Shares of "too big to fail" big banks JPMorgan Chase ( JPM 0.77% ) , Bank of America ( BAC 0.02% ) , and Wells Fargo ( WFC 0.91% ) all rallied big in November, with their stocks increasing 12.5%, 13.6%, and 17.3%, respectively, according to data from S&P Global Market Intelligence . All three stocks had reported earnings in October, but the election of Donald Trump and Republican majorities to both the House and Senate on Nov. 5 lit a fire under basically all financial stocks, with the biggest, highest-regulated banks seeing some of the very biggest gains. Hopes for regulatory relief In the wake of the 2008 financial crisis, U.S. and European regulators implemented a slew of new regulations for banks, especially large "too big to fail" banks. Those regulations required large banks to hold much more equity capital in case of a severe downturn in the economy. However, the rules also meant banks were prevented from lending as much as they could, and by a significant amount. JPMorgan CEO Jamie Dimon has long thought post-2008 regulations had gone too far, limiting large banks from lending roughly 100% on their deposits to lending just about 65% on their deposits. But it's not just lending where regulatory relief might benefit large banks. Current Federal Trade Commission chair Lina Kahn has also been fairly hostile to mergers and acquisitions , fighting almost every proposed tie-up made by any decently sized company. If the resistance to deal-making is relieved and Kahn is removed, more M&A activity could occur. All three of these banks also have large investment banking segments, so those segments would see a benefit on any M&A relief from a new FTC director. It's highly likely any new replacement for Kahn would lessen the agency's opposition to M&A deals. Finally, a Trump administration and Republican majorities in Congress are likely to at least preserve the lowered corporate tax levels implemented in the 2017 Tax Cuts and Jobs Act, which were set to expire next year. U.S. banks are typically full corporate taxpayers, so the prospect of continued low taxes also allowed investors to pencil in more bottom-line earnings next year and beyond with more certainty. Financials on fire The financial sector has actually been the best-performing sector in the global markets this year, even outpacing the technology sector amid all the AI hype. That can be traced back to much lower starting valuations, the prospect of lower interest rates after a couple years of high inflation, and now this assumed regulatory relief from the incoming administration. Even after their stock surges this year, JPMorgan, Bank of America, and Wells Fargo all trade with mere mid-teens trailing P/E ratios . Those multiples are higher valuations than these stocks traded at before, but are by no means very expensive. Therefore, shareholders can feel safe holding these names, while those without exposure to the banking sector might wish to add these big banks to diversify their portfolios .By MICHAEL R. SISAK and CEDAR ATTANASIO, The Associated Press NEW YORK — Police appear to not know who he is, where he is, or why he did it. As the frustrating search for UnitedHealthcare CEO Brian Thompson’s killer got underway for a fifth day Sunday, investigators reckoned with a tantalizing contradiction: They have troves of evidence, but the shooter remains an enigma. One conclusion they are confident of, however: It was a targeted attack, not a random one. They know he ambushed Thompson at 6:44 a.m. Wednesday as the executive arrived at the Hilton for his company’s annual investor conference, using a 9 mm pistol that resembled the guns farmers use to put down animals without causing a loud noise. They know ammunition found near Thompson’s body bore the words “delay,” “deny” and “depose,” mimicking a phrase used by insurance industry critics. The fact that the shooter knew UnitedHealthcare group was holding a conference at the hotel and what route Thompson might take to get there suggested that he could possibly be a disgruntled employee or client, NYPD Chief of Detectives Joseph Kenny said. Police divers were seen searching a pond in Central Park, where the killer fled after the shooting. Officers have been scouring the park for days for any possible clues and found his backpack there Friday. They didn’t immediately reveal what, if anything, it contained but said it would be tested and analyzed. On Sunday morning, police declined to comment on the contents of the backpack, or on