Monthly Archives: June 2017

Technology: Momentous Momentum – Seeking Alpha

Posted: June 7, 2017 at 5:07 pm

The technology sector is on fire. Potentially blazing out of control as a matter of fact. For the ride higher is being driven largely by momentum at this point. Where and when it stops, nobody knows. But we have entered territory across the sector where the risks to the downside are accumulating at a compounding rate the further the current run continues to the upside.

Blazing Hot

The run higher in technology stocks over the past year has been remarkable. After languishing in a sideways trading pattern for the better part of two years since the end of 2014, technology stocks finally broke out to the upside in early July 2016.

The catalyst for the breakout? This, of course, was the immediate aftermath of the surprise 'Brexit' vote, which raises an initial eyebrow. I am not yet clear how the departure of the United Kingdom (NYSEARCA:EWU) from the European Union (BATS:EZU) is a boon for the prospects of the technology companies found in the S&P 500 Index (NYSEARCA:SPY), but what I do know is that central banker support stood at the ready to calm financial markets in the wake of the vote announcement. And soothe tech investor fears they appeared to achieve!

Tech stocks trended sideways following the July 2016 channel break until the end of the year. Then suddenly, the sector completely caught fire and has been riding a growing wave of upside momentum ever since.

Fundamental Support, But To A Point

At first glance, it appears that the upside in technology stocks is enjoying fundamental support. And to a certain degree, this is true.

Consider the path of the Technology Select Sector SPDR (NYSEARCA:XLK) over the past six years since the summer of 2011. Why the summer of 2011? Because it was at this point during the post crisis period where U.S. stocks (NYSEARCA:DIA) and the rest of the world (NASDAQ:ACWX) including developed international (NYSEARCA:EFA) and emerging market (NYSEARCA:EEM) parted ways with U.S. stocks (NASDAQ:QQQ) continuing to rise to the moon as stocks across the rest of the world effectively have gone nowhere ever since.

Unlike some other market sectors, the rise in technology share prices has been supported by an increase in underlying earnings growth. During periods when earnings growth was accelerating, so too were technology stock prices. And during periods when earnings growth either stalled or showed signs of fading, the advance in technology stocks ground to a halt. Thus, the contention can be made that technology stocks are behaving consistently with the fundamental patterns implied by underlying earnings growth.

This is certainly constructive. But the one problem with this assessment over the past six years is the following. While technology stocks are advancing in correlation with rising earnings, the price that investors are paying for technology stocks is rising at a much faster rate than the underlying earnings. Put more simply, investors have been consistently paying increasingly more for each dollar of earnings growth that the sector is generating. This is reflected in the second chart below where the XLK and underlying sector earnings are placed on the same scale.

This can also be reflected in the following chart, which shows the daily rolling trailing 12-month price-to-earnings ratio on the XLK from July 1, 2011 to the present.

Whereas technology stocks were once priced at an attractive 13x to 15x trailing earnings back in 2011 and were still pricing in the expensive but still somewhat reasonable 17x to 20x range as recently as a year ago, they are now trading in the 25x times trailing earnings range.

Putting this in a different perspective, technology stocks are now offering an earnings yield of roughly 4%. Given the cyclical nature of the industry, this is not a lot of "yield" to receive even in today's persistently low interest rate environment.

Of course, technology stocks can overcome this premium status through an acceleration of underlying growth beyond its already robust +20% pace over the past year. Such a feat is not out of the question, but it is a tall order given the fact that technology is still a highly cyclical sector whose annual earnings growth rate has fluctuated between -10% and +20% at any given point in time over the past six years and is currently running at the very top end of this range coming out of the most recently completed quarter in 2017 Q1. In short, it's possible, but not likely.

Momentous Momentum

This is where the momentum trade comes into play for the technology sector. Over the past six years, the tech sector has evolved initially from an "intrinsic value" theme to more recently a "growth at a reasonable price" to lately a "growth at any price" pursuit.

It has been widely noted how stock market breadth has narrowed in 2017. For example, the percentage of NYSE stocks trading above their 50-day moving average has fallen from a peak of 84% at the start of the year to roughly half of stocks in recent months.

