Stock Markets
Desperate Palestinians in Gaza’s Rafah fear coming Israeli assault
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© Reuters. A displaced Palestinian woman holds her son as she waits to get him examined by a doctor, outside a medical tent, amid the ongoing conflict between Israel and Hamas, in Rafah in the southern Gaza Strip February 11, 2024. REUTERS/Saleh Salem
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By Mohammad Salem and Nidal al-Mughrabi
RAFAH, Gaza Strip/DOHA (Reuters) -The Abu Mustafa family’s tent is hard against the high concrete and metal fence separating Gaza from Egypt in Rafah, the last relatively safe place in an enclave devastated by Israel’s military offensive, but one that may now also come under attack.
The family is among more than a million Palestinians now crammed into the area around Rafah and fearing they have nowhere left to flee inside a tiny strip largely reduced to rubble and where fighting still rages.
“Every day, we’re on the run. Being displaced is tough because I have two daughters with disabilities. I can’t carry them around. I don’t have a car or a cart,” said Laila Abu Mustafa.
“If there will be more displacement, I’m not moving,” she said.
Israeli Prime Minister Benjamin Netanyahu has ordered an evacuation plan for the civilians who crowd Rafah, camping in streets and empty lots, on the beach and like the Abu Mustafa family on the sandy strip along the Egyptian border.
Before previous assaults on Gaza cities, Israel’s military has ordered civilians to leave without preparing any specific evacuation plan. Aid agencies say an assault on Rafah would be catastrophic in a war that has already caused untold misery.
U.S. President Joe Biden was due to speak with Netanyahu on Sunday, White House officials said, the first conversation between them since Biden last week described Israel’s military response in Gaza as “over the top”.
The war began on Oct. 7 when the militant group Hamas that controls Gaza stormed the border fence with Israel, sending in fighters who killed 1,200 people, mostly civilians, and seized about 250 hostages, according to Israeli tallies.
Four months later, Gaza is in ruins. Under a massive daily bombardment, Israeli ground forces have overrun most of the enclave, smashing houses, public buildings and infrastructure with air raids, artillery fire and controlled detonations.
Palestinian health authorities say more than 28,000 people have been killed in the war. More than 85% of Gazans are homeless. A U.N. survey found that nearly one in 10 children under five are acutely malnourished.
Talks for a deal on a ceasefire and the release of hostages have so far failed to bring an agreement. Last week Israel rejected a Hamas proposal, saying it would not stop fighting while the group retained brigades that Israel says are hiding in Rafah.
Egyptian security sources said more high-level talks were planned for Tuesday with senior officials from Qatar and the United States to attend, as well as Israeli and Palestinian delegations.
Israeli air raids have started targeting Rafah over recent days.
On Sunday, Hamas said Israeli air raids in the Gaza Strip over the previous four days had killed two hostages and injured eight others.
The group said any Israeli assault on Rafah would “blow up” the discussions for a deal to free the remaining hostages.
EVACUATION PLAN FOR CIVILIANS
Speaking in an interview that aired on U.S. network ABC on Sunday, Netanyahu reiterated that Israeli forces would assault Rafah, but said they were preparing “a detailed plan” for where civilians there could go.
“We’re going to do it. We’re going to get the remaining Hamas terrorist battalions in Rafah,” he said, adding “we’re going to do it while providing safe passage for the civilian population”.
A spokesperson for France’s Foreign Ministry said “a large-scale Israeli offensive at Rafah would create a catastrophic humanitarian situation of a new and unjustifiable dimension”.
Netanyahu cast doubt on the accuracy of the Palestinian death toll, describing the figures produced by health authorities in Hamas-run Gaza as “Hamas statistics”.
“It’s only been one civilian that’s been killed for one Hamas terrorist in Gaza,” he said.
He said “we’ve killed or wounded around 20,000 Hamas terrorists, out of that 12,000 fighters” without explaining further.
Palestinian health authorities say around 70% of people killed in Gaza are women or children under 18. The Israeli military said in a briefing in December that they thought roughly two civilians had been killed in Gaza for each dead Hamas combatant.