the results of the search in the pond, saying no updates were planned. Investigators have urged patience, saying the process of logging evidence that stands up in court isn’t as quick as it looks like on TV. Hundreds of detectives are combing through video recordings and social media, vetting tips from the public and interviewing people who might have information, including Thompson’s family and coworkers and the shooter’s randomly assigned roommates at the Manhattan hostel where he stayed. Investigators caught a break when they came across security camera images of an unguarded moment at the hostel in which he briefly showed his face. Retracing the gunman’s steps using surveillance video, police say, it appears he left the city by bus soon after the shooting outside the New York Hilton Midtown. He was seen on video at an uptown bus station about 45 minutes later, Kenny said. With the high-profile search expanding across state lines, the FBI announced late Friday that it was offering a $50,000 reward for information leading to an arrest and conviction, adding to a reward of up to $10,000 that the NYPD has offered. Police say they believe the suspect acted alone. Police distributed the images to news outlets and on social media but so far haven’t been able to ID him using facial recognition — possibly because of the angle of the images or limitations on how the NYPD is allowed to use that technology, Kenny said. Late Saturday, police released two additional photos of the suspected shooter that appeared to be from a camera mounted inside a taxi. The first shows him outside the vehicle and the second shows him looking through the partition between the back seat and the front of the cab. In both, his face is partially obscured by a blue, medical-style mask.
Foster, a former New Orleans Saints defensive end, died on Dec. 6, 2021, three days after being arrested and taken to jail in rural Pickens County for alleged speeding and attempting to elude police. A judge ordered Foster taken to a medical facility in Tuscaloosa for a mental evaluation. Foster was found unresponsive in the back of a law enforcement vehicle when he arrived at the facility. He was pronounced dead about 30 minutes later. His widow, Pamela Foster, filed a lawsuit against officers at the Pickens County Sheriff’s Office and jail saying Foster had been beaten, shocked with a Taser and strangled while at the jail. The defendants then asked a federal judge to dismiss the case. U.S. District Judge Annemarie Carney Axon ruled Thursday refused to dismiss allegations of excessive force and failure to intervene. Axon dismissed other portions of the lawsuit. The ruling came a day before the third anniversary of Foster’s death. Foster appeared in 17 games for the Saints in 2013 and 2014.
While speaking at Ukrainska Pravda's UP100 award ceremony on Thursday, Zaluzhny said that the fact that Russia's allies are directly involved in the Russia-Ukraine conflict means that the Third World War has begun, Politico reported. Published: November 23, 2024 2:08 AM IST By Edited by Ukraine’s former military Commander-in-Chief Valery Zaluzhny has said that World War 3 has begun, as the country is no longer facing Russia alone, soldiers from North Korea and the Iranian ‘Shahedis’ are “killing civilians absolutely openly,” Politico reported. While speaking at Ukrainska Pravda’s UP100 award ceremony on Thursday, Zaluzhny said that the fact that Russia’s allies are directly involved in the Russia-Ukraine conflict means that the Third World War has begun, Politico reported. “I believe that in 2024 we can absolutely believe that the Third World War has begun,” Zaluzhny, who is now Ukraine’s envoy to the United Kingdom, said, as per Politico. “Because in 2024, Ukraine is no longer facing Russia. Soldiers from North Korea are standing in front of Ukraine. Let’s be honest. Already in Ukraine, the Iranian ‘Shahedis’ are killing civilians absolutely openly, without any shame,” Politico reported Zaluzhny as saying, and he added that North Korean and Chinese weapons are flying into Ukraine. As per Politico’s report, Zalunzhny said Ukraine’s allies are capable of ending the war, and they must draw the correct conclusions. “It is still possible to stop it here, on the territory of Ukraine. But for some reason our partners do not want to understand this. It is obvious that Ukraine already has too many enemies. Ukraine will survive with technology, but it is not clear whether it can win this battle