Stock Markets
Factbox-Who is speaking at the Republican National Convention?
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By Helen Coster
(Reuters) -This week’s Republican National Convention, overshadowed by an assassination attempt on Donald Trump, will feature televised speeches from business leaders, celebrities, officials and everyday Americans culminating with the former president’s formal acceptance of his nomination for president.
The four-day event in Milwaukee, Wisconsin, begins on Monday. Nightly themes include crime, the economy and global conflicts, all issues driving the run-up to Trump’s Nov. 5 election rematch with President Joe Biden, his Democratic rival.
Here are some of the expected speakers:
DAVID SACKS
Entrepreneur and investor David Sacks is part of a group of wealthy, high-profile Silicon Valley venture capitalists and investors who have thrown their support behind Trump.
In June, Sacks and his wife Jacqueline hosted a Trump fundraiser at their home in the Pacific Heights neighborhood of San Francisco, raising $12 million. Ohio Republican Senator J.D. Vance, who has worked in venture capital and is on Trump’s vice president short list, helped organize the fundraiser.
Sacks, a close friend of Elon Musk, was previously the chief operating officer of PayPal (NASDAQ:). He was an early investor in companies including Airbnb, Facebook (NASDAQ:), Palantir (NYSE:), SpaceX and Uber (NYSE:).
TRENT CONAWAY
The mayor of East Palestine, Ohio, will speak on Wednesday, part of a lineup that will include Trump’s pick for vice president and his eldest son, Donald Trump Jr. East Palestine, located on the state’s border with Pennsylvania, is the site of a toxic train derailment in February 2023 that sparked a health and environmental crisis.
Trump visited East Palestine about two weeks after the derailment and criticized Biden for not traveling to the working-class community of 4,700 citizens.
The White House noted at the time that federal agents were on the scene almost immediately after the derailment. Biden eventually visited East Palestine in February 2024.
Conaway, a conservative who does not support Biden, extended the invitation to visit to the president, saying it would be good for his community.
AMBER ROSE
Rose, a biracial, millennial model and reality television personality who once dated rapper Kanye West, is making her RNC debut in a speech next week.
In May, Rose, who has more than 24 million followers on Instagram, endorsed Trump, himself a former reality TV star, in a post featuring her standing alongside Trump and his wife Melania, with the comment “Trump 2024.”
On July 2 she posted a photo of herself wearing a red Make America Great Again baseball hat and a white bikini.
Rose called Trump an “idiot” in a 2016 interview with The Cut, adding: “He’s so weird. I really hope he’s not president.”
RON DESANTIS
Florida Governor Ron DeSantis, once considered a top contender for the 2024 Republican nomination and a political heir to Trump before his campaign floundered, is scheduled to speak on Tuesday.
DeSantis, who endorsed Trump after dropping out of the primary race, has become a leading figure within the Republican Party for his conservative stance on hot-button social issues involving schools, gender and abortion. He is also a staunch critic of Biden’s immigration policies.
During DeSantis’ presidential primary bid, Trump relentlessly attacked the governor.
DANA WHITE
The chief executive of Ultimate Fighting Championship will speak ahead of Trump on Thursday. Trump has had a long relationship with White, who also spoke at the 2016 and 2020 Republican conventions in support of Trump’s candidacy.
Trump hosted UFC events at his since-bankrupt Taj Mahal casino in Atlantic City decades ago when the sport was spurned by most venues, White said in a 2018 interview with The Hill.
Trump’s alignment with White and UFC helps his appeal with young men in particular.
The Republican presidential candidate attended a UFC match in Newark, New Jersey, on June 1 in his first public appearance after being convicted on 34 felony counts relating to a scheme to a cover up an alleged affair with a porn star. White and clips from that appearance were featured in Trump’s first post on TikTok, a video that has garnered 7.7 million likes.
TRUMP FAMILY MEMBERS
Donald Trump Jr. and Eric Trump, the former president’s oldest sons, as well as daughter-in-law Lara Trump and Donald Jr.’s fiancee, Kimberly Guilfoyle, will be speaking at the convention. Donald Trump Jr. and Eric Trump run the Trump Organization; Lara Trump is co-chair of the Republican National Committee.
SEAN O’BRIEN
O’Brien is president of the International Brotherhood of Teamsters, the 1.3 million-member labor union which endorsed Biden in 2020 and has yet to endorse a candidate in this year’s presidential election.
Last month a spokesperson for the union said that O’Brien asked to speak at both the RNC and the Democratic National Convention, which will be held in Chicago in August.
Trump and Biden are both courting votes from rank-and-file members of organized labor, whose support in the Nov. 5 election could be crucial in battleground states that decide elections, including Michigan, Pennsylvania and Wisconsin.
BOB UNANUE
Unanue is chief executive of Goya Foods, the largest Hispanic-owned U.S. food company and a popular brand among Latino Americans. In 2020 the New Jersey-based company became the target of a boycott campaign on social media sparked by Unanue effusively praising Trump at the White House.
The hashtags #Goyaway and #BoycottGoya began trending on Twitter after Unanue appeared with Trump for the signing of an executive order creating an advisory panel for bolstering Hispanic prosperity. Trump and his daughter Ivanka Trump later rallied support for Goya Foods on Twitter.
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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