While each successive record tends to cement Wall Street’s unbridled bullishness, a growing chorus of skeptics warns the frenzied march higher is getting ahead of itself. Hedge funds have started dialing back their market exposure, with Goldman Sachs Prime Services reporting the biggest drop in leverage since early 2022 as the “smart money” takes a more defensive stance.
Yet for every doubting voice, there seems to be an emboldened stock market bull ready to revise their targets even higher. On Monday, Evercore’s Julian Emanuel raised his year-end S&P 500 forecast to 6,000 – the highest among major Wall Street strategists and implying over 10% further upside from current levels.
So what exactly is fueling the relentless melt-up at a time when economic growth shows signs of moderating? A convergence of factors led by receding inflation fears, the prospect of Fed rate cuts, and frothy speculation around disruptive themes like artificial intelligence.
The easing of price pressures has been a driving force. After peaking above 9% in 2023, economists project inflation will continue moderating towards the Fed’s 2% target amid cooling consumer demand. That’s allowing traders to bet the central bank will start reversing its aggressive rate hiking campaign as soon as September, providing a powerful tailwind for equities.
“Improving inflation trends would lead to a more constructive policy outlook, which should be a tailwind for equities and fixed income,” said researchers at Glenmede Investment Management. “A September rate cut is likely on the table.”
Of course, Fed officials have pushed back on expectations for steep rate cuts, reiterating that rates will likely remain restrictive for a while. But the Fed Fund futures market remains convinced of looser policy by year-end.
Fueling that enthusiasm is the burning zeal around cutting-edge themes like artificial intelligence and generative AI. The powerful rallies in mega-cap tech leaders have turbo-charged indexes like the Nasdaq-100, which is up nearly 35% year-to-date. Firms from Microsoft to Google parent Alphabet have soared amid optimism their AI investments will mint a new era of computing.
At the same time, shrinking bond yields have eased financial conditions, supporting equity valuations – especially in rate-sensitive growth sectors. The 10-year Treasury yield dipped back below 4.3% on Monday, extending a sizeable retreat from March’s highs above 4.6% amid rising hopes of a soft economic landing.
Underpinning the rally is the notion that some $6 trillion sitting in low-risk money market funds could get funneled back into stocks, emboldening dip-buyers to chase the market ever higher. While skeptics doubt the “great rotation” thesis, any whiff of outflows from cash could spark bouts of frenzied buying from investors piling in for fear of missing out on further gains.
To be sure, the sheer volume of record highs smashed in 2024 has become as much a sentiment indicator as a sign of genuine market strength. Measures of market breadth have steadily deteriorated, even as the large-cap indexes scale new peaks. That signals an increasingly narrow group of stocks doing the heavy lifting – a potential warning signal for traders watching for an impending reversal.
Still, with Wall Street’s biggest brains rapidly marking up their forecasts, Main Street investors have little incentive to fight the Fed-enabled melt-up. Whether the rally proves durable could ultimately hinge on earnings holding up and the central bank’s policy guidance around rates. For now, the path of least resistance appears to remain solidly higher.
Madrid, Spain, June 17, 2024 – (GLOBE NEWSWIRE) Codere Online (Nasdaq: CDRO / CDROW, the “Company”), today announced that the Codere brand1 has been ranked 85th among the 100 most valuable brands in Brand Finance Spain’s 2024 ranking.
It marks the twelfth time since 2010 that the Codere brand has received this recognition in its home market, alongside global conglomerates such as Santander, Seat, and San Miguel. Most notably, it is the only company in the gaming industry to be included in the ranking.
The recognition is the latest milestone in a strong year for the Company, which has enjoyed strong financial results both across its Spanish and Mexican operations.
Alberto Telias, Chief Marketing Officer of Codere Online, stated: “We are extremely pleased to once again be named in the top 100 most valuable brands in Spain, in what is now the eighth consecutive year. Spain will always be our home market, and retaining our reputation as a key brand in this market despite our growing global footprint makes us very proud.”
Codere Online started operations in Spain in 2014. In the twelve months ended March 31, 2024, the Company generated nearly 80 million euros of net gaming revenue and over 28 million euros of Adj. EBITDA in Spain, further cementing a path to profitability that the Company is seeking to replicate across its high-growth Latin American markets.
***ENDS***
About Codere Online Codere Online refers, collectively, to Codere Online Luxembourg, S.A. and its subsidiaries. Codere Online launched in 2014 as part of the renowned casino operator Codere Group. Codere Online offers online sports betting and online casino through its state-of-the art website and mobile applications. Codere currently operates in its core markets of Spain, Mexico, Colombia, Panama and the City of Buenos Aires (Argentina). Codere Online’s online business is complemented by Codere Group’s physical presence in Spain and throughout Latin America, forming the foundation of the leading omnichannel gaming and casino presence.
About Codere Group Codere Group is a multinational group devoted to entertainment and leisure. It is a leading player in the private gaming industry, with four decades of experience and with presence in seven countries in Europe (Spain and Italy) and Latin America (Argentina, Colombia, Mexico, Panama, and Uruguay).
Contacts:
Investors and Media Guillermo Lancha Director, Investor Relations and Communications Guillermo.Lancha@codere.com (+34) 628 928 152
1 Pursuant to the terms of a relationship and license agreement, Codere Group granted Codere Online a license to use certain “Codere” trademarks.
From essential bed sheets and stylish accessories to sleek storage solutions and full room bundles — the Office Depot OfficeMax assortment of Dormify essentials will be accessible to students in stores and online, making it easier than ever to plan for move-in week.
BOCA RATON, Fla.–(BUSINESS WIRE)–Jun. 17, 2024– Office Depot is setting college students up for a successful 2024–2025 school year with its expanded collection of college dorm and school supplies in a new partnership with Dormify, a leader in dorm room decor and clever essentials. Students can shop an array of new stylish furniture and dorm room must-haves online at officedepot.com and in 200 stores.