alone,” he said. Politico stated that the grim speech by Zaluzhny reflected his views on the Russia-Ukraine war. He made similar comments to a media publication last year, inviting the wrath of Ukrainian President Volodymyr Zelenskyy. In his comment, Zaluzhny compared the state of the conflict to a stalemate like World War I. Zelenskyy later fired Zalunzhny in February after cracks developed between them on how to handle Ukraine’s counteroffensive. Politico reported that Zalunzhny’s mounting popularity was also seen as a threat to Zelenskyy’s political career. Speculation was rife for over a week before Zelenskyy’s announcement on February 8, reflecting the strained relationship between him and Zaluzhny over months before the decision. Oleksandr Syrskyi was then appointed as the head of Ukraine’s armed forces, marking a significant shift in the country’s military leadership amid ongoing tensions with Russia. For breaking news and live news updates, like us on or follow us on and . Read more on Latest on . TopicsNone
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Elon Musk, the billionaire businessman and owner of X (previously Twitter), delighted social media enthusiasts with a lighthearted online avatar. Musk, who is frequently praised for his unorthodox sense of humor and innovative endeavors, embraced his quirkiness by fusing technology, comedy, and imagination in a string of widely shared postings. Irony Man Takes FlightMusk shared an image of himself in an Iron Man suit, humorously proclaiming his fictional ability to wield the "power of irony" against villains. In a caption accompanying the image, Musk joked, "Oh, you call yourself 'The Joker'? Then why can't you tell a joke? How ironic." Millions of people viewed the X post, which immediately became popular and sparked debates among both supporters and detractors. Musk's picture of a high-tech rescuer and his take on heroic rivalry resonated with his supporters, as NDTV noted. Hints at Media Acquisitions Musk seemed to address rumors that he was considering buying MSNBC, a well-known news network in the United States, in a different article. Donald Trump Jr.'s joke, in which he suggested Musk purchase the network after rumors circulated that its parent firm, Comcast, would sell it, sparked this conjecture. Musk's enigmatic remark sparked discussions about his increasing control over media narratives. Claims of Supernatural OriginsAdding to the intrigue, Musk engaged with a humorous claim about his alien origins. An account called DogeDesigner speculated that Musk might be a "time-traveling vampire alien" building SpaceX's Starship to return home. Musk amplified the tweet with a cryptic reply: "I mean ... yeah ofc." This recalled rumors from 2020, when Musk made fun of the fact that he was "a 3000-year-old vampire," a reference to Twilight's Edward Cullen. According to NDTV, Musk said he has taken on several identities throughout the ages in order to keep his secrets. Musk as a ‘Man from the Future’Musk has a long history of making such assertions. Due of his apparently endless productivity, a former CEO of Twitter made a joke in 2017 that Musk might be able to travel back in time. "He seems to have more hours in a day than anyone else," the CEO reportedly told NDTV. Get Latest News Live on Times Now along with Breaking News and Top Headlines from US Buzz, World and around the world.Texas Supreme Court overturns ruling that state Attorney General Ken Paxton testify in lawsuitNEW YORK, Dec. 07, 2024 (GLOBE NEWSWIRE) -- Y-mAbs Therapeutics, Inc. (the "Company" or "Y-mAbs") YMAB , a commercial-stage biopharmaceutical company focused on the development and commercialization of novel radioimmunotherapy and antibody-based therapeutic products for the treatment of cancer, today announced the presentation of CD38-SADA in Non-Hodgkin Lymphoma (NHL) preclinical data and trial in progress posters at the 66 th American Society of Hematology (ASH) Annual Meeting & Exposition being held on December 7 –10, 2024, in San Diego, California. A poster titled " CD38-SADA, a S elf- A ssembling and D is- A ssembling Bispecific Fusion Protein for Two-Step Pretargeted Radioimmunotherapy of Non-Hodgkin Lymphoma " characterizes the selective binding of CD38-SADA to DOTA-chelated lanthanide metals and high-avidity binding to CD38, a tumor specific antigen overexpressed across a range of lymphoma cells. Data from this poster demonstrate anti-tumor efficacy of CD38-SADA when used with Lutetium 177 (Lu 