AT&T Surges 46.8% in a Year: Should T Stock Be in Your Portfolio?
The company has outperformed its peers like Verizon Communications Inc. VZ and T-Mobile US, Inc. TMUS. Verizon has gained 7.6%, while TMUS has increased 27.3% during this period.
Key Growth Drivers of T
AT&T's Communication segment is benefiting from healthy subscriber momentum and growth in postpaid average revenue per user. Strong demand in its fiber broadband portfolio is also driving growth in the Consumer Wireline business. The company recorded net fiber additions of 243,000, while Internet Air added 203,000 subscribers during the second quarter. AT&T has been taking several initiatives to expand its broadband business across the country. Its fiber broadband network has reached 30 million consumer and business locations in the second quarter. The company is aiming to reach 60 million fiber locations by 2030. The acquisition of Lumen's fiber connectivity business is a major step toward that direction. The One Big Beautiful Bill Act that Congress passed last month will also act as a catalyst for its fiber densification process. Per our estimate, AT&T is projected to generate $12.3 billion in revenues from the broadband business in 2025, implying 9.8% growth year over year.
The company is taking necessary steps to optimize its portfolio by divesting non-core assets. It has completed the divestiture of its 70% stake in DIRECTV. The prudent decision is enabling management to focus on the company's primary growth engine, which is its 5G portfolio and fiber broadband services.
The company recently deployed a third-party RAN automation application (rApp) in its live production network. The rApp, powered by Ericsson Intelligent Automation Platform, successfully performed optimization on the live network. This is a major achievement as it allows CSPs to move from problems related to vendor lock-in and create an open multi-vendor ecosystem that unlocks next-generation innovation and efficiency.
It is also developing its satellite solutions portfolio in collaboration with AST SpaceMobile. ASTS and AT&T recently successfully completed a voice call and text with AST's Block 1 satellites with a standard cell phone utilizing AT&T's network. This achievement laid the foundation for expanding network coverage across remote and underserved areas. These innovation initiatives are expected to boost AT&T's commercial prospects in the long run.
Major Challenges for T
However, AT&T is facing stiff competition from other prominent players in the industry, such as Comcast, Verizon and T-Mobile. T-Mobile's postpaid services are witnessing strong customer engagement. In the second quarter, T-Mobile added 495,000 postpaid phone net customers, while the postpaid churn rate was 0.91%. The company recently completed the acquisition of US Cellular.
The acquisition added more than 4 million customers and strengthened T-Mobile's position as a leading network provider in the country. Verizon is steadily expanding its fiber footprint. The acquisition of Frontier Communications will bolster Verizon's fiber Internet business nationwide. These developments from competitors can pose a major challenge to AT&T's growth initiatives.
AT&T is also facing in the Business Wireline vertical. Net sales are impacted by lower demand for legacy voice and data services as customers shift to more advanced IP-based offerings. Per our estimate, AT&T is expected to generate $17.91 billion in revenues from Business Wireline in 2025, indicating a 4.8% decline year over year.
Estimate Revision Trend of T
AT&T is currently witnessing a uptrend in estimate revisions. Earnings estimates for 2025 has increased 0.49% to $2.04 over the past 60 days, while the same for 2026 has remained unchanged at $2.24.
Key Valuation Metric of T
From a valuation standpoint, AT&T appears to be trading relatively cheaper compared to the industry but trading above its mean. Going by the price/earnings ratio, the company shares currently trade at 12.83 forward earnings, lower than 13.27 for the industry but above the stock's mean of 11.32.
End Note
AT&T is benefiting from solid customer engagement in the wireless vertical. Its resilient business model and robust cash flow position are positives. The company's effort to address service providers' pain points through strategic collaboration with industry leaders such as Ericsson bodes well for long-term growth.
However, intensifying competition in the highly saturated U.S. wireless market are weighing on margin. Macroeconomic challenges remain a concern. With a Zacks Rank #3 (Hold), AT&T appears to be treading in the middle of the road, and new investors could be better off if they trade with caution. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
Zacks Names #1 Semiconductor Stock
This under-the-radar company specializes in semiconductor products that titans like NVIDIA don't build. It's uniquely positioned to take advantage of the next growth stage of this market. And it's just beginning to enter the spotlight, which is exactly where you want to be.