“Our partnership with Dormify allows Office Depot OfficeMax to offer more college dorm supplies through our efficient and versatile shopping and shipping options,” said Kevin Moffitt, executive vice president of The ODP Corporation and president of Office Depot. “We’re passionate about enabling our customers’ educational goals, and providing students with the tools to be successful is an essential part of that mission. We are proud to empower students of all ages to thrive and positively impact the world.”
There are many ways to shop and ship beyond standard deliveries and in-store purchases. For those who plan ahead, Dormify products will be available in almost 200 stores throughout the summer with the option to ship to another store location for pickup in your college area during move-in. Students who buy online can take advantage of Office Depot’s free 20-minute in-store/curbside pickup or free delivery on orders over $35.
“The preparation for college move-in is rife with to-do lists, errands, and tasks. We’re committed to making the process as easy as possible by simplifying the logistics and have found a great partner in Office Depot,” says Amanda Zuckerman, co-founder of Dormify. “We’re thrilled that students and their families will have the opportunity to see, feel, and shop our products in-person at Office Depot in 200 markets that are around the corner from so many campuses. Students will also be able to place orders over the summer at a store near their hometown and have it ready for pickup at an Office Depot location near their school during move-in—a critical offering that we know our customers are requesting.”
Office Depot is giving 10 people a chance to try the new collection themselves with a dorm makeover. Now through June 24, enter for your chance to win a $500 Office Depot OfficeMax merchandise card to put towards a fully outfitted dorm room for the upcoming school year. No purchase necessary. Visit officedepot.com/giveaways to enter.
About Office Depot Office Depot, LLC, an operating company of The ODP Corporation, is a leading specialty retailer providing innovative products and services delivered through a fully integrated omnichannel platform of Office Depot and OfficeMax retail stores and an award-winning online presence, OfficeDepot.com, to support the productivity and organization of its small business, home office and education clients. Office Depot is committed to enabling its clients’ success, strengthening local communities and providing equal opportunities for all. For more information, visit officedepot.com, download the Office Depot app on your iPhone or Android and follow @officedepot on Facebook, Twitter, Instagram and TikTok.
Office Depot is a trademark of The Office Club, LLC. OfficeMax is a trademark of OMX, Inc. Any other product or company names mentioned herein are the trademarks of their respective owners.
About Dormify Dormify is a college lifestyle and small-space decorating destination for the style-obsessed. Dormify simplifies the shopping experience for college students and post-grads by curating and creating exclusive products designed for small-space living without sacrificing style. Founded by Amanda Zuckerman and her mom, Karen, in 2011 when Amanda was in college, Dormify has become a trusted resource that makes outfitting your college dorm or apartment with everything you need (and want) stress-free and fun. Dormify has been highlighted by The New York Times, The Washington Post, Good Morning America, and The TODAY Show, and co-founder Amanda Zuckerman was named to Forbes “30 Under 30” list.
In a transformative move to build a dominant healthy hydration platform across North America, Primo Water Corporation and BlueTriton Brands have agreed to merge in an all-stock deal. The combination will create a new water industry juggernaut with over $6.5 billion in projected annual revenues from its diversified portfolio of bottled water, dispensers and delivery services.
The companies announced the definitive merger agreement on June 17th, under which Primo Water shareholders will own 43% of the new combined entity and BlueTriton shareholders will hold the remaining 57% stake. Upon closing, expected in the first half of 2025, the new company will boast significant scale and market presence as the leading pure-play healthy hydration business in North America.
Primo Water, based in Tampa, Florida, is a major provider of sustainable hydration solutions with a broad range of purified bottled waters sold through large format dispensers, watermakers and water refill stations. Its brand stable includes Primo Water, Crystal Springs, Mountain Valley and Sparkletts, among others.
BlueTriton, headquartered in Stamford, Connecticut, owns some of the most recognized regional spring water brands like Poland Spring, Deer Park, Ozarka, Ice Mountain, Zephyrhills and Arrowhead. Through its ReadyRefresh home and office delivery service, it also has a strong direct-to-consumer channel.
The combined company projects a staggering $1.5 billion in pro forma adjusted EBITDA for the 12 months ended March 2024, including an expected $200 million in annual cost synergies to be fully realized within three years post-close. Primo and BlueTriton anticipate over $565 million in adjusted free cash flow for that period.
The increased brand presence, diversified offerings across formats and price points, and enhanced distribution capabilities position the combined entity for sustained long-term growth in the healthy hydration space.
BlueTriton’s owner, private equity firm One Rock Capital Partners, sees the deal as creating an industry-leading healthy beverage platform with iconic American water brands that can capitalize on increasing consumer focus on health and wellness. The press release states it is “an important milestone” for the beverage category.
To help fund the integration, Primo Water plans to pay a special dividend of up to $133 million to its current shareholders prior to closing. The new entity intends to maintain Primo’s existing $0.36 per share annualized dividend policy initially.
The transaction, already approved by both companies’ boards, still requires regulatory approvals, a green light from Primo Water shareholders, and court approval of the legal arrangement. But if cleared as expected, the merged business projects a solid financial profile with forecasted leverage of 3.0x net debt to EBITDA at closing and a target to delever to 2.0-2.5x in the medium-term.
With beverage giants increasingly pushing into functional and better-for-you categories, the supercharged scale and brand diversity arising from the Primo-BlueTriton union could make for a powerful contender in capturing health-conscious consumer demand for enhanced, sustainable hydration options.
Demonstrates the Company’s Confidence in the Future of Bitcoin by Strategically Allocating a Portion of Cash Reserves to BTC
ATLANTA, June 17, 2024 (GLOBE NEWSWIRE) — Bitcoin Depot (NASDAQ: BTM), a U.S.-based Bitcoin ATM (“BTM”) operator and leading fintech company, today announced it plans to allocate a portion of its cash reserves to Bitcoin (BTC). Any future purchases will be opportunistic in nature and will not interfere with cash needs to support the company’s multiple growth opportunities.