177 )-DOTA in a two-step approach to pre-targeted radioimmunotherapy ("PRIT"). Tumor responses in a xenograft mouse model were rapid and dose-dependent, further supporting the clinical development of CD38-SADA PRIT in patients with CD38-positive lymphoid malignancies. "This preclinical analysis provides important insights into the unique pharmacology of CD38-SADA and its therapeutic potential for NHL," said Brian H. Santich, Ph.D., the lead author and co-inventor of the SADA PRIT technology platform. "The anti-tumor efficacy positively correlated with increasing doses of Lu 177 -DOTA and CD38-SADA, which informed the study design and initial dosing regimen of our Trial 1201 in patients with NHL." In addition, Y-mAbs presents a trial-in-progress poster from its ongoing Phase 1 (Trial 1201) clinical study evaluating the safety and tolerability of CD38-SADA PRIT with Lu 177 -DOTA in adults with relapsed or refractory NHL. Trial 1201 is a first-in-human, dose-escalation, open-label, multicenter study composed of two parts. Part A includes dose escalation of the CD38-SADA bispecific fusion protein to define the optimal safe dose of the CD38-SADA protein, the administration interval between CD38-SADA and Lu 177 -DOTA, and the Lu 177 -DOTA dose for tumor imaging. In Part B, dose escalation of Lu 177 -DOTA will establish the optimal therapeutic dose of the radioactive payload. For each part, the escalation is based on a 3+3 trial design of 4 planned dose levels. "We are pleased to share the details of this Phase 1 clinical trial, which is investigating a potentially transformative approach to pre-targeted radioimmunotherapy for patients with relapsed and refractory NHL," said Vignesh Rajah, MBBS, DCH, MRCP (UK), Chief Medical Officer. "This is our second clinical program evaluating the SADA PRIT technology platform and our first in hematological malignancies." The abstract details are below: Abstract Title: " CD38-SADA, a Self-Assembling and Dis-Assembling Bispecific Fusion Protein for Two-Step Pretargeted Radioimmunotherapy of Non-Hodgkin Lymphoma" Format : Poster Presentation, ID: 1599 Date and Time: Saturday, December 7, 2024, 5:30 PM-7:30 PM Abstract Title: " CD38-SADA Pretargeted Radioimmunotherapy (PRIT) with Lutetium 177 (Lu177)-DOTA in Adult Patients with Relapsed or Refractory Non-Hodgkin Lymphoma: A First-in-Human Phase 1 Trial" Format : Poster Presentation, ID: 4434.1 Date and Time: Monday, December 9, 2024, 6:00 PM-8:00 PM Researchers at Memorial Sloan Kettering Cancer Center (MSK), including Dr. Nai-Kong Cheung, developed the SADA technology for radioimmunotherapy, which is exclusively licensed by MSK to Y-mAbs. Dr. Cheung has intellectual property rights and interests in the technology, and as a result of this licensing arrangement, MSK has institutional financial interests in the technology. About Y-mAbs Y-mAbs is a commercial-stage biopharmaceutical company focused on the development and commercialization of novel, radioimmunotherapy and antibody-based therapeutic cancer products. The Company's technologies include its investigational Self-Assembly DisAssembly ("SADA") Pretargeted Radioimmunotherapy Platform ("PRIT") and bispecific antibodies generated using the Y-BiClone platform. The Company's broad and advanced product pipeline includes the anti-GD2 therapy DANYELZA® (naxitamab-gqgk), the first FDA-approved treatment for patients with relapsed or refractory high-risk neuroblastoma in the bone or bone marrow after a partial response, minor response, or stable disease to prior therapy. About CD38-SADA PRIT CD38-SADA is a bispecific fusion protein that tightly binds to the CD38 antigen and to select radionuclides chelated to tetraxetan (or "DOTA"). CD38-SADA contains a p53-derived domain that drives the self-assembly of CD38-SADA tetramers, which possess four distinct binding sites for CD38. In the first step of pre-targeted radiotherapy, non-radiolabeled-CD38-SADA tetramers are infused and bind with high avidity to CD38-positive tumors, while unbound CD38-SADA disassembles into low molecular weight monomers that are removed by the kidney. The second infusion delivers the "radioactive payload," which binds to the CD38-SADA on tumor cells for localized irradiation. CD38-SADA PRIT with Lutetium 177 (Lu 177)-DOTA is now under clinical investigation in Trial 1201 (NCT05994157). Forward-Looking Statements Statements in this press release about future expectations, plans and prospects, as well as any other statements regarding