In addition, economic growth forecasts have steadily faded since the start of the year from the enthusiastic growth expectations that initially sparked the markets at the end of last year.

Yet despite this narrowing market leadership and fading economic growth prospects, the S&P 500 Index is still up strongly in 2017. The primary driver of these gains has been the strength of the technology sector. And part of the driving force behind this move has been the sentiment that excess liquidity is looking for a home and that technology is the one sector where investors can still buy growth while also gaining a degree of downside protection. Put more simply, investors have been parking money in tech lately regardless of the price driven by notion that they can continue growing regardless of the economy. Hence the still accelerating upside momentum despite the already impressive run.

This has been a great trade for those that have ridden the upside to this point. My premium service on Seeking Alpha, for one, went long technology stocks via the XLK back in mid-December 2016 as a hedge against a cyclical acceleration in economic growth. But through the end of February after an already impressive run to the upside that pushed the relative strength index to readings above 80, which was an overbought level that had been rarely reached in its two decade history, the decision was made to take profits. Thus, I have been merely a spectator to the sector's latest leg to the upside that began in late April and continues to date, which serves as another important reminder of the powerful upside momentum that remains in today's stock market.

Maintaining Momentum

The challenge for the technology sector going forward is its ability to maintain its recently remarkable upside momentum. One of the primary risks associated with the momentum trade is that it is not necessarily built on fundamentals or even technical for that matter. Instead, it is built primarily on enthusiasm and the willingness of the next buyer to pay more for the right to own shares of the company than the previous buyer. And this all works beautifully for a time until it does not. And the longer the forces of momentum take hold and the longer they run, the more painful the subsequent downside adjustment can end up being.

Such is the primary risk facing the technology sector at this stage of its recent run. The sector itself is expensive and becoming increasingly expensive with each passing trading day. And this is something that is true not only of the sector itself but many of the underlying individual stock names in the XLK.

Consider the following trailing 12-month price-to-earnings ratios for the following notable companies make up roughly 40% of the entire XLK.

Apple (NASDAQ:AAPL)

2011 P/E Ratio: 12.0x

Current P/E Ratio: 18.0x

Google (NASDAQ:GOOG)

2011 P/E Ratio: 21.8x

Current P/E Ratio: 33.7x

Facebook (NASDAQ:FB)

Current P/E Ratio: 38.9x

Microsoft (NASDAQ:MSFT)

2011 P/E Ratio: 14.7x

Current P/E Ratio: 31.9x

Intel (NASDAQ:INTC)

2011 P/E Ratio: 9.7x

Current P/E Ratio: 15.6x

Cisco Systems (NASDAQ:CSCO)

2011 P/E Ratio: 12.7x

Current P/E Ratio: 16.0x

Does value still exist in the technology sector? Perhaps among selected individual names. But at least in so far as the above list is concerned, it would require an acceleration of already robust earnings growth as of late to create this value. And in an environment where the pace of economic growth is fading and the U.S. Federal Reserve is raising interest rates, this is becoming an increasingly tall order.

The Bottom Line

The technology sector has enjoyed a tremendous run to the upside in recent months. But it no longer represents a good buying opportunity for investors with a more conservative to moderate risk tolerance, for the downside risks now outweigh the expected returns at this stage of the rally. In short, the reasonable upside opportunity set in the sector has played itself out long ago now.

Does this mean that the sector is done advancing to the upside? Not by any means, for once a momentum trade takes hold it can run indefinitely and well beyond what might be implied by fundamentals. But the sector is now running increasingly ahead on price of an already heady pace beyond its underlying earnings, thus the associated downside risks with such technology holdings are rising accordingly with each successive gain in price. Thus, selective profit taking in tech holdings may also be a prudent approach depending on your investment strategy and how your technology stock holdings fits into your broader asset allocation.

Is the technology sector then an attractive shorting opportunity? It will be at some point, but not until the upside momentum has been broken. This will be worth watching for in the days and weeks ahead. But if the current market environment has taught investors anything, any future short allocations are better implemented as part of a pair trade to hedge against a broader market that remains determined to advance to the upside no matter what is taking place in the underlying economy.

