June 8, 2017 7:52am
The word for today … faithfulness to commitments or obligations.
Do we need or expect just momentum to “lift the cloud”
In our realm of shareholder politics, it’s about expection and follow-through made which doesn’t seem to be supported …
So, whar is the difference between some CEOs and politicians …?
Higher open expected
Pre-open indication: ten (10), 8 BUYS and 2 SELLS
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Dow futures are UP +0.12% and NASDAQ futures are UP +0.22%
U.S. stock index futures pointed to a slightly higher open Thursday, as investors braced themselves for news out of a slew of economic and political events…
· On Thursday, U.S. investors will be paying close attention to a testimony by former FBI Director James Comey, who is set to speak and answer questions in front of the Senate Intelligence Committee; marking the first time the former director will speak publically since being dismissed by President Donald Trump.
European markets edged higher as politics and monetary policy took center stage…
· Policymakers at the European Central Bank are set to discuss the future of monetary policy for the 19-member bloc. Expectations are that they will carry on with their large monetary stimulus. However, they will also receive updated economic forecasts. Some media reports suggest the ECB will cut inflation outlooks through 2019 and raise gross domestic product projections. The euro was subdued against the dollar, at $1.1247.
Asian markets closed mostly higher ahead of key risk events later in the day, with apparent land-to-ship missiles fired by North Korea in the morning added to the mix.
Data docket: jobless claims are slated to come out at 8:30 a.m. ET, followed by the Quarterly Services Survey, out at 10 a.m. ET.
The cell therapy sector closed NEGATIVE on Wednesday, Tuesday and Monday, POSITIVE on Friday and last Thursday. The cell therapy sector’s record after the last 5 days (of 43 covered companies):
· Wednesday closed NEGATIVE with 21 decliners, 16 advancers and 6 flats;
· Tuesday closed NEGATIVE with 19 decliners, 18 advancers and 6 flats;
· Monday closed NEGATIVE with 30 decliners, 10 advancers and 3 flats;
· Friday closed POSITIVE with 11 decliners, 31 advancers and 1 flat;
· Last Thursday closed POSITIVE with 10 decliners, 29 advancers and 4 flats;
Remembering Wednesday’s closing bell newsletter, “the sector is strained … Prompting selling and a lack of positivity … other than bluebird bio (BLUE).”
- Reiterating, “The question is who to average down or even to think of it … What’s the incentive?”
What did I see on Wednesday, the DOW closed UP +0.17% (+36.77) as the NASDAQ also closed UP +0.36% (+22.32) … while the CBOE Volatility Index (VIX) widely considered the best gauge of fear in the market, traded near 10.32 – down -1.24% …
The count: look at the differences in the spreads …
• Wednesday’s decliners ranged from -0.45% <BLFS> to -7.72% <NWBO> in 21 equities;
• Tuesday’s decliners ranged from -0.37% <ONCE> to -6.98% <NWBO> in 19 equities;
• Monday’s decliners ranged from -0.16% <CLLS> to -10.74% <JUNO> in 30 equities;
Accompanied by …
• Wednesday’s gainers ranged from +0.27% <XON> to +11.15% <BLUE> in 16 equities;
• Tuesday’s gainers ranged from +0.12% <CLLS> to +7.56% <BLUE> in 18 equities;
• Monday’s gainers ranged from +0.68% (+$0.01) <ATHX> to +8.50% <BLUE> in 10 equities;
Investors will be concentrated on the so-called “Loyalty” – Thursday’s trio of events: testimony on alleged Russian interference in the 2016 U.S. presidential election from former Federal Bureau of Investigation (FBI) Director James Comey, the U.K. general election and a European Central Bank meeting.
Sector stocks, which had been trading through three (3) negative sessions, could be headed to a day with lot of uncertainty for the market.
Thursday’s events could lead to elevated volatility in the session, it’s a matter of perception and I believe a tone of government insecurity and market uncertainty.
I am not sure how much new information will come out, so while these factors could move us this week, they won’t matter over the near and longer-term.
The cat is out of the bag … or is it?
You’ve made it to the office, turned on the monitor, having just gotten your coffee and it hits you - what could be today’s trades?
