“Cautious Moves” Vista Partners Daily Market Recap 5/8/19

By John Heerdink LinkedIn

U.S. equities rose throughout most of the day seemingly coming to grips with the ongoing China trade issues while confirmations that the Chinese delegation would indeed grace Washington DC with their presence streamed wildly.  However, the markets came back to earth in a cautious manner in the last half hour of trading.

The S&P 500 dropped .16% today. The Dow ended basically flat up .01% while the Nasdaq slid .26%% & the Russell 2000 pulled back .5%.

Dow 30 component Caterpillar (CAT) dropped 1.29%.

Out of the energy sector, Chevron (CVX) fell .65%  and Exxon (XOM) bumped up .16%.

Intel (INTC) dropped another 2.46% closing at $49.24/share along Microsoft (MSFT) which was down .01%. Apple (AAPL) notched a small win up .02% & IBM was up .26%.

Disney (DIS) reported Q1 earnings after the close and beat analyst expectations posting earnings of $1.61 share on revenue of $14.92 billion expectations were $1.57 and $14.54 Billion respectively. Disney closed at $134.99 up 1.16% & is bumping up in aftermarket trading.

One of the largest publicly traded hospital companies in the US and a leading operator of acute care hospitals in communities across the country, Community Health Systems, Inc (CYH) hit an intraday high of $3.58/share today after closing at closed the day at $3.15/share yesterday. CYH proceeded to close at $3.46 up 9.84%. Some would say this is a wild ride (and they would be right) but it has also come to be an interesting trading vehicle for many over the last week bouncing between these ranges more than 3 times. I wonder if it will come on back down to the $3.14 level again? It is worth noting that CYH Management is continuing to push forward with their strategy to delever their balance sheet & sell off underperforming hospitals assets in order to improve cash flow. They seem to be making progress in these efforts, although early, evidenced by their recently published financial and operating results for the three months ended March 31, 2019.

Also, we issued an insider buying alert on CYH after the close yesterday as an SEC Form 4 was filed Tuesday, May 7, 2019, as Community Health Systems (NYSE: CYH) Chairman & CEO Wayne T. Smith bought 323,084 shares of CYH stock on Friday, May 3rd. The stock was bought at an average price of $3.32 per share, for a total of $1,072,638.88. See the complete filing at the SEC.Gov website: https://www.sec.gov/Archives/edgar/data/1018660/000120919119028031/xslF345X03/doc4.xml However, there is a now a  new SEC for 4 filing that shows that he has now bought more CYH stock at $3.468/share and bringing total purchases over this period that is worth north of $3mm.

INVO Bioscience (IVOB), a medical device company which was granted FDA clearance for the first intravaginal Culture System, INVOcell a simplified and cost-effective treatment for patients diagnosed with infertility rose 6.58% today.

On a very quiet day for Seattle-based biotech firm, Atossa Genetics (ATOS) shares closed down 3.75% at $2.82 per share.

Oil prices moved up 1.2%  to close at $62.12/bbl.

The US Dollar Index was flat at 97.62.

Vista Partners LLC (”Vista”) is a California Registered Investment Advisor based in San Francisco. Vista delivers timely and relevant insights via the website: www.vistapglobal.com with daily stories, weekly market updates, monthly macroeconomic newsletters, podcasts, & Vista’s proprietary equity and market research to help you stay informed and stay competitive. Vista’s mission is to invest partner capital while arming investors with a comprehensive global financial perspective across all market sectors. Vista also seeks to provide select issuers with actionable advice regarding fundamental development, corporate governance, and capital market directives.

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