Results for: Business

Neurocrine Biosciences’ Phase 2 SAVITRI trial for depression therapy NBI-1065845 has reached its main goals in adults with major depressive disorder. The once-daily oral therapy indicated a statistically significant change from baseline in a clinical measure called the Montgomery-Åsberg Depression Rating Scale at Days 28 (primary) and 56 (secondary) compared to placebo. Neurocrine’s medical chief Eiry Roberts said, “The Phase 2 data are very encouraging, and we look forward to meeting with the FDA to discuss a path into Phase 3 studies.”

International Business Machines (IBM) is in advanced discussions to acquire HashiCorp, a cloud software provider. The potential deal could value HashiCorp at around $6.1 billion, according to a source familiar with the matter. The talks are in their final stages and an agreement may be reached within the coming days. However, there is still a possibility that the negotiations might not lead to a transaction.

The Indian government has reiterated that spectrum allocation for telecom services will primarily be done through auctions. However, administrative allocation will be considered in specific cases such as satellite communications, sovereign functions, or the armed forces. This clarification was provided in response to ongoing legal challenges and ahead of the introduction of the Telecommunications Act 2023. The government has approached the Supreme Court for clarification on whether administrative allocation is permissible under certain circumstances where auctions are not feasible.

Despite the potential for Fed rate cuts, which could lower dividends for most CLO ETFs, the author remains bullish on these funds for three reasons: their strong current yields, their expected strong yields for the next two years as per Fed guidance, and their low risk profile with little credit or interest rate risk. The author also provides a brief overview of CLOs and explains the three CLO ETF types: AAA-rated (JAAA), BBB-rated (JBBB), and BBB and BB-rated (CLOZ).

Morgan Stanley (MS) is on a roll, extending its winning streak to seven sessions on the back of strong quarterly earnings and rumors of potential restructuring. The financial giant’s stock has climbed 6.67% in the past six trading days, including a notable 2.47% jump on April 16 following the release of its Q1 results. MS is trading near its 52-week high, surpassing its 20-day and 200-day simple moving averages. Analysts and investors are bullish on Morgan Stanley’s prospects, citing factors such as rising investment banking activity, wealth management revenue, and expected growth in IPOs and M&As.

Nestled outside the bustling metropolis of Paris lies a palatial estate that exudes an aura of grandeur and opulence. Château d’Armainvilliers, once the abode of royalty and the elite, has recently hit the market with an eye-watering price tag of $452 million, making it one of the most expensive homes on the planet. This architectural masterpiece boasts a rich tapestry of history dating back to the 1100s, showcasing the evolution of architectural styles over the centuries. As you step into this magnificent property, you will be greeted by a staggering 100 rooms, three elevators, and 17 opulent bedroom suites adorned with intricate Moroccan design elements. The vast estate encompasses a sprawling 2,500 acres, dotted with 36 buildings that cater to every conceivable need, including a luxurious hammam, a hairdressing salon, stables for equestrian pursuits, and ample staff housing.

Danaher Corporation, a leading life sciences company, reported strong financial results for the first quarter of 2024, surpassing analyst estimates and indicating a recovery in the biotech industry. Revenue reached $5.8 billion, a 4% organic decline year-over-year but above expectations of $5.62 billion. Adjusted earnings per share (EPS) came in at $1.92, a 6.3% annual decrease but ahead of consensus estimates of $1.71 per share. Key operating segments all delivered better-than-expected results, including biotechnology, life sciences, and diagnostics.

Cyngn Inc. (CYN), a developer of AI-powered autonomous driving software solutions for industrial applications, announced the pricing of its public offering today with an expected gross proceeds of approximately $5 million. The offering comprises 50,000,000 shares of common stock and pre-funded warrants at a purchase price of $0.10 per share. The net proceeds from the offering will be used for general corporate purposes, including working capital. Aegis Capital Corp. acted as the sole bookrunner for the offering.

US stocks are continuing to gain momentum on Tuesday, with the Nasdaq leading the charge. Investors are impressed by the first wave of company earnings, with Spotify, General Motors, and GE all reporting strong results. Tesla is set to release its earnings after the market closes, and analysts are eager to see if the hype surrounding EVs has been replaced by AI. In other news, new house sales data revealed that the market accelerated faster than expected in March.

Novartis AG (NYS: NVS) has raised its full-year revenue and profit guidance, driven by a strong first quarter performance. The Swiss drugmaker’s revenue growth is now expected to be in the high-single to low-double-digit percentage range, compared to its earlier mid-single-digit forecast. Core operating income is also expected to increase by the low-double-digit to mid-teen percentage, exceeding the previous expectation of a high-single-digit rise.

In the first quarter, Novartis reported revenue of $11.8 billion, surpassing analysts’ estimates of $11.5 billion. Adjusted earnings per share (EPS) were $1.80, up 23% year-over-year and higher than the $1.73 expected.

The company’s performance was broad-based, with growth across all key growth brands and geographies. Momentum from psoriasis drug Cosentyx, relapsing Multiple Sclerosis medicine Kesimipta, and high cholesterol drug Leqvio contributed to the strong results.

Novartis CEO Vas Narasimhan expressed confidence, stating, “Novartis continued our strong momentum with both sales growth and core margin expansion in Q1.” He added, “Our performance was broad-based, across all key growth brands and geographies, allowing us to raise guidance for the full year 2024.”

Following the earnings announcement, shares of Novartis rose 2.3% to $97.30 in early afternoon trading on Tuesday.