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Investor Sentiment Hit by Bond Market, Oracle Shares Down 9%
Investor sentiment buckled under a one-two punch from fixed income markets on Wednesday. Hotter than expected CPI inflation data goosed up Treasury yields, with the 10-year spiking to 5.30% and Fed Funds futures pricing in a higher probability of more FOMC tightening. CME Fed Funds tool estimates October hike at 32% vs. 22% prior and the case for two more consecutive hikes this year at 26% vs. 19% prior. Then, headlines concerning the corporate bond market spooked investors further as CoreWeave'sunsecured notes due 2032 slid below 80 cents on the dollar, a level broadly viewed as a distress marker, compounding the recent pressure seen in the Tech space. Oracle, one of the more heavily indebted AI buildout linked names, ended the day down 9% at the lowest level since August.Technology was by far the worst-performing sector in the S&P 500, balanced by the defensively-oriented Consumer Staples and Healthcare. Tech-heavy Nasdaq Composite ended the day down 2% at the lowest level in nearly a month. Cautious tone is extending into the evening session - in the opening hours, S&P e-minis are down 0.2% and the Nasdaq 100 contract is down by 0.7%.Check out this evening's top movers from around Wall Street, compiled by The Fly.HIGHER -Rezoluteup 5.9% after completing enrollment in study of ersodetugViking Therapeuticsup 1.4% after being initiated at Buy by UBSDOWN AFTER EARNINGS -Home BancSharesdown 2.5%Equity Bancsharesdown 1.4%ALSO LOWER -Rocket Labdown 6.6% after delaying Neutron launch to 2027 from Q4Spotify Technologydown 1% after downgrade to Hold at StoneXAlbertsons Companiesdown 0.8% after downgrade to Neutral at Goldman Sachs
Rezolute Completes Enrollment for Phase 3 Study of ersodetug
Rezolute announced that the open-label Phase 3 study of ersodetug in tumor HI, or upLIFT, is now fully enrolled and topline data are expected mid-December. The company plans to continue its expanded access program for purposes of providing ersodetug on a compassionate use basis to individuals living with serious and refractory hypoglycemia due to tumor HI.
Rezolute to Hold Pre-BLA Meeting with FDA
Rezolute announced that following a preliminary review of detailed data from the Phase 3 sunRIZE study of ersodetug for the treatment of hypoglycemia due to congenital HI, the FDA recommended a pre-BLA meeting with the company as a precursor to submitting a BLA. As previously reported, sunRIZE, a Phase 3, multicenter, double-blind, randomized, placebo-controlled safety and efficacy study of ersodetug for the treatment of congenital HI, demonstrated glycemic improvements, but did not meet the primary endpoint because the reductions in hypoglycemia events by finger-stick self-monitored blood glucose were not statistically significant compared to placebo. Although the key secondary endpoint of time in hypoglycemia by continuous glucose monitoring was not met in the Week 24 End-of-Treatment evaluable window, consistent and clinically relevant improvements in hypoglycemia were observed for this and multiple other CGM-based hypoglycemia endpoints in both treatment arms. At a March Type B meeting with FDA, the agency acknowledged the challenges posed by behavioral factors in clinical trials in this patient population, including limitations associated with SMBG based measures of hypoglycemia. At the meeting, the agency requested that the company provide the continuous CGM data for its independent review. In June, the company submitted source and analysis datasets, and summary results from a substantial number of pre-specified, post-hoc, and sensitivity analyses. The agency has reviewed the data and, despite the trial's failure to meet the prespecified primary and key secondary endpoints, as a next step, encouraged the company to request a Type B pre-BLA meeting as a precursor to submitting a BLA for congenital HI. The agency explicitly did not opine on the approvability of ersodetug for congenital HI and noted that any such determination would only be made as a part of an in-depth evaluation of the supporting data during a formal BLA review, as is customary during a BLA process. In light of expected topline results this quarter from the company's upLIFT study in tumor HI and the potential for an additional pre-BLA meeting for that indication should the study results support a submission, the Company will evaluate its overall BLA submission strategy for potentially both programs following the announcement of upLIFT study results.
