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Markets Rise As Pending Home Sales Report Confirms 44.3% Month/Month Jump in May

By John F. Heerdink, Jr.

The markets today rose across the board as the Dow 30 gained 2.32%, the S&P 500 gained 1.47%, the Nasdaq gained 1.20%, and the Russell 2000 jumped 3.1%.  This move came as a macroeconomic snapshot helped swing the markets into positive territory as the doom and gloom sentiment growing at the end of last week on the wings of increased reporting of the spread of the coronavirus took a back seat, and a more positive outlook took hold when the pending home sales report confirmed a 44.3% month/month sizable jump in May. The industrials sector moved up 3.2% to lead all sectors as all sectors ended in the green too.

FAANG stocks also ended mostly positive overall as follows: Facebook (FB) closed at $220.64/share up 2.11% even though more corporate buyers social media buyers joined the bandwagon and halted ad spending reportedly due to worries about Facebook’s lack of effort to play the role of the “police” or of “big brother” regarding controlling misinformation & hateful content, Amazon (AMZN) closed at $2,680.38/share down .46%,  Apple (AAPL) closed at $361.78/share up 2.3%, Netflix (NFLX) gained .87% closing at $447.24/share & Alphabet (GOOG) closed at $1,394.97/share up 2.58%.

Gold closed at $1,780 (+1) & silver prices closed at $18.01/oz (+.04). North American silver and gold producer Hecla Mining Company (HL) closed at $3.07/share up 3.72% while First Majestic Silver (AG) gained .32% closing at $9.42/share. Please view the Zoom Webinar Meeting that I hosted with the Tribe Public Network and the CEO of Hecla, Phillips J. Baker, Jr., by clicking on the following link https://zoom.us/rec/share/zupcEaD0ykpJSdb0uWv8VYgqQYHaX6a8gSdP__oPzxqt2EwH_xsqvhzgFTFipIqx and entering the Password: 4V*N18a.

Oil prices climbed another 3.1% higher closing at $39.67bbl. Energy leaders Chevron (CVX) closed at $87.67/share up 1.40%, Exxon (XOM) closed at $44.32/share up 1.6% & highly leveraged Occidental Petroleum Corporation (OXY) closed at $17.86/share up .96%. Midstream player, Enterprise Products Partners (EDP), closed trading at $17.53/share down .57% and currently sports at an attractive $1.78/share dividend or 10.10%. 

The 2-yr US treasury yield closed flat at .16% & the 10-yr yield stayed pat at .67%. The U.S. Dollar Index strengthened by .1% to end at 97.51. 

MOVERS

Here’s a couple of other equities that moved significantly higher today:

  • Shares of Pacira BioSceiences, Inc. (PCRX) closed at $52.02/share up a healthy 17.99% today. No news was reported by the company but they have been presenting at a number of virtual conferences recently per the headlines. On May 7th, Q1/2020 revenues were reported to have swelled to $105.7M in Q1 a 16% increase over Q1/2019.
  • Shares of Boeing (BA) jumped 14.4% closing at $194.49/share as Boeing 737 MAX test flights are set to begin. 

Tomorrow’s significant economic data report schedule will be busy with the following:

  • The Conference Board’s Consumer Confidence Index for June
  • The Chicago PMI for June
  • The S&P Case-Shiller Home Price Index for April