So while the tech sector that is filled with glamorous, headline grabbing stocks continues to run to the upside, equity investors with a value or "growth at a reasonable price" orientation are better served to look elsewhere at this stage of the rally.

Disclosure: This article is for information purposes only. There are risks involved with investing including loss of principal. Gerring Capital Partners makes no explicit or implicit guarantee with respect to performance or the outcome of any investment or projections made. There is no guarantee that the goals of the strategies discussed by Gerring Capital Partners will be met.

Disclosure: I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Additional disclosure: I am long selected individual stocks as part of a broadly diversified asset allocation strategy.

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MIT Technology and Policy Program’s Best Thesis for 2017 maps out a clean energy future for India – MIT News

Posted: at 5:07 pm

As the worlds second fastest-growing major economy and third largest producer of greenhouse gas emissions, India is at a crossroads.

Intent on raising its standard of living and extending reliable access to electricity to the nearly 19 percent of its citizens who lack it, India is expected to more than double its energy consumption by 2040, according to the International Energy Agency.At the same time, the nation has pledged to make reductions in greenhouse gas emissions intensity (the ratio of carbon dioxideemissions producedto gross domesting product) as specified in the 2015 Paris Agreement on climate. Achieving these seemingly conflicting goals will require energy technologies and policies that are both economically viable and efficient at cutting emissions.

That's whyArun Singh, a masters degree student in the Institute for Data, Systems and Societys Technology and Policy Program (TPP), decided to help India's decision makers weigh their options. Singh, who is also a fellow of the Tata Center for Technology and Design and a research assistant in the MIT Joint Program on the Science and Policy of Global Change, has analyzed climate policy options for India by building and applying a model of the Indian economy with detailed representation of the electricity sector.

Developed with his advisors, MIT Sloan School of Management Assistant ProfessorValerie Karplusand MIT Joint Program Principal Research ScientistNiven Winchester, the model enables researchers to gauge the cost-effectiveness and efficiency of different technology and policy choices designed to transition India to a low-carbon energy system. Singh used the model to assess the economic, energy, and emissions impacts of implementing Indias Nationally Determined Contribution (NDC) to the Paris Agreement which aims to reduce carbon dioxideemissions intensity by 33 to 35 percent from 2005 levelsand increase non-fossil based electric power to about 40 percent of installed capacity by 2030.

Singh determined that compared to a reference scenario of no policy constraints, an economy-wide emissions intensity reduction policy (simulated as a carbon price) would cost at least 43 times less per ton of carbon dioxidethan a mandated expansion of non-fossil-based electric power capacity. He also found that an economy-wide emissions-intensity reduction policy would also reduce carbon dioxideemissions in all sectors of the economy, whereas a non-fossil mandate in the electric power sector would lead to increased emissions beyond that sector.

These findings appear in Singhs masters thesis, Clean Development Pathways for India: Evaluating Feasibility and Modeling Impact of Policy Options, which was awarded the honor of being the TPP's best masters thesis for 2017.

Aruns thesis stands out because it goes beyond modeling policy options for meeting Indias climate goals to evaluating their feasibility in practice, based on an on-the-ground understanding of Indias institutions, stakeholders and technology, Karplus says. This combination has produced results that are likely to be both relevant and actionable for policymakers in India.

Singhs paper may also have broader application.

The thesis extends a single-country modeling framework that can be used to analyze the impacts of policies consistent with the Paris Agreement in other countries, Winchester says.

Singhs model projects that achieving Indias NDC emissions intensity target with a so-called purecarbon pricing policy (in which no additional targets are set to expand non-fossil electric power capacity) would require a price of $17.40 per metric ton of carbon dioxide. Becausethis is a higher carbon price than whats been implemented in most developed countries, Singh acknowledges the political intractability of such a policy. If a carbon pricing policy were combined with enforcement of non-fossil electric power capacity targets, the carbon price would go down to $2.06, but consumers would face higher commodity prices resulting from more expensive utilities. However, declining wind and solar costs in the future could lead to lower utility prices, making a hybrid carbon pricing/electric power capacity expansion policy a viable option to meet Indias electric power demand and climate goals.