matters that are not historical facts, may constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such statements include, but are not limited to, statements about our business model, including financial outlook for 2024 and beyond, including estimated operating expenses, use of cash and cash equivalents and DANYELZA product revenue and sufficiency of cash resources and related assumptions; expectations with respect to the Company's future financial performance; implied and express statements regarding the future of the Company's business, including with respect to expansion and its goals; expectations with respect to the Company's plans and strategies, development, regulatory, commercialization and product distribution plans, including the timing thereof; expectations with respect to the Company's products and product candidates, including potential territory and label expansion of DANYELZA and the potential market opportunity related thereto and potential benefits thereof, and the potential of the SADA PRIT technology and potential benefits and applications thereof; expectations relating to key anticipated development milestones, including potential expansion and advancement of commercialization and development efforts, including potential indications, applications and geographies, and the timing thereof; expectations with respect to current and future clinical and pre-clinical studies and the Company's research and development programs, including with respect to timing and results; expectations regarding collaborations or strategic partnerships and the potential benefits thereof; and other statements that are not historical facts. Words such as ‘‘anticipate,'' ‘‘believe,'' "contemplate," ‘‘continue,'' ‘‘could,'' ‘‘estimate,'' ‘‘expect,'' "hope," ‘‘intend,'' ‘‘may,'' ‘‘might,'' ‘‘plan,'' ‘‘potential,'' ‘‘predict,'' ‘‘project,'' ‘‘should,'' ‘‘target,'' "will," ‘‘would',' "guidance," "goal," "objective," and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Our product candidates and related technologies are novel approaches to cancer treatment that present significant challenges. Actual results may differ materially from those indicated by such forward-looking statements as a result of various factors, including but not limited to: risks associated with the Company's financial condition and need for additional capital; the risks that actual results of the Company's restructuring plan and revised business plan will not be as expected; risks associated with the Company's development work; cost and success of the Company's product development activities and clinical trials; the risks of delay in the timing of the Company's or its partners' regulatory submissions or failure to receive approval of its drug candidates; the risks related to commercializing any approved pharmaceutical product including the rate and degree of market acceptance of product candidates; development of sales and marketing capabilities and risks associated with failure to obtain sufficient reimbursement for products; risks related to the Company's dependence on third parties including for conduct of clinical testing and product manufacture as well as regulatory submissions; the Company's ability to enter into new partnerships or to recognize the anticipated benefits from its existing partnerships; risks related to government regulation; risks related to market approval, risks associated with protection of the Company's intellectual property rights; risks related to employee matters and managing growth; risks related to the Company's common stock, risks associated with macroeconomic conditions, including the conflict between Russia and Ukraine and sanctions related thereto, the state of war between Israel and Hamas and the related risk of a larger regional conflict, inflation, increased interest rates, uncertain global credit and capital markets and disruptions in banking systems; and other risks and uncertainties affecting the Company including those described in the "Risk Factors" section included in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2023, and the Company's Quarterly Report on Form 10-Q for the quarterly periods ended March 31, 2024, and September 30, 2024, and future filings and reports by the Company. Any forward-looking statements contained in this press release speak only as of the date hereof, and the Company undertakes no obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise. SADA®, SADA PRIT®, DANYELZA® and Y-mAbs® are registered trademarks of Y-mAbs Therapeutics, Inc. Investor Contact: Courtney Dugan VP, Head of Investor Relations cdu@ymabs.com © 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Syrian government services come to ‘complete halt’ as workers stay at home
