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Madrigal Pharmaceuticals Soars +214.3%
$MDGL 200.50 +136.70Announces positive topline results from pivotal Phase 3 MAESTRO-NASH Clinical Resmetirom Trial ; trial achieved both #liver histological improvement endpoints that FDA proposed
Resmetirom would be the first approved treatment for NASH, or nonalcoholic steatohepatitis, a disease that affects about 5% of adults in the United States.
The data gives the $MDGL a timely boost after it raised “going concern” doubts in November citing lack of adequate cash. This move would have also been impacted by short covering, squeezing based on that
Tesla gets a bump from the Twitter exit poll:
$TSLA 154.89 +4.66, +3.1% after CEO Elon Musk TWTR posts poll asking if he should step down as head of #Twitter with 57% voting YES
Monday. Cinema names on watch with weekend numbers for #AvatarTheWayOfWater $DIS
Cineworld $CNNWQ Cinemark $CNK IMAX $IMAX Marcus $MCS Reading International $RDI Cineplex $CGX:CA and National CineMedia $NCMI#AvatarTheWayOfWater had $134 mln in box office sales, coming up slightly short of expectations
Walt Disney $DIS 89.98, -0.10, -0.1%Moderna continues run higher after being top $SPX stock last week:
$MRNA 199.67, +6.38, +3.3% with upgrade from to Buy from Hold at JefferiesMeta Platforms (META 117.03, -2.40, -2.0%) down on news that the EU Commission sent a statement of objections to Meta over abusive practices benefiting Facebook Marketplace.
Aerojet Rocketdyne +1.7% to be acquired by L3Harris Technologies $LHX for $58.00/share in an all-cash transaction valued at $4.7 billion, inclusive of net debt
$AJRD 55.80, +0.91Dow +75.89 at 33001.69, Nasdaq -68.99 at 10576.27, S&P -5.62 at 3847.16
The main indices were able to lift off early lows recently.
More S&P 500 sectors reached positive territory as the S&P 500 tested its flat line. Roughly half of the 11 sectors sit in positive territory now.
Market intervals reveal somewhat mixed action with declining issues leading advancing issues by fairly slim margins. Decliners lead advancers by an 11-to-10 margin at the NYSE and a 3-to-2 margin at the Nasdaq.
U.S. Treasuries sit on their lows after adding to their initial losses.
The 10-yr note and shorter tenors began the day near their lows from Friday while the long bond slipped past its low from Friday at the open. The market has added to its losses since then with longer tenors continuing their underperformance.
The selling comes amid some renewed economic optimism in Europe, but equities have gotten off to a shaky start. The S&P 500 hovers juts below its flat line while the Nasdaq (-0.5%) underperforms.
Yields:
2-yr: +2 bps to 4.22%
3-yr: +6 bps to 3.96%
5-yr: +9 bps to 3.70%
10-yr: +10 bps to 3.58%
30-yr: +11 bps to 3.65%US NAHB housing market index 31 vs 34 expected
US home builder sentiment surveyhomebuilder sentiment is on the brink of breaking the pandemic low
Prior was 33
Current sales 36 vs 39
Next six months 35 vs 31
Prospective buyers 20 vs 20^^^^^ +1s for all excellent & insightful market posts shared
PPPPPLLLLUUUNNNGGGGEEEEE — Where’s the BEEF?
It’s being roasted on WALL STREET as the BULLs go into hiding
on possible recession & other tough times ahead in 2023 & hope that is not the caseHow do you like your steaks (RARE, MEDIUM, or WELL DONE)
Dow 32,757.21 -163.25 -0.50%
S&P 500 3,817.60 -34.76 -0.90%
Nasdaq 10,546.03 -159.38 -1.49%
VIX 22.52 -0.10 -0.44%
Gold 1,796.10 -4.10 -0.23%
Oil 75.69 1.40 1.88%Big cap selling..
Vanguard Mega-Cap Growth ETF $MGK -1.5%
Meta Platforms $META 114.48, -4.95, -4.1%
Apple $AAPL 132.37, -2.14, -1.6%
Tesla $TSLA 149.87, -0.36, -0.2%
Microsoft $MSFT 240.45, -4.24, -1.7%
Alphabet $GOOG 89.15, -1.71, -1.9%Oh, Santa where art thou?
After today’s selling
Nasdaq Composite is down 8.0% in December,
Russell 2000 is down 7.8%,
S&P Midcap 400 is down 7.3%,
S&P 500 is down 6.4%,
Dow Jones Industrial Average is down 5.3%.Gilead Anti-TIGIT Domvanalimab-Containing Study Arms Improve Progression-Free Survival Compared to Anti-PD1 Alone in Phase 2 Non-Small Cell Lung Cancer Study
Anti-TIGIT Domvanalimab-Containing Study Arms Improve Progression-Free Survival Compared to Anti-PD1 Alone in Phase 2 Non-Small Cell Lung Cancer Study
– 35-45% Reduction in Risk of Progression or Death and a Doubling of mPFS Were Observed in the Domvanalimab-Containing Study Arms, Compared to Zimberelimab Monotherapy in First-Line, PD-L1-High NSCLC –– With Median Follow-Up of Approximately 12 Months, Both Domvanalimab-Containing Study Arms Also Improved ORR and Six-Month Landmark PFS Compared to Zimberelimab Monotherapy –
– Detailed Results Will Be Presented on December 20at 3pm ET / 12pm PT during the ASCO Monthly Plenary Series –
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