With strong earnings growth and an expanding customer base, it's positioned to feed the rampant demand for Artificial Intelligence, Machine Learning, and Internet of Things. Global semiconductor manufacturing is projected to explode from $452 billion in 2021 to $971 billion by 2028.
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AT&T Inc. (T): Free Stock Analysis Report
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Global News
31 minutes ago
- Global News
Canada Post workers rejected ‘final' contract offers. What happens next?
Labour experts say another postal service strike is unlikely after unionized Canada Post workers rejected their employer's latest round of offers in a forced vote and the parties mull their next steps. The Canadian Union of Postal Workers said Friday that the roughly 55,000 members represented by the union shot down the Canada Post's latest proposal, which would've seen wage hikes of about 13 per cent over four years and restructuring to add part-time workers to the deal. Some 68.5 per cent of urban mail carriers who voted were against the deal, while their rural and suburban colleagues were 69.4 per cent against. Adam King, assistant professor in the labour studies program at the University of Manitoba, said the forced ratification vote ordered by the federal government and administered by the Canada Industrial Relations Board was a 'distraction.' Story continues below advertisement 'Hopefully, at the end of the day, we see an agreement reached at the table — where it should have been in the beginning,' he said in an interview. 'Canada Post management is really going to have to put something on the table that the union actually thinks members will accept.' 1:52 Canada Post workers start voting on job offer Negotiations for a new collective agreement have been ongoing for more than a year and a half. The federal government asked CIRB to step in and scuttle a holiday season postal strike late last year, but the parties remain at an impasse. Get daily National news Get the day's top news, political, economic, and current affairs headlines, delivered to your inbox once a day. Sign up for daily National newsletter Sign Up By providing your email address, you have read and agree to Global News' Terms and Conditions and Privacy Policy The Crown corporation requested Jobs Minister Patty Hajdu send its most recent proposals from late May — calling them the 'final offers' — to a forced vote from workers. Canada Post said in a statement Friday that it was 'disappointed' in the vote results and that it was weighing its next steps. Story continues below advertisement CUPW said in a bulletin to members last week that its negotiators are ready to head back to the bargaining table. A national ban on overtime work, in place since CUPW entered a strike position in late May, will continue in the meantime. King acknowledged that while the vote didn't go in Canada Post's favour, it wasn't a 'resounding' rejection, with more than 30 per cent of voters coming out in favour of the deals as presented. Larry Savage, professor in the department of labour studies at Brock University, said that apparent division in the ranks of CUPW would make it difficult to get members on a picket line. 'Even if you could effectively organize a strike, it's not obvious to me that it would produce the results the union's looking for,' Savage said in an interview. Before Hajdu sent Canada Post's offers to a vote, she had asked the parties to come to terms for binding arbitration to put an end to the dispute. CUPW was broadly in favour of sending talks to arbitration but Canada Post pushed back, arguing it would tie negotiations up in a lengthy process. 5:58 CUPW urges members to reject Canada Post contract vote Canada Post has warned that uncertainty around the fate of contract talks continues to cost the struggling postal service millions of dollars in business each day as customers shift to competitors. Story continues below advertisement The Crown corporation's financial woes have been well-documented throughout the talks. An Industrial Inquiry Commission report from Commissioner William Kaplan earlier this year found the postal service was effectively bankrupt and needed substantial reforms to remain afloat. But King said arbitrators tend to be 'conservative' in bringing parties to a middle ground and are unlikely to make the kinds of sweeping, structural changes Canada Post is looking for in a new deal. Savage agreed that 'binding arbitration is not actually a long-term solution to the problems at Canada Post.' 'I think that management's forced final vote was a gamble and it blew up in their faces, but they still hold cards,' he said. Canada Post could unilaterally impose new contract terms and 'dare the union to strike,' Savage said, or could start laying off workers as its business falters. 'Both of those strategies would put tremendous pressure on the union to reach an agreement,' he said. 'The danger, of course, for Canada Post is that its aggressive tactics thus far have seemingly only driven the parties further apart.' Hajdu said in a statement Friday that the federal government expects the parties to get back to the negotiating table and find a resolution 'as soon as possible.' Story continues below advertisement Given the financial struggles mentioned in the report, Savage said he expects the federal government will look to restructure Canada Post's mandate after the current labour dispute wraps up. That could see, as suggested in Kaplan's report, a further expansion of community mailboxes or an end to daily door-to-door delivery. In that context, Savage said the negotiations are less about which side wins the day and more about 'who will survive long-term.' 'There is a storm brewing for both Canada Post's management and the union. And I think that getting over this hump is important, but I think that it pales in comparison to what's coming,' he said.
