The markets finished the last day of trading in June on the positive side and at a level representing the best June in the markets since 1955 as the S&P 500 finished up a whopping 6.9% over the course of trading in June. Also, coming off yesterday’s 1.9% upward move the Russell 2000, the small-cap stock market index representing the bottom 2,000 stocks in the Russell 3000 Index added another 20.02 points closing at 1,566.57 up another 1.29%. Note the annual rebalancing of the Russell indexes also added to an increase in trading volume at the close today that affected many individual securities. The balance of the markets moved into positive territory too as we again waited for G-20 Summit -President Trump – Xi Jinping meeting tonight. The S&P 500 bumped up 16.4 points and closed at 2,941.76 up .58% on the day. The Dow added 73.38 points closing up .28% ending at 26, 599.96. The tech-heavy Nasdaq proved to be a somewhat positive mover ending up again above the 8000 level at 8,006.24 up .48% closing at 7,967.76 up 38.49 points.Volatility bets closed a bit lower again today & within a relatively tight trading range. The CBOE Volatility Index (VIX) closed lower at $15.08 off 4.68% or $.74/share. It traded between $15.08- $16.13. The 2x leverage ETF TVIX also closed lower at $18.86 down 2.73% and traded between $18.72 and $19.30 today. The US Dollar Index was flat today ending the day at 96.18.
Institutional alternative asset manager Och-Ziff Capital Management Group (OZM) closed at $22.96 jumping another whopping 6.15% after achieving another 52-wk high of $23.14. The 52-wk range is $8.60 – $23.14. OZM sports a 5.65% cash dividend. Los Angeles-based Colony Capital (CLNY) a leading global investment management firm with assets under management of $43 billion closed at $5.00 up .40%. CLNY pays an 8.76% cash dividend. Nike (NKE) closed at $83.95 up +0.4% after reporting that they missed analyst earnings estimates however they did it maintain full-year guidance.
The health care sector moved higher again today & spiking towards the end of the day. The S&P 500 healthcare sector closed at 1072.47 up .37%. Earlier in the week, we saw a pullback this week after President Trump signed another executive order earlier this week that is seeking to make health care costs more transparent to patients. Change Healthcare Inc., a leading independent healthcare technology platform, announced Wednesday after the close that they had priced their initial public offering of 42,857,142 shares of its common stock at a price to the public of $13.00 per share and its concurrent offering of 5,000,000 of its 6.00% tangible equity units (“Units”), with a stated amount of $50. The offerings are expected to close on July 1, 2019, subject to customary closing conditions. The completion of the Units offering is conditioned upon the completion of the common stock offering, but the completion of the common stock offering is not conditioned upon the completion of the Units offering. Change has granted the underwriters in the common stock offering a 30-day option to purchase up to an additional 6,428,571 shares of common stock. Change has granted the underwriters in the Units offering an option to purchase, within a 13-day period beginning on, and including, the date of the initial issuance of the Units, up to an additional 750,000 Units. The shares and the Units began trading on the Nasdaq Global Select Market today, under the symbols “CHNG” and “CHNGU,” respectively. CHNG shares rose to a high of $15.19 and closed at $15/share up 15.38% in its first day of trading on Thursday but today came back to earth closing at $14.60 dropping 2.67%. Community Health Systems, Inc. (CYH) one of the largest publicly traded hospital companies in the US hit an intraday high of $2.68/share & a low of $2.57 today and closed the day at $2.67 up 3.49% on 1.65 million shares of trading. More insider buying occurred recently as Michael Dinkins bought shares at $3.168/share on 5/28/19 according to the latest Form 4 filed at SEC.gov. Michael Dinkins has served on our Board of Directors since December 2017. Mr. Dinkins has served as president and chief executive officer of Dinkins Financial, a consulting firm that helps small businesses gain access to capital, since October 2017. See our story more details: INSIDER BUYING ALERT: Community Health Systems, Inc. (CYH) Director Michael Dinkins. The Ishares Nasdaq Biotechnology ETF (IBB) moved higher by 1.70% closing at $109.10. This sector has been on a more than healthy run over the last 30 days. The 52-wk range is $89.01 – 122.97.
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