March 4, 2020 8:36am
News: Via Biotechnology (VIR +$3.03) expanded its collaboration with Alnylam Pharmaceuticals (ALNY +$3.08) to advance RNAi Therapeutics for the treatment of the coronavirus. Allergan plc (AGN) and Editas Medicine (EDIT +$1.04)) treated the first patient in the BRILLIANCE clinical trial of AGN-151587 (EDIT-101) at Oregon Health & Science University (OHSU) Casey Eye Institute, a world-recognized academic eye center.
Pre-open indication: 8 BUYs (2 with news) and 2 (apparent) SELLs
It’s a new month, March - make sure the companies whose stocks one holds or plan to buy can demonstrate the ability sustain share pricing!
Dow future are UP +2.14% (+553 points), S&P futures are UP +1.81% (+54 points) and NASDAQ futures are UP +1.87% (+161 points)
U.S. stock index futures are shifting yet, point to a sharply higher open as former VP Biden notched primary wins and reassuring investors that a socialist candidate might not on the Democratic ticket;
European markets traded slightly higher following the U.S. rate cut with the pan-European Stoxx 600 climbed 0.5% in early deals;
Asia Pacific stocks were mixed following its tumble, South Korea’s Kospi led gains after Hong Kong, Australia, and Japan jumped with the MSCI Asia ex-Japan index inkling +0.43% higher.
Data Docket: ADP/Moody’s private payrolls rose by 183,000 in February, well ahead of estimates for 155,000. Growth was concentrated in big businesses, which added 133,000. January’s number was revised down sharply, from an initially reported 291,000 to 209,000 - despite the coronavirus scare!
Tuesday’s session marked yet another volatile session for U.S. investors after the Federal Reserve announced an emergency interest rate cut.
The decision to cut rates by half a percentage point came two weeks before the Fed’s next scheduled meeting and reflected the central bank’s belief that quick action would be most effective to combat the dampening impact of the virus.
- Many versus some were hoping for a bigger number than .5% rate cut
However, the economy remained resilient and companies continued to hire in the face of the worries and a wildly volatile stock market that reflected jitters over how widespread the coronavirus might get.
We invest to achieve a sustainable return!
Tuesday night’s title: “fear is streaking unregulated through markets as the market and sector is trying to find any balance. What versus who is trading this market, intra-day markets are all about electronic trading and algorithmic “rules”.
- the NASDAQ closed DOWN -268.08 points (-2.99%)
- the IBB closed down -2.67% and XBI closed down -2.84%
- the close was negative with an A/D line of 6/27, 2 flats of 35 covered;
- the range of the 6-upside was +0.60% (NTLA) to +18.52% (BSTG) while the 27-downside ranged from -0.04% (MESO) to -17.14% (PGEN);
- 4 out of the 6-upside had higher than the 3-month average volume;
- 10 out of the 27-downside had higher than the 3-month average volume;
March registered 1 positive and 1 negative close
February registered 9 negative, 9 positive closes, 3 vacation days and 1 holiday.
January registered 9 negative, 10 positive closes and 2 holidays.
- December register 11 negative and 10 positive closes
- November registered 1 holiday, 12 positive and 8 negative close;
- October registered 10 positive, 1 neutral and 14 negative closes;
Companies in my headlights – It’s your decision; I provide an idea and context:
SELL: RENE.L (pre-US market indication of -$2.00) and VYGR (after closing +$0.24 post reporting a Q4 loss but topping revenue expectation while underperforming the market so far this year
BUY: RGNX (was up +$0.49 in yesterday’s aftermarket), BLUE (was up +$1.20 in yesterday’s session), ALNY (had closed down -$2.39 and had news) and VSTM (had closed down -$0.05), GBT (had closed -$4.92 in yesterday’s session) keep an eye on the gene editors – CRSP, EDIT (is up +$1.04 on pre-market news of first patient treated in AG collaboration) and NTLA
Opinions expressed are those of the author and are subject to change, and not intended to be a forecast of future events, a guarantee of future results, nor investment advice.
Whether information or intelligence is good, bad or somewhere in between; I put into context what is relevant and useful for investors. All investments are subject to risks. Investors should consider investment objectives.
Henry McCusker, the editor and publisher of RegMed Investors does not hold or have positions in securities referred to in this publication.