National Post
31 minutes ago
- National Post
ImmunityBio Reports Q2 Earnings Release Reflecting 60% Increase in Revenue in Q2 2025, With Year-to-Date Sales of $43 Million and 246% Unit Growth Since J-code
Article content Q2 2025 Revenue Growth with Continued Strong Sales Momentum: $26.4 million, up 60% from Q1 2025, with year-to-date sales of approximately $43 million. ANKTIVA ® Unit Growth Since J-code: 246% unit sales volume growth in 1H 2025 compared to 2H 2024. Cash Position: $153.7 million in cash, cash equivalents and marketable securities as of June 30, 2025, with additional $80 million equity financing closed in July 2025, with warrants which could result in an additional gross proceeds of up to approximately $96.0 million. Non-Small Cell Lung Cancer (NSCLC): ImmunityBio has launched ResQ201A, a randomized controlled trial (RCT), in the U.S., evaluating its IL-15 superagonist N-803 in combination with tislelizumab, a PD-1 CPI from BeOne Medicines in patients with second-line lung cancer who were progressing on checkpoint inhibitors (CPIs). The Company has also submitted clinical trial applications for ResQ201A in the EU and the UK, with Canada expected to be submitted in early Q3 2025, and with plans underway to submit in Asia. Lymphopenia: The Company met with the Division of Non-Malignant Hematology at the U.S. Food and Drug Administration (FDA) in June 2025 to present updated data from its lymphopenia program. The Division was supportive of the findings including the underlying science of stimulating lymphocytes with ANKTIVA and expressed a desire to support an efficient path to approval, noting that additional time will be required to finalize the appropriate development plan. Expanded Access Program (EAP) authorization has been activated for the indication for all solid tumors in patients who have failed first-line treatment on chemotherapy, radiotherapy or immunotherapy and exhibit low absolute lymphocyte counts (ALC < 1,000/μL). Lynch Syndrome: Full enrollment reached in the randomized National Cancer Institute (NCI) cancer prevention clinical trial using ANKTIVA in combination with adenovirus vaccine in 186 patients with Lynch Syndrome. UK's Medicines and Healthcare products Regulatory Agency (MHRA) approved marketing authorization application of ANKTIVA in combination with BCG for the treatment of adult patients with BCG-unresponsive non-muscle invasive bladder cancer with CIS with or without papillary tumors. Papillary NMIBC: ImmunityBio conducted a Type A meeting with the FDA in June 2025 to discuss its program targeting papillary-only non-muscle invasive bladder cancer (NMIBC) and the FDA's response to the supplemental BLA (sBLA) filing. Contrary to the advice the FDA gave the Company in January 2025 to submit the sBLA, the FDA responded with a Refuse to File (RTF) notice in May 2025 on the basis of requiring a randomized control trial (RCT) against chemotherapy. At the June 2025 meeting, ImmunityBio provided new data regarding the updated results since the initial BLA filing of papillary-only data as well as real-world data of chemotherapy just published in this indication. In the papillary-only NMIBC new data based on 26 of the 100 subjects in Cohort A and 80 subjects in Cohort B (Papillary Alone) of our QUILT-3.032 trial, demonstrated long-term (36-month) progression free survival and bladder sparing with ANKTIVA in combination with BCG. ImmunityBio presented the newly published real-world data, which demonstrates that compared to chemotherapy, ANKTIVA in combination with BCG led to improved outcomes of progression-free survival and cystectomy avoidance at 36-months. To our knowledge, the results to date of ANKTIVA in combination with BCG represent the longest duration of follow-up with the longest duration of bladder sparing in these subjects. The Company indicated at the meeting that it would seek a new meeting request with this new data and withdraw the prior sBLA filing; however, the Company is re-evaluating this approach in consultation with its regulatory counsel and may seek to amend the initial filing with the new data rather than withdrawing it, with a commitment to initiate a RCT of chemotherapy-free ANKTIVA in combination with BCG versus chemotherapy in the Papillary Alone indication. Article content In addition, ImmunityBio has applied to the National Comprehensive Cancer Network (NCCN) to seek expansion of the BCG-unresponsive NMIBC guidelines to include papillary-only disease, in addition to the currently recognized CIS with or without papillary disease. The NCCN is expected to review the submission at its August 2025 meeting. Article content CULVER CITY, Calif. — ImmunityBio, Inc. ( NASDAQ: IBRX), a leading immunotherapy company, today announced its financial results for the fiscal quarter and six months ended June 30, 2025. Article content In the second quarter of 