The Next Moderna? This Clinical-Stage Biotech Has Breakout Potential.
Another such clinical-stage contender generating growing excitement is Intellia Therapeutics (NTLA), a CRISPR/Cas9-based gene-editing company. Intellia aims to provide one-time, curative treatments for serious genetic diseases. Intellia's stock has fallen 1.9% year-to-date, while the broader market, as tracked by the S&P 500 Index ($SPX), has risen 6%.
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Let's dig deeper to see if this could be the next transformative biotech story that reshapes medicine — and markets — in the same way Moderna did.
Intellia employs a dual-platform strategy, focusing on both in vivo (inside the patient's body) and ex vivo (outside the patient's body) approaches to treating conditions such as transthyretin amyloidosis (ATTR) and hereditary angioedema (HAE). Intellia's lead in vivo therapies include NTLA-2001 (Nexiguran ziclumeran or nex-z), a treatment for ATTR amyloidosis that is in the Phase 3 MAGNITUDE trial. Nex Z was also granted the Regenerative Medicine Advanced Therapy (RMAT) designation by the U.S. Food and Drug Administration (FDA), indicating its potential for accelerated development.
NTLA-2002, a treatment for hereditary angioedema (HAE), is now in late-stage clinical trials. In the first quarter of 2025, Intellia administered the first dose in the HAELO trial. This event marks a critical inflection point, bringing Intellia closer to regulatory filings and possible approval. However, the company recently halted its NTLA-3001 lung disease candidate, as well as several other research programs. It also reduced its workforce by about 27%, causing a short-term disruption. The goal of this strategic reorganization is to increase focus on late-stage assets while conserving capital.
While Intellia does not yet generate product revenue, it did generate $16.6 million in collaboration revenue during the first quarter. As of Q1 end, the company held $707.1 million in cash and executed a 27% workforce reduction, ensuring a runway until the first half of 2027.
Intellia's first-mover advantage in in vivo gene editing could propel it to great success if its candidates are approved. The company has also collaborated with heavyweights like Regeneron (REGN), gaining expertise, resources, and a broader clinical reach.
However, as a clinical-stage biotech company, the company faces the risk of clinical trials failing or delays in regulatory approvals because gene editing is a high-stakes game. Furthermore, increased cash burn may necessitate dilution. Long-term growth investors who believe in CRISPR's transformative potential may view NTLA stock as an enticing but high-risk investment opportunity.
Overall, Wall Street has assigned Intellia stock a 'Moderate Buy' rating. Of the 27 analysts covering NTLA stock, 19 have a 'Strong Buy' recommendation, one suggests a 'Moderate Buy,' six say it is a 'Hold,' and one suggests a 'Strong Sell.' The average price target of $38.04 implies the stock has upside potential of 245% over current levels. Plus, the Street-high price estimate of $106 suggests the stock can rally over 860% over the next 12 months.
While the upside appears out of reach, Moderna stock is a prime example of how a single successful product can propel a biotech stock toward the skies. Intellia, like Moderna, focuses on diseases with high clinical need and, if successful, has the potential to transform medicine.
On the date of publication, Sushree Mohanty did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. This article was originally published on Barchart.com
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Yahoo
12 minutes ago
- Yahoo
Akre Capital's Akre Focus Fund 2nd-Quarter 2025 Letter: A Review
Greetings from Middleburg. We hope your summer is off to a good start. The Akre Focus Fund's (the Fund) second quarter 2025 performance for the Institutional share class was 6.46% compared with S&P 500 Total Return of 10.94%. Performance for the trailing 12-month period ending June 30, 2025, for the Institutional share class was 20.43% compared with 15.16% for the S&P 500 Total Return. Warning! GuruFocus has detected 7 Warning Signs with TSX:CSU. We recently read a very interesting report by Morgan Stanley's Michael Mauboussin and Dan Callahan entitled Drawdowns and Recoveries: Base Rates for Bottoms and Bounces (1). We were hooked from the opening sentence: One of the hardest aspects of being a long-term investor is that even the best investments, or investment portfolios, suffer large drawdowns. A drawdown is the price decline from peak to trough. For us, the report's key findings were as follows: Large drawdowns indeed! The report cites a study of roughly 28,600 public companies from 1926 through 2024. The top six of these in terms of wealth creation (Apple, Microsoft, NVIDIA, Alphabet, Amazon, ExxonMobil) suffered an average maximum drawdown of 80.3%! Amazon's share price dropped 95% from December 1999 to October 2001, for example. Nvidia's dropped 90% from January 2002 to October 2002. The study by Messrs. Mauboussin and Callahan involved 6,500 US stocks from 19852024. The median stock price recovery from the drawdown bottom was 89.6% of the pre-drawdown peak (a.k.a. par). In other words, the median stock failed to return to its prior peak after max drawdowns: a permanent loss of capital for those who bought high. Returns from the bottom of these drawdowns were spectacular even if the stock failed to return to par. Intuitively, the bigger the drawdown, the bigger the subsequent