This shift in BTM’s treasury strategy follows Accounting Standards Update (ASU) 2023-08, which, among other things, allows companies to record gains held on cryptocurrencies. The ASU will apply to all entities with fiscal years beginning after December 15, 2024.
“Adopting Bitcoin as part of our treasury strategy underscores our long-standing belief in Bitcoin as a significant financial asset and a store of value,” said Brandon Mintz, CEO of Bitcoin Depot. “We have always believed in providing easy access to Bitcoin for everyone, and this move reaffirms our confidence in Bitcoin’s potential for growth and stability. Given the recent accounting standards update, it also allows our shareholders to benefit from future BTC appreciation.”
Bitcoin, as an asset, has demonstrated remarkable resilience and growth since its inception, achieving a market capitalization of over $1 trillion at its peak. Institutional adoption has surged, with numerous companies and even countries recognizing Bitcoin’s value proposition. The introduction of Bitcoin ETFs has further legitimized its standing in traditional financial markets, making it more accessible to a wider range of investors. By including Bitcoin in its treasury strategy, Bitcoin Depot aligns itself with other forward-thinking institutions that see cryptocurrency as a hedge against inflation and a strategic asset for future growth.
This news also marks the latest show of momentum for Bitcoin Depot, which holds the largest market BTM share in North America, with over 7,400 Bitcoin ATM locations. The announcement follows several recent milestones and expansions for the company, including its first partnership with a major grocery chain as well as the advancement of its newly launched profit share program in April 2024.
The company also recently surpassed its goal of signing 8,000 BTM locations ahead of schedule to achieve the largest installed fleet of locations in its history and announced expansions into new markets, including Puerto Rico and Australia.
About Bitcoin Depot Bitcoin Depot Inc. (Nasdaq: BTM) was founded in 2016 with the mission to connect those who prefer to use cash to the broader, digital financial system. Bitcoin Depot provides its users with simple, efficient and intuitive means of converting cash into Bitcoin, which users can deploy in the payments, spending and investing space. Users can convert cash to bitcoin at Bitcoin Depot kiosks in 48 states and at thousands of name-brand retail locations in 29 states through its BDCheckout product. The Company has the largest market share in North America, with approximately 7,400 kiosk locations as of April 1, 2024. Learn more at www.bitcoindepot.com.
Cautionary Note Regarding Forward-Looking Statements This press release and any oral statements made in connection herewith include “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act. Forward-looking statements are any statements other than statements of historical fact, and include, but are not limited to, statements regarding the expectations of plans, business strategies, objectives and growth and anticipated financial and operational performance, including our growth strategy and ability to increase deployment of our products and services, the anticipated effects of the Amendment, and the closing of the Preferred Sale. These forward-looking statements are based on management’s current beliefs, based on currently available information, as to the outcome and timing of future events. Forward-looking statements are often identified by words such as “anticipate,” “appears,” “approximately,” “believe,” “continue,” “could,” “designed,” “effect,” “estimate,” “evaluate,” “expect,” “forecast,” “goal,” “initiative,” “intend,” “may,” “objective,” “outlook,” “plan,” “potential,” “priorities,” “project,” “pursue,” “seek,” “should,” “target,” “when,” “will,” “would,” or the negative of any of those words or similar expressions that predict or indicate future events or trends or that are not statements of historical matters, although not all forward-looking statements contain such identifying words. In making these statements, we rely upon assumptions and analysis based on our experience and perception of historical trends, current conditions, and expected future developments, as well as other factors we consider appropriate under the circumstances. We believe these judgments are reasonable, but these statements are not guarantees of any future events or financial results. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond our control.
These forward-looking statements are subject to a number of risks and uncertainties, including changes in domestic and foreign business, market, financial, political and legal conditions; failure to realize the anticipated benefits of the business combination; future global, regional or local economic and market conditions; the development, effects and enforcement of laws and regulations; our ability to manage future growth; our ability to develop new products and services, bring them to market in a timely manner and make enhancements to our platform; the effects of competition on our future business; our ability to issue equity or equity-linked securities; the outcome of any potential litigation, government and regulatory proceedings, investigations and inquiries; and those factors described or referenced in filings with the Securities and Exchange Commission. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that we do not presently know or that we currently believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect our expectations, plans or forecasts of future events and views as of the date of this press release. We anticipate that subsequent events and developments will cause our assessments to change.
We caution readers not to place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update publicly or otherwise revise any forward-looking statements, whether as a result of new information, future events, or other factors that affect the subject of these statements, except where we are expressly required to do so by law. All written and oral forward-looking statements attributable to us are expressly qualified in their entirety by this cautionary statement.
Treatment with Tonmya™ (TNX-102 SL, sublingual cyclobenzaprine HCl) in Phase 3 RESILIENT study significantly reduced daily pain and demonstrated broad fibromyalgia symptom improvement, as demonstrated by significant improvement on the primary pain endpoint and on all six key secondary endpoints
RESILIENT was the second Phase 3 study to reach statistical significance on the primary endpoint
New Drug Application (NDA) submission to the FDA on track for the second half of 2024
CHATHAM, N.J., June 17, 2024 (GLOBE NEWSWIRE) — Tonix Pharmaceuticals Holding Corp. (Nasdaq: TNXP) (Tonix or the Company), a fully-integrated biopharmaceutical company with marketed products and a pipeline of development candidates, presented data from a poster presentation at the Annual European Congress of Rheumatology (EULAR) 2024, held June 12-15, 2024 at the Messe Wien Congress Center in Vienna, Austria. A copy of the Company’s poster presentation is available under the Scientific Presentations tab of the Tonix website at www.tonixpharma.com.
