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  • Trump raises tariffs on Canada by 10% in retaliation for anti-tariff TV ad | Trump tariffs

    Trump raises tariffs on Canada by 10% in retaliation for anti-tariff TV ad | Trump tariffs

    Donald Trump announced on Saturday that he will raise US tariffs on Canada by 10% in retaliation for an anti-tariff advertisement sponsored by the Ontario government, which has further strained one of the world’s largest trade partnerships.

    The…

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  • Fire 5 Pro: Smartphone with huge 13,000mAh battery doubles as a power bank

    Fire 5 Pro: Smartphone with huge 13,000mAh battery doubles as a power bank

    The Fire 5 Pro is a rugged smartphone with an enormous battery capacity (Image source: Doogee)

    The Fire 5 Pro is a new smartphone that’s now available on Amazon. It’s supposed to be durable and is equipped with a very large battery….

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  • AI Models May Be Developing Their Own ‘Survival Drive’, Researchers Say

    AI Models May Be Developing Their Own ‘Survival Drive’, Researchers Say

    “OpenAI’s o3 model sabotaged a shutdown mechanism to prevent itself from being turned off,” warned Palisade Research, a nonprofit investigating cyber offensive AI capabilities. “It did this even when explicitly instructed: allow…

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  • Perioperative Durvalumab Plus FLOT Generates OS Benefit in Gastric/GEJ Adenocarcinoma

    Perioperative Durvalumab Plus FLOT Generates OS Benefit in Gastric/GEJ Adenocarcinoma

    Treatment with the anti–PD-L1 monoclonal antibody durvalumab (Imfinzi) plus 5-fluorouracil-leucovorin-oxaliplatin-docetaxel (FLOT) produced a statistically significant and clinically meaningful improvement in overall survival (OS) among patients with resectable gastric/gastroesophageal junction (GEJ) adenocarcinoma vs placebo plus FLOT, regardless of pathological status, according to results from the phase 3 MATTERHORN trial (NCT04592913) presented during the 2025 ESMO Congress.1

    With a data cutoff date of September 1, 2025, the final OS analysis of the intention-to-treat population yielded a hazard ratio (HR) of 0.78 (95% CI, 0.63–0.96; P = .021) comparing the investigational arm with the control arm, with median OS not reached in either arm.

    “The OS results of the MATTERHORN study strongly support the use of durvalumab plus chemotherapy with FLOT as a new global standard of care for patients with localized, [resectable, gastric/GEJ] adenocarcinoma,” said Josep Tabernero, MD, PhD, professor of medicine, head of the Department of Medical Oncology at Vall d’Hebron University Hospital, and director of Vall d’Hebron Institute of Oncology, Barcelona, Spain, in his presentation.1

    Furthermore, a survival analysis stratified by demographic and clinical characteristics showed that OS improvement was consistent across most key subgroups. Notably, a similar improvement in OS was achieved regardless of PD-L1 status. In patients who were PD-L1-positive (PD-L1 TAP ≥1%), the HR was 0.79 (95% CI, 0.63–0.99), and the HR was 0.79 (95% CI, 0.41–1.50) in patients who were PD-L1-negative (PD-L1 TAP <1%), even demonstrating identical HRs across groups.

    Additional findings reported included an improvement in event-free survival (EFS), the study’s primary end point, among patients with any degree of pathological response and regardless of pathological nodal status at the time of the data cutoff on December 20, 2024.

    What Are the Study Design and Patient Characteristics?

    The phase 3 MATTERHORN trial is a global, randomized, double-blind, placebo-controlled study evaluating the efficacy of neoadjuvant-adjuvant durvalumab plus FLOT chemotherapy.2 The study’s primary end point is EFS; key secondary end points include OS and pathological complete response (pCR).

    The study population consists of 948 patients with localized gastric/GEJ adenocarcinoma who were treatment-naive upon enrollment. Patients were enrolled from across Asia, Europe, North America, and South America; of note, according Tabernero, is that 20% of patients were from Asia. Patients were stratified by geographical region, clinical lymph node status, and PD-L1 expression.

    For treatment, patients were randomly assigned 1:1 to receive either the durvalumab and FLOT combination or placebo plus FLOT (n = 474, both arms) in the neoadjuvant setting. Here, patients received their 1500 mg of their assigned treatment plus FLOT for 2 cycles before undergoing surgical resection 4 to 8 weeks after their last dose.3 Following surgical resection recovery, patients received 1500 mg of durvalumab or placebo as adjuvant therapy for up to 1 year.