The World Health Organization has described the Palestinian Health Ministry system for reporting casualties as “very good” and U.N. agencies regularly cite its death toll figures.
Against the border fence, topped with barbed wire, the Abu Mustafa family hangs laundry between tents. They cook what little food they can gather in empty tin cans over a fire in the sand.
Fear of an assault on Rafah is the constant subject of every conversation in the crammed city, said Mariam, a woman who fled her home in Gaza City early in the war with her three children aged 5, 7 and 9.
“I can’t describe how we feel. There is turmoil in my head. My children keep asking me when Israel will invade Rafah and where we will go and if we will die. And I don’t have the answers,” she said.
Stock Markets
Five9 stock hits 52-week low at $28.74 amid market challenges
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In a turbulent market environment, Five9 (NASDAQ:) Inc’s stock has touched a 52-week low, reaching a price level of $28.74. This significant downturn reflects a broader trend for the cloud software company, which has seen its shares plummet by -58.79% over the past year. Investors are closely monitoring Five9’s performance as it navigates through a period of heightened volatility and shifting industry dynamics, which have contributed to the stock’s current valuation at this low point. The company’s efforts to rebound from this position will be under scrutiny in the coming quarters as market participants look for signs of a strategic turnaround or further indications of market pressures.
In other recent news, Five9 Inc . has achieved an annual revenue run rate exceeding $1 billion in Q2, a significant milestone despite lowering its annual revenue guidance by 3.8% due to customer budget constraints. The company’s adjusted EBITDA margin rose to 17% of revenue, contributing to a strong operating cash flow of $126 million. The company also confirmed plans to reduce its global workforce by approximately 7% by the end of 2024, a strategic move projected to cost between $12 million and $15 million.
Five9’s recent acquisition of Acqueon, a firm specializing in proactive outbound omnichannel customer engagement, aims to expand its AI offerings and bolster its growth. This move is in line with the company’s focus on managing expenses and improving profitability, with initiatives like FedRAMP and expansion into India anticipated to improve gross margins.
In their analysis, Piper Sandler maintained an Overweight rating for Five9, with a steady price target of $47.00, while Needham and BTIG both maintained a Buy rating with price targets of $48.00 and $45.00 respectively. These ratings reflect the firms’ confidence in Five9’s strategic positioning and potential for growth, despite the current challenges and workforce reduction.
InvestingPro Insights
Amid the current market conditions, Five9 Inc’s recent performance can be put into perspective with select data from InvestingPro. The company’s market capitalization stands at roughly $2.15 billion, indicating the size and scale of the business amidst its challenges. Despite the stock’s decline, analysts are showing a hint of optimism, with 20 analysts having revised their earnings estimates upwards for the upcoming period. This could signal a potential turnaround in sentiment or underlying business performance.
Importantly, Five9’s liquid assets are reported to surpass short-term obligations, suggesting that the company maintains a degree of financial flexibility to navigate its current difficulties. Furthermore, while the stock is trading near its 52-week low, it’s worth noting that the relative strength index (RSI) suggests the stock is in oversold territory, which can sometimes precede a rebound in share price. Investors looking for comprehensive analysis and additional InvestingPro Tips on Five9 can find more insights, including 14 other tips, at https://www.investing.com/pro/FIVN.
In terms of financial health, the company operates with a moderate level of debt and is expected to become profitable this year, according to analysts’ predictions. These elements may offer some solace to investors considering the stock’s substantial price fall over the last year. For those seeking a deeper dive into Five9’s valuation and future prospects, the InvestingPro platform provides a fair value estimate of $45.04, which is considerably higher than the current trading price, suggesting potential undervaluation.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
Stock Markets
TD Cowen maintains Buy on Terns Pharmaceuticals
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TD Cowen reiterated its Buy rating on shares of Terns Pharmaceuticals (NASDAQ:TERN), following the company’s investor call. The call was held to manage expectations for the upcoming Phase 1/2 CARDINAL study data for chronic myeloid leukemia (CML). The firm noted the challenges in measuring the efficacy endpoint (EP) due to disease progression and the absence of treatment switch guidelines, which makes major molecular response (MMR) a challenging efficacy endpoint for Phase 1/2 trials.
