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Aadi Enters Agreement to Sell FYARRO ® and Associated Infrastructure to KAKEN Pharmaceutical for $100M ; Announces PIPE Financing of $100M Cumulative Capital Expected to Fund Operations into Late 2028, Including Anticipated Clinical Data for the ADC Portfolio Co-Founder and Former CEO of ProfoundBio, Baiteng Zhao, Appointed to Aadi Board of Directors Aadi to Hold Webcast and Conference Call on December 20 at 8:00 AM EST LOS ANGELES , Dec. 19, 2024 /PRNewswire/ -- Aadi Bioscience, Inc. (NASDAQ: AADI) today announced it has entered into an exclusive license agreement for development and global commercialization of a three-asset portfolio of preclinical, next-wave antibody-drug conjugates (ADCs), in collaboration with WuXi Biologics (2269.HK), a leading global Contract Research, Development and Manufacturing Organization (CRDMO), and HANGZHOU DAC BIOTECHNOLOGY CO., LTD. ( HANGZHOU DAC), a global leader in ADC innovation. Per the terms of the license agreement, Aadi is granted exclusive rights to certain patents and know-how pertaining to three preclinical ADC programs leveraging HANGZHOU DAC's CPT113 linker payload technology targeting each of Protein Tyrosine Kinase 7 (PTK7), Mucin-16 (MUC16) and Seizure Related 6 Homolog (SEZ6). Aadi will pay aggregate upfront payments of $44 million for in-licensing such ADC programs. Additionally, Aadi is obligated to pay cumulative development milestone payments of up to $265 million , cumulative commercial milestone payments of up to $540 million and single-digit royalties of sales. To support this transaction, Aadi entered into a subscription agreement with certain qualified institutional buyers and accredited investors for a private investment in public equity ("PIPE") financing that is expected to result in gross proceeds of approximately $100 million , before deducting placement agent fees and other offering expenses. The Company is selling an aggregate of 21,592,000 shares of its common stock ("Common Stock") at a price of $2.40 per share, representing a premium of approximately 3.4% to the closing price on December 19, 2024 on Nasdaq, and pre-funded warrants ("Pre-Funded Warrants") to purchase up to an aggregate of 20,076,500 shares of Common Stock at a purchase price of $2.3999 per Pre-Funded Warrant share. The syndicate was led by Ally Bridge Group, with participation from new investors OrbiMed, Invus, Kalehua Capital and other accredited investors, Tae Han co-founder of ProfoundBio, as well as existing investors, including Avoro Capital, KVP Capital and Acuta Capital Partners. The PIPE financing is expected to close in the first half of 2025, subject to stockholder vote and satisfaction of customary closing conditions. "I'm thrilled to announce our partnership with WuXi Biologics and HANGZHOU DAC to bring forward this thoughtfully selected ADC portfolio. We were deliberate in identifying broadly expressed tumor targets where first-generation ADCs have already shown proof of concept. With our next wave ADC portfolio, we aim to build upon these earlier therapies to deliver improved outcomes for people living with cancer," said David Lennon , PhD, President and CEO of Aadi Bioscience. "The financing underscores the confidence our investors have in both the potential of this portfolio and the strength of Aadi's management team." About the ADC Portfolio Each of the three ADC assets utilizes HANGZHOU DAC's CPT113 ADC platform, which consists of a highly stable yet cleavable linker that delivers a Topoisomerase I (TOPO1) inhibitor payload. The CPT113 platform's linker stability and novel payload has the potential to be highly competitive among the next generation ADC platforms. To effectively leverage the CPT113 platform, Aadi selected tumor targets that are upregulated in high-potential cancer indications and where clinical efficacy has been demonstrated by first-generation ADCs. PTK7-CPT113 potentially represents a differentiated opportunity to be among the first next-wave ADCs in clinical development for high PTK7 expressing cancers, including non-small cell lung cancer (NSCLC), ovarian cancer and several other major indications. mMUC16-CPT113 is the first ADC that targets membrane-bound portion of MUC16, a glycoprotein often overexpressed in cancers of female origin. biSEZ6-CPT113 is designed to address the neuronal target, SEZ6, which is often overexpressed in cancers of neuroendocrine origin. biSEZ6-CPT113 utilizes a dual epitope binding, or biparatopic, approach which can potentially improve internalization and effectiveness of the ADC. These assets were discovered through the collaborative efforts of WuXi Biologics and HANGZHOU DAC, utilizing the innovative antibody discovery platform provided by WuXi Biologics and advanced linker-payload technology provided by HANGZHOU DAC. "Leveraging our advanced antibody discovery service, we're glad to enable Aadi to accelerate the discovery of precision therapies targeting some of the most challenging cancers," said Dr. Chris Chen , CEO of WuXi