WATCH LIST

  • Shares of INVO Bioscience (INVO) closed at $3.75/share. Today, INVO announced the second closing of its convertible note and unit purchase option private placement. The Company had previously conducted the first closing on May 15, 2020. The combination of both closings resulted in gross proceeds of $3,093,640 (of which $2,950,000 was received in cash and $143,640 resulted from cancellation of indebtedness. Steve Shum, Chief Executive Officer of INVO stated, “We appreciate the financial support from our investors as we execute our mission toward increasing patient access and treatment within the infertility marketplace through our revolutionary INVOcell device, an affordable, scalable and effective solution. We continue to push forward with our global commercialization efforts with our major U.S. partner, along with our current partners in Africa, Eurasia, and India; and are pursuing many other key regions and partners in Central and South America, Europe, and Asia Pacific.” The Company had previously announced on May 22, 2020, that it had effected a 1-for-20 reverse stock split reducing the amount of issued and outstanding common shares to approximately 7.89 million common shares. The reverse split was previously approved by the Company’s Board of Directors pursuant to the authority granted by the Company’s stockholders at the Company’s annual shareholder meeting held on December 16, 2019. Learn more about INVO by reading my interview: A Vista Partners Interview With Steve Shum CEO of INVO Bioscience Regarding Increasing Access To Care For Fertility Treatment.
  • Shares of Fate Therapeutics (FATE) closed at $32.61/share up from its 52-week low of $12.59 and just shy of its 52-week high of $37.24/share. On June 11th, NBSE recently announced that it had closed an underwritten public offering of 7,108,796 shares of its common stock, which included 927,324 shares that were issued pursuant to the full exercise of the underwriters’ option to purchase additional shares, at a public offering price of $28.31 per share. Aggregate gross proceeds from this offering, including the exercise of the option, were approximately $201.3 million, prior to deducting underwriting discounts and commissions and estimated offering expenses. Fate Therapeutics, Inc. (FATE), a clinical-stage biopharmaceutical company dedicated to the development of programmed cellular immunotherapies for cancer and immune disorders. Are you still invested in Fate after meeting them via this newsletter and attending meetings over the last couple of years when it was in the $3-4 range?… Recently, Fate announced that the U.S. Food and Drug Administration (FDA) has cleared the Company’s Investigational New Drug (IND) application for FT538, the first CRISPR-edited, iPSC-derived cell therapy. FT538 is an off-the-shelf natural killer (NK) cell cancer immunotherapy that is derived from a clonal master induced pluripotent stem cell (iPSC) line engineered with three functional components to enhance innate immunity: a novel high-affinity, non-cleavable CD16 (hnCD16) Fc receptor; an IL-15/IL-15 receptor fusion (IL-15RF); and the elimination of CD38 expression. The Company plans to initiate a clinical investigation of three once-weekly doses of FT538 as monotherapy in acute myeloid leukemia (AML) and in combination with daratumumab, a CD38-directed monoclonal antibody therapy, for the treatment of multiple myeloma.
  • Shares of Neubase Therapeutics (NBSE) closed at $8.89/share. RBC Capital markets recently initiated coverage of NBSE today with an Outperform, Speculative Risk rating & a $16 price target. As we have been stating, we are following Neubase Therapeutics (NBSE) for a number of reasons including its development of a modular antisense peptide nucleic acid (PNA) platform with the capability to address rare genetic disease caused by mutant proteins with a single, cohesive approach. NBSE was added to the Russell 3000 last Friday.

