Stock Markets
Eurovision Song Contest faces pro-Palestinian protests ahead of final
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By Jacob Gronholt-Pedersen
MALMO, Sweden (Reuters) -Thousands of people protested in Malmo on Saturday against Israel’s participation in Eurovision Song Contest, with the Israeli military campaign in Gaza casting a shadow over the final of the glitzy contest.
Eurovision organisers, who always bill the annual event as non-political, have resisted calls to exclude Israel, but requested that the lyrics of its entry be changed to remove what organisers called references to the deadly Hamas attack on Oct. 7 that triggered the war.
A large crowd of protesters gathered on the central square of the Swedish host city before marching towards the contest venue, waving Palestinian flags and shouting “Eurovision united by genocide” – a twist on the contest’s official slogan “United by music”.
“It’s important to show, like, we are going to stand on the right side for everyone. This could be any other country and we would still be standing here because this is about children, men and women who have been occupied for so many years,” said one protester on Saturday, Maryam, who gave only her first name.
Police estimated that between 6,000 and 8,000 people joined the demonstration.
The final, the culmination of the festival of catchy songs, gaudy costumes and tongue-in-cheek kitsch, kicks off at 1900 GMT.
There have been increasingly vocal protests abroad against Israel’s war in Gaza, including on U.S. college campuses in recent weeks.
In Malmo, French singer Slimane halted his rehearsal act on Saturday to say it had been a childhood dream of his to sing for peace.
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“We need to be united by music,” Slimane said, referring to the official Eurovision slogan, followed by cheering from the crowd in the auditorium.
More than 10,000 pro-Palestinian campaigners, including climate activist Greta Thunberg, staged a non-violent protest ahead of the semi-final on Thursday.
A smaller group of pro-Israeli supporters, including members of Malmo’s Jewish community, also staged a peaceful demonstration on Thursday, defending Israeli solo artist Eden Golan, 20, and her right to take part in the contest.
Pro-Palestinian protesters have complained of double standards as the European Broadcasting Union (EBU) that organises the contest banned Russia from Eurovision in 2022 following its invasion of Ukraine.
Some 1,200 people were killed and more than 250 people taken hostage in the Oct. 7 Hamas attack, according to Israeli tallies. Prime Minister Benjamin Netanyahu has said his country will not stop the war until Hamas is eliminated.
Israel’s military operation in Gaza has killed close to 35,000 Palestinians, according to Gaza’s health ministry, in a bombardment that has laid waste to the coastal enclave.
DUTCH FANS DISAPPOINTED
In another Eurovision controversy this year, Dutch contestant Joost Klein was expelled on Saturday from the competition final after a complaint by a member of the production crew, the EBU said.
“While the legal process takes its course, it would not be appropriate for him (Joost) to continue in the Contest,” the EBU said in a statement.
A representative for Klein did not immediately respond to a request for comment.
According to Dutch broadcaster AVROTROS, Klein was filmed despite clearly made agreements, just after getting off stage after his performance at Thursday’s semi final.
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“This wasn’t respected,” AVROTROS said in a post on social media platform X, adding “This led to a threatening movement from Joost towards the camera.”
Klein did not touch the camerawoman, according to AVROTROS, who said it found the artist’s penalty “very heavy and disproportionate.”
A Dutch fan, Frank Zwarthoed, said: “We are very, very, very disappointed…And it’s not good for the for the joy, we have in all the Dutch fans here that are present.”
Dutch viewers will still be allowed to vote for other contestants and the Dutch jury result will still be included in the final, the EBU has said.
Bookmakers have Croatia’s Baby Lasagna, real name Marko Purišić, 28, with “Rim Tim Tagi Dim”, as front-runner to win the contest, followed by Israel’s Golan, with her song “Hurricane”.
Some booing was heard from the crowd before, during and after Golan’s performance in the semi-finals on Thursday, but there was also applause and Israeli flags being waved, according to a Reuters journalist in the auditorium.
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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