Indian Electronics Manufacturing Companies Slump In Ongoing Market Rout
Good morning, this is Savio Shetty, an equities reporter in Mumbai. Nifty futures point to a muted start, as most Asian markets trade lower this morning on President Trump's latest tariff threats. Foreign investors snapped up Indian shares worth 48 billion rupees on Tuesday and bulls are hoping for this trend to persist. Meanwhile, Hexaware Technologies Ltd. will begin trading today, marking the country's first billion-dollar IPO this year.
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New York Post
9 minutes ago
- New York Post
Senate makes progress in averting a gov't shutdown much earlier than usual
The Senate took a significant step towards averting an impending partial government shutdown by passing a tranche of funding bills much earlier than usual. Senators approved three of the 12 appropriations bills Friday needed to forestall a partial shutdown, including ones to fund the Department of Veterans Affairs, the Food and Drug Administration, the Department of Agriculture, new military facilities, and Congress itself. 'We are on the verge of an accomplishment that we have not done since 2018, and that is, pass appropriations bills across the Senate floor prior to the August recess,' Senate Appropriations Committee Chairwoman Susan Collins (R–Maine) cheered before the upper chamber reached the feat. 'That is exercising our constitutional responsibility for the power of the purse.' The three appropriations bills that clear the Senate are typically viewed as the less controversial ones to get across the finish line. Still, it comes amid significant hurdles toward preventing the looming autumn shutdown. 4 Sen. Susan Collins helped broker the deal to get the three appropriations bills passed through the Senate. REUTERS 4 Senate Majority Leader John Thune has eaten into the August recess to clear up the upper chamber's lengthy to-do list. Democrats widely see the shutdown fight as a rare instance in which they have leverage in Congress and have been vexed by President Trump's use of impoundment and rescissions to make spending cuts without their approval. Moreover, Congress hasn't actually passed the 12 appropriations bills to properly fund the government on time since 1997. Each fiscal year, which starts on Oct. 1, Congress is tasked with funding the government to prevent a partial shutdown. Congress has typically relied on a mechanism known as continuing resolutions, or CRs, to put government spending on autopilot for stretches of time. CRs and appropriations bills are subject to the 60-vote threshold needed to break a filibuster in the Senate and must be bipartisan, which is why Congress typically struggles with the process. 4 Sen. Patty Murray said the deal will help prevent some of the cuts Democrats opposed. The current fiscal year is running on what turned into a yearlong CR, and there have been some murmurs in the House about doing so again for Fiscal Year 2026. Senators voted 87-9 on Friday for a two-bill minibus to fund the VA and Department of Agriculture. They then voted 81–15 on the third appropriations bill to fund Congress. Sen. Patty Murray (D-Wash.), the top Democratic appropriator, argued the small-scale deal 'rejects damaging cuts from Trump and House Republicans,' despite progressive complaints. The Senate still has nine more appropriations bills to take up: Commerce, Defense, Energy, Financial Services, Homeland Security, Interior, Labor, State and Transportation. The Senate Appropriations Committee has already approved about half of those, inching them closer to a full chamber vote. 4 Oftentimes, government shutdown fights come down to the wire. REUTERS Those appropriations bills will need to be green-lit by the House of Representatives, which is on August recess, and signed into law by President Trump. Senate Majority Leader John Thune (R-SD) has eaten into the August recess while seeking to wrangle through key Trump nominations and chip away at the backlog. He is currently negotiating with Democrats on a deal to expedite that process.