2025, ImmunityBio reported $26.4 million in revenue, representing a 60% increase from $16.5 million in the first quarter of 2025. This growth reflects continued commercial traction of ANKTIVA in combination with BCG in BCG-unresponsive NMIBC with carcinoma in situ (CIS) with or without Papillary tumors. The first half 2025 sales of $42.9 million represents a 246% increase in unit volume during the first two quarters of 2025 since the J-code approval versus the last two quarters of 2024. The Company ended the quarter with $153.7 million in cash, cash equivalents and marketable securities as of June 30, 2025. Article content 'ANKTIVA continues to deliver clinical results and promising commercial potential for ImmunityBio,' said Richard Adcock, President and CEO of ImmunityBio. 'We're seeing robust demand across U.S. urology practices of all sizes, driven in part by ANKTIVA's ease of storage and administration. With commercial authorization now in place in the UK, we're actively evaluating our go-to-market strategy for this important initial global market. In parallel, our recombinant BCG (rBCG) therapeutic has been administered safely to more than 150 patients to date in the United States under the expanded access protocol, helping urologists address the ongoing BCG shortage in the U.S. The recent equity financing further strengthens our balance sheet and enables us to accelerate key studies.' Article content 'Our goal has always been to use our innovative science to attack a broad range of cancers, and we are deeply committed to this goal in order to meet the urgent needs of millions of patients,' said Dr. Patrick Soon-Shiong, Founder, Executive Chairman and Global Chief Scientific and Medical Officer of ImmunityBio. 'To that end, we've begun global expansion of key clinical trials, including those for BCG-naïve NMIBC and second-line lung cancer. In addition, we've initiated enrollment across multiple trials to validate our novel lymphopenia rescue agent in prolonging duration of survival across multiple tumor types—a critical effort to address this life-threatening immune deficiency, and is often triggered by chemotherapy, radiation, or some immunotherapies.' Article content Second-Quarter Ended June 30, 2025 Financial Summary and Comparison to Prior Year Quarter Article content Product Revenue, Net Article content Product revenue, net increased $25.4 million during the three months ended June 30, 2025, as compared to the three months ended June 30, 2024, due to an increase in sales of ANKTIVA, which was approved in April 2024. Article content Research and Development Expense Article content Research and development (R&D) expense increased $4.1 million to $55.2 million during the three months ended June 30, 2025, as compared to $51.1 million during the three months ended June 30, 2024. The increase was due to higher manufacturing costs and higher distribution costs driven by more production and clinical trial activities, and higher license fees, partially offset by fewer sponsored research agreements. Article content Selling, General and Administrative Expense Article content Selling, general and administrative (SG&A) expense decreased $6.9 million to $42.3 million during the three months ended June 30, 2025, as compared to $49.2 million during the three months ended June 30, 2024. The decrease was due to lower costs related to litigation settlements and commercial consulting activities. Article content Net loss attributable to ImmunityBio common stockholders was $92.6 million during the three months ended June 30, 2025, compared to $134.6 million during the three months ended June 30, 2024. The reduction of loss was primarily driven by increased product revenue, lower SG&A expense described above, lower related-party interest expense, changes in the fair value of warrant liabilities and a related-party convertible note, partially offset by changes in the fair value of derivative liabilities and an increase in interest expense related to the revenue interest liability. Article content Six Months Ended June 30, 2025 Financial Summary and Comparison to Prior Year Six Months Ended Article content Product Revenue, Net Article content Product revenue, net increased $41.9 million during the six months ended June 30, 2025, as compared to the six months ended June 30, 2024, due to an increase in sales of ANKTIVA, which was approved in April 2024. Article content Research and Development Expense Article content R&D expense decreased $1.0 million to $103.5 million during the six months ended June 30, 2025, as compared to $104.5 million during the six months ended June 30, 2024. The decrease was mainly due to a reduction in outside service costs, CMO fees and drug materials purchased and used in manufacturing, partially offset by an increase in clinical trial costs and by higher manufacturing costs driven by