Hot Stocks: Immutep, Solara Minerals, Synlait Milk

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Wall Street closed lower on Tuesday as optimism faded amid stalled trade negotiations with China and mounting anticipation ahead of the Federal Reserve’s interest rate decision. The S&P 500 and Nasdaq each slipped after hitting intraday highs, while the Dow fell 0.46%, dragged lower by late-session selling. A lack of clarity on the future of US-China tariffs, along with mixed corporate earnings, weighed on sentiment. Boeing and Procter & Gamble both dipped despite positive updates, while disappointing results from UPS and Whirlpool triggered sharp selloffs. Attention now turns to major tech earnings, with Meta, Microsoft, Apple, and Amazon set to report in the coming days. Nearly 82% of S&P 500 companies have so far beaten expectations this quarter, according to FactSet.

Locally, Australian shares are poised for a soft open, with ASX futures down 7 points. Investors will be watching for monthly CPI figures at 11.30am AEST, expected to show subdued inflation in line with RBA forecasts. The domestic earnings season also ramps up, with Rio Tinto reporting after the bell and earlier updates due from Atlas Arteria, Champion Iron, Pilbara Minerals, and Mineral Resources. Markets will also be monitoring Thursday morning’s Fed decision for any hint of a shift toward a rate cut in September.

Immutep posts strong clinical results across multiple cancer trials
Immutep (ASX: IMM) reported strong clinical and financial progress in Q4 FY25. Its flagship TACTI-004 Phase III trial in first-line non-small cell lung cancer (1L NSCLC) is expanding globally, now approved in 23 countries. The INSIGHT-003 Phase I trial delivered a 60.8% response rate and 90.2% disease control rate in 1L NSCLC patients, with particularly promising results in those with low PD-L1 expression. Additional positive data was reported from the TACTI-003 trial in head and neck cancer, and from EFTISARC-NEO in soft tissue sarcoma. Immutep also announced early success in its autoimmune program, with IMP761 showing strong T cell suppression and safety. Financially, the company reported $129.69 million in cash and equivalents.

Solara Minerals identifies high-priority drill targets at Degrussa West
Solara Minerals (ASX:SLA) identified multiple high-priority drill targets at its newly acquired Degrussa West project in WA, adjacent to Sandfire’s Degrussa copper-gold mine. A moving loop electromagnetic (MLEM) survey confirmed two major north-dipping conductive plates, coincident with known mineral-hosting formations and magnetic anomalies. The geological setting shows strong potential for gold and copper-gold mineralisation, with structural features including fold hinges and faults creating favourable mineral traps. Drilling is expected to begin shortly, with permits already approved.

Synlait’s turnaround progress and narrowed FY25 loss
Synlait Milk (ASX/NZX: SM1) flagged a material improvement in FY25 performance compared to the prior year. The company now expects underlying EBITDA of NZ$100–110 million (up from NZ$45.2 million in FY24), with breakeven underlying NPAT. However, one-off costs tied to manufacturing issues at the Dunsandel facility, since resolved, mean reported EBITDA will be NZ$50–68 million, and a net loss of NZ$27–40 million is expected (vs. NZ$182.1 million loss in FY24). CEO Richard Wyeth expressed optimism about the turnaround, citing strong operational foundations. Final results are due 29 September 2025.