In the poster presentation titled, “Targeting Non-Restorative Sleep in Fibromyalgia with Bedtime TNX-102 SL (Sublingual Cyclobenzaprine HCl) Significantly Improves Pain in RESILIENT, a Confirmatory Phase 3 Randomized Clinical Trial”, Tonyma met the pre-specified primary endpoint in the Phase 3 RESILIENT trial, significantly reducing daily pain compared to placebo (p-value=0.00005) in participants with fibromyalgia while also demonstrating broad syndromal improvement. Tonmya demonstrated statistically significant improvement in all six pre-specified key secondary endpoints including those related to improving sleep quality, reducing fatigue, and improving patient global ratings and overall fibromyalgia symptoms and function. Tonmya was well tolerated with an adverse event (AE) profile comparable to prior studies and no new safety signals observed.
In pre-specified exploratory analyses, Tonmya treatment also improved depressive symptoms measured by the Beck Depression Inventory and improved female sexual function by the Changes in Sexual Function Questionnaire in the RESILIENT trial.
“People suffering with fibromyalgia tend to struggle with daily activities, have impaired quality of life and are frequently disabled”, said Seth Lederman, M.D., Chief Executive Officer of Tonix Pharmaceuticals. “We believe the activity of Tonmya on pain, sleep quality, fatigue cognitive dysfunction, and depression are indicative of the broad-spectrum activity of Tonmya, suggesting Tonmya treats fibromyalgia at a syndromal level. We are excited by the prospect of offering this patient population its potential first new therapy option in more than a decade.”
Tonix remains on track to submit an NDA to the U.S. Food and Drug Administration (FDA) in the second half of 2024 for Tonmya for the management of fibromyalgia.
Tonix Pharmaceuticals Holding Corp.*
Tonix is a fully-integrated biopharmaceutical company focused on developing, licensing and commercializing therapeutics to treat and prevent human disease and alleviate suffering. Tonix’s development portfolio is focused on central nervous system (CNS) disorders. Tonix’s priority is to submit a New Drug Application (NDA) to the FDA in the second half of 2024 for Tonmya1, a product candidate for which two statistically significant Phase 3 studies have been completed for the management of fibromyalgia. TNX-102 SL is also being developed to treat acute stress reaction as well as fibromyalgia-type Long COVID. Tonix’s CNS portfolio includes TNX-1300 (cocaine esterase), a biologic designed to treat cocaine intoxication that has FDA Breakthrough Therapy designation and is in Phase 2 development supported by a grant from the National institute of Drug Abuse. Tonix’s immunology development portfolio consists of biologics to address organ transplant rejection, autoimmunity and cancer, including TNX-1500, which is a humanized monoclonal antibody targeting CD40-ligand (CD40L or CD154) being developed for the prevention of allograft rejection and for the treatment of autoimmune diseases. Tonix also has product candidates in development in the areas of rare disease and infectious disease. Tonix Medicines, our commercial subsidiary, markets Zembrace® SymTouch® (sumatriptan injection) 3 mg and Tosymra® (sumatriptan nasal spray) 10 mg for the treatment of acute migraine with or without aura in adults.
*Tonix’s product development candidates are investigational new drugs or biologics and have not been approved for any indication.
1Tonmya™ is conditionally accepted by the U.S. Food and Drug Administration (FDA) as the tradename for TNX-102 SL for the management of fibromyalgia. Tonmya has not been approved for any indication.
Zembrace SymTouch and Tosymra are registered trademarks of Tonix Medicines. All other marks are property of their respective owners.
This press release and further information about Tonix can be found at www.tonixpharma.com.
Forward Looking Statements
Certain statements in this press release are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. These statements may be identified by the use of forward-looking words such as “anticipate,” “believe,” “forecast,” “estimate,” “expect,” and “intend,” among others. These forward-looking statements are based on Tonix’s current expectations and actual results could differ materially. There are a number of factors that could cause actual events to differ materially from those indicated by such forward-looking statements. These factors include, but are not limited to, risks related to the failure to obtain FDA clearances or approvals and noncompliance with FDA regulations; risks related to the failure to successfully market any of our products; risks related to the timing and progress of clinical development of our product candidates; our need for additional financing; uncertainties of patent protection and litigation; uncertainties of government or third party payor reimbursement; limited research and development efforts and dependence upon third parties; and substantial competition. As with any pharmaceutical under development, there are significant risks in the development, regulatory approval and commercialization of new products. Tonix does not undertake an obligation to update or revise any forward-looking statement. Investors should read the risk factors set forth in the Annual Report on Form 10-K for the year ended December 31, 2023, as filed with the Securities and Exchange Commission (the “SEC”) on April 1, 2024, and periodic reports filed with the SEC on or after the date thereof. All of Tonix’s forward-looking statements are expressly qualified by all such risk factors and other cautionary statements. The information set forth herein speaks only as of the date thereof.
Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Annual shareholder meeting. Shareholders approved all resolutions at the company’s annual meeting on June 13. These included approving the financial statements for the year-ended December 31, 2023, the report of the auditors, the appointment of auditors, election of directors, and the company’s incentive stock option plan for the upcoming year.
Corporate update. Dr. Keith Barron, CEO and Director, provided a corporate update highlighting key priorities in 2024 and 2025. These include: 1) exploration at the Lost Cities project in Ecuador, 2) advancing the company’s application for an exploration license in the Brittany Peninsula of northwestern France, 3) advancing joint venture and strategic partnership discussions, and 4) expanding community access agreements and community projects in Ecuador. At least one major mining company has been active in Aurania’s data room and in discussions with the company.
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This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
June 14, 2024, marked a notable shift in the U.S. stock market as major indexes pulled back from record highs. Investors engaged in profit-taking while considering the implications of a hawkish Federal Reserve and signs of a slowing economy. This article delves into the key factors influencing the market’s performance and the broader economic context.
After a week of record-setting highs, U.S. stock indexes experienced their first session of decline. The Nasdaq Composite (.IXIC) and the S&P 500 (.SPX) fell from their peaks, while the Dow Jones Industrial Average (.DJI) also retreated. By midday, the Dow was down 126.96 points (0.33%) to 38,520.14, the S&P 500 dropped 16.29 points (0.30%) to 5,417.45, and the Nasdaq decreased 30.57 points (0.17%) to 17,636.99.
