Medpace Hits 17-Month Low After Bookings Miss Leaves Investors Mystified

 

Medpace stock tumbled to a 17-month low Tuesday after lighter-than-expected bookings in the March quarter "cast more doubt on the path forward," an analyst said.


In the first quarter, Medpace Holdings (MEDP) booked $500 million in net new business, missing expectations for the fifth consecutive quarter, William Blair analyst Max Smock said in a report. He called for $548 million in net bookings, while analysts polled by FactSet projected $557.3 million, on average.

New bookings slumped nearly 19% year over year and added onto a four-quarter trend of sequential declines. Medpace's book-to-bill ratio came in at 0.9 times, lagging Smock's view for 1.03 times.

"Unfortunately, there was no detail in the company's press release or accompanying earnings deck about the demand environment and the reason for the sequential decline in bookings in the first quarter, leaving us to wonder whether elevated cancellations, lower growth bookings, or a mix of both factors were to blame," Smock said.

In morning trades, Medpace stock toppled more than 5% to 271.97. That pared a steeper loss in earlier action when Medpace shares fell as much as 13.5% and touched their lowest point since November 2023.


The top- and bottom-line were more promising for Medpace, however.

The contract research organization, or CRO, helps companies run the clinical testing they need to win approval or clearance for new drugs and medical devices. During the first quarter, Medpace earned an adjusted $3.67 per share, rising nearly 15% and beating calls for $3.06, according to FactSet. Sales grew more than 9% to $558.6 million. Analysts called for $526.3 million in sales.

Medpace also raised its 2025 sales outlook by $30 million and boosted its adjusted earnings per share view by 34 cents at the midpoint. Now the company projects $2.14 billion to $2.24 billion in sales and earnings of $12.26 to $13.04 per share.

https://www.investors.com/news/technology/medpace-stock-holdings-earnings-q1-2025/

'Building 7 Controlled Demolition?': Ron Johnson Plans Shock 9/11 Hearings: 'My Eyes Have Been Opened'

 Sen. Ron Johnson (R-WI) is raising eyebrows after revealing on Benny Johnson’s conservative podcast that he’s pushing for a congressional hearing to examine the September 11, 2001, terrorist attacks on the Twin Towers.

Johnson, who serves on the the Senate Permanent Subcommittee on Investigations, raised questions about the World Trade Center Building 7’s collapse, saying the documentary film, Calling Out Bravo 7 has sparked “an awful lot of questions.”

“Well, start with Building 7,” Sen. Johnson told Johnson. “Again, I don’t know if you can find structural engineers other than the ones that have the corrupt investigations like NIST that would say that that thing didn’t come down in any other way than a controlled demolition.”

“Who ordered the removal and the destruction of all that evidence? Totally contrary to any other firefighting investigation procedures. I mean, who ordered that? Who is in charge? I think there’s some basic information. Where’s all the documentation from the NIST investigation?” the Wisconsin lawmaker continued.

“Now, there are a host of questions that I want and I will be asking, quite honestly, now that my eyes have been opened up,” he added.

Johnson said he plans to work with former Rep. Curt Weldon (R-PA), who recently appeared on Tucker Carlson’s podcast to discuss 9/11, “to expose what he’s willing to expose.”

The senator’s comments prompted Johnson to ask: “So we may actually see hearings about this?”

“I think so,” the senator replied while referencing previous efforts to obtain unredacted FBI files on behalf of 9/11 families.

“We want to get those answers, those documents for the families,” the lawmaker replied. “Hopefully, now with this administration, we can find out what is being covered up.”

Sen. Johnson expressed optimism that the Trump administration will authorize the release of 9/11-related documents, despite prior unsuccessful efforts to declassify them.

“We want those made available in terms of what happened. What did the FBI know that happened? So we had engaged with that. It was on a bipartisan basis. We wanted to get those answers, those documents for the families,” Sen. Johnson said. “Again, we didn’t get squat from the FBI. So hopefully now with this administration, I think President Trump should have some interests being a New Yorker himself.”

“What actually happened in 9/11? What do we know? What is being covered up? My guess is there’s an awful lot being covered up in terms of what the American government knows about 9/11,” he added.

Very interesting to say the least...

 

https://www.zerohedge.com/political/building-7-controlled-demolition-republican-senator-plans-shock-911-hearings-says-my-eyes

Buyers Strike Arrives: Foreign Demand For 2Y Treasury Auction Craters To 2 Year Low

 For much of April, and certainly following the vomit-inducing surge in 10Y yields two weeks ago, the biggest question in the market has been whether China is dumping their roughly $1 trillion in treasuries. And while we won't know until June when the April TIC data hits (and even then the data is at best mixed), moments ago we found something just as important: the Chinese are certainly no longer rushing to buy US paper, something we learned following today's 2Y auction which saw a dramatic plunge in Indirect (i.e. foreign) demand.