Singh shared preliminary findings from his research on clean energy development pathways for India last November as a panelist for a side event of COP22, the 2016 United Nations Climate Change Conference in Marrakech, Morocco. He was the only graduate student among nine speakers on the panel, which explored strategies to implement the Paris Agreement.

With this modeling endeavor, we aim to provide policymakers in India with a tool that they can use to assess the impacts of proposed climate policies, says Singh, who will receive a master of science degree in technology and policy at Commencement this week.

Upon graduation, Singh plans to continue working with Karplus and Winchester on expanding the models capabilities and developing collaborations with policymaking bodies in India.

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Smile to enter: China embraces facial-recognition technology – Financial Times

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Smile to enter: China embraces facial-recognition technology
Financial Times
China's technology giants are rushing to embrace the commercial use of facial-recognition technology, attempting to leapfrog western rivals that have taken a more cautious approach for fear of alarming privacy-conscious consumers. While privacy ...

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The US Is Already Falling Behind On Future Energy Technology, Generals Warn – HuffPost

Posted: at 5:07 pm

The United States has already fallen behind its rivals in developing new, clean energy technology, posing a major risk to long-term security, a group of retired military officers warned on Tuesday.

Energy demand is expected to soar by at least 30 percent over the next three decades as Chinas middle class grows and countries across Africa and South Asia emerge from poverty. And, thanks to aggressive investments in nuclear, hydro and renewable energy, China and the European Union are far better-positioned to dominate those new markets, according to a new 66-page report from the CNA Military Advisory Board.

American resolve at this point has not been sufficient to put us into the lead, Lee Gunn, a retired U.S. Navy vice admiral, told HuffPost by phone. We fear the instability around the world in everything from trade to political influence that will result from the reduction in American views, values and economic and political power.

Losing control over emerging energy industries could damage national security, said retired Lt. Gen. Richard Zilmer of the U.S. Marine Corps.

Carlos Barria / Reuters

Leader of the free world post-World War II is something we very comfortably fell into, Zilmer told HuffPost by phone on Tuesday. If you agree that energy drives an economy and the economy drives the ability of a nation to have a strong diplomatic arm and a strong military arm and a strong national security posture, with this change in energy, sourcing and distribution, we run the risk of becoming junior partners in the relationship.

In January, China set aside $360 billion to spend on green energy by 2020. In May, Chinese President Xi Jinping pledged in a sweeping foreign policy speech to spend $900 billion on infrastructure and clean energy abroad. The European Union is investing aggressively in zero-emissions energy, particularly offshore wind turbines, and has established a consortium in Africa to develop renewables in countries there. Russia, whose geopolitical power is largely tethered to its oil and gas reserves, has ramped up its plans to build up nuclear power stations in energy-thirsty India.

We are behind even Russia in deploying advanced energy to India, Leo Goff, the research lead and chief author of the study, told HuffPost.

The research team and 15 former military officials began putting together the report last year, well before President Donald Trump announced the United States withdrawal from the Paris climate agreement. But the researchers said the report is making projections for the next 30 years, and warned against reading too much into its near-term political implications.

Whats happening in China right now with their development of alternative energy and, more importantly, their move to put alternative energy in Africa and India, that has little to do with Paris, Goff said. That has to do with China cleaning up its own air, and we believe their moves in Africa and India and other parts of the globe are about influence and securing future energy needs.

We think this really transcends Paris, he added. Its for the long haul.

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Coaches give latest updates on Giants rookies’ progress – Giants.com (blog)

Posted: at 5:06 pm

Giants position coaches spoke with the media Wednesday and gave updates on the 2017 Draft class:

Nobody knows a football player better than his position coach.

From the meeting room to the practice field, thats who they spend the most time with at the facility. And that goes double for rookies.

TE EVAN ENGRAM

Tight Ends Coach Kevin M. Gilbride: He shows, very much so, a willingness to block and to finish. Its not pads [in OTAs], so that will change things to an extent, but I dont see him backing down. He has a toughness and a willingness to go against anybody on our defense, and Im hoping thats how itll be throughout the course of the season.

He certainly has some development to go, but he has a good knack for [catching the ball] in the fact that he understands coverage. He understands how the leverage of the coverage is going to change how he needs to run his route. He came in with that, and its continued to progress from there.