Biologics. "This collaboration underscores our wide recognition as an industry leader in discovery service solutions, and further validates our ability to provide integrated discovery technology platforms for global partners to develop next-generation modalities. We look forward to partnering with Aadi and HANGZHOU DAC to expeditiously move these assets forward into clinical development and benefit patients worldwide." " HANGZHOU DAC's CPT-ADC platform is designed to enable next wave ADC capabilities that surpass first-generation technologies, including two programs already in clinical development in China ," said Dr. Robert Y. Zhao , President and CEO of HANGZHOU DAC Biotechnology. "As a global leader in ADC innovation, we are excited to partner with Aadi and WuXi Biologics to deliver this promising portfolio to patients." Aadi to Sell FYARRO for $100 Million , Cumulative Capital Expected to Fund Operations into Late 2028 In a separate agreement, KAKEN Pharmaceutical Co., Ltd., an R&D driven pharmaceutical company in Japan , has entered into a stock purchase agreement under which KAKEN will acquire Aadi Subsidiary, Inc. and all of its assets, including FYARRO ® (sirolimus protein-bound particles for injectable suspension) (albumin-bound) and associated infrastructure, including the majority of Aadi employees who support the FYARRO ® business. FYARRO is approved by the U.S. Food and Drug Administration (FDA) for the treatment of adult patients with locally advanced unresectable or metastatic malignant perivascular epithelioid cell tumor (PEComa), with cumulative revenue of $25.2 million reported over the prior four quarters ended September 30, 2024 . Per the terms of the agreement, Kaken will pay Aadi $100 million in cash at closing, subject to certain adjustments. The transaction is expected to close in the first half of 2025, subject to Aadi stockholder approval and certain closing conditions. Upon the closing of this transaction, KAKEN will also acquire the rights to the Aadi name and trademark. "We are enormously proud of the impact FYARRO has had for people with PEComa, and Kaken's capabilities, coupled with the proven track record of the Aadi team, ensures physicians and patients will continue to have access to this critical treatment," said Lennon. The net proceeds from the PIPE financing and the sale of FYARRO, together with the Company's existing cash, cash equivalents and marketable securities are expected to fund operations into late-2028, including anticipated clinical data readouts for the ADC portfolio. Baiteng Zhao Appointed to the Board of Directors, Brings Significant ADC Expertise Baiteng Zhao, PhD, joins Aadi's board of directors. Zhao co-founded ProfoundBio, a clinical stage next-gen ADC developer, in 2018 and served as the Chairman and CEO of the company until it was acquired by Genmab for $1.8 billion in May 2024 . Prior to ProfoundBio, Dr. Zhao worked at Seagen (now part of Pfizer) for more than eight years and was responsible for the modeling and simulation strategies for the development pipeline and supported preclinical and clinical development of ADC drug candidates. "We are delighted to welcome Baiteng to our Board. His deep expertise and successful track record in ADC development will be instrumental as we tenaciously move this exciting portfolio forward," said Caley Castelein , MD, Chair of the Board of Directors of Aadi Bioscience. "I am thrilled to join the Board at this pivotal moment for Aadi," said Baiteng Zhao, PhD, Board of Directors of Aadi Bioscience and co-founder of ProfoundBio. "PTK7, MUC16 and SEZ6 represent highly promising targets that are commonly overexpressed in cancers with significant unmet therapeutic needs. Coupled with an advanced linker-payload platform that has the potential to enable next-gen ADCs, I believe Aadi is uniquely positioned to make a meaningful impact on patient outcomes. I look forward to collaborating with the leadership team and fellow Board directors to advance these innovative programs and drive transformative progress for patients." Advisors Leerink Partners is serving as financial advisor to Aadi on the sale of FYARRO and the licensing of the ADC portfolio. Jefferies LLC is acting as exclusive placement agent for the PIPE financing. Wilson Sonsini Goodrich & Rosati, P.C. is serving as legal counsel to Aadi. McDermott Will & Emery LLP is serving as legal counsel to Kaken. Cooley LLP is serving as legal counsel to Jefferies LLC. Nomura Securities Co., Ltd. is serving as financial advisor to KAKEN. Conference Call Information The Aadi management team is hosting a conference call and webcast tomorrow, Friday, December 20 th at 8:00 AM EST ( 5:00 AM PST ) to discuss these updates. Participants may access a live webcast of the call and the associated slide presentation on these data through the "Investors & News" page of the Aadi Bioscience website at aadibio.com . To participate via telephone, please register in advance at this link . Upon registration, all telephone participants will receive a confirmation email