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Wall Street Major Indices Close Slightly Lower on Monday
Wall Street's major stock indexes closed fractionally lower Monday as investors awaited a heavy retail earnings slate, including Home Depot, Target, and Walmart, while geopolitical tensions and shifting Fed expectations also weighed on sentiment. The Dow Jones Industrial Average dipped about 0.3%, while the S&P 500 slipped 0.1%, and the Nasdaq Composite was slightly higher.Most economists expect the Fed to hold rates at 3.5%–3.75% through year-end, as weaker July employment, softer inflation and declining retail sales have reduced expectations for a September hike, though elevated inflation keeps a hike later in the year possible. The dollar fell to a 10-week low, reflecting doubts over whether the Federal Reserve will raise interest rates this year.Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.1. STOCK NEWS:Equinoragreed toin the Lackawanna Energy Center for $940MNvidiawillin SB Energy for its Ohio data center leased to OpenAIOmniAbentered a globalwith Eli Lilly and Companythat Commerce Secretary Howard Lutnick said the White House does not want Appleto buy memory chips from ChinaArrow Electronicsexpanded its IBMdistribution coverage to2. WALL STREET CALLS:DeutscheSentinelOneto Hold following the stock's 90% rally from April lowsJefferiesof Honeywellwith a Hold ratingWorkdayto Hold at BTIG, with the firm noting shares are "priced for a buyout"CAEto Outperform at RBC CapitalPennyMac Mortgageto Buy at Deutsche, with the firm calling the recent selloff "overdone"3. AROUND THE WEB:In a recently published report, Wolf Pack said it is short Flotek (FTK) as the company has "yet to disclose to investors that their $400 million contract with the Puerto Rico Electrix Power Authority, accounting for about 57% of FTK's backlog, has been canceled."Alibabais set to sell its entire stake in Lingxi Games to Trustar Capital for more than $2B, advancing its strategy of divesting non-core assets to focus capital and management attention on AI and cloud computing, Reuters reportsAmazonis buying huge quantities of rare books, scanning them for AI, and destroying them, 404 Media reportsNexGen Energyis sharing information and talking regularly with BHP Groupabout its Rook I mining project in Saskatchewan, CEO Leigh Curyer told ReutersTeslahas told staff it is planning for a public Cybercab launch in August, its first vehicle without a steering wheel or brake pedal, Information reports4. MOVERS:Hive Digitalincreases afterGPU cloud services pact with an enterprise customerH Worldincreases in New York afterEnovixfalls after announcing theRaj TalluriEyePointlower after announcing its Duravyu Phase 3 studyGeminideclines after Goldman Sachs, Needham, Mizuho, Rosenblatt, and Cantor Fitzgeraldon the stocks following Q2 results5. EARNINGS/GUIDANCE:Bally'swith CEO commenting, "We delivered solid second quarter results across the enterprise"InspireMD, with EPS and revenue missing consensusPioneer Power, with EPS and revenue lower year-over-yearCEL-SCI, with CEO Geert Kersten commenting, "This was a quarter of important progress across our clinical, regulatory and commercialization programs as we move Multikine closer to patients"DataMEDS AI, with EPS and revenue lower year-over-yearINDEXES:The Dow was down 272.63, or 0.51%, to 53,459.78, the Nasdaq was down 84.25, or 0.32%, to 26,644.91, and the S&P 500 was down 40.70, or 0.52%, to 7,745.06.
Wall Street Slightly Lower as Retail Earnings Awaited
Wall Street traded slightly lower Monday as investors awaited a heavy retail earnings slate, including Home Depot, Target, and Walmart, while geopolitical tensions and shifting Fed expectations also weighed on sentiment. The Dow Jones Industrial Average dipped about 0.3%, while the S&P 500 slipped 0.1%, and the Nasdaq Composite was slightly higher.Most economists expect the Fed to hold rates at 3.5%–3.75% through year-end, as weaker July employment, softer inflation and declining retail sales have reduced expectations for a September hike, though elevated inflation keeps a hike later in the year possible. The dollar fell to a 10-week low, reflecting doubts over whether the Federal Reserve will raise interest rates this year.Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.1. STOCK NEWS:Equinoragreed toin the Lackawanna Energy Center for $940MNvidiawillin SB Energy for its Ohio data center leased to OpenAIOmniAbentered a globalwith Eli Lilly and Companythat Commerce Secretary Howard Lutnick said the White House does not want Appleto buy memory chips from ChinaArrow Electronicsexpanded its IBMdistribution coverage to2. WALL STREET CALLS:DeutscheSentinelOneto Hold following the stock's 90% rally from April lowsJefferiesof Honeywellwith a Hold ratingWorkdayto Hold at BTIG, with the firm noting shares are "priced for a buyout"CAEto Outperform at RBC CapitalPennyMac Mortgageto Buy at Deutsche, with the firm calling the recent selloff "overdone"3. AROUND THE WEB:Alibabais set to sell its entire stake in Lingxi Games to Trustar Capital for more than $2B, advancing its strategy of divesting non-core assets to focus capital and management attention on AI and cloud computing, Reuters reportsTo overhaul its Whopper, Burger Kingchanged up some of the ingredients and also hired U.S. Head Chef Amy Alarcon, the corporate chef who previously helped revamp Popeyes, WSJ saysAmazonis buying huge quantities of rare books, scanning them for AI, and destroying them, 404 Media reportsMastercardcard payments were temporarily declined on Saturday afternoon for Australian customers due to a global issue that has been resolved, Bloomberg saysNexGen Energyis sharing information and talking regularly with BHP Groupabout its Rook I mining project in Saskatchewan, CEO Leigh Curyer told Reuters4. MOVERS:Almontygains after announcing aof up to $300MH Worldincreases afterEnovixfalls after announcing theRaj TalluriEyePointlower after announcing its Duravyu Phase 3 studyGeminideclines after Goldman Sachs, Needham, Mizuho, Rosenblatt, and Cantor Fitzgeraldfollowing Q2 results5. EARNINGS/GUIDANCE:Bally's, with CEO commenting, "We delivered solid second quarter results across the enterprise"InspireMDwith EPS and revenue missing consensusPioneer Powerwith EPS and revenue lower year-over-yearCEL-SCIwith CEO Geert Kersten commenting, "This was a quarter of important progress across our clinical, regulatory and commercialization programs as we move Multikine closer to patients"DataMEDS AI, with EPS and revenue lower year-over-yearINDEXES:Near midday, the Dow was down 0.3%, or 184.62, to 53,547.79, the Nasdaq was up 0.2%, or 43.74, to 26,772.10, and the S&P 500 was down 0.1%, or 8.53, to 7,777.23.
