March 12, 2020 8:03am
Q4 and FY19 earnings results: Adverum Biotechnologies (ADVM), Bellicum Pharmaceuticals (BLCM) and Solid Bioscience (SLDB)
Another market circuit breaking session?
March continues as a rollercoaster month – My version of the morning’s numbers is written to be informative; it’s what is about what happened
Dow future are DOWN -5.19% (-1223 points), S&P futures are DOWN -4.77% (-130 points) and NASDAQ futures are DOWN -4.90% (-393 points)
U.S. stock futures fell sharply after an address from President Trump failed to quell concerns over the possible economic slowdown from the coronavirus;
European markets plunged as investors reacted to imposed restrictions on travel to the U.S. from some countries in Europe with the pan-European Stoxx 600 dropping -6.4% in early trade;
Asia Pacific markets fell sharply after the Dow plunged into bear market territory overnight, as the World Health Organization (WHO) declared the coronavirus outbreak a global pandemic. The MSCI Asia ex-Japan index dropped 4.52%.
Stock futures hit ‘limit down’ for the second time this week overnight Thursday as global markets plunged amid investor fears about the coronavirus global pandemic. Just as they did on Monday, futures on the S&P 500 triggered a halt following a 5% decline in pre-market trading. <CNBC>
If futures fall (-5%) stocks before opening in regular trading and the S&P 500 drops by -7% the NYSE’s circuit breaker (which halts trading temporarily) will take effect.
Futures were last ‘limit down’ on Monday. Later that day, the S&P 500 also hit the NYSE’s circuit breaker, halting trading. The Dow fell more than 2,000 points on Monday. The halts are implemented to reduce panic and ensure orderly markets functioning. <CNBC>
There were NO new or solid proposals by President Trump in his address to the nation last night, maybe a vague payroll tax holiday to Congress without strongly standing up for any specific programs.
But he did say the U.S. will suspend all travel from Europe to the U.S. for 30 days, and that the new rules will go into effect on Friday night.
The U.K. and Ireland are exempted from the restrictions, as are American citizens who have undergone virus screening.
The panic and fear of these markets have driven down to new depths our cell and gene therapy sector – a minimal bright side – these low priced grossly oversold equites will be ripe for buying!
Wednesday night’s title: “Wednesday caught a falling knife; there will be blood on your hands but, a band aid will halt the flow as share pricing will response to grossly oversold conditions.’
- the NASDAQ closed DOWN -392.20 points (-4.70%)
- the IBB closed down -5.34% and XBI closed down -5.79%
- the close was negative with an A/D line of 2/32, 1 flat of 35 covered;
- range of the 2-upside was +1.25% (BLCM) to +2.94% (BSTG +$0.10) while the 32-downside ranged from -2.65% (CLBS) to -19.13% (MESO);
- 0 out of the 2-upside had higher than the 3-month average volume;
- 20 out of the 32-downside had higher than the 3-month average volume;
March registered 5 negative and 3 positive closes
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:
Pre-open indications: a day to sit on one’s hands and watch and wait for new bottoms for cell and gene therapy companies
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.