Business Insider
21 minutes ago
- Business Insider
Oppenheimer Predicts Up to 590% Rally for These 2 ‘Strong Buy' Stocks
There's a lot to say about the economy and markets today. Earnings season is well underway, with 317 S&P 500 companies having reported so far, and the results have been broadly encouraging – 83% have topped profit forecasts. That strength has helped drive both the S&P 500 and NASDAQ toward record highs, although August began with a pullback as investors reacted to a weaker-than-expected jobs report and the rollout of new tariffs from President Trump. Elevate Your Investing Strategy: Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence. Even with those headwinds, Oppenheimer's chief investment strategist John Stoltzfus remains optimistic about the path ahead. 'This year reminds us of the classic Charles Dickens quote, 'It was the best of times, it was the worst of times.' Although much uncertainty and worry prevailed for some time both with trade policy and geopolitical events, and given the multitude of potential outcomes, we'd note that cooler heads prevailed – leading to positive outcomes at least for now. Monetary policy by the Fed has brought down the pace of inflation (if not yet to its 2% target level) without thus far causing a recession. This in our view is a substantial achievement… We are revising our year-end price target for the S&P 500 to 7,100 from 5,950,' Stoltzfus noted. That S&P target implies a gain of ~14% from current levels, a solid gain by any standard. But some stocks are going to outperform, even substantially – and Oppenheimer analysts are predicting much stronger rallies for 2 names in particular, including one with a potential upside as high as 590%. Using the TipRanks database, we've looked at the big-picture view on both of these picks, and it seems the broader Street agrees with Oppenheimer's bullish stance – both stocks hold Strong Buy consensus ratings, with forecasts pointing to potential triple-digit gains. Let's dig into what makes these high-upside picks so compelling. Climb Bio (CLYM) We'll start with Climb Bio, a biotech research firm focused on developing new treatments for immune-mediated diseases. These conditions – affecting an estimated 1 in 7 people worldwide – often stem from malfunctioning B cells, which can mistakenly attack the body's own tissues. Climb is developing therapies that target this root cause, aiming to address a range of serious and underserved diseases. The company's pipeline includes two drug candidates: its lead program, budoprutug, is currently being tested in three clinical trials and one preclinical study, while its second candidate, CLYM116, remains in preclinical development. Budoprutug is an anti-CD19 monoclonal antibody designed to deplete B cells. The drug has shown encouraging early clinical data and is now being evaluated in clinical trials across three distinct indications: primary membranous nephropathy (pMN), immune thrombocytopenia (ITP), and systemic lupus erythematosus (SLE). In pMN, a rare autoimmune kidney disorder that causes damaging protein leakage into the urine, budoprutug is entering a Phase 2 open-label, dose-ranging trial to assess safety and efficacy. This follows positive data from a small Phase 1b study, in which 3 of 5 patients who completed all four doses achieved complete remission of proteinuria. All five patients in that study experienced rapid and sustained B-cell depletion, even at the lowest tested dose of 100 mg, and no serious drug-related adverse events were reported. Meanwhile, in ITP, Climb has received FDA clearance to begin a Phase 1b/2a study, with the trial now advancing. ITP is an autoimmune disorder in which B cells produce antibodies that target and destroy platelets. Budoprutug is being tested in this setting based on its CD19-targeting mechanism, which may offer an advantage over CD20-based therapies by depleting a broader range of B-cell populations, including plasma cells that drive the underlying disease process. The drug is also being explored in SLE, a chronic autoimmune disease that can cause widespread inflammation and tissue damage across multiple organs. A Phase 1b trial has been cleared by the FDA and is set to run at ex-U.S. sites. This open-label study is designed to assess safety, tolerability, pharmacokinetics, pharmacodynamics, and early signs of clinical efficacy. Climb's B-cell-targeted approach is supported by the well-established role these cells play in driving lupus pathogenesis. To further expand its reach, Climb is also developing a subcutaneous formulation of budoprutug, with a Phase 1 trial in healthy volunteers expected to begin by year-end. Beyond budoprutug, Climb is advancing its second candidate, CLYM116, an Fc-engineered anti-APRIL monoclonal antibody with a novel pH-dependent mechanism. Currently in preclinical development, CLYM116 is being explored as a treatment for IgA nephropathy (IgAN), a serious kidney disorder also known as Berger's disease. Climb expects to report preclinical data and submit an Investigational New Drug (IND) application or Clinical Trial Application (CTA) by year-end. With CLYM trading at $1.45, Oppenheimer analyst Leland Gershell views the stock as a high-potential opportunity, pointing to the company's advancing clinical pipeline and the therapeutic promise of budoprutug. 