Adding to market uncertainty, the Federal Reserve’s recent projections suggested a more conservative approach to rate cuts than previously anticipated. The Fed’s updated forecast scaled back expectations from three rate cuts this year to just one. This cautious stance contrasted with market expectations, which, according to the CME’s FedWatch tool, saw a more than 70% chance of a rate cut in September and two cuts by year-end.
Cleveland Fed President Loretta Mester commented on the positive trend of lowering inflation, but this did little to alleviate concerns about the Fed’s restrained policy easing.
Economic data further complicated the market’s outlook. The University of Michigan’s preliminary Consumer Sentiment Index fell to 65.6 in June, significantly below expectations. This decline highlighted ongoing concerns about inflation and economic stability, contributing to the overall negative sentiment in the market.
The downturn was broad-based, with nine of the 11 S&P 500 sectors experiencing declines. Industrials led the losses with a 1.6% drop, while the economically sensitive small-cap Russell 2000 index lost 1.8%. Despite the general downturn, a few stocks stood out:
Adobe (ADBE.O): Adobe shares surged 14.5%, marking the company’s largest one-day gain in four years. The jump came after Adobe raised its annual revenue forecast, driven by robust demand for its AI-powered software, which helped mitigate losses on the Nasdaq.
Broadcom (AVGO.O): Broadcom continued its positive streak with a 1.7% rise following an upbeat forecast and the announcement of a 10-for-one stock split.
Arm Holdings (ARM.O): Shares of Arm Holdings rose 2.2% after news that the company would join the Nasdaq 100 index, replacing Sirius XM (SIRI.O), which slipped 0.8%.
The market’s optimism earlier in the week was driven by hopes of easing Fed policy and the strength of megacap stocks. Both the S&P 500 and the Nasdaq were on track for their seventh week of gains out of eight. However, the possibility of a second-half recession, which could force the Fed to cut rates more significantly, remains a concern.
Ross Mayfield, investment strategy analyst at Baird, noted that the market is pricing in a small but significant probability of a recession in the second half of the year.
A Bank of America Global Research report indicated that U.S. value stock funds saw $2.6 billion in outflows, while U.S. growth stock funds attracted $1.8 billion in inflows for the week ending Wednesday. This shift underscores investor preference for growth stocks amid economic uncertainties.
On the NYSE, declining issues outnumbered advancers by a 3.34-to-1 ratio, while on the Nasdaq, the ratio was 2.77-to-1. The S&P index recorded eight new 52-week highs and 16 new lows, while the Nasdaq saw 19 new highs and 149 new lows.
The retreat in U.S. stock indexes reflects a complex interplay of profit-taking, hawkish Fed projections, and cooling economic data. While there is optimism about potential future rate cuts, ongoing concerns about inflation and consumer sentiment continue to weigh on investor confidence. As the year progresses, market participants will closely monitor the Federal Reserve’s actions and economic indicators to gauge the trajectory of the economy and financial markets.
The artificial intelligence revolution is rapidly expanding into new industries and sectors. While AI has already transformed fields like consumer technology and autonomous vehicles, one area holding immense potential for disruption is healthcare. A new public company, Tempus AI, is looking to capitalize on this opportunity at the intersection of artificial intelligence and precision medicine.
Tempus, based in Chicago, priced its initial public offering on Thursday, raising $410.7 million by selling 11.1 million shares at $37 each. With this successful IPO, the AI healthcare company now carries a fully diluted market valuation around $8 billion as a newly minted public enterprise. Tempus also granted underwriters a 30-day option to purchase an additional 1.665 million shares.
The sizeable offering highlights immense investor demand for companies leveraging artificial intelligence to solve major challenges across different domains. AI and machine learning firms have seen warm receptions on the public markets over the last couple of years as the powerful capabilities of these technologies have become more apparent and applicable.
However, Tempus represents one of the first opportunities for public investors to gain exposure to the rapidly evolving field of AI-driven precision medicine and healthcare applications. The company aims to use artificial intelligence models to provide decision support tools that enable doctors to offer more personalized care tailored specifically to each patient’s condition and circumstances.
Underpinning Tempus’ AI healthcare platform is its multimodal database containing a massive repository of data aggregated from healthcare providers across the country. This includes molecular data, medical images, electronic records, and treatment information across millions of patient lives for major disease areas like cancer, diabetes, neurological disorders and more.
Tempus deploys proprietary artificial intelligence models that ingest and learn patterns from this immense, constantly updating dataset. These AI models can then provide personalized analysis and therapeutic recommendations to physicians treating patients. On the life sciences side, pharmaceutical companies pay to access Tempus’ data and AI capabilities to aid in drug discovery and development of new therapies.
The core premise is that Tempus’ operating system for precision medicine becomes smarter and more powerful with every new data point added. This sets up a virtuous learning cycle where the AI models help enable better patient outcomes, leading to more data to further enhance the predictive prowess of the AI over time.
While still a relatively small company generating around $100 million in revenue for 2023, Tempus has grand ambitions to help usher in an era of AI-augmented healthcare. The company envisions its technology empowering doctors to defeat deadly diseases through intelligent, data-driven treatment strategies precisely tailored to each individual patient’s unique molecular profile.
Tempus’ successful public offering provides a major cash influx to fund investments and growth initiatives as it aims to cement itself as a pioneer in the burgeoning field of AI healthcare applications. For investors seeking exposure to AI’s transformative potential across sectors, the newly public Tempus may offer an intriguing option to capitalize on precision medicine powered by artificial intelligence.
Only time will tell if Tempus can fully deliver on its bold vision. But the company’s lucrative public debut underscores big expectations that AI could play a pivotal role in ushering healthcare into a new technologically-advanced frontier of personalized patient care and therapeutic development in the years ahead.