    What Trial Data Have Been Previously Reported?

    In 2023, interim results with a data cutoff on February 1, 2023, suggested a significant and clinically meaningful benefit in pCR and near-PCR, with response rates of 27% and 14% observed in the investigational and control arms, respectively.4 Next, earlier in 2025, results of a primary end point analysis published in The New England Journal of Medicine revealed a 2-year EFS rate of 67.4% in the investigational arm vs 58.5% in the control arm.5 A consistent and manageable safety profile between arms was depicted in both reports.4,5

    Riding on the favorable efficacy and safety trends observed in previous analyses, this most recent readout highlights the potential of durvalumab and FLOT to become a new perioperative treatment option for patients.

    Disclosures: Tabernero declared a consulting role with Accent Therapeutics, Alentis Therapeutics, AstraZeneca, Boehringer Ingelheim, Bristol Myers Squibb, Carina Biotech, Cartography Biosciences, Chugai Pharmaceutical, Daiichi Sankyo Company, Eli Lilly and Company, F. Hoffmann-La Roche AG, Genentech, Johnson & Johnson, Menarini Ricerche S.p.A, Merus N.V., MSD, Novartis, Ono Pharma USA, Peptomyc, Pfizer, Pierre Fabre, Quantro Therapeutics, Scandion Oncology, Scorpion Therapeutics, Servier, Sotio Biotech, Taiho Pharmaceutical, Takeda Pharmaceutical International AG, and Tolremo Therapeutics, and stocks with 1 TRIAL SP, Alentis Therapeutics, Oniria Therapeutics and Pangaea Oncology.

    References

    1. Tabernero, J. Final overall survival (OS) and the association of pathological outcomes with event-free survival (EFS) in MATTERHORN: A randomised, phase III study of durvalumab (D) plus 5-fluorouracil, leucovorin, oxaliplatin and docetaxel (FLOT) in resectable gastric / gastroesophageal junction (G / GEJ) adenocarcinoma. Presented at: ESMO 2025 Congress; October 17–20, 2025; Berlin, Germany. Abstract LBA81.
    2. Assessing durvalumab and FLOT chemotherapy in resectable gastric and gastroesophageal junction cancer. ClinicalTrials.gov. Updated April 3, 2025. Accessed October 17, 2025. https://clinicaltrials.gov/study/NCT04592913
    3. Janjigian YY, Van Cutsem E, Muro K, et al. MATTERHORN: phase III study of durvalumab plus FLOT chemotherapy in resectable gastric/gastroesophageal junction cancer. Future Oncol. 2022;18(20):2465-2473. doi:10.2217/fon-2022-0093
    4. Janjigian YY, Al-Batran SE, Wainberg Za, et al. LBA73 Pathological complete response (pCR) to durvalumab plus 5-fluorouracil, leucovorin, oxaliplatin and docetaxel (FLOT) in resectable gastric and gastroesophageal junction cancer (GC/GEJC): Interim results of the global, phase III MATTERHORN study. Ann Oncol. 2023;34:S1315-S1316. doi: 10.1016/j.annonc.2023.10.074
    5. Janjigian YY, Al-Batran SE, Wainberg ZA, et al. Perioperative durvalumab in gastric and gastroesophageal junction cancer. NEJM. 2025;393(3):217-230. doi: 10.1056/nejmoa2503701

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  • Today’s NYT Mini Crossword Answers for Oct. 26

    Today’s NYT Mini Crossword Answers for Oct. 26

    Looking for the most recent Mini Crossword answer? Click here for today’s Mini Crossword hints, as well as our daily answers and hints for The New York Times Wordle, Strands, Connections and Connections: Sports Edition puzzles.


