Stock Markets
Exclusive-Donald Trump foreign policy advisers met Israeli PM Netanyahu, source says
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By Gram Slattery
WASHINGTON (Reuters) -Three former U.S. foreign policy officials in Donald Trump’s administration met with Prime Minister Benjamin Netanyahu and other public figures in Israel on Monday, according to a person with direct knowledge of the matter.
The delegation was comprised of Robert O’Brien, who served as Trump’s fourth and final national security adviser, as well as former Ambassador to the United Arab Emirates John Rakolta and former Ambassador to Switzerland Ed McMullen, said the person, who requested anonymity as the trip’s itinerary was not public.
In addition to Netanyahu, the delegation met Israeli opposition leader Yair Lapid and several other Israeli officials, the person said.
Among the main goals of the trip was to obtain a better understanding of Israel’s complex domestic political situation, said the person familiar with the visit. Netanyahu’s coalition is beset by internal disagreements, with many Israelis blaming his government for failing to prevent the Oct. 7 Hamas attack.
It was a rare case of Trump allies traveling abroad as part of an organized delegation to meet foreign officials. It took place amid strains between Israel and the Biden administration about Israel’s conduct of the war in Gaza.
On Monday, the International Criminal Court’s prosecutor in The Hague said he had requested arrest warrants for Netanyahu, his defense chief and three Hamas leaders over alleged war crimes.
Israel and Palestinian leaders have dismissed allegations of war crimes, and representatives of both sides criticized the action. It was not immediately clear if the Monday meeting occurred before or after that announcement.
More than 35,000 Palestinians have been killed in Israel’s seven-month-old assault on the Gaza Strip, say health officials in the Hamas-ruled enclave. The war began when Hamas militants attacked Israel on Oct. 7, killing 1,200 people and abducting 253 others, of whom well over 100 are believed to remain in captivity in Gaza, according to Israeli tallies.
It was unclear what the delegation of Trump allies discussed with the Israelis. The person said the group was not acting at the former president’s request and had no message to deliver to Israeli officials. But all serve as informal advisers to Trump, and the former president will likely receive a readout of the meetings, the person added.
TRUMP’S VIEWS
Trump has occasionally criticized Israel over its operation in Gaza, and he has faulted Netanyahu for failing to prevent the Oct. 7 attack. But Trump, the Republican candidate for president, consistently portrays himself as a more reliable ally to Israel than Democratic President Joe Biden, his rival in the Nov. 5 election.
The White House declined comment when asked about the meeting. The Israeli prime minister’s office did not immediately respond to a request for comment.
During Trump’s 2017-2021 White House term, the U.S. moved its embassy from Tel Aviv to Jerusalem, a long-held conservative goal that delighted Israelis and infuriated Palestinians.
Rakolta, the former ambassador to the United Arab Emirates, played a major role in the Abraham Accords, agreements signed during the Trump years, which normalized bilateral relations between Israel and both Bahrain and the UAE.
O’Brien has emerged as one of Trump’s top foreign policy advisers, and he will likely play a significant role in a second Trump term should he return to office, according to several people with knowledge of their relationship.
Foreign officials have regularly talked with Trump or his advisers in recent months to get a better sense of his likely policies should he return to the White House.
Foreign leaders on official visits typically meet with opposition leaders. British Foreign Minister David Cameron met Trump at his Mar-a-Lago estate in Florida in April, where they discussed the war in Ukraine and the future of NATO.
Hard-right Hungarian Prime Minister Viktor Orban met Trump at Mar-a-Lago in March. Last month, the former president received Polish President Andrzej Duda at Trump Tower in New York.
The 1799 Logan Act permits Americans outside the government to meet foreign officials but it also limits their ability to negotiate U.S. disputes with foreign governments.
On Sunday, Netanyahu met with Biden’s national security adviser Jake Sullivan to discuss the war. The White House said Sullivan proposed measures to ensure more aid was able to flow into the Palestinian enclave.
The Biden administration, while initially steadfast in its support, has expressed misgivings with elements of Israel’s war strategy in recent months. This month Biden paused shipments of thousands of bombs to Israel in response to Israel’s decision to expand its assault on the city of Rafah in southern Gaza.
That pause prompted Trump to accuse Biden of abandoning an ally.
During the Trump delegation’s visit to Israel, Iranian President Ebrahim Raisi died in a helicopter crash. That event could set off a succession battle in Iran, a geopolitical foe of Israel and the U.S. It was unclear if the Trump advisers discussed Raisi’s death with Israeli officials.
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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