scale businesses were not left out, and not surprising, Nigeria stunned the rest of the world by exiting the Covid-induced global recession faster than many established economies.
“Although the country is not exactly safe from the inflationary trends as a result of the Russia-Ukraine war which EIU admits is pushing up inflation worldwide, we make bold to say that the Buhari administration is not leaving things to chance and would continue to build a resilient economy”.
The group said that Buhari remains committed to leaving the country better than he met it on assuming office in 2015.
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Presidential candidate of the Labour Party, Peter Obi has been accused of lacking originality by promising to do what the President Muhammadu Buhari administration has already put in place.
Making this accusation, the Buhari Media Organisation (BMO) said in a statement signed by its Chairman Niyi Akinsiju that Obi’s recent interview on the US news network, CNN, showed that he is not in tune with what is happening in a country he is aspiring to lead.
“Like many Nigerians, we listened to the twice-postponed pre-recorded CNN interview, and we were stunned that a man that had been pontificating about Nigeria’s problems lacks originality when it comes to proferring solution.
“We first noticed this from Obi’s response to a question on how he would restart the economy which seemed like he was reading from President Buhari’s workbook.
“The Labour Party candidate spoke about ensuring that Nigerians return to agriculture, pulling millions out of poverty and cutting the cost of governance, which incidentally are part of what the Buhari administration, which he delights in maligning, is doing right now.
“We make bold to say that the
massive investment by the present administration in the agriculture sector through various initiatives is a major reason recent setbacks in the oil sector have not had much effect on Nigeria’s GDP.
“Today, we are Africa’s largest rice producer and also regularly making waves in wheat and maize production, amongst others, on the global stage as a result of some creative funding through the Central Bank of Nigeria (CBN).
“So we would have expected Obi to provide some insights, no matter how brief, into what he would have done differently rather than give his interviewer the impression that he was coming to fill a void in agriculture.
“As for poverty alleviation, Peter Obi was a member of the former ruling party, Peoples Democratic Party (PDP), that literally pushed 112m people into the poverty cliff in 2012, which was also a period the country made so much from oil revenue but did little in terms of critical infrastructure, he is promising and did nothing to put a concrete social welfare scheme on the ground.
“It was not until 2016, on Buhari’s watch, that Nigeria had its first ever efficient social safety net, the National Social Investment Programme (NSIP) which has four initiatives targeted at different categories of people.
“The programme is now in the process of being institutionalized as part of efforts to take 100m Nigerians out of poverty by 2030, but it would be interesting to know what Obi would do differently beyond sheer sloganeering”.
BMO also argued that the Labour candidate’s comments on insecurity and refineries were also pointers to his lack of depth on governance at a high level.
“There was also an allusion to security in a mediocre manner, not different from that of a casual political analyst with a vow to change the security architecture, employ more hands and motivate the operatives, but we were not told how all these would differ from what is being done today.
“On private refineries, we wonder whether Obi did not fully grasp the role played by the Buhari administration in making Dangote Refinery a reality, including having a stake in it as well as all private refineries with over 50,000 barrels per day production capacity.
“And as for government-owned refineries, it is common knowledge that they are being overhauled and it has since been announced that the Port Harcourt refinery would be operating at a reasonable capacity in December this year, for the first time since the early 1990s.
“So the Buhari administration is working assiduously to gradually wean the country from fuel subsidy which Obi told CNN could be done in a day without considering the impact on the average Nigerian, ” the group added.
The group urged Nigerians to challenge opposition elements to be more definite in their campaign promises.
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Presidential candidate of the Peoples Democratic Party (PDP) Atiku Abubakar played a major role in pushing millions of Nigerians into the unemployment market and into poverty as Vice President between 1999 and 2007.
This, according to the Buhari Media Organisation (BMO), is contrary to the impression Atiku sold in his presentation at the recent Lagos Chamber of Commerce and Industry (LCCI) Presidential Economic Agenda Forum.
