Stock Markets
Biden meets Netanyahu on Gaza ceasefire
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By Steve Holland and Jeff Mason
WASHINGTON (Reuters) -U.S. President Joe Biden and Israeli Prime Minister Benjamin Netanyahu held White House talks on Thursday on an elusive ceasefire to the 9-month-old Gaza war, with Vice President Kamala Harris due to meet the Israeli leader later in the day.
It was the first face-to-face talks for the two men since Biden traveled to Israel days after Hamas’ Oct. 7 attack, hugged Netanyahu and pledged American support.
The visit coincides with a shift in American politics. On Sunday, Biden stepped aside from the U.S. presidential race under pressure from fellow Democrats and endorsed Harris for the party’s 2024 presidential nomination.
“We’ve got a lot to talk about,” Biden said when he welcomed Netanyahu to the Oval Office.
“I want to thank you for 50 years of public service and 50 years of support for the state of Israel,” Netanyahu told Biden, citing the president’s half-century of public service.
In the late afternoon, Harris will meet the Israeli leader in her ceremonial office at the White House.
The meeting will be closely watched for signs of how Harris, who was the first top U.S. official to call for a ceasefire, could shift U.S. policy toward Israel if she becomes president.
Harris was expected to closely track the administration line in the meeting, a U.S. official said, focusing on the plight of Palestinians while also supporting Israel’s right to self-defense.
Biden and Netanyahu later will meet together with the families of American hostages held by Hamas. The two leaders have had strained relations for months over Israel’s attacks on Gaza, which have killed more than 39,000 people, according to health officials in the Hamas-run Palestinian enclave, and sparked a humanitarian crisis.
The U.S. is a major arms supplier to Israel and has protected the country from critical United Nations votes.
Netanyahu’s visit, his first to Israel’s most important international ally since returning for a record sixth term as prime minister at the end of 2022, comes on the heels of Biden’s dramatic decision not to seek reelection.
Whether Biden, who is now a “lame duck” president, a term used for officials who won’t serve another term, or Harris, who is tied in many election polls with Republican Donald Trump, can have any influence on Netanyahu remains to be seen.
Both Biden and Harris are eager for a ceasefire. Harris has been aligned with Biden on Israel but has struck a tougher tone.
The conflict began on Oct. 7 when Hamas militants attacked southern Israel from Gaza, killing 1,200 people. Israel launched a retaliatory assault.
Hamas-led fighters took 250 captives on Oct. 7, according to Israeli tallies. Some 120 hostages are still being held though Israel believes one in three are dead.
The White House is ringed with extra security fencing to protect against protesters on Thursday.
CLOSING STAGES
Negotiations on a long-sought ceasefire-for-hostages deal in the Gaza conflict appear to be in their closing stages, a senior U.S. official said on Wednesday.
The official, briefing reporters ahead of the talks, said the remaining obstacles are bridgeable and there will be more meetings aimed at reaching a deal between Israel and Hamas over the next week.
U.S. officials have made similar pledges before about a ceasefire which evaporated under last-minute differences.
On Wednesday, Netanyahu gave a defiant speech to the U.S. Congress in which he defended Israel’s attacks on Gaza, saying anti-Israel protesters “should be ashamed of themselves.”
On Friday, he travels to Florida to meet Trump.
The Gaza conflict has splintered the Democratic Party, and sparked months of protests at Biden events. A drop in support among Arab-Americans could hurt Democratic chances in Michigan, one of a handful of states likely to decide the Nov. 5 election.
Biden’s desire for unity in the party in the drive to defeat Trump was cited on Wednesday night in an Oval Office address as a main reason why he decided not to seek reelection but to instead support Harris for the 2024 race.
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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