detailing how to join the conference call, including the dial-in number along with a unique passcode and registrant ID that can be used to access the call. A replay of the conference call and webcast will be archived on the Company's website for at least 30 days. Additional Information for Stockholders This communication relates to the proposed sale of FYARRO and the proposed PIPE financing and may be deemed to be solicitation material in respect of such transactions. In connection with these proposed transactions, Aadi will file a Proxy Statement with the SEC. This communication is not a substitute for the Proxy Statement or any other documents that Aadi may file with the SEC or send to Aadi stockholders in connection with the proposed transactions. Before making any voting decision, investors and securityholders are urged to read the Proxy Statement and all other relevant documents filed or that will be filed with the SEC in connection with the proposed transactions as they become available because they will contain important information about the proposed transactions and related matters. Stockholders may obtain a copy of the Proxy Statement and other documents the Company files with the SEC (when they are available) through the website maintained by the SEC at www.sec.gov , as well as on the Investor and News section of Aadi's website at www.aadibio.com . Certain stockholders of Aadi holding approximately 36% of Aadi's outstanding shares, as of the date hereof, including members of its board of directors and related entities, have entered into voting and support agreements in favor of KAKEN Pharmaceutical and Aadi, pursuant to which such stockholders have agreed to vote in favor of the stock purchase transaction with KAKEN Pharmaceutical and the other transactions described above. Participants in the Solicitation Aadi and its respective directors and executive officers may be deemed to be participants in the solicitation of proxies from the stockholders of Aadi in connection with the proposed transactions. Information about Aadi's directors and executive officers is set forth in Aadi's definitive proxy statement filed with the SEC on April 26, 2024 , and in subsequent filings made by Aadi with the SEC. Other information regarding the interests of such individuals, as well as information regarding Aadi's directors and executive officers and other persons who may be deemed participants in the proposed transactions, will be set forth in the Proxy Statement and other relevant materials to be filed with the SEC when they become available. You may obtain free copies of these documents as described in the preceding paragraph. No Offer or Solicitation This press release shall not constitute an offer to sell or a solicitation of an offer to buy these securities nor a solicitation of any vote or approval with respect to the proposed transactions or otherwise, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction. The offer and sale of securities of Aadi described above are being made in a transaction not involving a public offering and the securities have not been registered under the Securities Act of 1933, as amended, and may not be reoffered or resold in the United States except pursuant to an effective registration statement or an applicable exemption from the registration requirements. Concurrently with the execution of the subscription agreement, the Company and the investors entered into a registration rights agreement pursuant to which the Company has agreed to file, following the closing of the PIPE financing, a registration statement with the SEC registering the resale of the shares of Common Stock and the shares of Common Stock underlying the Pre-Funded Warrants sold in the PIPE financing. About Aadi Bioscience Aadi is a precision oncology company with a vision to make bold choices in applying technology to efficiently deliver improved precision oncology therapies for people living with difficult-to-treat cancers. More information on the Company is available on the Aadi website at www.aadibio.com and connect with us on LinkedIn. Forward-Looking Statements This press release contains certain forward-looking statements regarding the business of Aadi Bioscience that are not a description of historical facts within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on the Company's current beliefs and expectations and may include, but are not limited to, statements relating to: the timing and completion of the proposed sale of FYARRO to Kaken Pharmaceuticals and the anticipated timing of the closing of the transaction; expectations regarding the timing, closing and completion of the PIPE financing; Aadi's expected cash position at the closing and cash runway of the company following the sale of FYARRO and PIPE financing; the future operations of Aadi; the development and potential benefits of any of Aadi's product candidates, including the preclinical ADC assets proposed to be licensed from WuXi; anticipated preclinical and clinical development activities and related