Stock Markets
Israel rescues four hostages in Gaza raid that Hamas says kills 210 Palestinians
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By Maayan Lubell and Nidal al-Mughrabi
JERUSALEM/CAIRO (Reuters) -Israeli forces rescued four hostages held by Hamas since October in a raid in Gaza on Saturday that Palestinian officials said killed more than 200 people, one of the single bloodiest Israeli assaults of the eight-month-old war.
The hostage rescue operation and an intense accompanying air assault took place in central Gaza’s al-Nuseirat, a densely built-up and often embattled area in the conflict between Israel and Hamas, the Palestinian territory’s ruling Islamist group.
An Israeli military spokesperson said the operation took place in the heart of a residential neighbourhood in Nuseirat where Hamas had kept the hostages in two separate apartment blocks. Israel’s forces came under intense fire during the assault and responded by firing “from the air and from the street”, the spokesperson, Rear Admiral Daniel Hagari, said.
“We know about under 100 (Palestinian) casualties. I don’t know how many from them are terrorists,” he said in a briefing with journalists. A Israeli special forces commander was killed during the operation, a police statement said.
Gazan paramedics and residents said the assault killed scores of people and left mangled bodies of men, women and children strewn around a marketplace and a mosque.
Israel named the rescued hostages as Noa Argamani, 26, Almog Meir Jan, 22, Andrey Kozlov, 27, and Shlomi Ziv, 41. They were taken to hospital for medical checks and were in good health, the military said.
They were all kidnapped from the Nova music festival during the deadly raid by Hamas-led Palestinian militants on Israeli towns and villages near Gaza on Oct. 7, which precipitated the devastating war.
Hamas’ raid killed some 1,200 people, according to Israeli authorities, and Israel’s subsequent bombardment and invasion of Gaza has killed at least 36,801 Palestinians, according to an updated tally by the territory’s health ministry on Saturday.
CALL TO PRESIDENT
Gunmen took around 250 hostages back to Gaza on Oct. 7, more than 100 of whom were released in exchange for about 240 Palestinians held in Israeli jails during a week-long truce in November. There are 116 hostages left in the coastal enclave, according to Israeli tallies, including at least 40 whom Israeli authorities have declared dead in absentia.
The spokesperson for Hamas’ armed al-Qassam Brigades, Abu Ubaida, said some hostages were killed during the rescue operation. Hamas had earlier said it still held a large number of hostages.
Attempts by the United States and regional countries to forge a deal that would release all remaining hostages in return for a ceasefire have repeatedly failed as Israel presses its assault in Gaza. Fresh airstrikes in the southern city of Rafah hit homes later on Saturday, residents and Hamas officials said.
Israeli News 12 broadcast footage of Argamani reunited with her father, smiling and embracing him. Video of Argamani’s kidnapping, showing her shouting “Don’t kill me!” as she was driven into Gaza on a motorbike, had circulated soon after she was taken on Oct. 7.
A smiling Argamani was shown speaking by phone to Israeli President Isaac Herzog from hospital surrounded by family and friends, in footage released by the president’s office.
“Thank you for everything, thank you for this moment,” she said.
“I am so excited to hear your voice, it brings tears to my eyes … Welcome home,” Herzog said.
Poland praised the rescue of the hostages and said that one was a dual Israeli-Polish citizen.
BLOODY SCENES
A different picture unfolded back in Gaza, where Palestinian health ministry officials and local medics said that an Israeli military assault in Nuseirat had killed scores of people including women and children.
The ministry did not say how many of the fatalities were combatants.
The Hamas-run government media office in Gaza said later the death toll had risen to at least 210 Palestinians with many more wounded, after medics and health officials gave earlier tolls of up to 100 dead. There was no immediate confirmation of the highest figure from Gaza’s health ministry.
Social media footage that Reuters could not immediately verify showed bodies spilling entrails onto bloodstained streets.
“It was like a horror movie but this was a real massacre. Israeli drones and warplanes fired all night randomly at people’s houses and at people who tried to flee the area,” said Ziad, 45, a paramedic and resident of Nuseirat, who gave only his first name.
The bombardment focused on a local marketplace and the al-Awda mosque, he told Reuters via a messaging app. “To free four people, Israel killed dozens of innocent civilians,” he said.
Emergency response teams sought to ferry the dead and wounded to hospital in the nearby city of Deir al-Balah but many bodies were still lying in the streets, including around the market district, Ziad and other residents said.
Nuseirat, a historic Palestinian refugee camp, has been subjected to heavy Israeli bombing during the war and there has also been fierce ground fighting in its eastern areas.
The war has destabilised the wider Middle East, drawing in Hamas’s main backer Iran and its heavily armed Lebanese ally Hezbollah, which Israeli officials are threatening to go to war with on Israel’s northern border.
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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