ARLP is a diversified natural resource company that generates operating and royalty income from coal produced by its mining complexes and royalty income from mineral interests it owns in strategic oil & gas producing regions in the United States, primarily the Permian, Anadarko and Williston basins. ARLP currently produces coal from seven mining complexes its subsidiaries operate in Illinois, Indiana, Kentucky, Maryland and West Virginia. ARLP also operates a coal loading terminal on the Ohio River at Mount Vernon, Indiana. ARLP markets its coal production to major domestic and international utilities and industrial users and is currently the second largest coal producer in the eastern United States. In addition, ARLP is positioning itself as an energy provider for the future by leveraging its core technology and operating competencies to make strategic investments in the fast growing energy and infrastructure transition.
Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Senior notes offering. Alliance recently completed a $400 million private offering of 8.625% senior unsecured notes due in 2029. A portion of the net proceeds will fund the redemption of its outstanding 7.5% senior notes due in 2025. Alliance delivered a notice of redemption for all outstanding 2025 notes. The redemption price for the 2025 notes is 100% of the principal amount plus accrued and unpaid interest to the redemption date, which is expected to be June 28. As of March 31, senior notes outstanding were $284.6 million.
Second quarter coal shipments. The partnership’s April 2024 coal sales volumes declined 15% to ~2.4 million tons versus ~2.9 million tons during the prior year month. In Appalachia, coal sales volumes decreased 48.2% compared to April 2023 due to the loss of 10 shipping days as a result of high-water events that impacted loading at the Tunnel Ridge complex, along with deferred shipments due to the Francis Scott Key Bridge collapse. In the Illinois Basin, coal sales volume remained relatively consistent with April 2023. Lower volumes at River View due to slowing barge traffic were almost entirely offset by higher volumes at Gibson South due to spot export sales. Volumes deferred at River View and Tunnel Ridge amounted to 420,000 tons and 77,000 tons, respectively, and are expected to be shipped throughout the balance of 2024.
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*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
The mortgage market has seen a slight reprieve this week, with average rates on a 30-year fixed mortgage dipping just below 7%. According to Freddie Mac, the average rate has decreased to 6.95% from 6.99% the previous week. However, for many prospective homebuyers, this minor drop may not be enough to make a significant difference in affordability.
Freddie Mac’s report on Thursday highlights a small but noteworthy dip in mortgage rates. A separate measure tracking daily averages by Mortgage News Daily shows fluctuations between 6.97% and 7.17% over the past week. Despite this slight decline, the rates remain relatively high compared to historical lows, creating challenges for budget-conscious homebuyers.
The Federal Reserve’s policies continue to play a crucial role in shaping mortgage rates. Recently, the Fed decided to hold the benchmark rates steady at 5.25% to 5.50%, signaling only one rate cut for the rest of the year. This decision suggests that any substantial decline in mortgage rates is unlikely in the near future. The Fed’s cautious approach indicates that significant rate drops might not occur until well into 2025.
A recent study indicates that a majority of homebuyers, particularly first-time buyers, need significantly lower rates before they feel confident returning to the market. Ralph McLaughlin, Realtor.com’s senior economist, emphasizes that for inventory-constrained buyers, current mortgage trends will likely maintain the “mortgage rate lock-in effect.” This effect, where homeowners are reluctant to sell and buy new homes at higher rates, is expected to persist until at least the end of the year.
The latest inflation data has shown signs of moderation, with the core Consumer Price Index (CPI) excluding food and energy costs, climbing just 0.2% monthly in May—the lowest since last June. Overall inflation has decelerated year-over-year compared to April. While this news initially caused a dip in mortgage rates, the Fed’s subsequent announcement to hold rates steady tempered this effect. The Fed now projects one rate cut for the rest of the year, a reduction from previous expectations.
Fannie Mae’s homebuyer sentiment survey from May reveals that only one in four Americans expect mortgage rates to decrease over the next 12 months. In contrast, more than 30% of respondents anticipate that rates will rise. This sentiment has led to a new low in consumer confidence, driven by the overall lack of purchase affordability.
Despite current challenges, there is a glimmer of hope on the horizon for homebuyers. Economists at Bank of America Global Research predict multiple rate cuts over the next 24 months—four in 2025 and two in 2026. These cuts, in increments of 25 basis points, could bring rates down to between 3.50% and 3.75% by 2026. This long-term outlook provides a potential path to more affordable mortgage rates, but significant declines in the short term remain unlikely.
Last week saw a brief surge in mortgage application volume, increasing by 16% according to the Mortgage Bankers Association. This surge was primarily driven by a short-lived drop in daily rates, which hovered near 7%. New mortgage applications increased by 9%, though they remain 12% lower than the same week last year. Refinancing activity also saw a notable increase of 28% week-over-week, particularly among VA borrowers who took advantage of the lower rates.
At the current average rate of 6.95%, a homebuyer would pay approximately $1,600 monthly on a $300,000 home with a 20% down payment, according to the Yahoo Finance mortgage calculator. This cost highlights the ongoing challenge of affordability for many potential buyers.
While the slight dip in mortgage rates below 7% offers a small reprieve for homebuyers, significant declines are still months away. The Federal Reserve’s cautious approach, coupled with persistent inflation concerns, suggests that substantial rate reductions are unlikely until 2025. Homebuyers must navigate these challenges with careful planning and realistic expectations, while keeping an eye on long-term trends that may eventually bring relief.
CHATHAM, N.J., June 13, 2024 (GLOBE NEWSWIRE) — Tonix Pharmaceuticals Holding Corp. (Nasdaq: TNXP) (“Tonix” or the “Company”), a fully-integrated biopharmaceutical company, today announced the closing of its public offering of 1,199,448 shares of its common stock and pre-funded warrants to purchase up to 2,568,110 shares of common stock in a public offering at an offering price of $1.065 per share of common stock and $1.064 pre-funded warrant. The warrants have an exercise price of $0.001 per share and became exercisable upon issuance.