increased production activities. Article content SG&A expense decreased $16.1 million to $75.0 million during the six months ended June 30, 2025, as compared to $91.1 million during the six months ended June 30, 2024. The decrease was primarily driven by lower costs related to litigation settlements and commercial consulting activities, partially offset by higher stock-based compensation expense, recruiting and training expenses, salaries, benefits and commissions, and travel expenses due to growing sales and marketing activities. Article content Net loss attributable to ImmunityBio common stockholders was $222.2 million during the six months ended June 30, 2025, compared to $268.7 million during the six months ended June 30, 2024. This reduction of loss was primarily driven by increased product revenue, lower R&D and SG&A expense described above, lower related-party interest expense, and changes in the fair value of warrant liabilities, partially offset by changes in the fair value of derivative liabilities and a related-party convertible note, an increase in interest expense related to the revenue interest liability and lower interest and investment income. Article content About ANKTIVA Article content The cytokine interleukin-15 (IL-15) plays a crucial role in the immune system by affecting the development, maintenance, and function of key immune cells—NK and CD8+ killer T cells—that are involved in killing cancer cells. By activating natural killer (NK) cells, ANKTIVA overcomes the tumor escape phase of clones resistant to T cells and restores memory T cell activity with resultant prolonged duration of complete response. Article content ANKTIVA is a first-in-class IL-15 agonist IgG1 fusion complex, consisting of an IL-15 mutant (IL-15N72D) fused with an IL-15 receptor alpha, which binds with high affinity to IL-15 receptors on NK, CD4+, and CD8+ T cells. This fusion complex of ANKTIVA mimics the natural biological properties of the membrane-bound IL-15 receptor alpha, delivering IL-15 by dendritic cells and drives the activation and proliferation of NK cells with the generation of memory killer T cells that have retained immune memory against these tumor clones. The proliferation of the trifecta of these immune killing cells and the activation of trained immune memory results in immunogenic cell death, inducing a state of equilibrium with durable complete responses. ANKTIVA has improved pharmacokinetic properties, longer persistence in lymphoid tissues, and enhanced anti-tumor activity compared to native, non-complexed IL-15 in-vivo. Article content ANKTIVA was approved by the FDA in 2024 Article content Article content and by UK MHRA in 2025 for BCG-unresponsive non-muscle invasive bladder cancer CIS with or without papillary tumors. For more information, visit Article content . Article content About ImmunityBio Article content ImmunityBio is a vertically-integrated commercial stage biotechnology company developing next-generation therapies that bolster the natural immune system to defeat cancers and infectious diseases. The Company's range of immunotherapy and cell therapy platforms, alone and together, act to drive and sustain an immune response with the goal of creating durable and safe protection against disease. Designated an FDA Breakthrough Therapy, ANKTIVA is the first FDA-approved immunotherapy for non-muscle invasive bladder cancer CIS that activates NK cells, T cells, and memory T cells for a long-duration response. The Company is applying its science and platforms to treating cancers, including the development of potential cancer vaccines, as well as developing immunotherapies and cell therapies that we believe sharply reduce or eliminate the need for standard high-dose chemotherapy. These platforms and their associated product candidates are designed to be more effective, accessible, and easily administered than current standards of care in oncology and infectious diseases. For more information, visit (Founder's Vision) and connect with us on X (Twitter), Facebook, LinkedIn, and Instagram. Article content Forward-Looking Statements Article content This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, such as statements regarding future operating results and prospects, commercialization activities, momentum and market data, discussions and meetings with the U.S. FDA, including with respect to the previously reported RTF letter received by the Company and potential implications thereof, potential next steps, decisions and timelines related to the Company's regulatory submissions and strategy, participation by urology practices in ImmunityBio's rBCG EAP, the expectation that the rBCG EAP will enable ImmunityBio to reliably bring an alternative source of BCG to patients in the U.S., the expectation that the EAP for lymphopenia will enable patients to have access to ANKTIVA for the indication