BMO said in a statement signed by its Chairman Niyi Akinsiju and Secretary Cassidy Madueke, that the former Vice President and his party were largely responsible for the mess the All Progressives Congress APC-led administration had been cleaning in the last seven years.
“It was meant to be an economic forum for the Peoples Democratic Party’s flag bearer to give the Organized Private Sector (OPS) an insight into what he has to offer, but he preferred to use it as an opportunity to again demonize President Buhari and his administration.
“So, not surprising, Atiku went ahead to limit all the problems in the country to the tenure of the incumbent government which he claimed was responsible for massive and regrettable level of unemployment.
“But what he deliberately left out is the fact that Nigeria’s unemployment figure in the PDP era was 112million out of a population of 160m, inspite of a higher oil revenue for a sustainable period with no global pandemic or a war with grave worldwide economic implication.
“It is public knowledge the former Vice President laid the groundwork for that high number of unemployed people as the man who presided over the much abused privatisation programme that led to massive job cuts with no fall back plans for those pushed into the labour market.
“We find it funny that same man is pledging funding for small businesses when the administration he served and the party were more interested in protecting the interest of the political elite for 16 years rather than providing a social safety net for the poor and vulnerable.
“The PDP candidate also made it look like Nigeria began running a budget deficit under Buhari, when publicly available information showed that it started in 2011 when the country actually had an oil boom but with little effort at economic diversification.
“It was also a period that the country’s infrastructure deficit began to rise menacingly with successive PDP administrations doing little or nothing to bridge the gap that Atiku is now pledging to commit 20billion dollars to, with private sector support,” the group said.
BMO added that it was interesting to see the former Vice President promising things that the Buhari administration has already put in place in a different way.
“The APC-led Buhari administration has already put in place several Public Private Partnership (PPP) initiatives in infrastructure on the back of Executive Order 7 which a number of key private sector players have already embraced to reconstruct some roads in exchange for tax credit across the six geo-political zones.
“This is aside from the National Council on Infrastructure that has already been set up to encourage private sector involvement in infrastructure development and the Presidential Infrastructure Development Fund (PIDF) which is already up and running.
“So what the perennial presidential candidate is doing amounts to seeking to ‘giraffing’ or spying; nothing more, in proposing OPS involvement in infrastructure development.
“But what we, like many Nigerians, find laughable is Atiku’s plan to propose a legislation to remove electricity from the exclusive list even when it has been in the news for at least three months, that President Buhari and the National Assembly have began a process of decentralizing the power sector.
“So we agree with those who say that the former Vice President had stayed too long in Dubai that he has lost track of what is happening in the country.
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The group said that the former Vice-President simply showed in his LCCI presentation that he has nothing to offer Nigeria and Nigerians.
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The Central Bank of Nigeria (CBN’s) strategy of an efficient payment system through the introduction and implementation of the e-Naira is a laudable effort that is contributing to the success of our digital economy.
According to the Buhari Media Organisation (BMO), the Central Bank Digital Currency (CBDC), also known as e-Naira, is one of the Federal Government’s solutions to foreign exchange challenges that surprised the global economic leaders.
In a statement signed by its Chairman Niyi Akinsiju and Secretary Cassidy Madueke, BMO noted that while many countries are still considering the importance of a sovereign currency, we’ve gone ahead to pioneer it.
“What we have now is a multi-platform transactional economy; and not just that, we are now running a strong electronic platform economy, digital transactional economy and a crypto-based digital currency”.
The e-Naira which was launched in October 2021, has shown to have prospects for the Nigerian economy.
BMO, quoting the CBN governor Godwin Emefiele, noted that the digital currency “underlying blockchain could increase Nigeria’s Gross Domestic Product (GDP) by 29 billion dollars, in 10 years.
“Alongside digital innovations, digital currencies could foster economic growth through better economic activities, increase remittances, improve financial inclusion and make monetary policy more effective”.