return from the bottom. As the report points out, buying at the very bottom of a drawdown is highly unlikely. But it holds that the lower one buys during a drawdown, the higher the subsequent return. The role business quality played in terms of long-term compounding was of particular interest to us. In this report, the proxy for business quality was the extent of the drawdown: the smaller the drawdown, the higher the business quality, and vice versa. Critically, the study shows that while the largest drawdown (lowest quality) businesses produced the highest returns from the bottom, they generally did not compound from their pre-drawdown peak. Specifically, the quintile of stocks with the largest drawdowns recovered just 80% of prior peak value five years after the drawdown bottom. On the other hand, the quintile of stocks with the smallest drawdowns (a.k.a. the highest quality stocks) nearly doubled in value from their prior peak value five years after bottoming. In rough math, given the seven-year time frame of the study (two-year drawdown followed by five years of recovery), the lowest quality businesses compounded at negative 3.1% annually from peak to recovery, declining from an indexed peak of $100 to $80 seven years later. The highest quality businesses compounded at positive 9.6% annually over those seven years, increasing from an indexed peak of $100 to approximately $190 seven years later. We cannot directly map these research findings to our portfolio or investment approach, particularly the correlation of drawdown depth to business quality. However, we believe the findings corroborate our long-held notion that a compounding investment approach has subtle but important distinctions from value investing. Those distinctions center on the primacy of business quality. Per the Morgan Stanley study (2), high quality businesses generally compounded positively over time, even from their pre-drawdown peak. Low quality businesses, which declined more and bounced higher off the bottom, generally did not. These findings reminded us of what we did, and did not do, during the sharp but short-lived COVID bear market of March 2020, a month during which we bought over $1.1 billion in equities. We did not buy the COVID ground zero names such as airlines and cruise lines, both among the hardest hit, deepest value sectors at the time. Value investors might reasonably look to play the bounce in such sectors. If you bought the all-airline US Global Jets ETF (JETS) on March 30, 2020, you made an 85.62% return after just one year! The harder the fall, the higher the bounce. To our way of thinking, however, airlines are not high-quality businesses. And indeed, that lack of quality weighed on their longer-term rate of compounding. By the second anniversary of that well-timed JETS purchase, the annual rate of return dropped to 22.31%. By June 30, 2025, the annualized return off the bottom stood at 9.15% [per Bloomberg]. The equity investments we made in March 2020 bounced less but have compounded more. A year later, as of March 30, 2021, our March 2020 investments in aggregate had appreciated 74.85%, excluding dividends. A nice rebound, to be sure, but less than that achieved by the harder hit, lower quality airline stocks. However, quality and compounding show over time. Our March 2020 equity investments in total would have compounded at approximately 19.07% annualized if all were held through June 30, 2025, excluding dividends. The investments we made in March 2020 and have held through June 30, 2025, have compounded at approximately 21.67% excluding dividends. We believe compounding-driven investors are distinguished by an emphasis on quality and quality's tendency to reward longer holding periods. Warren Buffett (Trades, Portfolio)'s adage, If you aren't thinking about owning a stock for ten years, don't even think about owning it for ten minutes, captures this distinction between compounding and bounce-seeking value investing. Furthermore, we think of traditional value investing as seeking to buy the proverbial $1 of intrinsic value for ~$0.60, sell at $0.85 or $0.90, rinse and repeat. For value investors, valuation is the primary investment (buy and sell) consideration. And there's nothing wrong with this whatsoever. However, in our view, such an approach implies a somewhat commoditized view of businesses as easily exchangeable like-for-like. We believe business quality is just as important as starting valuations if the goal is to compound capital at an attractive rate over the longest time. We endeavor to own the highest quality businesses we can understand and buy them only at attractive valuations. The Morgan Stanley study supports this notion that high business quality is key to long-term compounding, even from pre-drawdown peaks. Obviously, compounding is easier said than done. Even when done exceptionally well, an active manager is prone to getting fired during the inevitable sharp drawdown or its aftermath. Indeed, the Morgan Stanley piece cites another of our favorite reads of recent years, Wes Gray's Even God Would Get Fired as an Active Investor. Dr. Gray constructs portfolios consisting only of the 50 best performing stocks over five-year periods starting January 1, 1927. Every five years, these portfolios are reset to include only the 50 best performers over the next five years. Calling these God Portfoliosbuilt with perfect foresight to contain only the best performing stocks over each five-year periodthese portfolios performed brilliantly, with annualized returns over the study period (1927 through 2016) three times that of the S&P 500. However, even these perfect portfolios were subject to significant drawdowns, the worst being 76% (August 1929 to May 1932) along with five drawdowns of 30% and higher. As Messrs. Mauboussin and Callahan say, Even the perfect portfolio tests the resolve of those who own it. Even for the best performing stocks and the best performing portfolios, faith-testing drawdowns are inevitable. The Morgan Stanley study supports our long-held view that a dual focus on business quality and starting valuation are the keys to long-term compounding. The top five contributors to performance during the quarter were Constellation Software (TSX:CSU), Brookfield Corporation (NYSE:BN), (TOITF), KKR (NYSE:KKR), and Moody's (NYSE:MCO). No callouts worth mentioning. The top four detractors from performance this quarter were O'Reilly Automotive (NASDAQ:ORLY), Roper Technologies (NASDAQ:ROP), LVMH (LVMUY), and Danaher (NYSE:DHR). As of June 30, cash and equivalents stood at 8.1% of the Fund, up from 6.3% on March 31 and 1.4% on December 31st. We have made a point of raising our cash position in case our valuation discipline and patience gets rewarded in the weeks and months ahead. Over the life of the Fund, we have routinely held cash in the 5-10% range. Finally, as announced in the supplement to the Akre Focus Fund's Prospectus dated June 4, 2025, we received approval from the Board of Trustees to convert the Fund from a mutual fund to an exchange traded fund. The ETF structure is expected to offer enhanced tax efficiency, greater trading flexibility, and increased transparency of portfolio holdings. The investment process and investment team will remain the same. We thank you for your exceptional support. John The Fund's investment objectives, risks, charges, and expenses must be considered carefully before investing. The summary and statutory prospectus contains this and other important information about the investment company and it may be obtained by calling (877) 862-9556 or visiting Read it carefully before investing. Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Fund performance current to the most recent month-end may be lower or higher than the performance quoted and can be obtained by calling 1-877-862-9556. The Fund's annual operating expense (gross) for the Retail Class shares is 1.31% and 1.04% for the Institutional Class shares. The Fund imposes a 1.00% redemption fee on shares held less than 30 days. Performance data does not reflect the redemption fee, and if reflected, total returns would be reduced. Mutual fund investing involves risk. Principal loss is possible. The Fund is non-diversified, meaning it may concentrate its assets in fewer individual holdings than a diversified fund. Therefore, the Fund is more exposed to individual stock volatility than a diversified fund. In addition to large- capitalization companies, the Fund invests in small- and medium- capitalization companies, which involve additional risks such as limited liquidity and greater volatility than larger capitalization companies. (1) Drawdowns and Recoveries: Base Rates for Bottoms and Bounces (2) Drawdowns and Recoveries: Base Rates for Bottoms and Bounces This article first appeared on GuruFocus.
Yahoo
12 minutes ago
- Yahoo
Stock market today: Dow, S&P 500, Nasdaq trade mixed as Wall Street weighs Google, Tesla earnings
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It sounds like Trump now has a new minimum tariff rate: 15% Yahoo Finance's Ben Werschkul reports: Read more here. Yahoo Finance's Ben Werschkul reports: Read more here. Stock watch: TKO Group + Netflix on Hulk Hogan news Reports have surfaced this afternoon that iconic wrestler Hulk Hogan has died at the age of 71. TMZ and The NY Post both reported the news. I would keep a close eye on TKO Group Holdings (TKO) on this one. The company is the holding company for WWE and UFC. Hogan, of course, is the most recognizable wrestler ever, bar none. I am curious about how the company honors Hogan in the months ahead, and the details could be shared on the company's Aug. 6 earnings call. I would also keep an eye on Netflix (NFLX) as WWE is exclusively streamed on there now. I suspect the upcoming Monday Night Raw episode may get more eyeballs than norma; following this news. Reports have surfaced this afternoon that iconic wrestler Hulk Hogan has died at the age of 71. TMZ and The NY Post both reported the news. I would keep a close eye on TKO Group Holdings (TKO) on this one. The company is the holding company for WWE and UFC. Hogan, of course, is the most recognizable wrestler ever, bar none. I am curious about how the company honors Hogan in the months ahead, and the details could be shared on the company's Aug. 6 earnings call. I would also keep an eye on Netflix (NFLX) as WWE is exclusively streamed on there now. I suspect the upcoming Monday Night Raw episode may get more eyeballs than norma; following this news. Intel to report Q2 earnings as Wall Street looks for signs of turnaround Intel (INTC) will report its second quarter earnings on Thursday as the company's new CEO, Lip-Bu Tan, continues his attempt to turn around the ailing chip giant, Yahoo Finance's Dan Howley reports. Howley writes: Read more about Intel's upcoming earnings report here. Intel (INTC) will report its second quarter earnings on Thursday as the company's new CEO, Lip-Bu Tan, continues his attempt to turn around the ailing chip giant, Yahoo Finance's Dan Howley reports. Howley writes: Read more about Intel's upcoming earnings