described, the RMAT designation as previously reported and potential results therefrom and regulatory submissions and clinical development plan and trial in connection therewith, the belief that ALC levels and NLR levels obtained from a CBC are predictors of clinical benefit and outcomes relating to overall survival, clinical trial and expanded access program enrollment, timing, data and potential results to be drawn therefrom, anticipated components of ImmunityBio's CancerBioShield™ platform, anticipated review timeline for the Company's NCCN guidelines submission in NMIBC papillary only and potential implications therefrom, the development of therapeutics for cancer and infectious diseases, potential benefits to patients, potential treatment outcomes for patients, the described mechanism of action and results and contributions therefrom, potential future uses and applications of ANKTIVA alone or in combination with other therapeutic agents for the prevention or reversal of lymphopenia, potential future uses and applications of ANKTIVA alone or in combination with other therapeutic agents across multiple tumor types and indications and for potential applications beyond oncology, potential Article content regulatory pathways and the regulatory review process and timing thereof, the application of the Company's science and platforms to treat cancers or develop cancer vaccines, immunotherapies and cell therapies that have the potential to change the paradigm in cancer care, and ImmunityBio's approved product and investigational agents as compared to existing treatment options, among others. Statements in this press release that are not statements of historical fact are considered forward-looking statements, which are usually identified by the use of words such as 'anticipates,' 'believes,' 'continues,' 'goal,' 'could,' 'estimates,' 'scheduled,' 'expects,' 'intends,' 'may,' 'plans,' 'potential,' 'predicts,' 'indicate,' 'projects,' 'is,' 'seeks,' 'should,' 'will,' 'strategy,' and variations of such words or similar expressions. Statements of past performance, efforts, or results of our preclinical and clinical trials, about which inferences or assumptions may be made, can also be forward-looking statements and are not indicative of future performance or results. Forward-looking statements are neither forecasts, promises nor guarantees, and are based on the current beliefs of ImmunityBio's management as well as assumptions made by and information currently available to ImmunityBio. Such information may be limited or incomplete, and ImmunityBio's statements should not be read to indicate that it has conducted a thorough inquiry into, or review of, all potentially available relevant information. Such statements reflect the current views of ImmunityBio with respect to future events and are subject to known and unknown risks, including business, regulatory, economic and competitive risks, uncertainties, contingencies and assumptions about ImmunityBio, including, without limitation, (i) risks and uncertainties regarding the FDA regulatory submission, filing and review process and the timing thereof, as well as that associated with regulatory agencies outside of the U.S. such as the European Medicines Agency (EMA), Medicines and Healthcare products Regulatory Agency (MHRA) and other regulatory agencies, (ii) risks and uncertainties regarding commercial launch execution, success and timing, (iii) whether the RMAT designation will lead to an accelerated review or approval, of which there can be no assurance, (iv) risks and uncertainties regarding participation and enrollment and potential results from the expanded access clinical investigation programs described herein, (v) whether clinical trials will result in registrational pathways, (vi) whether clinical trial data will be accepted by regulatory agencies, (vii) whether the NCCN will review and/or approve the Company's submission described herein on the anticipated timeline or at all, (viii) risks and uncertainties regarding market access initiatives and timing, (ix) whether the FDA will permit the resubmission of the NMIBC papillary sBLA and the requirements thereof, (x) whether the FDA will ultimately approve the sBLA, or other submissions in a timely matter, or at all, of which there can be no assurance, (xi) risks and uncertainties regarding changes in personnel at the FDA and limited resources at the FDA and potential delays associated therewith, (xii) the ability of ImmunityBio to fund its ongoing and anticipated clinical trials, (xiii) the ability of ImmunityBio to continue its planned preclinical and clinical development of its development programs through itself and/or its investigators, and the timing and success of any such continued preclinical and clinical development, patient enrollment and planned regulatory submissions, (xiv) potential delays