Let's back up.

Today's $69 billion auction priced at a high yield of 3.795%, down from 3.984% last month and the lowest since last September. It also tailed the 3.789% When Issued by 0.6bps, this was the first tail since January and the biggest tail since October.

But while the small tail could be glossed over, the first sign of trouble was today's bid to cover which slumped from  2.66 to 2.52, the lowest since October, and below the six-auction average of 2.64.

But things really went off the rails when looking at the internals, where unlike the recent set of 3/10/30 auctions which saw Direct bids collapse, the Direct award in today's 2Y was solid, in fact at 30.1%, it was one of the highest on record. The problem is that the surge in Directs came at the expense of a plunge in Indirects, or foreign buyers, which tumbled to a two year low. As shown below, the April Indirect takedown was just 56.2%, the lowest since the depth of the bank bailout crisis in March 2023.

in other words, while Indirect demand was strong 2 weeks ago, it has since collapsed, and if drops another 10-20% lower, the Fed may have no choice but to restart QE to provide what it is explicitly supposed to do: be a Buyer of Last Resort backstop to the US treasury.

Finally, with surging Directs, and plunging Indirects, Dealers ended up holding on to 13.7%m above last month's 10.7%, and modestly above the recent average of 11.6% if hardly an outlier print.

Overall, this was a very mediocre - at best - auction, but it could have been far worse if Directs had not stepped in to fill the void left by the suddenly buyer's strike from Indirects, i.e., foreigners, i.e., China.

So keep a close eye on the week's remaining coupon auctions: unlike two weeks ago when all eyes were on the Directs, we are finally down to brass tacks, and keep a close eye on the only metric that matters: whether foreigners are finally done funding the trillions and trillions of US debt, leaving only the Fed's QE as an option.

https://www.zerohedge.com/markets/buyers-strike-arrives-foreign-demand-2y-treasury-auction-craters-2-year-low

Putin Offers To Halt Fighting Along Current Front Lines In Ukraine: FT

 In a huge development, President Vladimir Putin has offered to halt his invasion of Ukraine across the current front line as part of ongoing efforts to work with US President Donald Trump toward reaching a permanent peace deal. This reportedly happened during ongoing dialogue with Trump's top envoys.

This is according to several sources which spoke to Financial Times, which wrote further in a Wednesday report, "The proposal is the first formal indication Putin has given since the war’s early months three years ago that Russia could step back from its maximalist demands to end the invasion."

"The Russian president told Steve Witkoff, Trump’s special envoy, during a meeting in St Petersburg earlier this month that Moscow could relinquish its claims to areas of four partly occupied Ukrainian regions that remain under Kyiv’s control, three of the people said," FT continues.

The Kremlin side has not publicly acknowledged this, and so the breaking report should be taken with a grain of salt, given this contradicts Putin's public stance that Russia will never relinquish the four territories which were declared part of the Russian Federation after the Moscow-backed referendums of Sept. 2022.

However, if Russian forces did simply halt their advance based on an agreed-upon freeze in fighting, there would be portions of these territories still not under Russian military control.

The FT report goes on, "The US has since floated ideas for a possible settlement that includes Washington recognizing Russian ownership of Ukraine’s Crimean peninsula, the people added, as well as at least acknowledging the Kremlin’s de facto control over the parts of the four regions it currently holds."

All of this is being reported hours after Ukraine's President Zelensky said he has rejected the possibility of ceding over Crimea, after the Trump administration reportedly offered the 'gift' to Putin of US recognition of Russian sovereignty over the strategic peninsula and home to the Russian navy's Black Sea fleet.

According to Ukrainian media:

Ukraine will not legally recognize Russia's occupation of Crimea under any circumstances, President Volodymyr Zelensky said during a briefing in Kyiv on April 22.

"There is nothing to talk about. This violates our Constitution. This is our territory, the territory of the people of Ukraine," Zelensky told reporters.

Zelensky added, "As soon as talks about Crimea and our sovereign territories begin, the talks enter the format that Russia wants — prolonging the war – because it will not be possible to agree on everything quickly."

Kiev has also recently accused Moscow of using negotiations as a smokescreen while in actuality prolonging the war, also coming off the 30-hour Eastern truce, which saw both sides accuse the other of many violations.