The group added that “the e-Naira, being the first central bank digital currency in Africa, has attracted much attention and countries across Africa are coming to Nigeria to understudy its technicalities.
“Most countries in the high G7 cadre, the IMF and the World Bank, were not expecting this from us.
And from Nigeria comes the digital currency that people are now buying into: we have more banks facilitating and more traders across the world engaging in it.
“The beauty of this is that it is not just a domestic transactional platform, it also avails international transaction, one can transact from any location with a naira account at an official exchange rate.
As CBDC gets bigger, emphasis will gradually move away form hard currency (dollar) to digital currency”.
BMO highlighted that aside from making life easier for the average Nigerian, “e-Naira has made transactions simpler than what it used to be and also generated tax from merchants registered on the app.
With more registrations and participation we expect more revenue to be generated.
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The Buhari Media Organisation (BMO) has hailed President Muhammadu Buhari for being the first Nigerian President to take concrete steps to institutionalise a national poverty reduction agenda with the National Social Investment Programme Establishment Bill, 2022.
The group said in a statement signed by its Chairman Niyi Akinsiju and Secretary Cassidy Madueke that failure to check the tide was a major reason the nation’s poverty figure rose beyond 112 million in 2012 in spite of high oil revenue at that time.
“When the Buhari administration introduced the National Social Investment Programme (NSIP) in 2016, it was with a view to tackling the country’s high rate of poverty which was 112million as at 2012, according to the National Bureau of Statistics (NBS).
“At the time, the country had no known social welfare programme except for the one-size fits all initiative of the Peoples Democratic Party PDP through which commercial tricycles were handed over to some Nigerians under the ambit of the National Poverty Alleviation Programme (NAPEP).
“But today, six years after the NSIP was launched with multiple initiatives targeting different categories of Nigerians, the programme is now on the verge of being institutionalized as part of continuing efforts to take 100million Nigerians out of poverty by 2030.
“We see it as a great step which will give legal backing to an initiative that has been described as the largest welfare scheme in sub-saharan Africa, in a country that has never seen any deliberate and coordinated effort to lift millions of people out of the cycle of poverty,” it added.
BMO said that the social investment bill was the outcome of a well thought-out process aimed at ensuring the continuity and sustainability of Nigeria’s first real social welfare scheme.
“What many people may not realise is that the NSIP has four programmes; namely the N-POWER Programme, the Government Enterprise and Empowerment Programme (GEEP), the National Home-Grown School Feeding Programme (NHGSFP) and the Conditional Cash Transfer Programme (CCT), all designed to cater for different categories of Nigerians in the bottom rung of the social ladder.
“We make bold to say that since the launch of NSIP in 2016, no fewer than five million Nigerians have benefitted from the four initiatives which independent monitors have since confirmed to be real.
“It is good to know that this pro-poor bill, if passed into law as expected, makes it mandatory for NSIP to be funded through a budgetary allocation and 5 per cent of recovered and repatriated funds,” it said.
The group also added that aside from the NSIP bill, the Buhari administration also has in place a National Poverty Reduction Strategy put together by the Presidential Economic Advisory Council (PEAC).
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The Twelve per cent growth in Nigeria’s maize production is yet another testament to the success of the agricultural policy of the President Muhammadu Buhari administration.
The Buhari Media Organisation (BMO) said in a statement signed by its Chairman Niyi Akinsiju and Secretary Cassidy Madueke that the report published by an international news agency, Reuters, shows that the President has been living up to his 2015 vow to encourage farming in the country.
“On assuming office over seven years ago, Buhari vowed to invest more in agriculture and encourage farming.
He spoke of the need for self-sufficiency in food production and thereafter put in place policies to drive that mission.
“Today, those efforts are yielding dividends as maize yields are growing as much as that of rice, according to Edwin Chigozie, the President of the Maize Growers and Processors Association of Nigeria in an interview with Reuters.
