Big tech stocks results were mixed today. Apple (AAPL) was down .73% closing at $201.75/share & Amazon (AMZN) lost .81% closing at 2,001.07. Alphabet (GOOG) gained 3.73% closing at $1,144.21 & Facebook (FB) finished lower at $201.23 off .74%. Shares of Microsoft (MSFT) gained .40% closing at $138.40. Chipmaker Intel (INTC) ended up .81% closing at $48.60/share & Micron (MU) added a solid 1.35% closing at $43.48/share after its recent earnings beat. Netflix (NFLX) lost .39% ending at $379.50/share.
Money management Institutional alternative asset manager Och-Ziff Capital Management Group (OZM) closed at $24.24 down 1.86% or $.46/share closing off this week’s newly minted 52-wk high of $25.49. The 52-wk range is $8.60 – $25.49. OZM sports a 3.95% cash dividend. Los Angeles-based Colony Capital (CLNY) a leading global investment management firm with assets under management of $43 billion closed at $5.05 down 1.56% after hitting an intraday high of $5.14. CLNY pays an 8.58% cash dividend.
Nike (NKE) closed at $88.29 up .97%. Nike recently missed analyst earnings estimates but maintained full-year guidance.
Healthcare The White House has withdrawn its proposal to eliminate rebates from government drug plans. The S&P 500 healthcare sector closed at 1082.31 up .02%. A few insurers and pharmacies moved higher post the decision. UnitedHealth (UNH) closed higher up 5.5% closing at $261.16, Walgreens Boots Alliance (WBA) closed at $55.62 up .09% & CVS Health (CVS) closed at $57.97 up 4.7%. Cigna (CI) skyrocketed 9.2% closing at $175.34. Community Health Systems, Inc. (CYH) one of the largest publicly traded hospital companies in the US closed at $2.41 after hitting an intraday high of $2.63/share. CYH also traded at low of $2.37 today on 2.67 shares of trading. On June 27th CYH announced that its subsidiaries signed a definitive agreement to sell 92-bed Bluefield Regional Medical Center in Bluefield, West Virginia, and its associated ancillary healthcare operations to subsidiaries of Princeton Community Hospital. The hospital included in this transaction is among the additional planned divestitures discussed on the Company’s Q1 2019 earnings call. Also, note there has been 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. 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 closed today at $14.87 up 1.50%. INVO Bioscience, Inc. (IVOB) ended the day at $.36/share as daily trading volume continues to rise in concert with their announcing progress after their exclusive U.S. partnership with Ferring Pharmaceuticals, a leader in the reproductive health industry was announced in Q1-2019. Ferring has committed to providing the necessary sales and marketing resources to more fully develop the market in the United States. There are countless couples not able to receive reproductive treatments today, and Ferring can be instrumental in addressing the unmet needs of this cohort. Ferring has the industry experience, relationships and the marketing capabilities to successfully embed the INVOcell in clinics throughout the country. IVOB is a medical device company, headquartered in Sarasota, FL focused on creating simplified, lower-cost treatment options for patients diagnosed with infertility. The company’s lead product, the INVOcell, is a novel medical device used in infertility treatment that is FDA cleared and that enables egg fertilization and early embryo development in the woman’s vaginal cavity. IVOB also announced last week news of their recent appointment of Pressly Ahammed as the new Director of International Business Development and he will be responsible for the Company’s international distribution channels in Europe, Middle East, Africa & parts of Asia. Ahammed joined IVOB from Cooper Surgical where he held a similar position. See complete story. Biotech The Ishares Nasdaq Biotechnology ETF (IBB) gave back 1.43% closing at $106.98 after the White House rebate decision. This sector has been on a more than healthy run over the last 30 days. The 52-wk range is $89.01 – 122.97. Pfizer (PFE) closed lower at $42.98 down 2.45% after the recent announcement regarding their acquisition of Array BioPharma (ARRY) for ~$11.4 billion or $48/share in cash. See complete story. The pharmaceutical giant and Dow component Merck & Co, Inc. (MRK) that recently announced the acquisition of Tilos Therapeutics for a consideration of up to $773 million closed at $81.00 down sharply by 4.50%.
Elsewhere on the recent IPO front, Zoom Video Communications (ZM) lost 1.42% closing at $91.40 & Uber Technologies (UBER), the ride-sharing company closed higher at $43.99/share up by .66% but still below its recent IPO price of $45. Plant-based burger maker Beyond Meat (BYND) closed up sharply again today at $174.20 adding 6.54%. Their meat is made of four main ingredients: water, pea protein isolate, canola oil & refined coconut oil and is meant to taste like “meat. Slack Technologies (WORK) which jumped into the public markets with their IPO last week flying up 48.5% from their offering price of $26/share & closed today at $35.00 down .54%. Slack is a provider of a cloud-based workplace messaging app and went public via a direct listing avoiding paying fees to the relevant banks.
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