The interim Phase 1/2 data aims to evaluate descriptive efficacy signals, considering patients’ baseline BCR-ABL levels and treatment history. The analyst highlighted that the once-daily (QD) dosing and the lack of food effect could potentially enhance the quality of life for patients compared to other allosteric tyrosine kinase inhibitors (TKIs).
Terns Pharmaceuticals has been focusing on the development of improved treatment options for CML. The company’s approach to dosing, which does not require food intake, may offer a more convenient alternative for patients, potentially leading to better adherence and outcomes.
The topline data from the 6-month Phase 1/2 CARDINAL study is anticipated to be available in 2025. This data will provide further insights into the treatment’s efficacy and safety, which are critical factors in the ongoing development and potential approval process.
Investors and stakeholders in Terns Pharmaceuticals are expected to closely monitor the progress of the CARDINAL study, as it could have a significant impact on the company’s future prospects and position in the CML treatment landscape.
In other recent news, Terns Pharmaceuticals has experienced significant developments. The biopharmaceutical company reported robust earnings and revenue results, with Mizuho Securities maintaining an Outperform rating on Terns shares, citing strong enthusiasm for the company’s drug, TERN-701, a potential treatment for chronic myeloid leukemia.
The firm expects the first interim Phase 1 CARDINAL study data for TERN-701 in December.
Terns also announced the appointment of Elona Kogan as its new chief legal officer, a move that underscores the company’s strategic development and pipeline advancement.
The company also secured an extension of its office lease in Foster City, California, through 2027, reflecting Terns Pharmaceuticals’ operational stability and long-term planning.
In terms of clinical trials, Terns has made progress in its ongoing Phase 1 study of TERN-701, with interim findings suggesting the drug can be administered once daily with or without food.
This development, coupled with the forthcoming Phase 1 data for another of Terns’ drugs, TERN-601—an oral GLP-1 receptor agonist for obesity—expected next month, underscores the company’s commitment to innovative therapies.
These recent developments, from financial performance to executive appointments and clinical trials, highlight Terns Pharmaceuticals’ ongoing efforts to advance its strategic objectives and deliver on its mission. The company’s activities are closely watched by investors and industry analysts, including those from Mizuho Securities, who continue to support the company’s potential.
InvestingPro Insights
As Terns Pharmaceuticals (NASDAQ:TERN) navigates the complexities of its Phase 1/2 CARDINAL study, investors are keeping a keen eye on the company’s financial health and stock performance. According to InvestingPro, Terns holds more cash than debt, which is a positive signal for financial stability. Additionally, with five analysts revising their earnings upwards for the upcoming period, there is a sense of optimism about the company’s potential performance.
However, it’s important to note that Terns is not currently profitable and has been quickly burning through cash, which may raise concerns about long-term sustainability. The company’s P/E Ratio stands at -5.71, reflecting these profitability challenges. Despite these hurdles, Terns has managed a 1 Year Price Total Return of 45.42%, indicating some investor confidence in the company’s growth prospects. The anticipated fair value from analysts stands at 15 USD, while the InvestingPro Fair Value is calculated at 5.8 USD, highlighting a divergence in valuation perspectives.
For those looking for more in-depth analysis, additional InvestingPro Tips on Terns Pharmaceuticals can be found at https://www.investing.com/pro/TERN, offering a comprehensive look at the company’s financial details and stock performance.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
Stock Markets
Macron discussed support for Ukraine and Gaza ceasefire with Germany’s Scholz
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PARIS (Reuters) – French President Emmanuel Macron discussed the importance of maintaining support for Ukraine and the need for a ceasefire in Gaza during talks on Friday with German Chancellor Olaf Scholz, said the French presidency.
Regarding Ukraine, the two leaders expressed their determination to support the country “for as long and as intensively as necessary” in its war against Russia, the Elysee said.
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