Stock Markets
Apple shows off updated, mixed-reality headset at AI-focused event
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By Aditya Soni, Stephen Nellis
(Reuters) -Apple kicked off its annual developer conference on Monday, where the technology giant is expected to showcase how it is integrating artificial intelligence across its software suite, including a revamped Siri voice assistant and a possible tie-up with ChatGPT owner OpenAI.
The company began the event by offering details on the latest operating system for its Vision Pro mixed-reality headset and iPhone. It said that iOS 18, the software powering its flagship device, makes the iPhone home screen more customizable and includes improved versions of its in-house apps.
The new software will also come with a “lock an app” feature that will help people protect sensitive information. Users can opt to lock specific apps and keep data more tightly controlled in the OS.
Apple also said it would group messages in its email client starting later this year, categorizing them in a primary folder, a transactions folder, a promotions folder and other more specific groupings, for instance communications by an airline. The high-level categorizations are similar to a now-old feature in competitor Google (NASDAQ:)’s Gmail.
Apple said it would make its mixed-reality headset Vision Pro available in eight more countries including China and Japan. The new VisionOS 2 software for the headset will use machine learning to create natural depth photos and come with new gestures.
Shares of the company were down 1.6% on Monday afternoon.
Apple uses the developer conference at its Cupertino, California, headquarters each year to showcase updates to its own apps and operating systems as well as to show developers new tools they will be able to use in their apps.
But more is at stake at the Apple Worldwide Developers Conference (WWDC 2024) than in previous such events, as the iPhone maker seeks to reassure investors that it has not lost the AI battle to Microsoft (NASDAQ:) even though it may have forfeited a few rounds.
Apple will have to show the vast majority of its more than 1 billion users – most of whom are not tech aficionados – why they would want the new breed of AI that has swept Silicon Valley, analysts said.
“Apple will put on a show,” said Ryan Reith, analyst at market research firm IDC. “If they nail the landing, the potential is to get the consumer actually interested in AI because so far it has been mostly about enterprise.”
Apple has been using AI behind the scenes for years to power features on its devices, such as the ability of its watches to detect crashes and falls. But it has been reluctant to tout how this technology boosts functionality in its devices, as Microsoft has done with the help of its early bet on OpenAI.
Microsoft overtook Apple as the world’s biggest company by market capitalization in January, and Apple’s shares have trailed those of other Big Tech companies this year. AI chip giant Nvidia (NASDAQ:) briefly overtook Apple last week as the world’s second-most valuable company, underscoring for some investors a shift in power in the tech world.
SIRI MAKEOVER
Apple is expected to enable Siri to essentially control many apps on a user’s behalf. This has proven tricky as Siri needs to understand the user’s exact intentions and also how the app works.
For example, if a user asks Siri to delete an email, Siri needs to understand which email the user wants to delete and how that function works on, say, Microsoft Outlook versus Gmail.
Apple tried to make Siri smarter in 2018 with tools that allowed developers to code into their apps ways for Siri to have more control, but few showed interest.
Now, Apple is expected to revamp Siri’s underlying software with generative AI. Media have reported that Apple and OpenAI struck a deal to integrate the ChatGPT maker’s technology into Apple’s next iPhone operating system, iOS 18.
Some Apple investors are confident that the AI new features will boost sales of new iPhones at a time when the company is grappling with strong competition in China and slower growth in the U.S.
“This should translate into a strong hardware refresh cycle for Apple,” in 2025, said Dan Eye, chief investment officer at Fort Pitt Capital Group, which holds Apple shares (NASDAQ:). Eye expects Apple to limit some AI features on older models to entice people to buy newer phones.
CHIPS FOR AI
Earlier this month, Apple unveiled a new AI-focused chip in its latest iPad Pro models and analysts expect the company to offer details to developers on how they can use the chip’s capabilities to support all the new AI computing.
The company may also begin to talk about its own cloud-computing capabilities amid reports that Apple was planning to use its own chips inside data centers for the first time.
By using its own chips for cloud services, Apple can roll out advanced AI features that devices cannot handle alone, without requiring expensive processors from Nvidia. The approach also retains many of Apple’s privacy and security features that are baked in to the design of its in-house chips.
The developer conference runs until Friday.
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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