DT DALVIN TOMLINSON

Defensive Line Coach Patrick Graham: I think any rookie, as they come into the league, they dont know anything about this league aside from the stuff they read in the media and see on TV. So I think its important for them just to stick with what theyve done just in terms of being a good football player up until this point. An organization in the NFL wanted them. To be humble there, listen to the players and listen to the coaches and just diligently work through the process. [Tomlinson is] a pretty even-keel guy. Hell be able to handle it. We will see how it plays out once the competition comes and the season comes.

You never know with anyone. This league is unique. The day-to-day grind is very unique. Guys will just have to experience it. We will see where it goes from there. We wanted him for a reason. Hes a good football player, and he comes from a good program. Hell just work through the process, and we will do our best to make sure we facilitate that as much as possible.

QB DAVIS WEBB

Quarterbacks Coach Frank Cignetti Jr.: The adjustments been great. Hes functioning, hes intelligent, he has the willingness to learn, and every day hes making progress. [The biggest challenge coming from his college system] is a couple things. Lets start with the fundamentals. The fundamentals of the footwork are totally different. Then you talk about the pass game reads. Not only is the scheme different, but the reads are different. Then youve got to look at the pass protection. We have multiple protections in the National Football League. Then lets talk about even being under center, taking a snap under center, and having a run game. So there are a lot of things, and hes done a great job learning it.

RB WAYNE GALLMAN

Running Backs Coach Craig Johnson: I think he brings a lot to the table, but hes like all young backs that I know. Most young backs have to figure out how [they are] going to be good in all three phases in the NFL early. Number one thing: As Im running the ball, how are my guys blocking so I can know my tempo and timing to hit the hole? Number two: What am I going to do in my pass protection to make sure I protect my quarterback? I have to do that. Thats a key asset to be able to get on the field, and certainly in the NFL game, the blitzes and the pressures and multiple, so that takes a lot of time. And then last but not least: Wheres my spacing in the passing game? Am I a check-down option? Am I a primary option? Where am I supposed to be? How does my quarterback want me to run this route? That is key.

Every rookie that I know that has come into this offense is kind of slow and overwhelmed early; thats just part of the process. And then you start seeing them play faster. You can see it. They go, Oh yeah, Ive got this now. Then when they feel good about it, well give them a little bit more.

DE AVERY MOSS

Defensive Line Coach Patrick Graham: Avery Moss, my buzzword is diligent. He is very diligent in working in the classroom and on the field. Hes a rookie, so hes learning to work through the system and work through the meeting time and the grind of the day-to-day in the NFL. I think on the field hes definitely shown why we wanted to get him, and I think well see how it plays out in the competition in training camp.

OT ADAM BISNOWATY

Offensive Line Coach Mike Solari: Its still early, but right now weve got him at right tackle. But again, hes a guy that has versatility. He could go to guard. He has played a little guard in his career, but obviously left tackle [mostly in college]. Right now we like him at right tackle. Were trying to get him as many reps as possible, just again, so when training camp comes, these young rookies are ready to compete.

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Teddy Bridgewater surprised coach with two weeks of progress … – NBCSports.com

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NBCSports.com
Teddy Bridgewater surprised coach with two weeks of progress ...
NBCSports.com
Vikings coach Mike Zimmer was gone for two weeks, and he's still recovering from his latest eye surgery. But he could easily see a difference in quarterback ...
Minnesota Vikings QB Teddy Bridgewater making progressUPI.com

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Sound Off: La’el Dominating, Jaylon’s Progress, Zeke’s Extra Film Work & More – DallasCowboys.com

Posted: at 5:06 pm

FRISCO, Texas The Cowboys are in the middle of their third and final week of OTA practices here at The Star.

Next week, the team will be on the field for a three-day minicamp but it wont be a major difference in what is being seen from an outside perspective.

Inside the locker room, the players were asked a variety of questions by the media. Here are different quotes from the locker room session on Wednesday:

Dak Prescott on the overall rhythm of OTAs:

Prescott: Theyve been well. Weve had some days that have been great, some days that havent been. But its all about us just growing as a team. Well continue to do that and were headed in the right direction.