  • Shares of Stereotaxis, Inc. (STXS) closed at $5.03/share down 1.76% after hitting an intraday high of $5.31/share. The 52-week range is $1.70 – $5.82/share. The global leader in innovative robotic technologies for the treatment of cardiac arrhythmias continues to gain traction after their webcast symposium was held this weekend where they held a live broadcast of their bi-directional TeleRobotic procedures with physicians navigating catheters from hospitals more than 1700 km apart. They were recently added to the Rusell 2000 and the Russell 3000 indexes.
  • Shares of Aduro (ADRO) closed at $2.24/share today up 2.75%. On June 2nd, Aduro Biotech, Inc.(ADRO) and Chinook Therapeutics, Inc., a privately-held clinical-stage biotechnology company focused on the discovery, development, and commercialization of precision medicines for kidney diseases, today announced that the companies have entered into a definitive merger agreement pursuant to which Aduro will acquire all of the outstanding capital stock of Chinook in exchange for shares of Aduro common stock representing approximately 50 percent of Aduro’s outstanding common stock immediately following completion of the transaction. The combined company is expected to have approximately $200 million in cash, cash equivalents, and marketable securities at closing, including $25 million in additional financing committed by Chinook’s existing investors. Following closing, which is expected to occur in the second half of 2020, Aduro will be renamed Chinook Therapeutics, Inc., and is expected to trade on the Nasdaq Global Market under the ticker symbol “KDNY”. Yesterday, ADRO announced that the first patient with IgA nephropathy has been dosed in a Phase 1 clinical trial of BION-1301, an investigational humanized IgG4 monoclonal antibody that blocks APRIL binding to both the BCMA and TACI receptors. “We are thrilled to have dosed the first patient with IgA nephropathy in the Phase 1 clinical study of our investigational anti-APRIL antibody, BION-1301,” said Dimitry S.A. Nuyten, M.D., Ph.D., chief medical officer of Aduro. “The data Aduro recently presented from Parts 1 and 2 of this study in healthy volunteers at the 57th ERA-EDTA Virtual Congress indicated BION-1301 was well-tolerated, had a half-life of approximately 33 days, achieved over 90% target engagement with a single 450 mg dose of BION-1301 and demonstrated dose-dependent and durable reductions in IgA and IgM levels, and to a lesser extent, IgG levels. We look forward to hopefully replicating this effect in addition to exploring BION-1301’s disease-modifying potential in patients with IgA nephropathy in Part 3 of the ongoing Phase 1 clinical study.”

Markets

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Big Movers

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Bond Markets & US Dollar

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Economic Reports

  • On Monday, we received the pending home sales report which confirmed a 44.3% month/month sizable jump in May.

Agriculture & Energy

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Biotech & Healthcare

Atossa Therapeutics (ATOS), a clinical-stage biopharmaceutical company seeking to discover and develop innovative medicines in areas of significant unmet medical need with a current focus on breast cancer and COVID-19, recently announced the successful results from in vitro testing of AT-H201, Atossa’s proprietary COVID-19 drug candidate. The preliminary study results show that AT-H201 inhibits SARS-CoV-2 infectivity of VERO cells in a laboratory culture, which are the standard cell types being used to study the infectivity of the coronavirus. SARS-CoV-2, sometimes called the coronavirus, is the COVID-19 infectious agent. This is the first submicromolar inhibitor of SARS-CoV-2 identified to date in published literature, meaning that a relatively small amount of the drug is necessary to result in an anti-viral effect. The testing was conducted on behalf of Atossa by a leading academic research institute. Atossa plans to publish a manuscript of these test results. Successful in vitro tests do not guarantee similar results from in vivo studies, including in human clinical trials. Additional safety and efficacy studies must be successfully completed and regulatory approvals must be obtained before AT-H201 may be commercialized. AT-H201 is reportedly designed to act as a “chemical vaccine” by binding to the surface of the coronavirus and inhibiting the ability of the virus to enter a cell (“viral infectivity”). Significant findings from the testing include: AT-H201 components inhibited SARS-CoV-2 from infecting VERO cells in a laboratory culture & this is the first submicromolar inhibitor of SARS-CoV-2 identified to date in published literature, meaning that a relatively small amount of the drug is necessary to result in an anti-viral effect. Testing was also performed on Gilead Sciences’ (GILD) remdesivir, an anti-viral medication being studied by others for use in COVID-19 patients, and the generic anti-malaria drug hydroxychloroquine, which is also being studied by others in COVID-19 patients. In these laboratory tests, the components of AT-H201 were found to be at least four-times more potent than remdesivir and at least twenty-times more potent than hydroxychloroquine. Potency was measured by microscopic examination of the cytopathic effect caused by SARS-CoV-2 in VERO cells. Learn More. 