'We have a favorable outlook on budoprutug across its three indications in primary membranous nephropathy (pMN), immune thrombocytopenia (ITP), and systemic lupus erythematosus (SLE)… Each of these indications has clear IgG-driven pathophysiology and significant residual unmet need, despite existing first- and second-line therapies, where budoprutug has opportunity to shine above… We see $1B+ sales potential across these indications, and a subcutaneous, potentially use-at-home version offers upside optionality… With shares reflecting little credit for the company's opportunities and cash runway into 2027, we see favorable risk-reward and encourage investors to build a position. We would expect positive results in pMN to generate considerable stock upside potential,' Gershell opined. So how much upside does Gershell see overall? The analyst rates CLYM an Outperform (i.e., Buy), with a $10 price target – implying a substantial 590% surge over the next year. (To watch Gershell's track record, click here) Supporting this optimistic outlook, CLYM has 3 recent analyst reviews on record – all unanimously positive – earning the stock a Strong Buy consensus rating. With an average price target of $9, analysts expect shares to be changing hands at ~521% premium over the next 12 months. (See CLYM stock forecast) Wave Life Sciences (WVE) The next Oppenheimer pick is Wave Life Sciences, a biotech company developing a lineup of RNA medicines through its proprietary platform, dubbed PRISM. RNA therapeutics represent a fast-growing frontier in biotechnology, and Wave is harnessing innovations in chemistry and human genetics to create targeted treatments for serious, genetically driven diseases that have historically lacked effective solutions. This ambitious vision is translating into a diverse clinical pipeline. Wave is advancing four distinct programs, each built on a separate RNA modality: WVE-006 uses RNA editing, WVE-007 employs RNA interference (RNAi), WVE-N531 leverages exon skipping, and WVE-003 utilizes allele-selective silencing. By tackling different mechanisms and indications, the company is positioning itself to address multiple areas of high unmet medical need. WVE-006 is a GalNAc-conjugated, subcutaneously delivered RNA editing oligonucleotide (AIMer) designed to treat alpha-1 antitrypsin deficiency (AATD), a genetic disorder affecting the lungs and liver. The drug is currently in the Phase 1b/2a RestorAATion-2 trial, with key clinical data from both the 200 mg single and multidose cohorts expected in the third quarter of 2025. Additional results from the 400 mg single-dose cohort are anticipated later this fall. Progress is also accelerating with WVE-007, an RNAi therapy targeting obesity. This GalNAc-siRNA candidate works by silencing the INHBE gene and has shown strong preclinical efficacy in reducing weight while preserving muscle mass. Following promising initial safety and pharmacodynamic results in Cohort 1, Wave expanded enrollment in Cohort 2 and expects data from the first two cohorts in Q4 2025, with high-dose cohort results to follow in early 2026. The third program, WVE-N531, is an exon-skipping oligonucleotide developed for Duchenne muscular dystrophy (DMD), a severe and progressive neuromuscular disorder. In a Phase 2 open-label trial, the therapy showed statistically significant and clinically meaningful improvements in Time-to-Rise, a key measure of functional strength. Wave plans to submit a New Drug Application (NDA) in 2026 to pursue accelerated approval. Rounding out the clinical pipeline is WVE-003, an allele-selective oligonucleotide designed for Huntington's disease (HD). This first-in-class candidate has demonstrated selective reduction of mutant huntingtin protein (mHTT) while preserving healthy wild-type HTT – an approach believed to protect neuronal function. A Phase 2/3 trial is in planning, with Wave aiming to submit an IND in the second half of 2025. This pipeline, and its potential for success, has caught the attention of Oppenheimer analyst Cheng Li, who writes: 'We think RNA medicine is poised to become an important therapeutic modality for future medicine, leveraging its unique target engagement mechanism compared to other modalities. The PRISM platform further enhances the potency, durability, tissue distribution, and pharmacological properties of oligonucleotides in a multimodal fashion… We are optimistic about WVE's four clinical programs, each having its own merits and collectively providing validation to the platform technology that propels a next wave of programs for high-value targets with differentiated approaches… We anticipate multiple meaningful clinical catalysts from WVE-006 for alpha1 antitrypsin deficiency (AATD) and WVE-007 for obesity, with current valuation offering a favorable risk/reward setup.' Reflecting this conviction, Li assigns WVE an Outperform (i.e., Buy) rating, along with a $24 price target that suggests shares could surge 178% over the next year. (To watch Li's track record, click here) Li's bullish stance is echoed across the Street. The stock has picked up 12 recent analyst reviews, supporting a Strong Buy consensus rating, with an 11-to-1 split favoring Buys over Holds. Shares currently trade at $8.63, and the average price target of $18.18 points to a potential upside of ~111% over the next 12 months. (See WVE stock forecast) To find good ideas for stocks trading at attractive valuations, visit TipRanks' Best Stocks to Buy, a tool that unites all of TipRanks' equity insights.