“He specifically said he expects Nigeria to produce 23m metric tonnes of maize this year and this he attributes to the Anchor Borrowers Programme, a flagship initiative of the Central Bank of Nigeria (CBN) on President Buhari’s watch.
“Here are snippets of what the leader of the country’s maize growers said which is like music to our ears” ‘I can tell you it has helped to scale up production, to scale up output because virtually every component of the value chain is being addressed; mechanisation, quality inputs, extension service.
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“This sums up what the Buhari administration has been doing in agriculture through the CBN just in case there are people who still believe false narrative from naysayers,” the group said.
BMO added that the massive investment of the Buhari administration in the agriculture sector is a major reason recent setbacks in the oil sector have not had too much effect on Nigeria’s GDP.
“For the avoidance of doubt, maize, along with rice and wheat, are three of the major grains consumed in the country which the CBN had been funding their cultivation since 2015 when the Anchor Borrowers Programme was launched.
“It is also worth knowing that available data indicate that Nigeria’s maize production in 2020 stood at 10million metric tonnes so a projection of 23million tonnes in 2022 will give a clear insight into the manner of inputs that have gone into maize production in recent times.
“We pin this down to a conscious effort by the Buhari administration to ensure that Nigerians indeed ‘grow what they eat, as well as eat what they grow and this is why the country has grown from being a major net importer of rice to Africa’s largest rice producer in only a few years.
“And although we know that the 23m tonnes of maize production still falls short of Nigeria’s annual requirement of 30m tonnes, we make bold to say that efforts are on to ensure more investments in the sector in order to bridge the gap.
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The President Muhammadu Buhari administration deserves more plaudits than it is getting for Nigeria’s 3.50 per cent economic growth in the second quarter of 2022.
This, according to the Buhari Media Organisation (BMO), is because it came at a time that much of the world witnessed a general economic slowdown.
BMO said in a statement signed by its Chairman Niyi Akinsiju and Secretary Cassidy Madueke that this was traceable to the same policies that took Nigeria’s economy out of a COVID-19 induced global recession faster than expected.
“Many analysts have continued to express surprise that the Nigerian economy has been showing some resilience after it recorded a 7th consecutive quarter of GDP growth since the recession in Q3 of 2020 at a period of a sustained global slump.
“But for us, it is a reflection of the policies put in place by the Buhari administration even before COVID-19 struck that were targeted at weaning the country off its overdependence on crude oil.
“More than any other administration before it, the Buhari administration through the Central Bank of Nigeria has been deliberate in putting funds into the agricultural sector through various initiatives, including the Anchors Borrowers Programme which has supported nearly 5m farmers and boosted production of 23 food commodities in the country since its launch in 2015.
“And lest we forget, there is also the Information and Communication Technology ( ICT) sector which contributed 18.44 per cent to the GDP as a result of the conducive environment for the digital economy to thrive through the implementation of the National Digital Economy Policy and Strategy (NDEPS) for a Digital Nigeria.
“So while countries like the United States and Britain which are generally acknowledged as having more developed economies are witnessing a decline as a result of the Russia-Ukraine war, Nigeria’s non-oil sector has continued to drive Nigeria’s economic growth like it has done since Q4 of 2020 in defiance of analysts’ estimates.
“In specific terms, the 3.54 per cent growth in Africa’s biggest economy in Q2 2022, compared to a GDP growth rate of 3.11 per cent in the previous quarter, was driven mainly by Information and Communication ; Trade; Financial and Insurance; Road Transport; Agriculture and Manufacturing which jointly contributed 93.67 per cent to the GDP.
“And while we know that the country is not where it should be, especially as inflation and unemployment are still high, we are encouraged by good reviews by financial analysts who see the positive trajectory as good news for investors and creditors”, the group said.
It added that Buhari remains committed to leaving the country better than he met it on assuming office in 2015.
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