World News

Netflix stock drops after Needham turns bearish, says company needs to add an ad tier

EARNINGS SUMMARY: Details of AutoZone Inc. Q1 Earnings Report

Below are the earnings highlights for AutoZone Inc. (AZO):

-Earnings: $350.34 million in Q1 vs. $351.41 million in the same period last year.
-EPS: $14.30 in Q1 vs. $13.47 in the same period last year.
-Analysts projected $13.77 per share
-Revenue: $2.79 billion in Q1 vs. $2.64 billion in the same period last year.

Sanofi says trial of sutimlimab met main goals

Sanofi SA SNY, -1.59% said a Phase 3 trial of sutimlimab in people with primary cold agglutinin disease met its primary and secondary endpoints.

The primary efficacy outcome was a responder rate based on a composite of an increase in hemoglobin from baseline or reaching a hemoglobin level at the 26-week assessment timepoint, and the absence of transfusions from Weeks 5 to 26.

Results also demonstrated rapid inhibition of hemolysis and clinically significant improvements in anemia and fatigue within one week of treatment, the company said.

Sanofi said it plans a U.S. Food and Drug Administration submission in the near future.

Write to Michael Dabaie at [email protected]

Chilean Aircraft With 38 On Board Crashes

Chilean military’s transport plane with 38 people on board crashed on Monday.

“The Chilean defense forces report that seven hours after losing the communication with the C130 Hercules aircraft, it was recognized as crashed,” the country’s Air Force said in a statement published on Twitter Tuesday.

The aircraft, bound for an Antarctic airbase with 17 crew members and 21 passengers on board, took off at 4:55 p.m. local time Monday from the southern city of Punta Arenas.

The Chilean Air Force said Air Traffic Control lost contact with the plane’s pilots within two hours.

The mission was to provide logistical support to a military base on Antarctica’s King George Island.

It published a map of the plane’s last known location on Twitter, placing it within the Drake Passage, an oceanic zone which is notorious for treacherous weather conditions.

The Air force has launched a search-and-rescue operation.

Teen runaway found 'camping' inside Bed Bath & Beyond store

Bed Bath & Beyond took its ‘first step in the right direction’: Retail analyst

Retail analyst Seth Basham discusses Bed Bath & Beyond’s stock value following the company’s decision to hire a new CEO.

GREENVILLE, N.C. (AP) — Employees at a Bed, Bath & Beyond in North Carolina discovered an uninvited sleepover guest hiding in the store when they opened up Monday morning.

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The Greenville employees called local police around 8:30 a.m. and officers responded to a “breaking and entering in progress," according to The News & Observer.

The intruder turned out to be a 14-year-old runaway who had “camped out" at the store overnight after leaving home, Greenville police spokeswoman Kristen Hunter said.

The teen wasn't harmed and was taken back to his house. His name wasn't immediately released.


Gold slips by ₹95 on stronger rupee, weak demand

Gold prices fell ₹95 to ₹38,460 per 10 gram; silver fell ₹128 to ₹44,607 per kg from ₹44,735 per kg

Gold prices fell ₹95 to ₹38,460 per 10 gram in the national capital on December 10 due to weak demand and a stronger rupee, according to HDFC Securities.

The yellow metal had closed at ₹38,555 per 10 gram in the previous session.

“Spot gold for 24 karat in Delhi was trading down by ₹95 on a stronger rupee and weak spot demand. The spot rupee was trading around 15 paise stronger against the dollar during the day,” HDFC Securities Senior Analyst (Commodities) Tapan Patel said.

Taking cues from gold, silver also fell ₹128 to ₹44,607 per kg from ₹44,735 per kg on December 9.

In the international market, gold was trading at $1,463 per ounce, while silver was quoting at $16.62 per ounce.

“Gold witnessed selling on expectations of initial trade deal between the US and China before December 15 deadline of new U.S. tariffs,” Mr. Patel said.

Amgen sees positive results in blood cancer trial

Amgen Inc. AMGN, -0.41% on Tuesday said a phase 3 study evaluating Kyprolis in combination with dexamethasone and Darzalex met its primary endpoint in patients with the blood cancer multiple myeloma.

The Thousand Oaks, Calif., biotechnology company said the study met its main endpoint of progression-free survival, resulting in a 37% reduction in the risk of disease progression or death in patients with relapsed or refractory multiple myeloma.

Amgen said the combination also showed efficacy in key secondary endpoints, including overall response rate and overall survival.

Johnson & Johnson’s JNJ, +0.09% Janssen Biotech Inc. unit has an exclusive license to develop, manufacture and commercialize Darzalex under an August 2012 agreement with Danish biotechology company Genmab A/S GMAB, +0.88%.

Write to Colin Kellaher at [email protected]

Netflix stock drops after Needham turns bearish, says company needs to add an ad tier

Shares of Netflix Inc. NFLX, -1.58% are off 2.4% in premarket trading after Needham analyst Laura Martin downgraded the stock to underperform from hold, writing that she expects the streaming giant to shed 4 million U.S. subscribers in 2020 due to the high price of its service relative to other streaming offerings. "We believe Netflix must add a second, lower priced, service to compete with Disney+, Apple+, Hulu, CBS All Access and Peacock, each of which have $5-$7/month choices," Martin wrote. She argued that the company’s balance sheet wouldn’t be able to sustain lower revenue from this lower-priced tier so Netflix should consider adding six to eight minutes an hour of advertisements for this hypothetical tier priced at $5 to $7. The stock has gained 15% so far this year as the S&P 500 SPX, -0.32% has increased 25%.