report here. Wall Street bullish on Alphabet as Search growth stays steady amid AI disruption fears Wall Street analysts were bullish on Alphabet stock following the Google parent's earnings, as Search revenue continued to climb despite fears of AI displacing the dominant search engine. "Another stable qtr for Search results increases our confidence in the AI transition and should ease concerns on a potential revenue reset," Bank of America analyst Justin Post wrote in a note. Post raised his price outlook on Google shares to $217 from $210. Post and other analysts noted that AI Overviews helped drive 10% more Search queries for the types of searches that the AI is used for. The Overviews has 2 billion monthly users, and the Gemini app has hit 450 million monthly active users. RBC Capital analyst Brad Erickson raised his price target on Google shares to $220 from $200, saying, "We still believe that GOOGL's AI competitors along with its own AI search tools are driving traffic headwinds across the internet, and yet, it is still finding a way to distribute enough intentful volume to grow the business plenty fast." Still, Alphabet has fallen short of giving hard dollar figures for its AI business while focusing on how the technology is driving growth in its existing businesses. Notably, analysts didn't seem discouraged by Alphabet raising its capital expenditure guidance for the year to $85 billion from $75 billion, driven by spending in infrastructure such as data centers and server equipment to power AI. Erickson said the company's "AI investment decisions are being made with clear ROI signals in front of it." Wall Street analysts were bullish on Alphabet stock following the Google parent's earnings, as Search revenue continued to climb despite fears of AI displacing the dominant search engine. "Another stable qtr for Search results increases our confidence in the AI transition and should ease concerns on a potential revenue reset," Bank of America analyst Justin Post wrote in a note. Post raised his price outlook on Google shares to $217 from $210. Post and other analysts noted that AI Overviews helped drive 10% more Search queries for the types of searches that the AI is used for. The Overviews has 2 billion monthly users, and the Gemini app has hit 450 million monthly active users. RBC Capital analyst Brad Erickson raised his price target on Google shares to $220 from $200, saying, "We still believe that GOOGL's AI competitors along with its own AI search tools are driving traffic headwinds across the internet, and yet, it is still finding a way to distribute enough intentful volume to grow the business plenty fast." Still, Alphabet has fallen short of giving hard dollar figures for its AI business while focusing on how the technology is driving growth in its existing businesses. Notably, analysts didn't seem discouraged by Alphabet raising its capital expenditure guidance for the year to $85 billion from $75 billion, driven by spending in infrastructure such as data centers and server equipment to power AI. Erickson said the company's "AI investment decisions are being made with clear ROI signals in front of it." Fed gets new legal headache with lawsuit seeking to make FOMC rate meetings public The Federal Reserve got a new legal headache Thursday when a money manager sued Chair Jerome Powell and other central bank policymakers in a Washington, D.C., federal court, arguing it is violating a 1976 federal law by keeping its monetary policy meetings behind closed doors, Yahoo Finance's Jennifer Schonberger reports. Schonberger writes: Read the full story here. The Federal Reserve got a new legal headache Thursday when a money manager sued Chair Jerome Powell and other central bank policymakers in a Washington, D.C., federal court, arguing it is violating a 1976 federal law by keeping its monetary policy meetings behind closed doors, Yahoo Finance's Jennifer Schonberger reports. Schonberger writes: Read the full story here. UnitedHealth stock drops after company confirms DOJ investigation into Medicare billing practices UnitedHealth (UNH) stock fell as much as 2% early Thursday after the insurance giant disclosed in a regulatory filing Thursday morning that it is facing an investigation from the Department of Justice into its Medicare billing practices, Yahoo Finance's Jake Conley reports. Conley writes: Read the full story here. UnitedHealth (UNH) stock fell as much as 2% early Thursday after the insurance giant disclosed in a regulatory filing Thursday morning that it is facing an investigation from the Department of Justice into its Medicare billing practices, Yahoo Finance's Jake Conley reports. Conley writes: Read the full story here. Stocks trade mixed at the open US stocks traded mixed on Thursday, as hopes lifted for a US-EU trade deal and Wall Street digested earnings results from tech giants Alphabet (GOOGL, GOOG) and Tesla (TSLA) as well as fresh labor market data. The Dow Jones Industrial Average (^DJI) dropped 0.6%, after the blue-chip index ended Wednesday just shy of tis first record close this year. The tech-heavy Nasdaq Composite (^IXIC) rose roughly 0.3%, while the S&P 500 (^GSPC) climbed more than 0.1%. US stocks traded mixed on Thursday, as hopes lifted for a US-EU trade deal and Wall Street digested earnings results from tech giants Alphabet (GOOGL, GOOG) and Tesla (TSLA) as well as fresh labor market data. The Dow Jones Industrial Average (^DJI) dropped 0.6%, after the blue-chip index ended Wednesday just shy of tis first record close this year. The tech-heavy