AP Trending SummaryBrief at 3:36 p.m. ESTREFORM, Ala. (AP) — A federal judge ruled that the family of former NFL player Glenn Foster Jr., who died in law enforcement custody in Alabama, can pursue a lawsuit alleging his death was the result of excessive force. Foster, a former New Orleans Saints defensive end, died on Dec. 6, 2021, three days after being arrested and taken to jail in rural Pickens County for alleged speeding and attempting to elude police. A judge ordered Foster taken to a medical facility in Tuscaloosa for a mental evaluation. Foster was found unresponsive in the back of a law enforcement vehicle when he arrived at the facility. He was pronounced dead about 30 minutes later. His widow, Pamela Foster, filed a lawsuit against officers at the Pickens County Sheriff’s Office and jail saying Foster had been beaten, shocked with a Taser and strangled while at the jail. The defendants then asked a federal judge to dismiss the case. U.S. District Judge Annemarie Carney Axon ruled Thursday refused to dismiss allegations of excessive force and failure to intervene. Axon dismissed other portions of the lawsuit. The ruling came a day before the third anniversary of Foster’s death. Foster appeared in 17 games for the Saints in 2013 and 2014.
WWE will perform on a stage next month that could be vastly larger than its current home on cable television when “Raw,” its weekly live show, makes its debut on Netflix. The sports entertainment company is moving to a platform with about 283 million subscribers worldwide as it departs its current home on the USA Network, which averaged 688,000 viewers in prime time last year, according to the Nielsen company. For Netflix, onboarding the WWE is part of a strategic move to air more live events on the heels of a hugely successful fight between Mike Tyson and Jake Paul that was viewed by more than 60 million people. “Raw” has been averaging about 1.5 million viewers on USA Network over the past month, according to Nielsen. WWE has produced thousands of episodes of “Raw,” since its debut in 1993, with star performers like Seth Rollins, CM Punk and Rhea Ripley. “Raw” and the media rights that come with it, had become a hot commodity before WWE reached a deal worth more than $5 billion with Netflix. In addition to a larger pool of potential viewers, moving to Netflix means the WWE won’t have to worry as much about curse words getting muted or potentially gory scenes or risque or obscene gestures being blurred. And as it has done throughout its history, WWE has promoted the shift to Netflix across different platforms as it seeks to expand its audience. During a Travis Scott concert last month, former professional wrestler and now WWE chief content officer Paul “Triple H” Levesque told attendees from the stage that one of the rapper’s song will be the new ”Raw” theme song, and that Scott will appear on the first episode on Netflix on January 6. WWE has consistently managed to put itself before new and sometimes massive audiences, including the Super Bowl. After defeating the Philadelphia Eagles in Super Bowl LVII two years ago, Kansas City Chiefs quarterback and MVP Patrick Mahomes posted a photo of himself on Twitter holding the Vince Lombardi trophy in one hand, and a WWE belt in the other. Netflix sees huge potential in live entertainment in addition to its traditional lineup. “The contributor to growing engagement is going to be across the board on our scripted and unscripted, our documentary programming, all the kinds of things that people love, including now the addition of some live hours,” Netflix co-CEO Theodore Sarandos said after the company’s most recent quarterly earnings report. Aside from its deal with WWE, the company announced in May that it will stream two National Football League games globally on Christmas Day as part of a three-year deal with the league. That live programming will be an important part of Netflix’s strategy going forward, said JPMorgan analyst Doug Anmuth. “Netflix is increasingly focused on sports entertainment, events, and shoulder content and we expect a bigger push into live sports over time, particularly as negotiating leverage shifts in Netflix’s direction,” he wrote in an analyst note last month.