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Blogger Stella Dimimorkokus has slammed Davido for claiming that he is still in good terms with his lawyer, Bobo Ajudua who he has allegedly sacked.

According to her, Davido has been insulting Bobo on his WhatsApp status, as she also revealed that the embattled lawyer has been pleading with him, but his pleas have fallen on deaf ears.

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Shares in New York Community Bancorp (NYCB) jumped nearly 6% in premarket trading Wednesday after the embattled regional bank said late Tuesday that it had agreed to sell around $5 billion of mortgage warehouse loans to JPMorgan Chase (JPM) in a deal aimed at shoring up its liquidity and capital as it undergoes a turnaround to return to profitability.

NYCB, which expects to complete the sale in the third quarter, anticipates the deal will add 65 basis points to its common equity tier 1 (CET1) capital ratio, resulting in a pro-forma ratio of 10.8% as of March 31 this year, and boost its liquidity profile as the proceeds of the transaction will be reinvested into cash and securities.

The announcement of the sale comes several months after the bank disclosed it had sold $899 million of consumer loans in March and a commercial co-operative loan in late February.

“We are moving forward quickly to implement our strategic plan, which focuses on improving our capital, liquidity and loan-to-deposit metrics,” recently appointed NYCB Chief Executive Officer Joseph Otting said in the statement Tuesday.

Otting, who took the helm at the bank in April, plans on reducing NYCB’s exposure to New York’s commercial real estate sector, which has faced challenges from higher borrowing costs and lower occupancy, and turn it into a more diversified regional bank.

Cracks started appearing at the beleaguered regional bank in January, when it cut its dividend and ramped up its loan-loss provisions. Those developments, along with material weaknesses in internal controls, management changes, and a string of rating agency downgrades, prompted a group of investors led by former Treasury Secretary Steven Mnuchin to inject more than $1 billion into the lender to shore up its balance sheet.

NYCB shares continued to trend sharply lower for around three months after gapping down more than 37% in late January, with trading volumes remaining above average throughout the decline. More recently, the price has staged somewhat of a recovery, reclaiming the 50-day moving average (MA). 

If the stock continues to climb higher, investors should monitor the $5.80 level, an area on the chart where the price may run into selling pressure near the March 2023 swing low. However, if the shares fail to hold above the 50-day MA, watch for a possible retest of recent lows around $2.70.

NYCB shares were up 5.9% at $4.12 at around 7:00 a.m. ET Wednesday.

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Single Davido has reacted to earlier reports that sacked and parted ways with his longtime friend and lawyer Bobo Ajudua because he stole $370,000.

Recall, earlier that a blogger name Stella has reported that Davido sacked his lawyer because of theft, but he has since come out to debunk the notion that he was sacked for such reasons, while he reiterated that they are still good friends.

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The stock market is in the thick of another meme stock frenzy, sparked by Sunday night's online return of one of the key figures of the 2020 and 2021 craze that sent GameStop (GME) shares to record highs.

GameStop has been one of the biggest winners of the frenzy this week, along with AMC Entertainment (AMC). Those and other meme stocks have shot higher following the online return Sunday of one of the prominent drivers of the earlier meme craze. Keith Gill, known by his online persona of "Roaring Kitty," posted to X several times Sunday night through Tuesday afternoon after an extended hiatus, sharing a series of videos featuring quotes from famous movie and TV scenes nodding to his retreat from public life and recent return.

A number of retail investors, led by Gill and others, participated in the earlier meme stock craze on the belief that stocks such as GameStop and AMC had become undervalued because of perceived weaknesses in their business models. With the companies' profits declining, a number of large hedge funds had taken up short positions on these companies, essentially betting that their business models would eventually fail.

Believing they could drive the value of the stocks higher by squeezing those short positions, Gill outlined a path in an August 2020 YouTube video that could send GameStop shares from $5 each to $50 or above. Gill and activist investor Ryan Cohen were key figures in motivating a community of online traders from the WallStreetBets subreddit to buy and hold shares of GameStop, running up their price.

However, GameStop, AMC, and many other meme stocks weren't able to sustain those levels for long and embarked on an extended retreat. Despite this week's surge, they haven't reclaimed their 2021 highs.

GameStop's stock price has gained 179% over the past two sessions, though at $48.75 it's still well below its record of more than $85 in January 2021.

AMC's stock closed Tuesday at $6.85 and has risen 135% since Friday, but it's a far cry from its all-time highs above $300 set in June 2021. AMC shares aren't even close to their 52-week high.

In its first-quarter earnings report last week, AMC disclosed a net loss of $163.5 million as the theater chain works to recover from the large amounts of debt it took on to stay afloat during the pandemic.

GameStop, meanwhile, managed to post a full-year profit of $6.7 million for fiscal 2023, compared to a $313 million loss in fiscal 2022 after closing many of its stores.

While AMC and GameStop saw a surge in activity to start the week, those inflows represented "just a fraction" of the sort of daily cash inflows that GameStop and AMC saw in early 2021, according to report from Vanda Securities Tuesday.

Vanda analysts also said that retail investors likely played a strong role in the inflows, writing "we think retail’s hand has been significant in pushing GME, AMC and other meme stocks higher Monday, and so far on Tuesday." 

However, they expressed doubt that the latest meme stock craze could reach 2021 levels in the days to come. "Do we think more retail traders can jump in on the trend in the coming days? Yes. Do we think this is a repeat of 2021? No, and the chances we reach that stage are low."

Vanda also noted many hedge funds have learned from 2021 and are likely better prepared for short squeezes today.

Despite inflation that has remained higher than the Federal Reserve has wanted, leading the central bank to keep interest rates at a 23-year high, retail investors don't appear to be shying away from the stock market and other speculative investments.

Aside from this week's meme stock rally, risk assets such as cryptocurrencies have also been on the rise this year, with the price of Bitcoin reaching record highs ahead of the fourth halving of the currency that took place last month.

Vanda analysts wrote that they believe the most likely path could be that a number of hedge funds participate in a short squeeze of meme stocks, and exit their positions before the waves of retail traders sell their shares. That could mean the latest surge in stocks such GameStop and AMC could be shorter and reach less dramatic heights than in 2021.

Ihor Dusaniwsky of S3 Partners called GameStop a crowded and "very squeezable short," in a Tuesday report, noting that while there will be a "significant amount" of GameStop and AMC short sellers that get squeezed out of their positions, a new wave could follow in behind them to short the current wave, especially considering both stocks eventually collapsed from their 2021 highs.

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Singer Davido recently sacked his long time Lawyer and the reasons are beginning to filter in from close sources who are presently dancing Bugga and celebrating the sack.

According to the sources, the problem started a long time ago but Davido was the last person to see what was wrong until the scales recently fell off his eyes…. First off, they say Mr Lawyer forgot his Job and began to play the role of Manager of money and friend……The insider used one of many instances where Davido recently made money at Maddison garden where he recently performed but his Lawyer allegedly gave him only $18k and allegedly said that it was all he made and that he had settled bills from the huge amount handed to him.

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