timelines, including the expected timing for announcement of data and other preclinical and clinical results and potential submission of IND filings for one or more product candidates; and other statements that are not historical fact. Actual results could differ materially from those anticipated in such forward-looking statements as a result of these risks and uncertainties, which include, without limitation, risks associated with (i) the risk that the conditions to the closing of the proposed sale of FYARRO or the PIPE financing are not satisfied, including the failure to timely obtain stockholder approval for the transactions, if at all; (ii) uncertainties as to the timing of the consummation of the proposed transactions and the ability of each of Kaken and Aadi to consummate the proposed sale of FYARRO; (iii) risks related to Aadi's ability to manage its operating expenses and its expenses associated with the proposed transactions pending the closing; (iv) risks related to the failure or delay in obtaining required approvals from any governmental or quasi-governmental entity necessary to consummate the proposed transactions; (v) unexpected costs, charges or expenses resulting from the transactions; (vii) potential adverse reactions or changes to business relationships resulting from the announcement or completion of the proposed sale of FYARRO or the proposed PIPE financing; (vii) the uncertainties associated with Aadi's product candidates, as well as risks associated with the preclinical and clinical development and regulatory approval of product candidates, including potential delays in the completion of preclinical studies and clinical trials; (viii) risks related to the inability of Aadi to obtain sufficient additional capital to continue to advance these product candidates; (ix) uncertainties in obtaining successful preclinical and clinical results for product candidates and unexpected costs that may result therefrom; (x) risks related to the failure to realize any value from product candidates being developed and anticipated to be developed in light of inherent risks and difficulties involved in successfully bringing product candidates to market; and (xi) risks associated with the possible failure to realize certain anticipated benefits of the proposed sale of FYARRO or the proposed PIPE financing, including with respect to future financial and operating results. Additional risks and uncertainties that could cause actual outcomes and results to differ materially from those contemplated by the forward-looking statements are included in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2023 , including under the caption "Item 1A. Risk Factors," and in Aadi's subsequent Quarterly Reports on Form 10-Q, and elsewhere in Aadi's reports and other documents that Aadi has filed, or will file, with the SEC from time to time and available at www.sec.gov . All forward-looking statements in this press release are current only as of the date hereof and, except as required by applicable law, Aadi undertakes no obligation to revise or update any forward-looking statement, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise. All forward-looking statements are qualified in their entirety by this cautionary statement. This cautionary statement is made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Contact: IR@aadibio.com View original content to download multimedia: https://www.prnewswire.com/news-releases/aadi-bioscience-transforms-with-in-licensing-of-novel-adc-portfolio-100-million-sale-of-fyarro-and-100-million-pipe-financing-302336743.html SOURCE Aadi Bioscience
This comprehensive school assembly guide offers everything necessary for a successful and engaging program. From current news updates to inspirational thoughts of the day, along with a well-crafted anchoring script, it ensures a smooth and memorable event that leaves a lasting impact on everyone involved. Mumbai: School assemblies play a crucial role in the holistic development of students, offering them a platform to cultivate leadership skills, boost self-confidence, and foster a sense of unity within the school community. Far from being mere routine events, these assemblies are valuable opportunities for students to learn, collaborate, and draw inspiration, making them an essential part of a thriving educational environment. To ensure the success of a school assembly, careful planning and creativity are key. By incorporating elements that educate, inspire, and entertain, educators can create sessions that captivate students while leaving a lasting positive impact. Start by selecting a theme that resonates with the students’ interests or reflects important current events, school values, or upcoming celebrations. A well-chosen theme provides clarity and direction, giving the assembly purpose and meaning. Opening the event with a warm, enthusiastic welcome sets a positive tone and encourages active participation from both students and staff. Including a “Thought of the Day” introduces a reflective moment, sparking optimism