The Financial Times acknowledged this possibility, and the fact that Moscow is in the driver's seat related to any potential settlement that would end the conflict, in the following:

But European officials briefed on US efforts to end the war cautioned that Putin would probably use the apparent concession as bait to lure Trump into accepting Russia’s other demands and forcing them on Ukraine as a fait accompli. "There is a lot of pressure on Kyiv right now to give up on things so Trump can claim victory," one of them said.

The reality remains that if Zelensky can't so much as admit that Crimea will be permanently in Russia's hands, with no hope of Kiev ever getting it back, the prospect of a peace settlement happening anytime soon seems very remote.

But clearly Moscow is seeking to show itself willing to compromise by these overtures, but whether there's much substance or genuineness behind the offer to halt all frontline fighting is another question. At the moment, at least 99.5% of Kursk territory is back in Russia's control. Russia's military also still continues to advance in remaining parts of Donetsk still held by Ukraine, but slowly and village by village.

https://www.zerohedge.com/geopolitical/putin-offers-freeze-ukraine-invasion-along-current-front-line-report

Oncology Institute Amendment to Facility Agreement and Debt Paydown

The Oncology Institute (NASDAQ: TOI) has announced key financial developments, including an amendment to its facility agreement with Deerfield Management Company and a partial debt reduction. The amendment removes the $40 million minimum cash covenant and lifts restrictions on equity offerings. TOI has paid down approximately $20 million of senior secured convertible notes and related interest.

The company has also reported significant progress in its growth initiatives, having secured three new capitation agreements in 2025, adding roughly 80,000 lives across California, Nevada, and Florida markets. Notably, Florida operations now manage over 200,000 lives under value-based agreements, including more than 50,000 under Medicare Advantage.

https://www.stocktitan.net/news/TOIIW/the-oncology-institute-announces-amendment-to-facility-agreement-and-e8s4trvog4qo.html

Tivic Health shares soar on defense application interest

 Tivic Health Systems , Inc. (NASDAQ:TIVC) stock surged over 200% following the company’s announcement of positive interest from the White House and the FDA in its product candidates for military and defense applications. The significant move comes after Tivic Health provided briefings to senior leadership in Washington, D.C. on April 17th, highlighting the potential of its biologic and bioelectronic therapies.

During the briefings, Tivic Health discussed its TLR5 program, including the lead product candidate Entolimod™, which has previously received substantial funding from U.S. Government agencies for development. The company’s educational briefing to the White House focused on the need for advanced treatments for acute radiation syndrome and the potential improvements in treating radiation damage through the TLR5 pathway. The meeting with FDA senior leadership explored expedited pathways to approval for Entolimod and Entolasta™, another TLR5 agonist, as well as export opportunities.

Additionally, Tivic Health presented its non-invasive cervical vagus nerve stimulation (ncVNS) technology, which is being developed to treat inflammatory, cardiac, and neurologic disorders. The ncVNS program, with ongoing clinical studies, received positive feedback on expedited pathways such as breakthrough device designations.

Jennifer Ernst, CEO of Tivic, expressed gratitude for the opportunity to discuss the clinical pipeline’s importance in potentially protecting and healing military personnel, first responders, and citizens. She anticipates ongoing discussions as the company’s medical programs progress toward potential FDA approval. Michael Handley, COO and President of Tivic Biopharma, also commented on the potential of Entolimod to treat exposure to ionizing radiation and the interest in the ncVNS program’s indications for the veteran population.

https://www.investing.com/news/stock-market-news/tivic-health-shares-soar-on-defense-application-interest-93CH-3995744

India under tariff pressure to give Amazon and Walmart full market access, FT reports

 U.S. President Donald Trump's administration intends to press India to give online retailers such as Amazon and Walmart full access to its $125 billion e-commerce market, the Financial Times reported on Tuesday, citing industry executives, lobbyists and U.S. government officials.

The U.S. plans to push Prime Minister Narendra Modi’s government for a level playing field on e-commerce in wide-ranging talks on a U.S.-India trade agreement set to also cover sectors from food to cars, the newspaper reported.

It did not mention what measures the Trump administration expects from the Indian government.

Amazon and Walmart operate in India through local units but face restrictions on holding inventory and directly selling to consumers, unlike domestic firm Reliance, which can open physical stores and leverage its vast retail network to reach customers across the country.

Amazon and Walmart did not immediately respond to Reuters' requests for comment.

India and U.S. are in the middle of chalking out a trade deal as part of New Delhi's efforts to avoid U.S. tariffs.

U.S. Vice President JD Vance also met with Indian Prime Minister Narendra Modi on Monday, as officials in New Delhi expect to clinch a trade deal with the U.S. within the 90-day pause on tariff hikes announced by Trump on April 9 for major trading partners.

https://www.aol.com/news/india-under-tariff-pressure-amazon-041418983.html