INVO Bioscience (INVO) has made a number of moves to build out its organization while focusing its efforts to increase access to its INVOcell procedure globally. INVO Bioscience’s INVOcell® is a patented medical device used in infertility treatment and is considered an Assisted Reproductive Technology (ART). ART includes all fertility treatments in which both eggs and embryos are handled outside of the body.  Steve Shum, Chief Executive Officer of INVO Bioscience, stated, “As we continue to improve our commercialization activities and expand the awareness of our FDA-cleared INVOcell device both domestically and abroad, we also set the objective to improve the capitalization structure of the company in order to enhance our public company visibility and attract a larger audience of investors. Today’s announcement is an important step in that process.”  Currently, it is estimated that only 1% to 2% of the estimated 150 million infertile couples worldwide are being treated, but help is on the wayRecently, The Morning Blend aired an interview on WTMJ-4 Milwaukee where Dr. Ellen Hayes, a Reproductive Endocrinologist and Infertility Specialist from Vios Fertility Institute, discussed information regarding their new research in health, pregnancy, and COVID19. Dr. Hayes also shares their research and a new offering of INVO Bioscience’s  (INVO) FDA cleared infertility treatment called INVOcell The INVOcell technology, which continues to gain worldwide recognition and adoption, provides an in-vivo incubation solution that can help increase access and capacity to the large underserved global fertility market. The INVO Procedure is a revolutionary in vivo method of vaginal incubation that offers patients a more natural and intimate experience and more cost-effective. For the rest of 2020 Vios Fertility Institute is giving a special offer for InVoCell. The offer includes retrieval, monitoring, fresh embryo transfer for $6500, it normally costs $7200, which is still significantly less expensive than traditional lab-intensive IVF. Please watch the concise interview by clicking this link now! 

 

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Consumer Goods & Trends

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Financials & Fintech

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Materials & Natural Resources

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Technology & Beyond

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Investing & Inspiration

 

 

“An investment in knowledge pays the best interest.” – Benjamin Franklin.

I believe the returns on investment in the poor are just as exciting as successes achieved in the business arena, and they are even more meaningful!” -Bill Gates

“Every portfolio benefits from bonds; they provide a cushion when the stock market hits a rough patch. But avoiding stocks completely could mean your investment won’t grow any faster than the rate of inflation.” – Suze Orman

“The tax on capital gains directly affects investment decisions, the mobility, and flow of risk capital… the ease or difficulty experienced by new ventures in obtaining capital, and thereby the strength and potential for growth in the economy.” – John F. Kennedy

“If all the economists were laid end to end, they’d never reach a conclusion.
-George Bernard Shaw

“The riskiest thing we can do is just maintain the status quo.
I get up at 4:30 in the morning, seven days a week, no matter where I am in the world. I think it is important for people who are given leadership roles to assume that role immediately. What I’ve really learned over time is that optimism is a very, very important part of leadership.” Bob Iger, Ceo of Disney

“There are old traders and there are bold traders, but there are very few old, bold traders.”-Ed Seykota

“Let this scenario play out on its own, in its own fashion. As you watch it unfold, you will soon be grateful that you choose the peaceful path. Remember — those who live by the sword, die by the sword.”

“As long as you enjoy investing, you’ll be willing to do the homework and stay in the game.” -Jim Cramer

“I rarely think the market is right. I believe non-dividend stocks aren’t much more than baseball cards. They are worth what you can convince someone to pay for it.” -Mark Cuban

Michael Marcus taught me one other thing that is absolutely critical: You have to be willing to make mistakes regularly; there is nothing wrong with it. Michael taught me about making your best judgment, being wrong, making your next best judgment, being wrong, making your third best judgment, and then doubling your money.” -Bruce Kovner

“The policy of being too cautious is the greatest risk of all.” -Jawaharlal Nehru

“The only true test of whether a stock is “cheap” or “high” is not its current price in relation to some former price, no matter how accustomed we may have become to that former price, but whether the company’s fundamentals are significantly more or less favorable than the current financial-community appraisal of that stock.” -Philip Fisher

“I learned to avoid trying to catch up or double up to recoup losses. I also learned that a certain amount of loss will affect your judgment, so you have to put some time between that loss and the next trade.” -Richard Dennis

“The four most dangerous words in investing are: ‘this time it’s different.” -Sir John Templeton

“Money doesn’t make you happy. I now have $50 million but I was just as happy when I had $48 million.” -Arnold Schwarzenegger

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