Toyota Motor Expects Materials And Logistics Costs Hurting FY23 Results

BeiGene Stock Down 13%

Shares of BeiGene, Ltd. (BGNE) are down over 13% on Wednesday morning as several biotech stocks were negatively impacted by the failure of Roche’s lung cancer drug trial.

BGNE is currently trading at $124.33, down $19.34 or 13.46%, on the Nasdaq. The stock opened its trading at $128.00 after closing its Tuesday’s trading at $143.68. The stock has traded between $121.87 and $426.56 in the past 52-week period.

Genentech, a member of the Roche Group (RHHBY), on Wednesday said that phase III SKYSCRAPER-01 study in PD-L1-High Metastatic Non-Small Cell Lung Cancer did not meet its co-primary endpoint of progression-free survival.

Roche is testing the investigational anti-TIGIT immunotherapy tiragolumab plus Tecentriq (atezolizumab) versus Tecentriq alone as an initial treatment for people with PD-L1-high locally advanced or metastatic non-small cell lung cancer.

The company noted that the other co-primary endpoint of overall survival was immature, and the study will continue until the next planned analysis.

European Economics Preview: Germany Final Inflation Data Due

No major statistical reports are due on Wednesday other than the revised consumer prices data from Germany.

At 2.00 am ET, Destatis is slated to issue Germany’s revised consumer and harmonized prices data for April. According to flash estimate, consumer price inflation rose to a record 7.4 percent in April. The statistical office is expected to confirm the preliminary estimate.

In the meantime, Romania’s consumer price data is due. Economists expect inflation to rise to 11.2 percent in April from 10.2 percent in March.

At 6.00 am ET, consumer prices and unemployment figures are due from Portugal.

Li Auto Up 7% On Narrower Q1 Loss, Higher Revenues

Shares of Li Auto Inc. (LI) are rising 7 percent on Wednesday’s trading after the company posted narrower loss in the first quarter of 2022.

The company posted net loss of RMB10.9 million or $1.7 million in the first quarter, compared with net loss of RMB360.0 million in the same period last year. Excluding items, income was RMB477.1 million or $75.3 million in the first quarter, compared with RMB177.0 million loss in the prior-year period.

Quarterly revenues soared 168 percent to RMB9.56 billion or $1.51 billion from RMB3.58 billion in the first quarter of 2021.

Currently at $21.22, the stock has traded between $16.72 and $37.45 during the past 52 weeks.

ITeos Therapeutics Tank 30% Impacted By Roche Holding Cancer Treatment Trial Failure

Shares of biotech company iTeos Therapeutics, Inc. (ITOS) are down 30 percent on Wednesday’s trading. The stock was negatively impacted by news from pharma company Roche Holding AG (RHHBY) that an experimental immunotherapy tested in combination with the cancer treatment Tecentriq failed to meet the primary co-endpoint of progression-free survival in a Phase 3 clinical trial. The study was evaluating the combination therapy as a treatment for non-small cell lung cancer.

The news of the treatment failure had a negative impact on all the biotech stocks.

Currently at $17.81, the stock has traded between $16.95 and $52.93 during the past 52 weeks.

The Carbone Partners Plan a Members-Only Club in New York

The latest outpost of Major Food Group’s exclusive ZZ’s Club, to open in Hudson Yards by year’s end, will feature a private edition of Carbone restaurant.

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Ten-Year Note Auction Attracts Average Demand

Continuing this week’s series of announcements of the results of its long-term securities auctions, the Treasury Department on Wednesday revealed this month’s auction of $36 billion worth of ten-year notes attracted average demand.

The ten-year note auction drew a high yield of 2.943 percent and a bid-to-cover ratio of 2.49.

Last month, the Treasury sold $34 billion worth of ten-year notes, drawing a high yield of 2.720 percent and a bid-to-cover ratio of 2.43.

The bid-to-cover ratio is a measure of demand that indicates the amount of bids for each dollar worth of securities being sold.

The ten previous ten-year note auctions had an average bid-to-cover ratio of 2.51.

On Tuesday, the Treasury revealed this month’s auction of $45 billion worth of three-year notes attracted well above average demand.

The Treasury is due to announce the results of this month’s auction of $22 billion worth of thirty-year bonds on Thursday.

Toyota Motor Expects Materials And Logistics Costs Hurting FY23 Results

Toyota Motor Corporation (TYT.L,TM), a Japanese automotive major,
said on Wednesday that it expects a decrease in its operating income due to unprecedented increases in materials and logistics costs.

For fiscal 2023, the company is expecting a profit of 2.260 trillion yen, a decrease from 2.850 trillion yen reporting for fiscal 2022. However, it expects sales to increase to 33.000 trillion yen from 31.379 trillion yen registered during fiscal 2022.

For the fiscal 2022, despite Covid-19 induced restrictions and limited parts supplies, the Group reported a rise in earnings and revenue.

For the 12-month period to March 31, the automaker reported a profit of 2.850 trillion yen or 205.23 yen per share, compared with 2.245 trillion yen or 158.93 yen per share, reported for the fiscal 2021.

Pre-tax income was at 3.990 trillion yen versus, 2.932 trillion yen of the previous fiscal.

Operating earnings also moved up to 2.995 trillion yen from 2.197 trillion yen, reported for the 12-month period to March 2021.

The Group also recorded a rise in comprehensive income at 4.017 trillion yen as against 3.294 trillion yen, on year-on-year basis.

For the full year, Toyota generated a revenue of 31.379 trillion yen, higher than 27.214 trillion yen of previous fiscal.