Dak Prescott on Jaylon Smiths development

Prescott: Ive definitely seen some improvement a lot of improvement. Look at him running some people say it doesnt look like anythings wrong with him. Hes a freak. Hes a freakish dude. Hes getting his abilities and his talents back, and hes going in the direction he needs to.

Sean Lee on Jaylon Smiths progress at linebacker:

Lee: What Ive found is every week hes gotten better and better. That is whats been amazing is every week since weve started back this spring, to watch him progress, to watch him progress, to watch him pick up things so quickly.

Jason Witten on the leadership of the offensive line:

Witten: The set the standard for our football team. These guys are some of the best at their position in the league. They come back and approach it like they do Tyron (Smith), Zack (Martin), Travis (Frederick) and you add some of the other guys that are mixing in with Chaz (Green) and Emmett (Cleary) and of course L.C. (Lael Collins) moving out (to right tackle). They do a great job.

Chaz Green on making the adjustments from tackle to guard:

Green: Its definitely different. Pass-pro, Im just l earning to set the hole. Youve got help on both sides so you dont have to drift as much. Run-blocking its different assignments. Just getting those calls down so I can get my footwork down so I can play fast and not think.

Lael Collins on back-to-back plays in which he tossed the defensive end to the ground at the end of Wednesdays team period:

Collins: Thats just a mindset. Anytime you get a chance to put a guy on the ground, thats what youre going to do. Thats my mindset on each and every play. But at the same time, it has to be controlled.

Byron Jones on having a completion for the other safety spot next to him:

Jones: Its not a distraction at all. This is why were here. Were here to compete to try to bring the best out of everybody.

Ezekiel Elliott on doing post-OTA film sessions with Dak and Dez:

Elliott: "I think its definitely a bonding thing. We are a close group, but you never can spend too much time together. Thats how you strengthen those bonds. Thats how you become better friends."

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Solid Progress For IDO Inhibitors | Seeking Alpha – Seeking Alpha

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The search to expand upon the progress made by checkpoint inhibitors Keytruda and Opdivo and others has put the spotlight on several novel mechanisms. IDO inhibition appears poised to be the next advance after release of data at Asco showing a benefit when used in combination with the Merck & Co (NYSE:MRK) and Bristol-Myers Squibb (NYSE:BMY) drugs.

Leading the pack is Incyte's (NASDAQ:INCY) epacadostat, which had detailed phase I/II Keytruda combo data that support pivotal trials in three types of cancer. Incyte's combination-agnostic approach has also enabled it to confirm clinical benefit with Opdivo, showing responses in melanoma and head and neck cancers.

Building evidence

Epacadostat is not the only IDO inhibitor in the clinic. Newlink Genetics' (NASDAQ:NLNK) two assets, indoximod and the Roche (OTCQX:RHHBY)-partnered RG6078 had data at Asco, along with Danish group IO Biotech's IO102.

But Incyte's project so far has generated the richest body of evidence. Thanks to the adaptive design of the Echo-202/Keynote-037 trial with Keytruda, Incyte was able to present efficacy data in head and neck, non-small cell lung, renal cell, triple-negative breast and ovarian cancer, along with pooled safety data.

Breast and ovarian cancer do not look promising - in the former, 30 of 37 patients had progressed or died at a median follow-up of 20.8 weeks, while in ovarian cancer 26 of 34 patients had progressed or died at a median follow-up of 23 weeks. Objective response rates of 10% in breast cancer and 8% in ovarian, with no complete responses, are not very persuasive.

On the other hand, the signs have been strong enough in numerous other diseases to proceed into phase III (Incyte dramatically ups the immuno-oncology combo ante, April 3, 2017).

At Asco, Incyte also featured lung, urothelial, head and neck and kidney cancer (see table).

Ovarian out

With the other leading PD-1, Opdivo, also reporting disappointing data in ovarian cancer in combination with epacadostat, it is safe to say that in the absence of a signal in subgroups this indication might not be one where the IDO inhibitors will be used.

On the other hand, the Opdivo-epacadostat pairing also had data in head and neck cancer - cross-trial comparisons are tricky with small patient numbers, but Opdivo and Keytruda look pretty similar at this early stage of development (see table).