in product availability and regulatory approvals, (xv) the risks and uncertainties associated with third-party collaborations and agreements, including that with Serum Institute of India, (xvi) ImmunityBio's ability to retain and hire key personnel, (xvii) ImmunityBio's ability to obtain additional financing to fund its operations and complete the development and commercialization of its various product candidates, (xviii) potential product shortages or manufacturing disruptions that may impact the availability and timing of product, (xix) ImmunityBio's ability to successfully commercialize its approved product and product candidates, (xx) ImmunityBio's ability to scale its manufacturing and commercial supply operations for its approved product and future approved products, and (xxi) ImmunityBio's ability to obtain, maintain, protect, and enforce patent protection and other proprietary rights for its product candidates and technologies. More details about these and other risks that may impact ImmunityBio's business are described under the heading 'Risk Factors' in the Company's Form 10-K filed with the U.S. Securities and Exchange Commission (SEC) on March 3, 2025, and the Company's Form 10-Q filed with the SEC on May 12, 2025, and in subsequent filings made by ImmunityBio with the SEC, which are available on the SEC's website at ImmunityBio cautions you not to place undue reliance on any forward looking statements, which speak only as of the date hereof. ImmunityBio does not undertake any duty to update any forward-looking statement or other information in this press release, except to the extent required by law. Article content Article content Article content Article content Article content Contacts Article content Investors Article content Article content Hemanth Ramaprakash, PhD, MBA Article content Article content ImmunityBio, Inc. Article content Article content +1 858-746-9289 Article content Article content Article content Media Article content Article content Sarah Singleton Article content Article content ImmunityBio, Inc. Article content Article content Article content
CTV News
31 minutes ago
- CTV News
In rejecting U.S. jobs report, Trump follows his own playbook of discrediting unfavourable data
WASHINGTON — When the coronavirus surged during U.S. President Donald Trump's first term, he called for a simple fix: Limit the amount of testing so the deadly outbreak looked less severe. When he lost the 2020 election, he had a ready-made reason: The vote count was fraudulent. And on Friday, when the July jobs report revisions showed a distressed U.S. economy, Trump had an answer: He fired the official in charge of the data and called the report of a sharp slowdown in hiring 'phony.' Trump has a go-to playbook if the numbers reveal uncomfortable realities, and that's to discredit or conceal the figures and to attack the messenger — all of which can hurt the president's efforts to convince the world that America is getting stronger. 'Our democratic system and the strength of our private economy depend on the honest flow of information about our economy, our government and our society,' said Douglas Elmendorf, a Harvard University professor who was formerly director of the Congressional Budget Office. 'The Trump administration is trying to suppress honest analysis.' The president's strategy carries significant risks for his own administration and a broader economy that depends on politics-free data. His denouncements threaten to lower trust in government and erode public accountability, and any manipulation of federal data could result in policy choices made on faulty numbers, causing larger problems for both the president and the country. The White House disputes any claims that Trump wants to hide numbers that undermine his preferred narratives. It emphasized that Goldman Sachs found that the two-month revisions on the jobs report were the largest since 1968, outside of a recession, and that should be a source of concern regarding the integrity of the data. Trump's aides say their fundamental focus is ensuring that any data gives an accurate view of reality. Not the first time Trump has sought to play with numbers Trump has a long history of dismissing data when it reflects poorly on him and extolling or even fabricating more favorable numbers, a pattern that includes his net worth, his family business, election results and government figures: — Judge Arthur Engoron ruled in a lawsuit brought by the state of New York that Trump and his company deceived banks, insurers and others by massively overvaluing his assets and exaggerating his net worth on paperwork used in making deals and securing loans. — Trump has claimed that the 2016 and 2020 presidential elections were each rigged. Trump won the 2016 presidential election by clinching the Electoral College, but he lost the popular vote to Hillary