CEL-SCI Publishes Oral Cancer Immunotherapy Study
CEL-SCI announced the publication of its study, "A Novel Neoadjuvant Immunotherapy Confers Improved Overall Survival in Oral Cancer Patients with Low Tumor PD-L1 Expression: The IT-MATTERS Clinical Trial - Prognostic Role of Tumor PD-L1 Expression," in the internationally recognized journal Oral Oncology. The peer-reviewed publication provides scientific evidence supporting the biomarker strategy that forms the foundation for selecting patients in CEL-SCI's upcoming global Confirmatory Registration Study of Multikine. The Oral Oncology published study identifies low and zero tumor PD-L1 expression and the absence of lymph node involvement as prognostic biomarkers for selecting patients most likely to achieve substantial survival benefit from Multikine administered before surgery. In this biomarker-selected patient population, patients receiving the Multikine treatment regimen prior to surgery followed by standard of care achieved a 73.4% five-year overall survival rate compared with 45.8% for patients receiving surgery followed by standard of care alone, corresponding to a hazard ratio of 0.34 and a 28.6% absolute improvement in five-year survival. The published study also demonstrated a statistically significant improvement in progression-free survival, with a 49% reduction in the risk of disease progression or death compared to control in the same patient population. Importantly, the peer-reviewed publication concludes that these biomarkers can be used prospectively to identify patients most likely to benefit from Multikine and guide future clinical studies in head and neck cancer. The publication in Oral Oncology notes that currently approved checkpoint inhibitor therapies are generally directed toward patients with higher PD-L1 expression, while Multikine's unique mechanism of action enables it to benefit patients whose tumors express low, as well as zero PD-L1. This creates the potential for a treatment approach that specifically targets the underserved low and zero PD-L1 patient population. CEL-SCI is preparing to commence enrollment in its global 212-patient Confirmatory Registration Study, which will evaluate Multikine in newly diagnosed, previously untreated, locally advanced resectable head and neck oral cancer patients with low and zero PD-L1 tumor expression and no lymph node involvement-the same patient population reported on in the newly published study in Oral Oncology. The trial is designed with approximately 97% statistical power to confirm the previously observed overall survival benefit.
CEL-SCI Study Findings Accepted for Publication in Oral Oncology
CEL-SCI announced that a manuscript highlighting the latest findings from its Phase 3 study titled "A Novel Neoadjuvant Immunotherapy Confers Improved Overall Survival in Oral Cancer Patients with Low Tumor PD-L1 Expression: The IT-MATTERS Clinical Trial - Prognostic Role of Tumor PD-L1 Expression," has been accepted for publication in Oral Oncology. The manuscript, authored by Eyal Talor, Ph.D. and colleagues, is based on data from CEL-SCI's landmark Phase 3 IT-MATTERS clinical trial evaluating Multikine in the treatment of newly diagnosed treatment naive, resectable, locally advanced head and neck cancer patients. In accordance with the journal's publication policies, CEL-SCI will disclose the scientific findings following publication in Oral Oncology.
CEL-SCI Launches Global Registration Study for Multikine
CEL-SCI Corporation announced it is launching its global Confirmatory Registration Study of Multikine as a neoadjuvant treatment for newly diagnosed, previously untreated, resectable, locally advanced primary head and neck cancer. The global, multi-center study will enroll patients in the United States, Europe, Asia, and South America. Orient EuroPharma, CEL-SCI's strategic partner in Taiwan, will oversee and fund patient enrollment within its territory. The study is highly optimized and designed with approximately 97% statistical power to detect a previously observed 0.34 hazard ratio based on overall survival. "Our Confirmatory Registration Study marks a definitive milestone toward establishing Multikine as the new immunotherapy standard of care for newly diagnosed head and neck cancer with low or zero levels of PD-L1," said Geert Kersten, CEO of CEL-SCI. "Enrollment will span premier clinical centers across the U.S., Europe, Asia, and South America, targeting the exact population where our previous Phase 3 trial demonstrated compelling, statistically significant improvements in overall survival, quality of life, and safety."
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