Stock Markets
Israel orders Palestinians to evacuate from more areas of Gaza’s Rafah
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By Nidal al-Mughrabi and Maytaal Angel
CAIRO/JERUSALEM (Reuters) -Israel called on Saturday for Palestinians in more areas of Gaza’s southern city of Rafah to evacuate and head to what it calls an expanded humanitarian area in Al-Mawasi, in a further indication that the military is pressing ahead with its plans for a ground attack on Rafah.
In a post on social media site X, a military spokesperson also called on residents and displaced people in the Jabalia area of northern Gaza, and 11 other neighbourhoods in the enclave to go immediately to places west of Gaza City.
The Palestinian health ministry said at least 37 Palestinians, 24 of them from central Gaza areas, were killed in overnight airstrikes across the enclave, including in Rafah.
“They threw fliers on Rafah and said, from Rafah to al-Zawayda is safe, people should evacuate there, and they did, and what has become of them? Dismembered bodies? There is no safe place in Gaza,” Khitam Al-Khatib, who said she had lost at least 10 of her relatives in an airstrike on a family house earlier on Saturday, told Reuters.
Al-Zawayda is a small town in central Gaza Strip that has been crowded by thousands of displaced people from across the enclave.
The Israeli military said its aircraft struck tens of targets across the Strip over the past day, adding its ground troops had eliminated fighters in Zeitoun in recent hours.
An Israeli airstrike killed at least seven people in a house in Beit Lahiya town in the northern Gaza Strip, all from the same family, medics said.
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In Rafah, residents told Reuters the new evacuation orders by the Israeli military covered areas in the centre of the city and left little doubt Israel planned to expand its ground offensive there.
“The situation is very difficult, people are leaving their homes in panic,” said Khaled, 35, a resident of the Shaboura neighbourhood, an area where the new orders to leave have been issued.
The Israeli military said it was continuing operational activity against Hamas fighters in eastern Rafah and on the Gazan side of the Rafah crossing.
Despite heavy U.S. pressure and alarm expressed by residents and humanitarian groups, Israel has said it will proceed with an incursion into Rafah, where more than 1 million displaced people have sought refuge during the seven-month-old war.
Israeli tanks captured the main road dividing Rafah’s eastern and western sections on Friday, effectively encircling the eastern side in an assault that has caused Washington to hold up the delivery of some military aid to its ally.
Israel says it cannot win the war without rooting out thousands of Hamas fighters it believes are deployed in Rafah.
About 300,000 Gazans have so far moved towards Al-Mawasi, according to Israeli military estimates released on Saturday.
The war was triggered by a Hamas-led attack on southern Israel on Oct. 7 in which some 1,200 people were killed and more than 250 people taken hostage, according to Israeli tallies.
Israel’s military operation in Gaza has killed close to 35,000 Palestinians, according to Gaza’s health ministry. The bombardment has laid waste to the coastal enclave and caused a deep humanitarian crisis.
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Two crossing points vital for delivery of aid to Gaza were still closed on Saturday: the Palestinian WAFA news agency said the Rafah crossing was closed for a fifth day, while another crossing, Kerem Shalom, has been shut for around a week.
The latest evacuation orders came hours after internationally mediated ceasefire talks appeared to be faltering, with Hamas saying Israel’s rejection of the truce offer it had accepted returned things to square one.
The Palestinian militant group also hinted it was reconsidering its negotiation policy. It did not elaborate on whether a review meant it would harden its terms for reaching a deal, but said it would consult with other allied factions.
Israel says it wants to reach a deal under which hostages would be released in exchange for the freeing of Palestinian prisoners held by Israel, but that it is not prepared to end the military offensive.
‘EXHAUSTED’
In Deir Al-Balah in the central Gaza Strip, where hundreds of thousands were sheltering, Palestinians mourned relatives during funerals on Saturday.
“Here they are, in pieces, here is my sister-in-law, without a head, my aunt is without a head, what is this injustice? Until when will this go on? We are exhausted, by God we are exhausted, I have lived in tents for the past seven months,” said Khatib, sitting near bodies wrapped in white shrouds bearing the names of the dead men and women.
Prime Minister Benjamin Netanyahu’s government is under increasing pressure over its military campaign, including from longtime ally the United States.
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The Biden administration said on Friday Israel’s use of U.S.-supplied weapons may have violated international humanitarian law during its Gaza operation, in its strongest criticism to date of Israel.
But the administration stopped short of a definitive assessment, saying that due to the chaos of the war it could not verify specific instances where use of those weapons might have been involved in alleged breaches.
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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