    Need some help…

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  • USTR Greer says trade talks with China moving toward agreement for leaders to review – Reuters

    1. USTR Greer says trade talks with China moving toward agreement for leaders to review  Reuters
    2. US, China seek to avoid trade war escalation, salvage Trump-Xi meeting in Malaysia talks  Reuters
    3. China, US to hold trade talks in Malaysia in coming…

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  • US Dollar Forecast: DXY Volatility and Direction Hinge on FOMC, Data Gaps, Powell Guidance

    US Dollar Forecast: DXY Volatility and Direction Hinge on FOMC, Data Gaps, Powell Guidance

    Fed Meeting in Focus: Cut Likely, Guidance Will Drive Dollar Response

    Traders are now squarely focused on Wednesday’s FOMC rate decision and accompanying statement. While a quarter-point cut to a 3.75%–4.00% target range is fully priced in, market reaction will hinge on forward guidance and Chair Powell’s tone in the post-meeting press conference.

    With job growth slowing and inflation moderating, the Fed is under pressure to support labor conditions without reigniting price risks. The central bank’s challenge is compounded by limited data visibility, as the shutdown has delayed key labor and spending reports.

    If the Fed signals additional cuts are likely, that would increase downside pressure on the dollar. Conversely, any effort to downplay further easing could offer near-term support to the index.

    Treasury Yields Reflect Cautious Policy Outlook

    Bond markets echoed this sentiment shift. The benchmark 10-year yield retreated below 4% to close near 3.966%, while shorter maturities showed similar declines.

    With the Fed now weighing labor market deterioration more heavily than inflation risks, fixed income traders are positioning for a slower policy path through year-end. This cautious tone limited dollar upside, even as international rate expectations trended lower.

    Technical Picture: Tight Weekly Range Signals Impending Break

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  • Assessing Valuation After Recent Share Price Volatility

    Assessing Valuation After Recent Share Price Volatility

    Rivian Automotive (RIVN) shares have seen some volatility recently, catching the attention of investors watching the electric vehicle sector. The company has delivered mixed short-term returns; however, its longer-term performance tells a different story.

    See our latest analysis for Rivian Automotive.

    After a choppy stretch this year, Rivian’s share price has recently lost momentum, sliding 16.7% over the past month. However, when you take a step back, the one-year total shareholder return is an impressive 24.2%, even after accounting for big swings since last year’s lows.

    If you’re curious what else is out there in electric vehicles and autos, now’s the perfect time to check out See the full list for free.

    But with Rivian’s shares now trading below analyst targets after a period of turbulence, the key question remains: is this a genuine buying opportunity, or has the market already factored in all the future growth?

    Rivian’s most widely followed narrative currently places its fair value at $14.48, which is about 10% above the last close of $12.98. This disconnect between the share price and narrative fair value sharpens focus on key drivers supporting this bullish view.

    Vertical integration in technology, especially in autonomy, battery, and software, combined with growing software and services revenue (including licensing via partnerships like with Volkswagen) is expected to open new high-margin revenue streams and diversify earnings. This could potentially strengthen EBITDA and net margins over time.

    Read the complete narrative.

    Want to know why high-tech partnerships and vertical integration are central to Rivian’s future? There’s a set of bold assumptions powering this target valuation, including game-changing revenue projections and margin shifts few expect. Curious about what the consensus is betting on beneath the surface? Unpack the narrative to see what’s driving the models and which financial levers matter most.

    Result: Fair Value of $14.48 (UNDERVALUED)

    Have a read of the narrative in full and understand what’s behind the forecasts.

    However, persistent cash burn and policy changes, such as tariff shifts or tax credit reductions, could quickly undermine these optimistic forecasts for Rivian’s future.

    Find out about the key risks to this Rivian Automotive narrative.

    Looking at Rivian through the lens of price-to-sales, things appear less optimistic. The company’s ratio stands at 3.1x, which is quite a bit higher than both the US Auto industry average of 1.3x and the peer average of 1.5x. Even our fair ratio estimate is just 1.4x, suggesting the market is paying a premium. Does this premium signal belief in future breakthroughs or simply extra valuation risk?

    See what the numbers say about this price — find out in our valuation breakdown.

    NasdaqGS:RIVN PS Ratio as at Oct 2025

    If you see things differently or believe a deeper dive could reveal more, you can quickly assemble your own narrative and test your insights in just a few minutes. Do it your way

    A great starting point for your Rivian Automotive research is our analysis highlighting 1 key reward and 2 important warning signs that could impact your investment decision.

    Missing out on today’s real opportunities is easier than you think. Take action now and pinpoint your next investment edge. The Simply Wall Street Screener can help you target stocks with momentum, resilience, and breakthrough potential.

    This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

    Companies discussed in this article include RIVN.

    Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com

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