Nasdaq Composite (^IXIC) rose roughly 0.3%, while the S&P 500 (^GSPC) climbed more than 0.1%. IBM stock slides after software sales disappoint International Business Machines stock (IBM) slid 6% ahead of the opening bell after second quarter sales in its core software segment were lower than expected and the company did not provide a forecast for the third quarter. IBM's software segment, which has traditionally been a bright spot, reported sales of $7.39 billion, missing analysts' average estimate of $7.41 billion, per Reuters. After a 30% run-up in the stock year to date, the company had little room to miss estimates. Still, IBM's adjusted earnings per share of $2.80 topped the Street's expectations, and its revenue of $16.98 billion for the quarter beat estimates of $16.59 billion. Companies' spending on artificial intelligence infrastructure spurred demand for IBM's latest AI-specialized mainframes. The infrastructure segment, which houses its mainframe, reported revenue of $4.14 billion, beating estimates of $3.81 billion. Read more here from Reuters. International Business Machines stock (IBM) slid 6% ahead of the opening bell after second quarter sales in its core software segment were lower than expected and the company did not provide a forecast for the third quarter. IBM's software segment, which has traditionally been a bright spot, reported sales of $7.39 billion, missing analysts' average estimate of $7.41 billion, per Reuters. After a 30% run-up in the stock year to date, the company had little room to miss estimates. Still, IBM's adjusted earnings per share of $2.80 topped the Street's expectations, and its revenue of $16.98 billion for the quarter beat estimates of $16.59 billion. Companies' spending on artificial intelligence infrastructure spurred demand for IBM's latest AI-specialized mainframes. The infrastructure segment, which houses its mainframe, reported revenue of $4.14 billion, beating estimates of $3.81 billion. Read more here from Reuters. Jobless claims hit lowest level in three months Amid a quiet week of economic data, investors were greeted with yet another sign that the US labor market isn't flashing glaring alarm signals. Data from the Department of Labor released Thursday morning showed 217,000 initial jobless claims were filed in the week ending July 19, down 4,000 from the week prior and the lowest number of weekly filings since the week of April 12. After surging in May, weekly filings have consistently declined throughout the start of the summer. Meanwhile, 1.955 million continuing claims were filed, up about 4,000 from the week prior and hovering near the highest level seen since November 2021. Economists see an increase in continuing claims as a sign that those out of work are taking longer to find new jobs. Amid a quiet week of economic data, investors were greeted with yet another sign that the US labor market isn't flashing glaring alarm signals. Data from the Department of Labor released Thursday morning showed 217,000 initial jobless claims were filed in the week ending July 19, down 4,000 from the week prior and the lowest number of weekly filings since the week of April 12. After surging in May, weekly filings have consistently declined throughout the start of the summer. Meanwhile, 1.955 million continuing claims were filed, up about 4,000 from the week prior and hovering near the highest level seen since November 2021. Economists see an increase in continuing claims as a sign that those out of work are taking longer to find new jobs. Tesla stock slides as Musk warns of a 'few rough quarters' Tesla's (TSLA) stock is sinking in premarket as a warning from CEO Elon Musk rings in investors' ears. Shares fell over 6% after Tesla posted an earnings miss, setting the stage for a tough stretch ahead. The automaker faces the end of EV incentives brought in by President Trump, alongside potential delays to its autonomous vehicle rollout. 'We probably could have a few rough quarters,' Musk said, per Bloomberg. Meanwhile, a report Thursday showed Tesla's sales in Europe fell in June for the sixth straight month, falling 23%. Tesla's finance chief flagged other challenges on a conference call with analysts. Yahoo Finance's Pras Subramanian reports: Read more here. Tesla's (TSLA) stock is sinking in premarket as a warning from CEO Elon Musk rings in investors' ears. Shares fell over 6% after Tesla posted an earnings miss, setting the stage for a tough stretch ahead. The automaker faces the end of EV incentives brought in by President Trump, alongside potential delays to its autonomous vehicle rollout. 'We probably could have a few rough quarters,' Musk said, per Bloomberg. Meanwhile, a report Thursday showed Tesla's sales in Europe fell in June for the sixth straight month, falling 23%. Tesla's finance chief flagged other challenges on a conference call with analysts. Yahoo Finance's Pras Subramanian reports: Read more here. The AI trade hasn't changed for Big Tech — and that's working for them Alphabet (GOOG, GOOGL) and Tesla (TSLA) kicked off Big Tech earnings on Wednesday afternoon, and Yahoo Finance's Hamza Shaban recaps what investors learned in today's Morning Brief: Read more here. Alphabet (GOOG, GOOGL) and Tesla (TSLA) kicked off Big Tech earnings on Wednesday afternoon, and Yahoo Finance's Hamza Shaban recaps what investors learned in today's Morning Brief: Read more here. Good morning. Here's what's happening today. Economic data: Initial jobless claims (week ending July 19) Chicago Fed national activity index (June); S&P Global US