Kodiak's eye drug nearly tripled the stock

Welcome to LazyListen. This is The Daily Rip for today. Stocks closed lower Monday as rising Treasury yields and doubts about artificial intelligence spending weighed heavily on tech shares, with chipmakers taking the biggest hit.

The 10-year Treasury yield climbed to its highest level since 2002, signaling continued pressure on growth stocks. Oil prices edged up slightly amid geopolitical tensions after President Trump rejected a new Iranian peace proposal over the weekend, suggesting a possible escalation rather than a truce. This broader macro backdrop set a cautious tone for the market.

The standout story was Kodiak Sciences, whose shares nearly tripled after the company announced positive Phase 3 results for two eye drugs targeting wet age-related macular degeneration. Both treatments met their primary endpoints, showing vision gains comparable to the current standard but with the potential for fewer injections. Kodiak’s lead candidate, Zenkuda, impressed with more than half of patients reaching a six-month dosing interval, a significant improvement in treatment durability.

This breakthrough sent Kodiak’s stock soaring nearly 178 percent, while a rival, Ocular Therapeutix, saw its shares fall more than twenty percent as investors favored Kodiak’s promising data. Kodiak plans to file for approval later this year, marking a major step toward commercialization. In tech leadership news, MongoDB’s CEO CJ Desai abruptly stepped down after less than a year to join Meta, prompting an eighteen point five percent drop in MongoDB’s shares.

The company reinstated former CEO Dev Ittycheria on an interim basis while searching for a permanent replacement. Despite reaffirming its guidance and keeping its investor day on schedule, the sudden change rattled investors, reflecting concerns about leadership stability at a key database software provider. Meta’s stock also dipped nearly five percent on the news.

Meanwhile, Boeing shares fell seven percent after the FAA delayed certification of the 737 Max 10 due to a software glitch. This setback adds to the aircraft’s regulatory hurdles and could impact Boeing’s production and delivery timelines, raising questions about near-term revenue and profit growth. On the large-cap front, Nvidia authorized a massive new share repurchase program, adding one hundred fifty billion dollars to its existing buyback authorization, bringing the total capacity to two hundred thirty five billion dollars through fiscal 2028.

This is the largest buyback ever authorized by a company, signaling Nvidia’s confidence in its long-term prospects despite recent market volatility. Nvidia’s stock edged up slightly on the news, even as the broader market retreated. I.

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development. S. tariffs of up to fifty percent on Canadian steel.

This decision affects around 500 workers and highlights ongoing trade tensions impacting the steel industry. Investors debated the potential scale and timing of further disruptions, especially related to a separate 15 billion dollar mill project in Iowa. In fintech, Nu Holdings dropped ten percent amid talks to acquire UK digital bank Monzo in a deal valued between 8 and 13 billion dollars.

Investors expressed concern about dilution from the acquisition, though some analysts see the selloff as a buying opportunity with a target price near 19 dollars. The market remains divided on the strategic merits of this move. Applied Digital also saw its shares fall seven percent following a neutral rating from Rothschild & Co Redburn ahead of its upcoming quarterly results.

The company reported a 31 billion dollar contracted backlog, but investors are cautious about whether it can beat expectations in the next quarter. Looking ahead to Tuesday, key economic data includes the Job Openings and Labor Turnover Survey, or JOLTS report, along with the S&P CoreLogic Case-Shiller Home Price Index. These reports will provide fresh insights into the labor market and housing trends amid ongoing inflation concerns.

Additionally, speeches from Federal Reserve officials will be closely watched for clues on future monetary policy. Earnings reports from Carnival Corporation and CarMax will also be in focus as investors assess consumer demand and retail trends. In summary, rising yields and geopolitical uncertainty pressured the market, while individual stocks like Kodiak Sciences delivered dramatic moves on clinical trial success.

I. safety initiatives. Trade tensions continue to weigh on materials, and fintech M&A remains a key theme.

Tomorrow’s economic data and earnings will be critical for setting the tone going forward. Thanks for listening. Catch you next time on LazyListen.