May 29, 2020 7:49am
The rubber band of global politics and coronavirus is being stretched further and further apart
Pre-open indications: 1 BUY and 3 SELLs
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Dow future are DOWN -0.28% (-76 points), S&P futures are DOWN -0.16% (-5 points) and NASDAQ futures are DOWN -0.12% (-11 points)
Stock futures fluctuated down as traders braced for an upcoming news conference on U.S.-China relations from President Trump;
- From yesterday’s news, “President Trump said Thursday afternoon he would hold the news conference, knocking stocks down from solid gains. That announcement came after China approved a national security bill for Hong Kong that experts warn could endanger the city’s “one party, two systems” principle. That principle allows for additional freedoms that mainland China residents don’t have.”
European markets fall with U.S.-China tensions escalating as the pan-European Stoxx 600 wilted -1.2% in early trade;
Asia Pacific were varied as investors watched for market reaction to China’s controversial national security law for Hong Kong that was approved on Thursday. Mainland China edged higher, Hong Kong dipped, Japan fell, South Korea was slightly higher and Australia declined along with the MSCI Asia ex-Japan index which dipped -0.17%.
The market was spooked by President Trump’s comments that he’ll hold a news conference on China on Friday. Investors worried about increasing tension between Beijing and Washington.
U.S. stocks fell late Thursday, giving up gains that had held up through most of the afternoon.
Thursday post’s title: “a rally until it wasn’t, the sector’s surge got erased. It’s still a question of distance of the market’s “rush”?
- The NASDAQ closed DOWN -43.37 points (-0.46%);
- Thursday opened positive at 18/16 and 1 flat, stayed positive at the mid-day at 22/12 and 1 flat, closing negative at 8/30 and 2 flats;
- Thursday’s percentage (%) of the 8-upside were +0.04% (SGMO) to +2.72% (BLFS) while the 30-downside ranged from -0.19% (ALNY) to -8.42% (BSTG);
- Thursday, the IBB closed up +0.25% and XBI also closed down -1%;
- May registered 9 negative, 10 positive closes and 1 holiday – so far
- April registered 10 negative, 11 positive closes and 1 holiday.
• March registered 11 negative, 10 positive closes and 1 neutral close.
• February registered 9 negative, 9 positive closes, 3 vacation days and 1 holiday.
• January registered 9 negative, 10 positive closes and 2 holidays.
Companies in my headlights – It’s your decision; I provide an idea and context
- Sage Therapeutics (SGMO) closed down -$0.29 to $37.38 and has a positive +$0.34 or +0.90% aftermarket indication;
- Adverum Biotechnologies (ADVM) closed down -$0.70 after Wednesday’s +$0.58 to $21.02 and reported Q1 miss of expectation and forecasts and has with a negative -$0.32 or -1.57% aftermarket indication. Let’s not get ahead of ourselves, a 52-week change of +114.71%, a chart that seems “peaky”, and finally a share price that opened may 1st at $12.00 – there’s a squeeze on the way;
- Regenxbio (RGNX) closed down -$2.62 to $39.84 and has a negative -$1.84 or -4.62% aftermarket indication and a share price of $36.54 that started May 1st;
- Mesoblast (MESO) closed down -$0.55 after reporting Q3 and nine (9) month results and has a negative -$0.03 or -0.24% aftermarket indication. Q3 and 9-month results were capped by a “raise” and filing of a BLA in the US however, their borrowing costs were elevated by +$1.9 million;
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.