manufacturing PMI (July preliminary); S&P Global US services PMI (July preliminary); S&P global US composite PMI (July preliminary); New home sales (June) Earnings: American Airlines (AAL), Blackstone (BX), Deckers (DECK), Dow (DOW), Honeywell (HON), Intel (INTC), Keurig Dr Pepper (KDP), Nasdaq (NDAQ), Nokia (NOK), Southwest Airlines (LUV), Union Pacific (UNP) Here are some of the biggest stories you may have missed overnight and early this morning: Trump signals baseline hike in 'reciprocal' tariffs to 15% The AI trade hasn't changed for Big Tech — and that's working for them Trump to visit Fed HQ for refurb check as he battles with Powell Keurig Dr Pepper beats estimates but coffee inflation lurks Google beats on earnings, doubles down on AI spending spree Tesla stock sinks after earnings miss, 'rough' patch warning Chipotle plunges after company reports 2nd straight sales decline Goldman's trading desk touts cheap hedges against S&P 500 slide Meme stock rally has investors feeling 'invulnerable' Economic data: Initial jobless claims (week ending July 19) Chicago Fed national activity index (June); S&P Global US manufacturing PMI (July preliminary); S&P Global US services PMI (July preliminary); S&P global US composite PMI (July preliminary); New home sales (June) Earnings: American Airlines (AAL), Blackstone (BX), Deckers (DECK), Dow (DOW), Honeywell (HON), Intel (INTC), Keurig Dr Pepper (KDP), Nasdaq (NDAQ), Nokia (NOK), Southwest Airlines (LUV), Union Pacific (UNP) Here are some of the biggest stories you may have missed overnight and early this morning: Trump signals baseline hike in 'reciprocal' tariffs to 15% The AI trade hasn't changed for Big Tech — and that's working for them Trump to visit Fed HQ for refurb check as he battles with Powell Keurig Dr Pepper beats estimates but coffee inflation lurks Google beats on earnings, doubles down on AI spending spree Tesla stock sinks after earnings miss, 'rough' patch warning Chipotle plunges after company reports 2nd straight sales decline Goldman's trading desk touts cheap hedges against S&P 500 slide Meme stock rally has investors feeling 'invulnerable' Meme stock rally has investors feeling 'invulnerable' Retail investors with an appetite for risk are piling into speculative trades and creating a new roster of meme-stocks, helping power a broader rally in markets, Yahoo Finance's Jake Conley reports: Read more here. Retail investors with an appetite for risk are piling into speculative trades and creating a new roster of meme-stocks, helping power a broader rally in markets, Yahoo Finance's Jake Conley reports: Read more here. STMicro stock falls by most in a year after surprise loss STMicroelectronics (STM) delivered a double whammy in its earnings on Thursday: A surprise Q2 loss from restructuring charges and a disappointing outlook for Q3. US-listed stock in the European chipmaker slid over 10% in premarket trading, while its shares in Paris ( fell to their lowest in a year at one point, down 13%. Bloomberg reports: Read more here. STMicroelectronics (STM) delivered a double whammy in its earnings on Thursday: A surprise Q2 loss from restructuring charges and a disappointing outlook for Q3. US-listed stock in the European chipmaker slid over 10% in premarket trading, while its shares in Paris ( fell to their lowest in a year at one point, down 13%. Bloomberg reports: Read more here. Trending tickers: Chipotle Mexican Grill, T-mobile and Wolfspeed Here are some top stocks trending on Yahoo Finance in premarket trading: Chipotle Mexican Grill (CMG) stock fell 10% before the bell on Thursday after reporting another quarter of negative sales growth. The fast-casual restaurant chain posted results on Wednesday as it navigates an uncertain consumer environment and as its new leadership deals with the most challenging backdrop in years. T-mobile (TMUS) stock rose 5% premarket on Thursday after beating analyst estimates on Wednesday. The telecom group's CEO Mike Sievert told Yahoo Finance's executive editor Brian Sozzi that the company's steady value messaging is helping it to gain market share. Wolfspeed (WOLF) shares rose 18% before the bell. The chipmaker's stock reacted positively this week to the new US-Japan trade deal and has been up 13% over the last five days. The US-Japan trade deal boosts optimism for Wolfspeed as it supports Renesas' EV chip production, raising hopes for more deals with automakers like Jaguar Land Rover. Here are some top stocks trending on Yahoo Finance in premarket trading: Chipotle Mexican Grill (CMG) stock fell 10% before the bell on Thursday after reporting another quarter of negative sales growth. The fast-casual restaurant chain posted results on Wednesday as it navigates an uncertain consumer environment and as its new leadership deals with the most challenging backdrop in years. T-mobile (TMUS) stock rose 5% premarket on Thursday after beating analyst estimates on Wednesday. The telecom group's CEO Mike Sievert told Yahoo Finance's executive editor Brian Sozzi that the company's steady value messaging is helping it to gain market share. Wolfspeed (WOLF) shares rose 18% before the bell. The chipmaker's stock reacted positively this week to the new US-Japan trade deal and has been up 13% over the last five days. The US-Japan trade deal boosts optimism for Wolfspeed as it supports Renesas' EV chip production, raising hopes for more deals with automakers like Jaguar Land Rover. American Eagle stock soars after-hours in latest meme push Stock in retail giant American Eagle Outfitters, Inc. (AEO) flew up over 