The Hill
38 minutes ago
- The Hill
Trump's plan for White House ballroom sparks outrage from his critics
President Trump's plans to add a massive $200 million ballroom to the White House is angering critics, who see him moving forward with the long-sought project as part of his desire to leave a lasting mark not only on the office of the presidency but the first house as well. The construction of the ballroom, the cost of which the White House says will be covered by Trump and other donors, will begin in September. Trump is also paving the White House Rose Garden (though the rose bushes will be saved), which the White House says is necessary so people can walk more easily for events held in the space. And he's added his personal gold touch to the Oval Office. Trump says he sees the ballroom as a way to add to his legacy. And while detractors say his decorative and more substantial changes are out of touch and ostentatious, he says they are necessary. 'I always said I was going to do something about the ballroom because they should have one,' he told reporters Thursday. 'So we'll be leaving it, it will be a great legacy project. And, I think it will be special.' When asked if any government funds will be used to construct the 90,000 square foot facility, Trump replied, 'no government dollars, no.' The White House said the sprawling event space will be built adjacent to the White House where the East Wing sits. The goal is to complete construction before the end of Trump's term in January 2029. Trump's vision is for a space where he and future presidents can host state dinners, large gatherings with business leaders and other ritzy parties or functions. 'We've been planning it for a long time,' Trump said. 'They've wanted a ballroom at the White House for more than 150 years. There's never been a president that was good at ballrooms. I'm really good.' Democrats and regular Trump critics offered a sharp pushback on his plans. 'This is what DOGE was all about, folks,' Senate Minority Leader Chuck Schumer (D-N.Y.) said in a video posted to social media hours after the White House announcement, referring to the president's Department of Government Efficiency. 'Cutting things from you, and giving it not to some place that needed it, giving it to the big shots who run the show, Donald Trump at the top of the list.' Others suggested Trump and his White House were planting an intentional distraction. 'You gotta hand it to MAGAs, for about a week they really did have everyone convinced they cared about kids and The Epstein Files,' journalist and pundit Seth Abramson wrote on social platform X. 'On to more important things! Did you hear Trump is building a $200M ballroom at the White House? Wowee!' The White House pushed back on those criticisms in a Friday statement to The Hill, saying 'as President Trump has said, for over 150 years, many presidents, administrations, and staff have all wanted a ballroom, and now we have a president who will accomplish building it.' 'President Trump is the best builder and developer in the entire world and the American people can rest well knowing that this project is in his hands,' a West Wing spokesperson said. 'Many future presidents and American citizens will enjoy it for generations to come.' The president, a longtime real estate mogul who is known for a hands-on approach in the design and construction of his resorts, golf courses and skyscraper office buildings, has long lamented the lack of sufficient event space at the White House. 'When it rains it's a disaster, and the tent's 100 yards, that's more than a football field away from the main entrance,' Trump said as part of his remarks to the press about the project. 'And people are shlopping down to the tent; it's not a pretty sight. The women with their lovely evening gowns, their hair all done, and they're a mess by the time they get [there].' There is longstanding precedent for presidents and first ladies putting their spin on the White House and its grounds. President Harry Truman oversaw a massive renovation from 1948 to 1952 that required he and his wife to move into the Blair House at the time and saw the White House completely gutted. Former first lady Jackie Kennedy, however, championed the historic preservation of the home and advocated that extreme renovations require oversight from the Committee for the Preservation of the White House. 'Every president and first family does make a mark on the White House — they already are a part of history and that snapshot in time,' said Anita McBride, former chief of staff to then-first lady Laura Bush. 'Since the cornerstone was laid, there have been additions, there have been changes that, at the time those happened, raised concerns.' The White House Historical Association welcomed Trump's planned ballroom. 'The history of the White House has evolved over 233 years since the cornerstone was laid in 1792. The South Portico, the North Portico, the East Wing, the West Wing, and the Truman Balcony all raised concerns at the time — but today, we can't imagine the White House without these iconic elements,' Stewart D. McLaurin, president of the association, told The Hill. He added, 'Since our founding by First Lady Jacqueline Kennedy in 1961, we have supported and partnered with every president and first lady caring for and adding to the White House and its Collection. We work to preserve the history of this remarkable museum, home, and office for generations to come.' Some agree with the president that a bigger events space at the White House is long overdue. 'I can understand why someone who thinks on a grand scale, as obviously President Trump does, would want this ballroom added,' said Barbara Perry, a presidential historian and co-chair of the Presidential Oral History Program at the University of Virginia's Miller Center. 'That being said, the optics for people who disagree with this president, it will probably have an impact on how they view this.' McBride agreed that the tents on the lawn, which have been constructed during more recent administrations, are not ideal. 'That doesn't come without challenges, putting up staging, putting up a covered structure, getting people to the actual location; dealing with inclement weather. And you're not really having your event in the White House,' she said. 'So you can see where that makes sense.' There are lingering questions about what the new ballroom location will mean for the staffers who work in the East Wing, which is where first lady's staff works. The East Wing is also where tours of the White House for the public are conducted. 'Betty Ford always called the East Wing the 'heart' of the White House,' McBride said. 'All the business and policy gets done in the West Wing, that's critically important. But the heart of the White House is the East Wing. And so what, what will be the new East Wing?' Others see the construction of an opulent addition to the president's residence as a matter of bad timing and poor optics given sluggish jobs reports and fears about how global tariffs might hurt the U.S. economy. 'This isn't something that's going to make or break another election, but it does add another page to the catalog of hypocrisy that these people read from when they want to lecture Americans about fiscal responsibility,' said Antjuan Seawright, a Democratic political strategist. 'It's a visible middle finger to working class Americans, many of whom voted for him.'
