Stock Markets
Netanyahu: Gaza deal must let Israel resume fighting until war goals met
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By Nidal al-Mughrabi and Maayan Lubell
CAIRO/JERUSALEM (Reuters) -Any Gaza ceasefire deal must allow Israel to resume fighting until its objectives are met, Prime Minister Benjamin Netanyahu said on Sunday, as talks over a U.S. plan aimed at ending the nine-month-old war were expected to restart.
Five days after Hamas accepted a key part of the plan, two officials from the Palestinian militant group said the group was awaiting Israel’s response to its latest proposal.
Netanyahu was scheduled to hold consultations late on Sunday on the next steps in negotiating the three-phase plan that was presented in May by U.S. President Joe Biden and is being mediated by Qatar and Egypt.
It aims to end the war and free around 120 Israeli hostages being held in Gaza.
Hamas has dropped a key demand that Israel first commit to a permanent ceasefire before it would sign an agreement. Instead, it said it would allow negotiations to achieve that throughout the six-week first phase, a Hamas source told Reuters on Saturday on condition of anonymity.
But Netanyahu said he insisted the deal must not prevent Israel from resuming fighting until its war objectives are met. Those goals were defined at the start of the war as dismantling Hamas’ military and governing capabilities, as well as returning the hostages.
“The plan that has been agreed to by Israel and which has been welcomed by President Biden will allow Israel to return hostages without infringing on the other objectives of the war,” Netanyahu said.
The deal, he said, must also prohibit weapons smuggling to Hamas via the Gaza-Egypt border and should not allow for thousands of armed militants to return to northern Gaza.
U.S. Central Intelligence Agency Director William Burns is to meet with the Qatari prime minister and the Israeli and Egyptian intelligence chiefs on Wednesday in Doha, said a source familiar with the issue who asked not to be further identified.
Burns is also expected to visit Cairo this week, along with an Israeli delegation, Egypt’s Al Qahera News TV reported on Sunday, citing a high-ranking source.
A Palestinian official close to the talks said the proposal could lead to a framework agreement if embraced by Israel, and would end the war.
“We have left our response with the mediators and are waiting to hear the occupation’s response,” one of the two Hamas officials told Reuters, asking not to be identified.
Another Palestinian official with knowledge of the ceasefire deliberations said Israel was in talks with the Qataris and that a response was expected within days.
PROTESTS IN ISRAEL
In Israel, protesters took to the streets across the country to press the government to agree to the Gaza ceasefire deal, which would bring back hostages still being held in Gaza.
They blocked rush-hour traffic at major intersections across the country, picketed politicians’ houses and briefly set fire to tyres on the main Tel Aviv-Jerusalem highway before police cleared the way.
In Gaza, Palestinian health officials said at least 15 people were killed in Israeli strikes.
Among them were Ehab Al-Ghussein, the Hamas-appointed deputy minister of labour whose wife and children were killed in May, and three other people killed in a strike at a church-run school in western Gaza City sheltering families, Hamas media and the Civil Emergency Service said.
The Israeli military said that after it took steps to minimise the risk of civilians being harmed there, it struck militants who were hiding in the school, as well as a facility in the vicinity where weapons were being made.
In central and northern areas of Rafah, on the southern Gaza border with Egypt, Israeli tanks deepened their raids. Health officials there said they had recovered three bodies of Palestinians killed by Israeli fire in the eastern part of the city.
The armed wings of Hamas and Islamic Jihad, an allied militant group, said fighters had attacked Israeli forces in several locations Gaza Strip with anti-tank rockets and mortar bombs.
The Israeli military said its forces had killed 30 Palestinian gunmen in Rafah in the past day, and that one of its soldiers was killed in combat.
In Shejaia, an eastern suburb of Gaza City, the military said its forces had killed several gunmen, and located weapons and explosives. It published a drone video showing gunmen, some appearing to be wounded or dead, in a house.
Reuters could not immediately verify the video.
The conflict was triggered on Oct. 7 when fighters led by Hamas, which controlled Gaza, attacked southern Israel, killing 1,200 people and taking around 250 hostages, according to Israeli figures.
More than 38,000 Palestinians have been killed in Israel’s military onslaught, according to Gaza health officials, and the coastal enclave has largely been reduced to rubble.
Gaza’s health ministry does not distinguish between combatants and non-combatants, but officials say most of the dead throughout the war have been civilians. Israel has lost 324 soldiers in Gaza, and says at least a third of the Palestinian dead are fighters.
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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