25% in after-hours trades overnight Thursday. The individual share price went from $10.82 at close to a peak of $13.80 as of 10:57 p.m. EDT. The jump in value can be attributed to the current meme stock phase that has pushed up value in companies such as Opendoor (OPEN), Krispy Kreme (DNUT), Kohl's (KSS), and GoPro (GPRO) over the past few days. Much of meme-stock mania can be attributed to retail investors making moves in stocks with 'undervalued fundamentals', and the rallying of groups around individual personalities. With this in mind, the release of an ad campaign starring actress Sydney Sweeney has been leapt upon by members of online communities on Reddit and X. Though seen in other companies receiving the benefits of online attention, with Opendoor receiving a 140% increase in retail revenue in the past two weeks, it is unclear whether the increase in stock value will see a corresponding increase in revenue for American Eagle. Stock in retail giant American Eagle Outfitters, Inc. (AEO) flew up over 25% in after-hours trades overnight Thursday. The individual share price went from $10.82 at close to a peak of $13.80 as of 10:57 p.m. EDT. The jump in value can be attributed to the current meme stock phase that has pushed up value in companies such as Opendoor (OPEN), Krispy Kreme (DNUT), Kohl's (KSS), and GoPro (GPRO) over the past few days. Much of meme-stock mania can be attributed to retail investors making moves in stocks with 'undervalued fundamentals', and the rallying of groups around individual personalities. With this in mind, the release of an ad campaign starring actress Sydney Sweeney has been leapt upon by members of online communities on Reddit and X. Though seen in other companies receiving the benefits of online attention, with Opendoor receiving a 140% increase in retail revenue in the past two weeks, it is unclear whether the increase in stock value will see a corresponding increase in revenue for American Eagle. Oil prices rise on trade deal positivity, stockpile reduction Crude oil prices climbed late night Thursday, fueled by hopes for progress in US trade talks and a surprise plunge in American oil stockpiles, easing concerns about global economic slowdown. Reuters reports: Read more here. Crude oil prices climbed late night Thursday, fueled by hopes for progress in US trade talks and a surprise plunge in American oil stockpiles, easing concerns about global economic slowdown. Reuters reports: Read more here. 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Bonds Fall on Jobs Strength as Stocks Grind Higher: Markets Wrap
(Bloomberg) -- Treasuries fell as jobless claims hit the lowest since April, underscoring labor-market strength that's keeping the Federal Reserve on hold. Stocks hovered near record highs amid a deluge of corporate earnings. Trump Awards $1.26 Billion Contract to Build Biggest Immigrant Detention Center in US The High Costs of Trump's 'Big Beautiful' New Car Loan Deduction Salt Lake City Turns Winter Olympic Bid Into Statewide Bond Boom Can This Bridge Ease the Troubled US-Canadian Relationship? Bonds dropped for a second day, with 10-year yields rising two basis points to 4.40%. Traders slightly pared bets on Fed cuts, projecting less than two reductions this year. The S&P 500 edged higher, with Alphabet Inc. up and Tesla Inc. down after their results. As European policymakers tempered expectations of policy easing, German bunds slid. The dollar and the euro wavered. Subscribe to the Stock Movers Podcast on Apple, Spotify and other Podcast Platforms. Read: 10-Year TIPS Auction Draws 1.985%, Near WI Yield at Bid Deadline Applications for US unemployment benefits fell for a sixth straight week - the longest stretch of declines since 2022. The characterization of the labor market will be a key feature of next week's Fed meeting. To Bret Kenwell at eToro, while the labor market is not firing on all cylinders, it's not showing signs of distress either. If next week's jobs data give another reassuring nod to the labor market, he says investors may breathe a further sigh of relief. 'There are still few signs of major cracks in the labor market,' said Chris Larkin at E*Trade from Morgan Stanley. 'And if that picture remains intact, the Fed has one less reason to cut interest rates.' President Donald Trump will visit the Fed Thursday to tour the construction site he's criticized for cost overruns amid his escalating attacks on Fed Chair Jerome Powell for not cutting rates. The S&P 500's record-setting spree may be stoking concerns about inflated share prices and a revival of meme-stock froth, but JPMorgan Chase & Co.'s trading desk isn't concerned. Rather, it expects the furious rally in US equities to keep going. 'While bullishness is not yet consensus, client conversations reveal that even those that skewed bearish are throwing in the towel,' the bank's head of global market intelligence Andrew Tyler said Thursday in a note ahead of the market open. Trading desks at firms including Goldman Sachs Group Inc. and Citadel Securities are telling clients to buy cheap hedges against potential losses in US stocks as a slew of risks loom over the market's record advance. US margin debt, a measure showing how much investors are borrowing to buy stocks on the New York Stock Exchange, is starting to run too hot — a potentially concerning sign for the credit market, according to credit strategists at Deutsche Bank AG. The market euphoria may continue if there are unexpected tariff reductions or a more dovish stance by the Fed than investors anticipate, the strategists said. US stocks face near-term risk as the market is too complacent about tariffs and the related backlash, according to BNP Paribas Asset Management strategist Chi Lo. On the trade front, Trump suggested he would not go below 15% as he sets so-called reciprocal tariff rates ahead of an Aug. 1 deadline, an indication that the floor for the increased levies was rising. While some investors are concerned about 'frothiness,' Craig Johnson at Piper Sandler says that, from a technical point of view, that this is not the case when looking 'down-cap' from the heavy-weights in the S&P 500 and Nasdaq indices. 