and introspection among the audience. Following this, a brief overview of school activities, achievements, or global news presented engagingly ensures students stay informed and connected to their community. Incorporating interactive or creative segments, such as performances, role plays, or quizzes, adds excitement and encourages involvement. These activities also offer students opportunities to showcase their talents, build confidence in public speaking, and practice teamwork. As the assembly draws to a close, take a moment to acknowledge everyone’s contributions, share key announcements, and finish with a unifying gesture, such as the national anthem, a school pledge, or a motivational send-off. This reinforces a sense of pride and belonging among the students and staff. To create a truly impactful assembly, ensure each segment is concise yet engaging, keeping the audience’s attention from start to finish. Building an inclusive environment where every student feels valued and involved enhances the overall experience, making the assembly memorable and meaningful. With thoughtful planning and execution, school assemblies can become powerful platforms for personal growth, inspiration, and community building, leaving a lasting impact on all who participate. Thought for the Day for school assembly “Happiness lies in the joy of achievement and the thrill of creative effort.” – Franklin D. Roosevelt School assembly news headlines today Refer to the top school assembly headlines covering national, international, and sports news: National news for school assembly International news for school assembly Sports news for school assembly Anchoring Script for School Assembly Here’s a fresh and engaging school assembly anchoring script that combines key elements: greetings, inspiration, news updates, motivational content, and an entertaining performance. It ensures a lively and impactful session for all participants. [Opening Remarks] Anchor 1: Good morning, everyone! A warm welcome to our respected Principal, beloved teachers, and all our dear students. I’m [Anchor Name], and I’m thrilled to lead today’s assembly. Let’s make this gathering one to remember! Anchor 2: A very good morning to all of you! It’s fantastic to see everyone here, ready to begin a day filled with positivity and inspiration. Today’s assembly has so much in store—let’s get started! [Thought for the Day] Anchor 1: To kick things off, let’s begin with today’s thought. It’s a quote that will surely make us reflect and inspire us throughout the day. [Quote is shared by a student.] Anchor 2: Thank you for sharing such a beautiful thought. Let’s carry these words with us and try to embody them in our actions today. [News and Announcements] Anchor 1: Now, let’s catch up on the latest updates and announcements. Here’s what’s happening in our school and the world around us. [Share relevant school news or events.] Anchor 2: Just a reminder to all Annual Day participants: Don’t forget to register for your events by the end of this week. We’re looking forward to an outstanding display of talent! [Motivational Speech] Anchor 1: Let’s now lift our spirits with some motivation. Remember, every new day is a chance to learn and grow. Let’s make the most of it! Anchor 2: Yes, every challenge we face only makes us stronger. And every effort we make brings us closer to our dreams. Let’s keep pushing forward and take on the day with enthusiasm! [Special Performance] Anchor 1: Now for the highlight of today’s assembly! We have a special performance by [Name of the student or group], who will be presenting a [type of performance, e.g., skit, song, dance]. Let’s give them a warm round of applause as they take the stage! Anchor 2: Sit back, relax, and enjoy the performance. Let’s show our appreciation by cheering them on! [Closing Remarks] Anchor 1: What an outstanding performance! A big thank you to [student/group name] for sharing their talents with us today. Anchor 2: Inspiring! As we close today’s assembly, let’s carry forward the positive energy and lessons we’ve learned today. Anchor 1: Let’s continue to do our best, help one another, and approach each day with a spirit of optimism and collaboration. Anchor 2: Thank you all for your participation. Wishing everyone an amazing day ahead, filled with learning and success! Both: Goodbye, and have a fantastic day! A well-organised assembly leaves students motivated, energised, and ready to take on the day ahead. Click for more latest Events news . Also get top headlines and latest news from India and around the world at News9. Chhaya Gupta, a lifestyle sub-editor specialising in fashion, food, relationships, travel, well-being, and spirituality, is a dedicated fashion enthusiast and avid traveller. With meticulous attention to detail, she stays abreast of the latest developments in major events across Indian cities and internationally. From life to style, she derives immense pleasure in covering a variety of subjects. With 1.5 years of experience, she has honed her skills while working at The Free