The gross proceeds of the offering are $4.0 million before deducting placement agent fees and other estimated offering expenses payable by the Company. The Company intends to use the net proceeds from the offering for working capital and general corporate purposes, including the preparation of the new drug application relating to its Tonmya™ product candidate in patients with fibromyalgia, and the satisfaction of any portion of its existing indebtedness.
Dawson James Securities, Inc. acted as the sole placement agent for the offering.
Lowenstein Sandler, New York, NY, represented the Company in connection with the offering, and ArentFox Schiff LLP, Washington, DC, represented the placement agent.
This offering was made pursuant to an effective shelf registration statement on Form S-3 (File No. 333-266982) previously filed with the U.S. Securities and Exchange Commission (the “SEC”). The offering was made only by means of a prospectus supplement and accompanying prospectus. A final prospectus supplement and accompanying prospectus describing the terms of the proposed offering were filed with the SEC and are available on the SEC’s website located at http://www.sec.gov. Electronic copies of the preliminary prospectus supplement may be obtained from Dawson James Securities, Inc., 101 North Federal Highway, Suite 600, Boca Raton, FL 33432 or by telephone at (561) 391-5555, or by email at investmentbanking@dawsonjames.com.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
Tonix Pharmaceuticals Holding Corp.*
Tonix is a fully-integrated biopharmaceutical company focused on developing, licensing and commercializing therapeutics to treat and prevent human disease and alleviate suffering. Tonix’s development portfolio is focused on central nervous system (CNS) disorders. Tonix’s priority is to submit a New Drug Application (NDA) to the FDA in the second half of 2024 for Tonmya1, a product candidate for which two statistically significant Phase 3 studies have been completed for the management of fibromyalgia. TNX-102 SL is also being developed to treat acute stress reaction as well as fibromyalgia-type Long COVID. Tonix’s CNS portfolio includes TNX-1300 (cocaine esterase), a biologic designed to treat cocaine intoxication that has Breakthrough Therapy designation. Tonix’s immunology development portfolio consists of biologics to address organ transplant rejection, autoimmunity and cancer, including TNX-1500, which is a humanized monoclonal antibody targeting CD40-ligand (CD40L or CD154) being developed for the prevention of allograft rejection and for the treatment of autoimmune diseases. Tonix also has product candidates in development in the areas of rare disease and infectious disease. Tonix Medicines, our commercial subsidiary, markets Zembrace® SymTouch® (sumatriptan injection) 3 mg and Tosymra® (sumatriptan nasal spray) 10 mg for the treatment of acute migraine with or without aura in adults.
*Tonix’s product development candidates are investigational new drugs or biologics and have not been approved for any indication.
1Tonmya™ is conditionally accepted by the U.S. Food and Drug Administration (FDA) as the tradename for TNX-102 SL for the management of fibromyalgia. Tonmya has not been approved for any indication.
Zembrace SymTouch and Tosymra are registered trademarks of Tonix Medicines. All other marks are property of their respective owners.
This press release and further information about Tonix can be found at www.tonixpharma.com.
Forward Looking Statements
Certain statements in this press release are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995 including those relating to the intended use of proceeds from the public offering and other statements that are predictive in nature. These statements may be identified by the use of forward-looking words such as “anticipate,” “believe,” “forecast,” “estimate,” “expect,” and “intend,” among others. These forward-looking statements are based on Tonix’s current expectations and actual results could differ materially. There are a number of factors that could cause actual events to differ materially from those indicated by such forward-looking statements. These factors include, but are not limited to, risks related to the failure to obtain FDA clearances or approvals and noncompliance with FDA regulations; risks related to the failure to successfully market any of our products; risks related to the timing and progress of clinical development of our product candidates; our need for additional financing; uncertainties of patent protection and litigation; uncertainties of government or third party payor reimbursement; limited research and development efforts and dependence upon third parties; and substantial competition. As with any pharmaceutical under development, there are significant risks in the development, regulatory approval and commercialization of new products. Tonix does not undertake an obligation to update or revise any forward-looking statement. Investors should read the risk factors set forth in the Annual Report on Form 10-K for the year ended December 31, 2023, as filed with the Securities and Exchange Commission (the “SEC”) on April 1, 2024, and periodic reports filed with the SEC on or after the date thereof. All of Tonix’s forward-looking statements are expressly qualified by all such risk factors and other cautionary statements. The information set forth herein speaks only as of the date thereof.
June 13, 2024 – Vancouver, Canada – Century Lithium Corp. (TSXV:LCE) (OTCQX: CYDVF) (Frankfurt: C1Z) (Century Lithium or the Company) is pleased to announce the filing of the report “NI 43-101 Technical Report on the Feasibility Study of the Clayton Valley Lithium Project, Esmeralda County, Nevada, USA”, with effective date April 29, 2024 (Feasibility Study or Report), to support the disclosure in the Company’s news release dated April 29, 2024 (see news release). The Report was prepared in accordance with National Instrument 43-101 (NI 43-101) by Wood Canada Limited (Wood), Global Resource Engineering, Ltd. (GRE) and WSP USA Environment and Infrastructure, Inc. (WSP). All currency amounts in this news release are presented in US dollars.
“Century Lithium is pleased to file the report on the Feasibility Study of our Clayton Valley Lithium Project,” said Bill Willoughby, President, and CEO. “The Report is the culmination of the dedicated work of our team of employees and consultants and highlights the economic benefits of the Project made possible by Century’s unique use of chlor-alkali and direct lithium extraction processing. The filing of the report now marks another major milestone for the Company.”
During the preparation of the Report, minor changes were made to the parameters used to determine the Mineral Resource and Reserve Estimates. The resulting economic analysis is effectively unchanged. Using a base case price of $24,000/tonne of lithium carbonate, the Project after-tax cash flow has a 17.2% Internal Rate of Return (IRR) and a $3.16 billion Net Present Value (NPV) at an 8% discount rate.