Clinton, a sore spot that led him to falsely claim that millions of immigrants living in the country illegally had cast ballots. He lost the 2020 election to Joe Biden but falsely claimed he had won it, despite multiple lawsuits failing to prove his case. — In 2019, as Hurricane Dorian neared the East Coast, Trump warned Alabama that the storm was coming its way. Forecasters pushed back, saying Alabama was not at risk. Trump later displayed a map in the Oval Office that had been altered with a black Sharpie — his signature pen — to include Alabama in the potential path of the storm. — Trump's administration has stopped posting reports on climate change, canceled studies on vaccine access and removed data on gender identity from government sites. — As pandemic deaths mounted, Trump suggested that there should be less testing. 'When you do testing to that extent, you're going to find more people,' Trump said at a June 2020 rally in Oklahoma. 'You're going to find more cases. So I said to my people, 'Slow the testing down, please.'' While Trump's actions have drawn outcry from economists, scientists and public interest groups, Elmendorf noted that Trump's actions regarding economic data could be tempered by Congress, which could put limits on Trump by whom he chooses to lead federal agencies, for example. 'Outside observers can only do so much,' Elmendorf said. 'The power to push back against the president rests with the Congress. They have not exercised that power, but they could.' White House says having its own people in place will make data 'more reliable' Kevin Hassett, director of the White House National Economic Council, took aim at the size of the downward revisions in the jobs report (a combined 258,000 reduction in May and June) to suggest that the report had credibility issues. He said Trump is focused on getting dependable numbers, despite the president linking the issue to politics by claiming the revisions were meant to make Republicans look bad. 'The president wants his own people there so that when we see the numbers, they're more transparent and more reliable,' Hassett said Sunday on NBC News. Jed Kolko, a senior fellow at the Peterson Institute for International Economics who oversaw the Census Bureau and Bureau of Economic Analysis during the Biden administration, stressed that revisions to the jobs data are standard. That's because the numbers are published monthly, but not all surveys used are returned quickly enough to be in the initial publishing of the jobs report. 'Revisions solve the tension between timeliness and accuracy,' Kolko said. 'We want timely data because policymakers and businesses and investors need to make decisions with the best data that's available, but we also want accuracy.' Kolko stressed the importance in ensuring that federal statistics are trustworthy not just for government policymakers but for the companies trying to gauge the overall direction of the economy when making hiring and investment choices. 'Businesses are less likely to make investments if they can't trust data about how the economy is doing,' he said. Not every part of the jobs report was deemed suspect by the Trump administration. Before Trump ordered the firing of the Bureau of Labor Statistics commissioner, Erika McEntarfer, the White House rapid response social media account reposted a statement by Vice President JD Vance noting that native-born citizens were getting jobs and immigrants were not, drawing from data in the household tables in the jobs report. Labor Secretary Lori Chavez-DeRemer also trumpeted the findings on native-born citizens, noting on Fox Business Network's 'Varney & Co.' that they are accounting 'for all of the job growth, and that's key.' During his first run for the presidency, Trump criticized the economic data as being fake only to fully embrace the positive numbers shortly after he first entered the White House in 2017. White House says transparency is a value The challenge of reliable data goes beyond economic figures to basic information on climate change and scientific research. In July, taxpayer-funded reports on the problems climate change is creating for America and its population disappeared from government websites. The White House initially said NASA would post the reports in compliance with a 1990 law, but the agency later said it would not because any legal obligations were already met by having reports submitted to Congress. The White House maintains that it has operated with complete openness, posting a picture of Trump on Monday on social media with the caption, 'The Most Transparent President in History.' In the picture, Trump had his back to the camera and was covered in shadows, visibly blocking out most of the light in front of him. ___ Associated Press writer Michelle Price in Washington contributed to this report. Josh Boak, The Associated Press