Press Journal. Latest NewsPublished 4:19 pm Saturday, November 23, 2024 By Data Skrive In college hoops play on Sunday, the Portland Pilots versus the Princeton Tigers is among the 10 games that made our list of best bets against the spread. Watch men’s college basketball, other live sports and more on Fubo. What is Fubo? Fubo is a streaming service that gives you access to your favorite live sports and shows on demand. Use our link to sign up for a free trial. Bet on this or any men’s college basketball matchup at BetMGM. Not all offers available in all states, please visit BetMGM for the latest promotions for your area. Must be 21+ to gamble, please wager responsibly. If you or someone you know has a gambling problem, contact 1-800-GAMBLER .Stock market today: Wall Street ends little changed after giving up a big morning gainThe Dow rocketed to a fresh record Friday, extending a post-election US equity rally while the euro retreated against the dollar following weak eurozone data. The blue-chip index piled on one percent to end the day at 44,296.51, narrowly overtaking a record set earlier this month. Major American indices have been at or near record territory since the US election, with investors betting that President-elect Donald Trump's program of tax cuts and regulatory scale-back would more than offset the drag from expected tariff increases. "The trading most of this week has been influenced by the growth agenda," said Jack Ablin, chief investment officer at Cresset Capital Management. Market watchers have been cheered this week by a broadening of the rally beyond the tech names that dominated earlier in the year. The dollar also continued to strengthen, reflecting less certainty about additional Federal Reserve interest rate cuts and the US currency's status as a haven asset amid escalating tensions in the Russia-Ukraine war. The euro was also battered by a closely watched survey showing contractions in November business activity in the eurozone. The HCOB Flash Eurozone purchasing managers' index (PMI) published by S&P Global dropped to 48.1 compared to 50.0 in October, the most marked rate of contraction in 10 months. Any reading above 50 indicates growth, while a figure below 50 shows contraction. "Things could hardly have turned out much worse," said Cyrus de la Rubia, chief economist at Hamburg Commercial Bank. "The eurozone's manufacturing sector is sinking deeper into recession, and now the services sector is starting to struggle after two months of marginal growth." But as the euro fell both Paris and Frankfurt stocks managed to recover their losses and advance. "The eurozone data has increased the chance of more rate cuts from the ECB next year," said Kathleen Brooks, research director at XTB, as well a cut of 50 basis points next month. "Investors have been jolted into recalibrating interest rate expectations on the back of this bleak economic news," she added. London managed to gain 1.4 percent despite data showing that retail sales figures for October undershot forecasts, as the pound fell against the dollar. In Asia, Tokyo climbed as the government prepared to announce a $140 billion stimulus package to kickstart the country's stuttering economy. However, Hong Kong and Shanghai sank on a sell-off in tech firms caused by weak earnings from firms including Temu-owner PDD Holdings and internet giant Baidu. Bitcoin set a new record high above $99,500 Friday, before easing back slightly. The leading digital currency is expected to soon burst through $100,000 as investors grow increasingly hopeful that Trump will pass measures to deregulate the crypto sector. Bitcoin has soared more than 40 percent since the Republican's election victory this month and has more than doubled since the turn of the year. The recent surge has also been "driven by news that Trump could set up an official crypto department that would sit in the heart of US government," said XTB's Brooks. New York - Dow: UP 1.0 percent at 44,296.51 (close) New York - S&P 500: UP 0.4 percent at 5,969.34 (close) New York - Nasdaq Composite: UP 0.2 percent at 19,003.65 (close) London - FTSE 100: UP 1.4 percent at 8,262.08 (close) Paris - CAC 40: UP 0.6 percent at 7,255.01 (close) Frankfurt - DAX: UP 0.9 percent at 19,322.59 (close) Tokyo - Nikkei 225: UP 0.7 percent at 38,283.85 (close) Hong Kong - Hang Seng Index: DOWN 1.9 percent at 19,229.97 (close) Shanghai - Composite: DOWN 3.1 percent at 3,267.19 (close) Euro/dollar: DOWN at $1.0418 from $1.0474 on Thursday Pound/dollar: DOWN at $1.2530 from $1.2589 Dollar/yen: UP at 154.83 yen from 154.54 yen Euro/pound: DOWN at 83.11 pence from 83.20 pence West Texas Intermediate: UP 1.6 percent at $71.24 per barrel Brent North Sea Crude: UP 1.3 percent at $75.17 per barrel burs-jmb/mlm
