U.S. Trade Deficit Narrows In September Amid Jump In Exports

U.K.’s Cummings Hints He May Quit as Johnson Aide By Year-End

Dominic Cummings, hinted he may quit as Boris Johnson’s top aide by the end of the year, telling the BBC’s Laura Kuenssberg that his position “hasn’t changed” since he wrote in January that he wanted to be “largely redundant” within a year.

Amid swirling rumors in Westminster following the resignation late Wednesday of Johnson’s communications chief, Lee Cain, a close ally, Cummings told Kuenssberg “rumors of me threatening to resign are invented, rumors of me asking others to resign are invented,” the BBC journalist said late Thursday ina series of tweets.

Stock Alert: IMAC Holdings Surges 150%

Shares of nano-cap company IMAC Holdings, Inc. (IMAC) are surging over 150% on Thursday morning after reporting narrower loss for the third quarter.

IMAC is currently trading at $2.12, up $1.29 or 155.64%, on the Nasdaq.

Third-quarter net loss narrowed to $1.43 million or $0.12 per share from $1.55 million or $0.19 per share last year. Revenues were however $3.45 million, down from $4.36 million last year.

IMAC Holdings, a health care company focused on orthopedic treatments, announced the acquisition of Lockwood Chiropractic in Webster Groves, Missouri.

CEO Jeffrey Ervin said, “While the COVID-19 pandemic has continued to negatively impact IMAC’s revenue on a year-over-year basis, the Company has been extremely diligent and focused on continuing what it began prior to the pandemic to ensure that it is wisely allocating capital, strategically reducing expenses, and prudently managing operations.”

Last week, the company said it was going to start enrollment in early November for its Phase 1 clinical study of umbilical cord-derived mesenchymal stem cells for the treatment of bradykinesia due to Parkinson’s Disease.

Fed’s Harker Says U.S. Economy Won’t Grow Unless Workers Retrain

American workers will need to upgrade their skills if the U.S. economy is to continue growing and it’s urgent that the government provide incentives for retraining, Federal Reserve Bank of Philadelphia President Patrick Harker said.

“The economy will not grow unless we bring people up from the lower-skilled jobs into the middle class,” Harker said Tuesday during in interview with Bloomberg’s Carol Massar. “We really need to focus on retraining those people into different jobs as quickly as we can.”

The Philadelphia Fed chief said the economic blow wrought by the coronavirus pandemic may lead to a permanent decline of employment in sectors like retail, and in other areas of the economy where the workforce had already been facing the prospect of positions being automated away.

“Economic incentives given by governments — say, tax credits, or others for job training — make a lot of sense,” Harker said. “I would encourage more of these public-private partnerships through those kinds of tax credits.”

The full conversation will be broadcast Friday during the Bloomberg virtual event “Strengthening Economic Resiliency: Investing in the American Worker.”

Why Five Prime Therapeutics Stock Skyrocketed on Wednesday

Five Prime Therapeutics Inc. (NASDAQ: FPRX) shares more than tripled on Wednesday after the company announced positive topline results from its gastric cancer study.

The topline results came from the Phase 2 FIGHT trial that compared bemarituzumab (FPA144) in combination with mFOLFOX6 chemotherapy to placebo in combination with mFOLFOX6. The trial was conducted in patients with fibroblast growth factor receptor 2b-positive (FGFR2b+), HER2-negative front-line advanced gastric or gastroesophageal junction cancer.

All three efficacy endpoints in the trial were achieved: progression-free survival (PFS), overall survival (OS), and overall response rate (ORR).

Median PFS improved from 7.4 months in the placebo arm to 9.5 months in the bemarituzumab arm. Median OS improved from 12.9 months to not reached. In addition, the ORR improved by 13%.

Five Prime noted that the Phase 2 FIGHT trial results validate the importance of the novel target FGFR2b, which is overexpressed in approximately 30 percent of HER2- gastric cancers worldwide.

Management noted that these results bring the firm one step closer to the first potential targeted therapy for advanced gastric cancer in over a decade. Management further commented that it was excited about the results of the FIGHT trial and the opportunity to advance bemarituzumab, the first and only investigational treatment for patients with FGFR2b+ tumors, to the next phase of development.

Five Prime Therapeutics stock traded up 261% to $19.27 on Wednesday, in a 52-week range of $1.75 to $24.00. The consensus price target is $8.50.

U.S. Trade Deficit Narrows In September Amid Jump In Exports

A report released by the Commerce Department on Wednesday showed the U.S. trade deficit narrowed in the month of September.

The Commerce Department said the trade deficit narrowed to $63.9 billion in September from a revised $67.0 billion in August.

Economists had expected the deficit to narrow to $63.8 billion from the $67.1 billion originally reported for the previous month.

The narrower deficit came as the value of exports jumped by 2.6 percent to $176.4 billion, while the value of imports rose by 0.5 percent to $240.2 billion.

The spike in exports partly reflected a sharp increase in exports of soybeans as well as a notable increase in exports of capital goods.

Meanwhile, increases in imports of passenger cars and capital goods were partly offset by steep drops in imports of cell phones and other household goods and industrial supplies and materials.

The report said the goods deficit narrowed to $80.7 billion in September from $83.8 billion in August, while the services surplus was nearly unchanged at $16.8 billion