RESOURCE AND RESERVES
The Mineral Resource and Reserve Estimates for the Project were updated for the Report and built using geologic data and 1,318 lithium assays from 45 core holes drilled between 2017 and 2022 and have an effective date of April 29, 2024. The constrained Measured and Indicated Resource Estimate is 1,138.59 million tonnes (Mt) with an average grade of 966 parts per million (ppm) lithium and contains 1.099 Mt of lithium or 5.852 Mt of lithium carbonate equivalent (LCE). The Proven and Probable Mineral Reserve Estimate was derived from the constrained Mineral Resources and contains 287.65 Mt with an average grade of 1,149 ppm lithium and contains 0.330 Mt of lithium or 1.759 Mt of LCE.
Mineral Resource Estimate
Domain
Tonnes Above Cut-off (millions)
Li Grade (ppm)
Li Contained (million t)
LCE (million t)
Measured
858.26
990
0.850
4.523
Indicated
280.33
891
0.250
1.329
Measured & Indicated
1,138.59
966
1.099
5.582
Inferred
187.28
820
0.154
0.817
1.The effective date of the Mineral Resource Estimate is April 29, 2024. The QP for the estimate is Ms. Terre Lane, MMSA, an employee of GRE and independent of Century. 2.The Mineral Resources are constrained by a pit shell with a 200 ppm Li cut-off and density of 1.505 g/cm3. The cut-off grade considers an operating cost of$20/t mill feed, process recovery of 78% and a long-term lithium carbonate price of $24,000/t. 3.The Mineral Resource estimate was prepared in accordance with 2014 CIM Definition Standards and the 2019 CIM Best Practice Guidelines. 4.Mineral Resource figures have been rounded. 5.One tonne of lithium = 5.323 tonnes lithium carbonate. 6.Mineral Resources are inclusive of Mineral Reserves.
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Mineral Reserve Estimate
Domain
Tonnes Above Cut-off (millions)
Li Grade (ppm)
Li Contained (million t)
LCE (million t)
Proven
266.39
1,147
0.306
1.626
Probable
21.26
1,174
0.025
0.133
Proven & Probable
287.65
1,149
0.330
1.759
1.The effective date of the Mineral Reserve Estimate is April 29, 2024. The QP for the estimate is Ms. Terre Lane, MMSA, an employee of GRE and independent of Century. 2.The Mineral Reserve estimate was prepared in accordance with 2014 CIM Definition Standards and 2019 CIM Best Practice Guidelines. 3.Mineral Reserves are reported within the final pit design at a mining cut-off of 900 ppm. The mine operating cost is $5.44/t milled, processing cost of $40.9/t milled, G&A cost of $2.68/t milled and a credit for the NaOH sales of $28.95/t milled. The NaOH sales credit is proportionally applied to all the operating costs to get appropriate costs for the cut-off grade calculation. The cut-off grade considers a mine operating cost of $2.22/t, a process operating cost of $16.69/t milled, a G&A cost of $1.09/t milled, process recovery of 78% and a long-term lithium carbonate price of $24,000/t. 4.The cut-off of 900 ppm is an elevated cut-off selected for the mine production schedule as the elevated cut-off is 4.5 times higher than the break-even cut-off grade. 5. Mineral Reserve figures have been rounded. 6.One tonne of lithium=5.323 tonnes lithium carbonate
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PROJECT SUMMARY
Century’s Project centers on the mining and processing of a large, flat-lying lithium claystone deposit. Mineral Reserves are sufficient to support a mine life of approximately 40 years.
Mining is by mechanized surface excavation of claystone at production rates of 7,500 to 22,500 tonnes/day of mill feed, and 13,000 to 39,000 tonnes/year of lithium carbonate. Lithium recovery is through Century’s patent-pending process that combines chloride leaching with direct lithium extraction to produce a marketable battery-quality product at the Project site.
The Report is available on SEDAR+ and on the Company’s website.
QUALIFIED PERSON
Terre Lane, RM SME, MMSA, Principal Mining Engineer, GRE, is an independent qualified person as defined by National Instrument 43-101 and has approved the technical information in this release.
ABOUT CENTURY LITHIUM CORP.
Century Lithium Corp. is an advanced stage lithium company, focused on developing its 100%-owned Clayton Valley Lithium Project in west-central Nevada, USA. Century Lithium recently completed a Feasibility Study on its Clayton Valley Lithium Project and is currently in the permitting stage, with the goal of becoming a domestic producer of lithium for the growing electric vehicle and battery storage market.
ON BEHALF OF CENTURY LITHIUM CORP. WILLIAM WILLOUGHBY, PhD., PE President & Chief Executive Officer
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS RELEASE.
This release contains certain forward-looking statements within the meaning of applicable Canadian securities legislation. In certain cases, forward-looking statements can be identified by the use of words such as “plans”, “expects” or “does not anticipate”, or “believes”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved” and similar expressions suggesting future outcomes or statements regarding an outlook.
Forward-looking statements relate to any matters that are not historical facts and statements of our beliefs, intentions and expectations about developments, results and events which will or may occur in the future, without limitation, statements with respect to the potential development and value of the Project and benefits associated therewith, statements with respect to the expected project economics for the Project, such as estimates of life of mine, lithium prices, production and recoveries, capital and operating costs, IRR, NPV and cash flows, any projections outlined in the Feasibility Study in respect of the Project, the permitting status of the Project and the Company’s future development plans.
These and other forward-looking statements and information are subject to various known and unknown risks and uncertainties, many of which are beyond the ability of the Company to control or predict, that may cause their actual results, performance or achievements to be materially different from those expressed or implied thereby, and are developed based on assumptions about such risks, uncertainties and other factors set out herein. These risks include those described under the heading “Risk Factors” in the Company’s most recent annual information form and its other public filings, copies of which can be under the Company’s profile at www.sedarplus.com. The Company expressly disclaims any obligation to update-forward-looking information except as required by applicable law. No forward-looking statement can be guaranteed, and actual future results may vary materially. Accordingly, readers are advised not to place reliance on forward-looking statements or information. Furthermore, Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
