Bristol-Myers Squibb Co.’s immune cancer therapy won approval from U.S. regulators for a broader population of lung cancer patients, a boost for a drug that’s expected to become a blockbuster.
The decision by the Food and Drug Administration came almost three months ahead of schedule, following a trend of quicker clearances for new cancer drugs by the agency. In March, Opdivo was approved three months ahead of plan for use in patients with advanced squamous, non-small cell lung cancer whose disease had progressed during or after trying chemotherapy. (more…)
Early one morning in late September, Lena Dunham e-mailed 200,000 people with the subject line “Lena Dunham interviews Hillary Clinton in Letter No. 1.” This was the debut of Lenny, a biweekly newsletter from Dunham and Jenni Konner, the executive producer of Girls, the HBO comedy Dunham created. (Lenny: Lena and Jenni. Get it?) (more…)
Deutsche Bank AG expects to report a surprise third-quarter loss of 6.2 billion euros ($7 billion) and may eliminate its dividend for the year after writing down the value of its two biggest divisions and boosting its reserve for legal costs.
The estimates, announced in a statement Wednesday, are part of a strategy that co-Chief Executive Officer John Cryan will present Oct. 29 as he looks to shore up capital and boost profitability at Europe’s biggest investment bank. Deutsche Bank’s American depositary receipts tumbled 6.4 percent after the disclosure to $26.96 at 4:22 p.m. in extended trading in New York. (more…)
In a marble exhibition hall in downtown Belgrade, investors and curious locals have been lining up to see what Serbia’s capital may look like in 2030.
Gone are the rusty train tracks, crumbling buildings and makeshift fast-food shacks that now line the Sava River. The 4-meter-wide (12-foot-wide) model of the $4 billion Belgrade Waterfront project shows high-rise homes, offices and tree-lined parks surrounding the largest Balkan indoor shopping mall and a corkscrew skyscraper to be built and paid for by Eagle Hills, an Abu Dhabi-based company established by Emaar Properties Chairman Mohamed Alabbar. (more…)
Four months ago, Roger, a 55-year-old construction worker from Mooresville, N.C., fell out of a deer stand and was left with a damaged spinal cord and no sensation from the middle of his chest down. Patients with his condition typically have less than a 1-in-20 chance of recovering any feeling in or control over the paralyzed areas. A new kind of implant aims to change that.
At Carolinas Medical Center in Charlotte, Roger, who doesn’t want to disclose his last name to protect his privacy, allowed doctors to perform an experimental procedure that involved cutting directly into his spinal cord to insert a sort of bridge for surviving nerve cells. Within a month, he regained feeling in his abdomen, some feeling in his legs, and some bladder control. While he’s not walking, he says he’s determined to get there and is getting leg braces so he can move with a walker. (more…)
Chuck E. Cheese, the kiddie pizza chain acquired by private-equity firm Apollo Global Management last year, thinks it has a solution to its sales slump: winning over millennial moms.
The restaurants have never had difficulty appealing to kids, thanks to a combination of pizza, arcade games and guitar-playing animatronic characters. But getting parents on board — especially the younger generation of moms who are seeking higher-quality food — has been a challenge. Chuck E. Cheese’s sales have declined in recent years, so the chain is remaking its pizza, improving the salad bar, and expanding its list of beer and wine. (more…)
There are 70,000 ways to get sick, hurt or mortally injured, and the U.S. is making them official.
On Thursday, U.S. hospitals, doctors and other care providers have to start using internationally developed standards called ICD-10 codes to bill government programs and private insurers in the nation’s $2.9 trillion-a-year health-care system. The codes cover everything from parrot bites to getting sucked into a jet engine. (more…)
Alibaba Group Holding Ltd. is heading for the fourth straight monthly decline in its stock price as analysts cut their revenue estimates for the most important quarter of the year.
Twelve analysts have cut sales predictions for the Chinese e-commerce company in the past four weeks for both this quarter and the next as the country’s economy cools. Alibaba shares have dropped 13 percent in September, bringing the market value decline since the end of May to about $75 billion.
Alibaba has gone through a dramatic reversal of fortune since holding the largest-everinitial public offering last year, dropping to a record low close this week. China’s slowing economy has raised concerns that sales will be muted during the biggest shopping day of the year, Singles’ Day on Nov. 11, with the challenges compounded by competition from JD.com Inc. and other rivals.
“I would refrain from recommending this stock to investors as there are too many uncertainties,” said Ray Zhao, a Shenzhen-based analyst at Guotai Junan Securities Co. “China’s macro economy isn’t upbeat, and Alibaba’s facing a market saturation in big cities, which means a slowdown in new user growth.”
The analyst downgrades follow a more bearish prediction by the company itself.
Gross merchandise value in the quarter ending September may come in “mid-single-digits lower” than Alibaba’s initial expectations, investor relations chief Jane Penner told the Citi Global Technology Conference earlier this month.
Alibaba is now projected to post the slowest sales growth since its IPO, with revenue rising 27 percent to 21.4 billion yuan ($3.4 billion) in the three months ending Wednesday, according to the average of analyst estimates. Next quarter will weaken even further, with a 24 percent increase, according to analysts’ average estimate.
In the previous 12 quarters, Alibaba’s average revenue growth rate was 56 percent. Singles’ Day generated 57.1 billion yuan of sales last year.
“The next couple of quarters will be difficult,” said RJ Hottovy, an analyst atMorningstar Inc., who upgraded Alibaba to a buy on Sept. 22. Recent criticisms of the company have been overblown, presenting a good buying opportunity, he said. “Investors have to have some patience.”
While analysts are more bearish on sales growth at Alibaba, that sentiment hasn’t spread to its rivals.
In the past month, there haven’t been any revisions to sales estimates for JD.com, China’s second-largest e-commerce operator, or its partner Tencent Holdings Ltd., according to data compiled by Bloomberg. While Alibaba shares have dropped 44 percent this year, both of its rivals have risen in the same period. JD shares have risen 5.6 percent this year in New York trading, and Tencent about 15 percent in Hong Kong.
Alibaba’s decision to replace its chief executive officer and buy back stock has failed to calm investor fears about slowing growth, with short sellers boosting bearish bets on the stock to a record in September.
Even increasing mobile shopping on its Taobao Marketplace and Tmall.com platforms to capture a customer shift to smartphones and tablet computers, now generating more than half of transaction volumes, has failed to turn around the stock.
“Investors fancy Alibaba’s mobile prospects because they expect Alibaba to capture new customers in low-tier cities that are new to Taobao and mobile shopping. Yet we do not see this as a new growth catalyst,” Li Muzhi, a Hong Kong-based analyst at Arete Research Service LLP, wrote in a report. “We also do not see a case for paying a premium valuation for Alibaba’s mobile transition.”
Ruined weekends, PowerPoint drudgery and overnight shifts in Manhattan skyscrapers once were a point of pride for the Harvard Business School graduates who went to Wall Street. Now young stars hold heads high about how lucrative and healthy their lives will be — elsewhere.
“People used to brag and say, ‘Oh yeah, 21-hour days, seven days a week for eight months,’ that was a badge of honor,” said Kiran Gandhi, who like others in this year’s class applied to technology companies. “The humble brag is now, ‘Oh yeah, I work 9 to 5, I get paid a ton of money, and I have a great life.’ It’s green juice from vats in the office and amazing organic iced coffee cold-brewed — the quality of life.” (more…)