Watch list:
- The iShares Nasdaq Biotechnology (IBB) closed up +0.06% on Wednesday, and is NOT indicating in Thursday’s pre-market although, was down -.0.01% in the aftermarket;
- The SPDR S&P Biotech ETF (XBI) closed Wednesday up +0.4% and is NOT indicating in Thursday pre-market;
- The Health Care Select Sector SPDR ETF (XLV) closed up +0.27% Wednesday, and is NOT indicating in Thursday’s pre-open;
- The iShares Russell 2000 (IWM) closed up +0.09% on Wednesday, and is indicating a POSITIVE +0.32% in Thursday’s pre-open
Companies in my headlights:
News is breaking out and some profit taking …
Applied Genetic Technologies (AGTC) closed flat at $4.85. ANY news could toun-around this stocks decline. AGTC published data demonstrating sustained protein expression five years following a single intramuscular injection of a gene-based therapy for the treatment of alpha-1 antitrypsin (AAT) deficiency. The study, “5 Year Expression and Neutrophil Defect Repair After Gene Therapy in Alpha-1 Antitrypsin Deficiency” appears in the June issue of Molecular Therapy. AGTC developed the gene-based therapy evaluated in the study, which was led by researchers at the University of Massachusetts Medical School. Alpha-1 antitrypsin deficiency is an inherited genetic defect that results in severe loss of lung function. The study describes five-year follow-up results of a one-time intramuscular injection of a recombinant adeno-associated virus (AAV)-AAT vector in patients with AAT deficiency who had participated in a P2a trial and had not received subsequent AAT protein therapy –BUY;
bluebird bio (BLUE) closed up +$10.95 to $109.15 following Tuesday’s $98.20 (+$6.90) after Monday’s $81.30 (+$7.15) after last Friday’s $85.15 (+$4.95). The aftermarket indication was +$1.14 or +1.05% - Maintaining BUY;
Cytori (CYTX) closed down -$0.01 to $1.05. CYTX published ong-term follow-up data reporting patient satisfaction and surveillance for cancer recurrences following use of Cytori Cell Therapy™ for breast reconstruction following partial mastectomy and radiation for breast cancer treatment. The aftermarket indication is a positive +$0.05 or +4.76% - BUY;
Juno Therapeutics (JUNO) closed down -$0.47 to $23.73 following Tuesday’s $24.20 (+$0.81) after Monday’s $23.40 (-$2.81) following Friday’s $26.21 (+$1.71). The aftermarket indication is a positive +$0.101 or +0.43%. BUY to SELL to BUY again;
Kite Therapeutics (KITE) closed up +$5.46 to $82.10 following Tuesday’s $76.64 (+$3.03) after Monday’s $73.61 (-$1.88) following Friday’s $75.49 (+$0.83). The aftermarket indication is a positive +$0.15 or +0.18% - Maintaining BUY;
Mesoblast (MESO) closed up +$0.52 to $8.27. The aftermarket indication is a negative -$0.13 or -1.57%. I just have a feeling - SELL;
Organovo (ONVO) closed down -$0.04 to $2.83. It’s been a see-saw month so far as pricing followed a path of Tuesday’s $2.87, Wednesday’s $2.96, last Thursday’s $2.97 and the previous Friday’s $2.94. Organovo Holdings Inc. (ONVO) on Wednesday reported a loss of $10.7 million in its Q4 with a loss of $0.10. ONVO posted revenue of $812,000 in the period. For the year, ONVO reported that its loss narrowed to $38.4 million, or 39 cents per share. Revenue was reported as $4.2 million. Organovo expects full-year revenue in the range of $6 million to $8.5 million. The aftermarket indication was a positive +$0.11 or +3.89% - BUY;
Regenxbio (RGNX) closed up +$1.15 to $19.85. RGNX and AveXis, Inc. (AVXS) announced an exclusive worldwide license agreement for AveXis to develop and commercialize gene therapy treatments using RGNX’s NAV AAV9 vector to treat two rare neurological monogenic disorders: Rett syndrome (RTT) and a genetic form of amyotrophic lateral sclerosis (ALS) caused by mutations in the superoxide dismutase 1 (SOD1) gene. Under the terms of the license agreement, RGNX will receive an upfront payment upon execution, ongoing fees, milestone payments and royalties on net sales of products incorporating the NAV AAV9 vector. The aftermarket indication is a positive +$0.25 or +1.26% - BUY;
Stemline (STML) closed flat at $7.60. The aftermarket indication is a negative -$0.05 or -0.65% - SELL;
Verastem (VSTM) closed down -$0.95 to $2.12 following Tuesday’s $2.17 (+$0.02), Monday’s $2.15 (-$0.04) last Friday’s $2.19 (+$0.01) and the previous Thursday’s $2.18 (+$0.12). New presentation data, ““Not only did duvelisib monotherapy continue to show robust and durable responses in double-refractory iNHL, but longer-term exposure to duvelisib did not reveal any unexpected safety findings. These results suggest duvelisib has favorable benefit-risk in double-refractory iNHL, and may provide an important new treatment option for a population in need of new targeted therapies.” The aftermarket indication is a positive +$0.24 or +11.32% - BUY;
Whether information or intelligence is good, bad or somewhere in between; I put into context what is relevant and useful for investors.
Henry McCusker, the editor and publisher of RegMed Investors does not hold or have positions in securities referred to in this publication.
Henry’s comments are for informational purposes only and are not a substitute for personalized advice. Consult your advisor about what is best for you.