Moreover, the 58% partial response rate in a melanoma cohort in the Echo-204 trial yielded the best objective response rate seen at Asco - not surprising since the skin cancer is the most responsive to immunotherapy. And Incyte has announced plans to advance the Keytruda-epacadostat combination into phase III in melanoma.

Amid the advances for epacadostat, Newlink's two IDO inhibitors were trying to remain relevant. RG6078 was tested in a phase I dose escalation trial with Tecentriq in solid tumors in which 9% of patient showed a partial response and 24% had stable disease.

Indoximod was tested following treatment with Valeant's (NYSE:VRX) Provenge in metastatic castrate-resistant prostate cancer - patients taking the IDO inhibitor had a median progression free survival of 10.3 months compared with 4.1 months for patients taking placebo.

IO Biotech, meanwhile, had a poster on its planned phase II trial of IO102 in combination with checkpoint inhibitors in advanced, metastatic non-small cell lung cancer.

IDO inhibition shows promise, but the onrush of combination trials with PD-1 inhibitors means that it has to fight for attention (Immuno-oncology combinations surge as sector seeks the fairy dust, June 1, 2017).

Nonetheless, combining two checkpoint inhibitors remains an attractive choice, and medical meetings next year may very well show whether that attraction was worthwhile.

Editor's Note: This article discusses one or more securities that do not trade on a major U.S. exchange. Please be aware of the risks associated with these stocks.

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Jets’ Hackenberg ignores critics, focuses on making progress – FOXSports.com

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FLORHAM PARK, N.J. (AP) Christian Hackenberg has plenty of critics, many of whom think the New York Jets second-year quarterback will never be an NFL starter.

And thats before the former Penn State starter has even played in a regular-season game.

Thats their opinions, Hackenberg said of the naysayers. I cant really speak for them, whoever it is.

Hackenberg was drafted in the second round last year, a pick some thought was a reach because of his struggles with the Nittany Lions in his last two seasons following a fabulous freshman campaign. He was widely considered a project who needed work on his mechanics, footwork and overall approach.

It didnt help that Hackenberg went 17 of 47 for 159 yards with one touchdown and two interceptions in his two preseason appearances last summer. And, even as the quarterbacks carousel spun with Ryan Fitzpatrick, Geno Smith and Bryce Petty taking turns under center during the regular season, Hackenberg never saw the field.

I know what I can do, Hackenberg said. And I know what my coaching staff feels I can do, so Im just confident in my abilities. And when I get my opportunity to play, Im going to do that.

Sounds like a guy who knows he has lots to prove to everyone other than himself.

Im confident that I can play at this level, and play at a high level, he said. So, when I get my opportunity, Im going to take advantage of that.

Hackenberg is competing with Petty and veteran Josh McCown for the starting job in what the Jets have characterized as an open competition that might not be decided until sometime in training camp.

McCown is the early favorite to be under center in Week 1 at Buffalo on Sept. 10, having worked mostly with the starters during practices open to the media. But with New Yorks offseason purge of veteran stars, including wide receivers Brandon Marshall and Eric Decker, the franchises sights are firmly set on the future.

Hackenberg will get the chance to show whether he can be the quarterback to lead the Jets this season and perhaps beyond. At 6-foot-4 and a solid 228 pounds with a cannon arm, Hackenberg certainly looks the part.

I love the way he prepares and the way he competes, offensive coordinator John Morton said at the start of organized activities two weeks ago. Im talking about competing in the classroom, too. Guys have to learn to do that, and be a pro and be a student of the game and learn to take notes and those things. Hes doing those things.

On one play at practice, he can hit a receiver with a pretty back-shoulder toss in the end zone. But then, he can also have some ugly throws that could be interceptions.

Thats how it has been so far this offseason for Hackenberg. Some ups, some downs and even some progress while learning Mortons offense.

Im not going to say night and day, but definitely just being able to go through it, its been really good, Hackenberg said. I feel a lot better going in there, having a greater understanding of whats going on.

Hes no longer the wide-eyed rookie trying to navigate his way through the basics of life in the NFL. The plays on the field are also coming to him a lot easier, even compared to a few months ago.

