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Israel pushes back into northern Gaza, ups military pressure on Rafah
By Nidal al-Mughrabi
CAIRO (Reuters) -Israel sent tanks into eastern Jabalia in the northern Gaza Strip early on Sunday after a night of heavy aerial and ground bombardments, killing 19 people and wounding dozens of others, Palestinian health officials said.
The death toll in Israel’s military operation in Gaza has now passed at least 35,000 Palestinians, according to Gaza’s health ministry. The bombardment has laid waste to the coastal enclave and caused a deep humanitarian crisis.
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 says 620 soldiers have been killed in the fighting, more than half of them during the initial Hamas assault.
Jabalia is the biggest of Gaza’s eight historic refugee camps and is home to more than 100,000 people, most of whom were descendants of Palestinians who were driven from towns and villages in what is now Israel during the 1948 Arab-Israeli war that led to the creation the state of Israel.
Late on Saturday, the Israeli military said forces operating in Jabalia were preventing Hamas, which rules Gaza, from re-establishing its military capabilities there.
“We identified in the past weeks attempts by Hamas to rehabilitate its military capabilities in Jabalia. We are operating there to eliminate those attempts,” Israeli military’s spokesperson Admiral Daniel Hagari told reporters.
Hagari also said Israeli forces operating in Gaza City’s Zeitoun district killed about 30 Palestinian militants.
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Israeli forces thrust deep into Jabalia camp, deeper than the first time when they invaded northern Gaza, with tanks close to the local market, residents said. They also reported the fiercest gun battles in months there.
“They were bombing everywhere, including near schools that are housing people who lost their houses,” Jabalia resident Saed, 45, told Reuters via a chat app. “War is restarting, this is how it looks in Jabalia.”
The army sent tanks back into Zeitoun, as well as Al-Sabra, where residents also reported heavy bombardments that destroyed several houses, including high-rise residential buildings.
The army had claimed to have gained control of most of these areas months ago.
The Israeli Defence Forces said air sirens had sounded in the southern Kerem Shalom area and it had successfully intercepted two rockets launched from the vicinity of Rafah. It said there were no injuries and no damage reported.
Later on Sunday, sirens sounded in the Israeli city of Ashkelon as a result of incoming rocket fire from Gaza, which signalled militants there were still able to launch rocket attacks after over seven months of war.
Hamas’s Al-Aqsa TV said on its telegram account, the rockets were launched from Jabalia, despite the active army raid.
GUNFIGHT ON DEIR AL-BALAH OUTSKIRTS
Tanks did not invade eastern Deir Al-Balah city, residents and Hamas media said, but some Israeli tanks and bulldozers penetrated the fence on the outskirts of the city prompting a gunfight with Hamas fighters.
In an air strike late on Saturday in Deir Al-Balah two doctors, a father and his son, were killed, health officials said.
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The armed wing of Hamas and the Islamic Jihad said their fighters attacked Israeli forces in several areas inside Gaza with anti-tank rockets and mortar bombs, including in Rafah, previously the Palestinians’ last refuge where more than a million people were sheltering.
The Palestinian Telecommunication company said internet services in southern areas of Gaza had resumed after several hours of cuts which it blamed on the ongoing Israeli “aggression”.
On Sunday, more families, estimated in the thousands, were leaving Rafah as the Israeli military pressure intensified. Tank shells landed across the city as the army gave new evacuation orders covering some neighbourhoods in the centre of the city, which borders Egypt.
Israel’s military said on Sunday it had opened a new crossing in northern Gaza, called “Western Erez”, to transfer humanitarian aid to the strip.
“As I moved out of Rafah, I passed through Khan Younis, I cried,” said Tamer Al-Burai, a resident from Gaza, who had been sheltering in Rafah.
“I saw a ghost city, all buildings on the two sides of the road, complete districts were wiped out. People are fleeing for safety, knowing there was no place safe, and there are no tents and no people to care for them,” he told Reuters.
Burai, a Palestinian businessman, said the Palestinians were abandoned by the world , with world powers failing to end hostilities and international mediation efforts to reach a ceasefire collapsing over Hamas and Israel disputes.
“No ceasefire, no U.N. decision, no hope,” he said.
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Egypt’s Foreign Minister Sameh Shoukri said Cairo would continue its mediation between Israel and Hamas and urged the two sides to show the flexibility and the will needed to reach a deal.
(Reporting and writing by Nidal al-Mughrabi in Cairo; Additional reporting by Nayera Abdallah in Dubai, Emily Rose and Maytaal Angel in Jerusalem; Editing by Sharon Singleton and Tomasz Janowski)
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.
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.
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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