Major Averages Rise as Oil Prices Retreat
The major averages advanced on Friday as easing oil prices and retreating Treasury yields provided relief at the end of a volatile week. Oil and fuel prices pulled back during the session following news that the U.S. and Iran moved closer to an agreement that would lift naval blockades on tankers in the Persian Gulf and ease economic measures against Tehran. Of note, Meta pulled back today, but still closed the week with a gain of over 10% as it followed up on its recent Muse AI agent launch with a series of hardware releases.Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.1. STOCK NEWS:Akamaiannounced a $11.6B multi-year agreement with AnthropicCostcoreported upbeat Q4 earnings, with CEO Ron Vachris saying he sees "strong pipeline" for new warehouses internationallyThe Federal Reserve is working on a plan to raise the asset thresholds that trigger stricter oversight of big bank, Reuters reportsBASFconfirmed "exploratory work" with the RAG Foundation and Evonik Industries AGon a possible acquisition of EvonikMetais adding a clearer safety warning within Muse after a security researcher discovered a vulnerability in the AI agent that could let an attacker access a user's sensitive personal information, The Information reports2. WALL STREET CALLS:Nikedowngraded to Underperform at BofA as turnaround takes longerBarclays upgraded Humanaon confidence in star ratings boostHSBC downgraded Twilioto Reduce after Muse-driven rallyHSBC upgraded Synopsysto Buy on business model transformationKeyBanc downgraded Comcastto Underweight on deteriorating metrics3. AROUND THE WEB:SK Hynixsubsidiary Solidigm is eyeing a potential 2027 IPO, Reuters reportsBlackstone'sglobal head of private equity Joseph Baratta is preparing to leave the company, WSJ reportsA rumor regarding PayPalas highlighted in Ben Harrington's M&A-focused Betaville blog, contacts tell The FlyAnthropic is asking shareholders to approve a Palantir-stylestructure granting its seven co-founders 50.1% of voting power if three retain minimum stakes, The Information saysFollowing People's Incorporated'sdecision to withdraw its bid for MGM Resortsyesterday, MGM is now in discussions to make a bid for People Incorporated, WSJ says4. MOVERS:Atlas Energygained after its subsidiaries executed separate cost reimbursement agreement with a frontier AI labGenius Sportsincreased in New York after JPMorgan initiated coverage of the stockTwiliodeclined after HSBC downgraded the stock to Reduce from HoldKodiak AIfell after announcing plans to launch its unsupervised long-haul driverless service on the Dallas-Houston freight lane by the end of 2026Zscalerwas lower after appointing Ross Tackett as Chief Revenue Officer5. EARNINGS/GUIDANCE:Astrotechreported FY26 resultsScholasticreported Q1 results and backed its outlook for FY27Legacy Educationreported Q4 results, with EPS higher year-over-yearRezolutereported Q4 results, with EPS missing consensusCarnivalto report Q3 results on September 29INDEXES:The Dow rose 478.64, or 0.93%, to 51,828.62, the Nasdaq gained 129.34, or 0.48%, to 27,068.72, and the S&P 500 advanced 39.28, or 0.51%, to 7,743.41.
Major Averages Rise as Oil Prices Retreat
The major averages were higher near midday as easing oil prices and retreating Treasury yields provided relief at the end of a volatile week. Oil and fuel prices pulled back during the session following news that the U.S. and Iran moved closer to an agreement that would lift naval blockades on tankers in the Persian Gulf and ease economic measures against Tehran. Of note, Meta looks set to close the week up nearly 15% as it followed up on its recent Muse AI agent launch with a series of hardware releases.Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.1. STOCK NEWS:Akamaiannounced a $11.6B multi-year agreement with AnthropicCostcoreported upbeat Q4 earnings, with CEO Ron Vachris saying he sees "strong pipeline" for new warehouses internationallyThe Federal Reserve is working on a plan to raise the asset thresholds that trigger stricter oversight of big bank, Reuters reportsBASFconfirmed "exploratory work" with the RAG Foundation and Evonik Industries AGon a possible acquisition of EvonikScotts Miracle-Groagreed to acquire the Black Kow brand and provided guidance for FY26 and FY272. WALL STREET CALLS:Nikedowngraded to Underperform at BofA as turnaround takes longerBarclays upgraded Humanaon confidence in star ratings boostHSBC downgraded Twilioto Reduce after Muse-driven rallyHSBC upgraded Synopsysto Buy on business model transformationKeyBanc downgraded Comcastto Underweight on deteriorating metrics3. AROUND THE WEB:A rumor regarding PayPalas highlighted in Ben Harrington's M&A-focused Betaville blog, contacts tell The FlyAnthropic is asking shareholders to approve a Palantir-stylestructure granting its seven co-founders 50.1% of voting power if three retain minimum stakes, The Information saysTeslais beginning first customer deliveries of its long-delayed Semi, marking its entry into the commercial trucking market and expanding its addressable market beyond passenger vehicles amid elevated U.S. diesel prices, Reuters saysYouTubeCEO Neal Mohan has rejected the idea of joining Meta'smultistate settlement agreement related to child safety, CNN reportsFollowing People's Incorporated'sdecision to withdraw its bid for MGM Resortsyesterday, MGM is now in discussions to make a bid for People Incorporated, WSJ says4. MOVERS:Atlas Energygains after its subsidiaries executed separate cost reimbursement agreement with a frontier AI labGenius Sportsincreases in New York after JPMorgan initiated coverage of the stockTwiliodeclines after HSBC downgraded the stock to Reduce from HoldKodiak AIfalls after announcing plans to launch its unsupervised long-haul driverless service on the Dallas-Houston freight lane by the end of 2026Zscalerlower after appointing Ross Tackett as Chief Revenue Officer5. EARNINGS/GUIDANCE:Astrotechreported FY26 resultsScholasticreported Q1 results and backed its outlook for FY27Legacy Educationreported Q4 results, with EPS higher year-over-yearRezolutereported Q4 results, with EPS missing consensusCarnivalto report Q3 results on September 29INDEXES:Near 12:30 pm ET, the Dow was up 482.29, or 0.94%, to 51,832.27, the Nasdaq was up 169.39, or 0.63%, to 27,108.76, and the S&P 500 was up 42.00, or 0.55%, to 7,746.13.
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