August 3, 2023 7:42am
A simultaneous, zero-sum game, like equities, just another random selection and exit method
Earnings: Voyager Therapeutics (VYGR), Ultragenyx (RARE), Intellia Therapeutics (NTLA), Cellectis SA (CLLS) 8/3 Thursday
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Pre-open Indications: 3 Positive Indications
8:00 a.m. edition
Remember that overnight and pre-open actions in futures don't necessarily translate into actual trading in the coming day’s session. My interpretation of the morning’s numbers is written to be informative; it’s built on what will happen behind the headlines today, not tomorrow or yesterday
Dow futures are DOWN -0.16% or (-57 point), S&P futures are DOWN -0.28% or (-12 points) and NASDAQ futures are DOWN -0.45% or (-70 points) early in the pre-open – so far
Stock futures slipped Wednesday, as traders contended with Fitch’s recent downgrade of the United States’ long-term rating.
European markets lower ahead of Bank of England rate decision,
Asia Pacific markets mixed as sell-off after U.S. credit downgrade.
Henry’omics:
We need to more than consider the economic environment - rising rates and inflation to comprehend the micro re “our” universe of cell and gene therapy companies …
Wednesday, markets and indexes were sold off as the Dow closed DOWN -348.16 points (+0.98%), the S&P closed DOWN -63.34 points (-1.34%) while the Nasdaq closed DOWN -310.47 points (-2.17%)
Fitch Ratings cut the United States’ long-term foreign currency issuer default rating to AA+ from AAA late Tuesday, citing “expected fiscal deterioration” over the next three years as well as weakening governance. Previously, stocks were posting a strong string of gains, led by growth names.
An appropriate quote, ““Investors may use this Fitch downgrade as a reason to take some profits, but we think that was probably a natural part of the market cycle anyway, after such a strong run, very little volatility,” said Mona Mahajan, senior investment strategist at Edward Jones. “Broadly speaking, this hasn’t deterred our fundamental view of the economy or markets.” <CNBC>
Economic Data Docket: traders will be gearing up for weekly initial jobless claims, as well as durable goods orders. The main event will be Friday’s July payrolls report.
Wednesday’s (8/2) RegMed Investors’ (RMi) closing bell: “consensus, revenue beats, misses and share pricing response. Monday, I wrote “Cash out July in its last session of month” sector crashed followed by Tuesday’s downside
RegMed Investors (RMi) Research Note: Q2/23 net losses earnings, cash positions and runway outcomes … https://www.regmedinvestors.com/articles/13058
Ebb and flow:
Q3: August – 2 negative closes
· July - 1 holiday, 12 positive and 8 negative close
Q2/23 -
· June -1 Holiday, 8 negative and 11 positive closes
· May – 10 negative and 12 positive closes
· April ended - 1 holiday, 8 positive close and 11 negative closes
Q1/23 –-
· March – ended with 10 positive and 13 negative closes
· February – 1 holiday, 2 vacation, 7 negative and 8 positive closes
· January – 2 holidays, 11 positive and 9 negative closes
Companies in my headlights – It’s your decision; I provide ideas and context: INDICATIONS
Positive Indications:
Wednesday’s closing price, aftermarket dollar ($) and cent ($0.00) value and percentage (%)
Agenus (AGEN) closed down -$0.01 after Tuesday’s -$0.06 with a positive +$0.07 or +4.83% pre-open indication
Generation Bio (GBIO) closed down -$0.26 after Tuesday’s -$0.34 with a positive +0.22 or +4.91% aftermarket indication
Intellia Therapeutics (NTLA) closed down -$1.25 after Tuesday’s -$1.37 with a positive +$1.29 or +3.25% pre-open indication
The BOTTOM LINE:
I follow the dictum, quoting Churchill that “short words are best, and the old words when short are best of all, as I try to keep it simple and short!
Wednesday’s regular trading session saw a steep selloff that weighed the Nasdaq down by more than 2%. It marked the worst day since February for the index, as tech stocks tumbled amid a spike in bond yields. Both the S&P 500 and Dow also closed lower.” <CNBC>
Quote, “the Nasdaq has had some herky-jerky action on a daily or intraday basis in the past couple of weeks. That's not a big deal for longer-held positions generally, but has made new purchases tricky.” <IBD>
Investors should be careful about adding exposure right now, especially if you are already heavily invested. You could nibble on some new buys, or add a few more shares to winning positions, perhaps trimming some laggards.
Earnings … TODAY … are ready for release < Voyager Therapeutics (VYGR), Ultragenyx (RARE), Intellia Therapeutics (NTLA), Cellectis SA (CLLS) …
Filed so far: uniQure NV (QURE and MDXG0 on Tuesday) and Vericel (VCEL), Blueprint Medicine (BPMC), Editas Medicine (EDIT) and REGENXBIO (RGNX) on Wednesday.
Questions are …consensus and revenue beats and misses??
RegMed Investors (RMi) Research Note: Q2/23 net losses earnings, cash positions and runway outcomes … https://www.regmedinvestors.com/articles/13058
Few stocks are flashing buy, with sector names in particular facing a NO news period in the next few days, investors could NOT consider adding exposure.
There's nothing wrong with standing pat in the short run, holding on to sizable existing exposure.
I hate to be so negative or contrarian but, this is a NO spin zone and truth is its product; I can always be WRONG but, I am mostly EARLY!
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.
All investments are subject to risks. Investors should consider investment objectives.
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.
Regulation Analyst Certification (Reg AC): The research analyst primarily responsible for the content of this report certifies the following under Reg AC: I hereby certify that all views expressed in this report accurately reflect my personal views about the subject company or companies and its or their securities. I also certify that no part of my compensation was, is or will be, directly or indirectly, related to the specific recommendations or views expressed in this report.
Henry McCusker, the editor and publisher of RegMed Investors could hold or have positions securities referred to in this publication and he will NOTIFY investors of holdings.