'We believe that this bull market is broadening out in terms of participation,' he said. In a sign of how breadth remains, the NYSE advance-decline line, a popular indicator that tracks the number of securities rising minus the number falling on the exchange each day, hit fresh highs. Corporate Highlights: Elon Musk warned of difficult times ahead for Tesla Inc. following one of the carmaker's worst stretches since it first started producing electric sedans over a dozen years ago. Alphabet Inc. said demand for artificial intelligence products boosted quarterly sales, and now requires an extreme increase in capital spending — heightening pressure on the company to justify the cost of keeping up in the AI race. International Business Machines Corp. reported weaker-than-expected sales in its closely watched software segment, disappointing investors who have grown increasingly optimistic about the business. Microsoft Corp. said a Chinese hacking group is exploiting security vulnerabilities in the company's SharePoint servers to deploy ransomware, following a cyberattack discovered last week that has affected hundreds of entities around the world. UnitedHealth Group Inc. is responding to criminal and civil requests from the US Department of Justice about its Medicare practices, the company said, confirming reports of probes that have added to mounting challenges for the largest US health insurer. Union Pacific Corp., North America's largest railroad, is in advanced discussions with Norfolk Southern Corp. about a potential tie-up in what would be the industry's largest deal ever. LVMH sales fell as shoppers reined in purchases of costly Louis Vuitton bags and Dior jackets, a sign the luxury titan remains stuck in its post-pandemic slump. American Airlines Group Inc. scaled back its earnings outlook amid deep fare discounts offered to woo reluctant travelers back on flights during a slump in consumer demand. Southwest Airlines Co. expects economic turmoil to erase as much as $1 billion of its annual pre-tax profit this year, prompting the US airline to offer shareholders a much-reduced outlook for 2025. Union Pacific Corp., North America's largest railroad, is in advanced discussions with Norfolk Southern Corp. about a potential tie-up in what would be the industry's largest deal ever. The Food and Drug Administration won't sign off on Sarepta Therapeutics Inc. bringing its controversial gene therapy back to the market until the company can persuade US regulators that it won't cause more deaths, according to an official familiar with the situation. Dow Inc. slumped after the chemical company reported its first quarterly loss in five years as trade and tariff uncertainties weighed on volumes. T-Mobile US Inc., the nation's second-largest wireless provider, reported more new subscribers than analysts were expecting in the second quarter, overcoming a sluggish start to the year. Chipotle Mexican Grill Inc. cut its annual outlook for the second time this year, suggesting that honey chicken and burrito giveaways haven't been enough to offset a traffic slump that the company attributed to economic anxiety. Blackstone Inc. reported a 25% jump in distributable earnings for the second quarter, buoyed by profits from its retail and evergreen funds. ServiceNow Inc. gave a strong outlook for revenue growth in the third quarter and touted customer adoption of its artificial intelligence software tools. Roche Holding AG is weighing direct-to-patient drug sales in the US, bypassing the middleman for its pricey medicines for multiple sclerosis, eye disease and cancer. Some of the main moves in markets: Stocks The S&P 500 rose 0.2% as of 1:02 p.m. New York time The Nasdaq 100 rose 0.3% The Dow Jones Industrial Average fell 0.5% The MSCI World Index rose 0.3% Bloomberg Magnificent 7 Total Return Index fell 0.3% The Russell 2000 Index fell 1.1% Alphabet rose 0.7% Tesla fell 9.1% Currencies The Bloomberg Dollar Spot Index rose 0.2% The euro was little changed at $1.1762 The British pound fell 0.5% to $1.3511 The Japanese yen fell 0.2% to 146.87 per dollar Cryptocurrencies Bitcoin rose 0.5% to $118,582.31 Ether rose 3.4% to $3,691.61 Bonds The yield on 10-year Treasuries advanced two basis points to 4.40% Germany's 10-year yield advanced six basis points to 2.70% Britain's 10-year yield declined one basis point to 4.62% The yield on 2-year Treasuries advanced four basis points to 3.92% The yield on 30-year Treasuries was little changed at 4.94% Commodities West Texas Intermediate crude rose 0.4% to $65.48 a barrel Spot gold fell 0.6% to $3,366.73 an ounce Burning Man Is Burning Through Cash Elon Musk's Empire Is Creaking Under the Strain of Elon Musk It's Not Just Tokyo and Kyoto: Tourists Descend on Rural Japan A Rebel Army Is Building a Rare-Earth Empire on China's Border How Hims Became the King of Knockoff Weight-Loss Drugs ©2025 Bloomberg L.P. 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