I think were getting to a point where Im not even thinking about it, Hackenberg said, and Im feeling that right now.

Hackenberg has been a starting quarterback since high school, so sitting out all of last season a redshirt year took some getting used to. It was a humbling experience in which Hackenberg had to keep his ego in check.

I really cant change it, Hackenberg said. It was in the past. It is what it is. But I think if youre a negative person, you kind of think about it negatively and you say, `Dang, I wish I had a chance. I dont want to fill my mind with that type of negativity.

Id rather focus on the positives of it and take what I learned from it, the good from it. Thats how I kind of look at last year: I try and take the positives out of it and go from there.

Hackenberg has been working closely with new quarterbacks coach Jeremy Bates, the two often seen chatting during practice. Theres still plenty of work to be done, of course, but Hackenberg could end up working his way onto the field during a game and silencing all of the doubters.

I think Ive grown in a lot of ways, he said. Its a long road, but I feel good where Im at right now.

For more NFL coverage: http://www.pro32.ap.org and http://www.twitter.com/AP-NFL

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Trump’s Solution to His Administration’s Lack of Progress: Lying About It – Slate Magazine (blog)

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President Trump signs a letter of initiative Tuesday to privatize the nation's air traffic control system during an event staged to resemble an official signing ceremony.

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Donald Trump, you may have noticed, is not terribly good at being president. Nearly five months into his term, the White House seems stymied by its own ineptitude and a Congress that Trump has found more difficult to command than the underlings he bossed around for the past 40 years. Naturally that hasnt stopped him from continuing to make moribund promisesBloombergs Toluse Olorunnipa writes Monday morning that the administration reliably misses its self-imposed deadlines on just about everything it sets out to door shifting blame. On Monday, for instance, Trump attacked Democrats for stalling his nominations. Dems are taking forever to approve my people, including Ambassadors, he tweeted. They are nothing but OBSTRUCTIONISTS! For the most part, Democrats havent even been sent nominations to obstruct. The administration has yet to nominate candidates for hundreds of key positions, and as Politicos Seung Min Kim writes, the administration frequently takes weeks to formally submit the nominations of the candidates it does name:

And McAleenans nomination is far from alone in taking weeks to be sent to the Senate, where Republicans are growing impatient and bewildered with the Trump White Houses historic lag in filling administration posts.

[...]Its unclear exactly why the Trump White House has been so slow to officially submit some nominees paperwork, but it comes amid broader struggles by the new president to vet senior officials and staff his administration.

Of course, Trumps woes in office thus far arent purely the consequence of inexperience. The presidents inability to meet his own deadlines highlights his struggle adjusting to the pace of Washington, Olorunnipa writes.That's only partially truehis record thus far also highlights his craven dishonesty. Trump has, after all, spent many years jilting, shortchanging, and letting down parties ranging from contractors to his own wives. Relatedly, two recent stories suggest that the administration might be leaning more heavily on one of its favored strategies for overcoming its lack of progress: faking it.

On Monday, the Brookings Institutions Bruce Riedel reported that according to defense industry and congressional contacts, the $110 billion arms deal reportedly struck between the Trump administration and Saudi Arabia is largely illusory. From Brookings:

According to Riedel, the Saudis and the Trump administration compiled a list of potential deals either considered or approved by the Obama administration and presented them as a new deal. Moreover, its unlikely that the Saudis could pay for a $110 billion deal any longer, due to low oil prices and the two-plus years old war in Yemen, he writes. What is coming soon is a billion-dollars deal for more munitions for the war in Yemen. The Royal Saudi Air Force needs more munitions to continue the air bombardment of the Arab worlds poorest country.

Also on Monday, the New York Times Julie Hirschfield Davis noted that Trumps unveiling of his plan to privatize the nations air traffic control had been staged to resemble signing ceremonies for actual legislation:

This kind of stagecraft and deception, of course, isnt new. But these charades are and will continue to be particularly useful for a shambolic administration that has few achievements thus far. Useful, that is, as long as the media covers his nonevents and empty pronouncements as though Trump isn't fundamentally a huckster.

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