The Dow rocketed to a fresh record Friday, extending a post-election US equity rally while the euro retreated against the dollar following weak eurozone data. The blue-chip index piled on one percent to end the day at 44,296.51, narrowly overtaking a record set earlier this month. Major American indices have been at or near record territory since the US election, with investors betting that President-elect Donald Trump's program of tax cuts and regulatory scale-back would more than offset the drag from expected tariff increases. "The trading most of this week has been influenced by the growth agenda," said Jack Ablin, chief investment officer at Cresset Capital Management. Market watchers have been cheered this week by a broadening of the rally beyond the tech names that dominated earlier in the year. The dollar also continued to strengthen, reflecting less certainty about additional Federal Reserve interest rate cuts and the US currency's status as a haven asset amid escalating tensions in the Russia-Ukraine war. The euro was also battered by a closely watched survey showing contractions in November business activity in the eurozone. The HCOB Flash Eurozone purchasing managers' index (PMI) published by S&P Global dropped to 48.1 compared to 50.0 in October, the most marked rate of contraction in 10 months. Any reading above 50 indicates growth, while a figure below 50 shows contraction. "Things could hardly have turned out much worse," said Cyrus de la Rubia, chief economist at Hamburg Commercial Bank. "The eurozone's manufacturing sector is sinking deeper into recession, and now the services sector is starting to struggle after two months of marginal growth." But as the euro fell both Paris and Frankfurt stocks managed to recover their losses and advance. "The eurozone data has increased the chance of more rate cuts from the ECB next year," said Kathleen Brooks, research director at XTB, as well a cut of 50 basis points next month. "Investors have been jolted into recalibrating interest rate expectations on the back of this bleak economic news," she added. London managed to gain 1.4 percent despite data showing that retail sales figures for October undershot forecasts, as the pound fell against the dollar. In Asia, Tokyo climbed as the government prepared to announce a $140 billion stimulus package to kickstart the country's stuttering economy. However, Hong Kong and Shanghai sank on a sell-off in tech firms caused by weak earnings from firms including Temu-owner PDD Holdings and internet giant Baidu. Bitcoin set a new record high above $99,500 Friday, before easing back slightly. The leading digital currency is expected to soon burst through $100,000 as investors grow increasingly hopeful that Trump will pass measures to deregulate the crypto sector. Bitcoin has soared more than 40 percent since the Republican's election victory this month and has more than doubled since the turn of the year. The recent surge has also been "driven by news that Trump could set up an official crypto department that would sit in the heart of US government," said XTB's Brooks. New York - Dow: UP 1.0 percent at 44,296.51 (close) New York - S&P 500: UP 0.4 percent at 5,969.34 (close) New York - Nasdaq Composite: UP 0.2 percent at 19,003.65 (close) London - FTSE 100: UP 1.4 percent at 8,262.08 (close) Paris - CAC 40: UP 0.6 percent at 7,255.01 (close) Frankfurt - DAX: UP 0.9 percent at 19,322.59 (close) Tokyo - Nikkei 225: UP 0.7 percent at 38,283.85 (close) Hong Kong - Hang Seng Index: DOWN 1.9 percent at 19,229.97 (close) Shanghai - Composite: DOWN 3.1 percent at 3,267.19 (close) Euro/dollar: DOWN at $1.0418 from $1.0474 on Thursday Pound/dollar: DOWN at $1.2530 from $1.2589 Dollar/yen: UP at 154.83 yen from 154.54 yen Euro/pound: DOWN at 83.11 pence from 83.20 pence West Texas Intermediate: UP 1.6 percent at $71.24 per barrel Brent North Sea Crude: UP 1.3 percent at $75.17 per barrel burs-jmb/mlm
NEW YORK (AP) — Stocks fell broadly on Friday as Wall Street closed out a holiday-shortened week on a down note. The losses were made worse by sharp declines for the Big Tech stocks known as the "Magnificent 7", which can heavily influence the direction of the market because of their large size. The S&P 500 fell 66.75 points, or 1.1%, to 5,970.84. Roughly 90% of stocks in the benchmark index lost ground, but it managed to hold onto a modest gain of 0.7% for the week. The Dow Jones Industrial Average fell 333.59 points, or 0.8%, to 42,992.21. The tech-heavy Nasdaq composite fell 298.33 points, or Get local news delivered to your inbox!
NoneOlivia Hussey, star of the 1968 film 'Romeo and Juliet,' dies at 73
