Stock Markets
Latin American governments rally around Mexico after embassy raid in Ecuador
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By Alexandra Valencia
QUITO (Reuters) -Latin American governments, including regional heavyweight Brazil, rallied around Mexico on Saturday after its embassy in Ecuador was raided to arrest a controversial politician who had been granted asylum by Mexican authorities.
The late Friday night seizure of Jorge Glas, Ecuador’s former vice president who was detained on graft charges, triggered a suspension of relations with Quito by Mexico City, with the government of Mexican President Andres Manuel Lopez Obrador blasting the unusual diplomatic incursion and arrest as an “authoritarian” act as well as a breach of international law and Mexico’s sovereignty.
The government of Ecuador’s President Daniel Noboa had argued asylum protections were illegal because of the corruption charges Glas is facing.
Still, under international law, embassies are considered the sovereign territory of the country they represent.
On Saturday, governments across the political spectrum in Latin America – including Brazil and Colombia on the left, and Argentina and Uruguay on the right – sharply criticized the arrest of Glas, who had sought refuge in the embassy since December.
He could be seen on video circulating on social media being taken by police convoy to the airport in the capital Quito, flanked by heavily armed soldiers. He then boarded a plane en route to a jail in Guayaquil, the Andean nation’s largest city.
Photos on social media, including one posted by Cuba’s foreign minister, showed what appeared to be the embassy’s wall being scaled by armed police or soldiers. Reuters could not immediately confirm the authenticity of the photos.
Brazil’s government condemned Ecuador’s move as a “clear violation” of international norms prohibiting such a raid on a foreign embassy.
Ecuador’s move against the embassy “must be subject to strong repudiation, whatever the justification for its implementation,” according to a statement from Brazil’s foreign ministry, which stressed Brasilia’s solidarity with Mexico.
‘GRAVE VIOLATIONS’
In an interview with local broadcaster Milenio on Saturday morning, Mexico’s top diplomat Alicia Barcena expressed shock at Ecuador’s incursion into the country’s embassy, located in Quito’s financial district, adding that some embassy personnel were injured in the raid. She added that Glas was granted asylum after an exhaustive analysis of the circumstances surrounding the accusations he faces.
The Mexican foreign ministry has announced it will file a complaint with the United Nation’s International Court of Justice for “grave violations of international law.”
Also on Saturday, the Washington-based Organization of American States issued a call for dialogue to resolve the escalating dispute between Ecuador and Mexico, adding in a statement that a session of the body’s permanent council will be convened to discuss the need for “strict compliance with international treaties, including those that guarantee the right to asylum.”
Colombian President Gustavo Petro, meanwhile, argued in a post on X that Latin America “must keep alive the precepts of international law in the midst of the barbarism that is advancing in the world.”
Petro’s government noted it will seek human rights legal protections for the now-detained Glas, according to a separate statement.
Glas, convicted twice for corruption, had been holed up in the embassy in Quito since seeking political asylum in December, a request Mexico granted on Friday.
Ecuadorean authorities had unsuccessfully sought permission from Mexico to enter the embassy and arrest Glas.
In 2017, Glas, the former second-in-command to ex-President Rafael Correa, also a leftist, was sentenced to six years in prison after he was found guilty of taking bribes from Brazilian construction firm Odebrecht in exchange for awarding it government contracts.
As he faced a fresh arrest warrant on separate graft charges, Glas has claimed he is the victim of political persecution, a charge Ecuador’s government has denied.
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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