NEW YORK (AP) — An early rebound for U.S. stocks petered out by the end of the day, leaving indexes close to flat. The S&P 500 edged down by 0.1% Thursday, coming off one of its worst days of the year after the Federal Reserve said it may deliver fewer cuts to interest rates in 2025 than earlier thought. The Dow Jones Industrial Average inched up by less than 0.1%, and the Nasdaq composite slipped 0.1%. Treasury yields were mixed in the bond market following reports showing the U.S. economy may be stronger than expected, but manufacturing may be contracting again. THIS IS A BREAKING NEWS UPDATE. AP’s earlier story follows below. NEW YORK (AP) — U.S. stocks are stabilizing Thursday following one of their worst days of the year . The S&P 500 rose 0.2% in late trading, a day after tumbling 2.9% when the Federal Reserve said it may deliver fewer cuts to interest rates next year than earlier thought. The Dow Jones Industrial Average was up 136 points, or 0.3%, with less than an hour remaining in trading, following Wednesday’s drop of more than 1,100 points. The Nasdaq composite rose 0.3%. Wednesday’s drop took some of the enthusiasm out of the market, which critics had already been warning was overly buoyant and would need everything to go correctly for it to justify its high prices. But indexes remain near their records , and the S&P 500 is still on track for one of its best years of the millennium . Traders are now expecting the Federal Reserve to deliver just one or maybe two cuts to interest rates next year, according to data from CME Group. Some are even betting on none. A month ago, the majority saw at least two cuts in 2025 as a safe bet. Wall Street loves lower interest rates because they give the economy a boost and goose prices for investments, but they can also provide fuel for inflation. Darden Restaurants, the company behind Olive Garden and other chains, helped lift the market after leaping 15.1%. It delivered profit for the latest quarter that edged past analysts’ expectations. The operator of LongHorn Steakhouses also gave a forecast for revenue for this fiscal year that topped analysts’. Accenture rose 6.7% after the professional services company likewise topped expectations for profit in the latest quarter. CEO Julie Sweet said it saw growth around the world, and the company raised its forecast for revenue this fiscal year. Amazon shares added 1.8%, even as workers at seven of its facilities went on strike Thursday in the middle of the online retail giant’s busiest time of the year. Amazon says it doesn’t expect an impact on its operations during what the workers’ union calls the largest strike against the company in U.S. history. They helped offset a tumble for Micron Technology, which fell 16.7% despite reporting stronger profit than expected. The computer memory company’s revenue fell short of Wall Street’s forecasts, and CEO Sanjay Mehrotra said it expects demand from consumers to remain weaker in the near term. It gave a forecast for revenue in the current quarter that fell well short of what analysts were thinking. Lamb Weston, which makes French fries and other potato products, dropped 22.6% after falling short of analysts’ expectations for profit and revenue in the latest quarter. It also cut its financial targets for the fiscal year, saying demand for frozen potatoes is continuing to soften, particularly outside North America. The company replaced its chief executive. In the bond market, yields were mixed a day after shooting higher on expectations that the Fed would deliver fewer cuts to rates in 2025. Reports on the U.S. economy came in mixed. One showed the overall economy grew at a 3.1% annualized rate during the summer, faster than earlier thought. The economy has remained remarkably resilient even though the Fed held its main interest rate at a two-decade high for a while before beginning to cut them in September. A separate report showed fewer U.S. workers applied for unemployment benefits last week, an indication that the job market also remains solid. But a third report said manufacturing in the mid-Atlantic region is unexpectedly contracting again despite economists’ expectations for growth. The yield on the 10-year Treasury rose to 4.57% from 4.52% late Wednesday and from less than 4.20% earlier this month. But the two-year yield, which more closely tracks expectations for action by the Fed in the near term, eased back to 4.31% from 4.35%. The rise in longer-term yields has put pressure on the housing market by keeping mortgage rates higher. Homebuilder Lennar fell 4.8% after it reported weaker profit and revenue for the latest quarter than analysts expected. CEO Stuart Miller said that “the housing market that appeared to be improving as the Fed cut short-term interest rates, proved to be far more challenging as mortgage rates rose” through the quarter. “Even while demand remained strong, and the chronic supply shortage continued to drive the market, our results were driven by affordability limitations from higher interest rates,” he said. A report on Thursday may have offered some encouragement for the housing industry. It showed a pickup in sales of previously occupied homes. In stock markets abroad, London’s FTSE 100 fell 1.1% after the Bank of England paused its cuts to rates and kept its main interest rate unchanged on Thursday. The move comes as inflation there moved further above the central bank’s 2% target rate, while the British economy is flatlining at best. The Bank of Japan also kept its benchmark interest rate unchanged, and Tokyo’s Nikkei 225 fell 0.7%. Indexes likewise sank across much of the rest of Asia and Europe. ___ AP Business Writers Matt Ott and Elaine Kurtenbach contributed. Stan Choe, The Associated Press