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“Striking Distance Of Dow at 30k, Nasdaq at 10k & S&P 500 at 4k…”

By John F. Heerdink, Jr.

It is hard to believe that we are in the striking distance of the Dow at 30k, Nasdaq at 10k, & S&P 500 at 4k but here we are folks. Wednesday’s trading session moved the markets higher as it was inspired by an improving outlook surrounding the control of coronavirus situation, a Fed that is somewhat behaving with their position and commentary on interest rates, and a few positive reports and outlook from leading components that make up significant holdings in the markets.

The 3 majors indices all achieved new record highs today.  The S&P 500 closed at 3,379.45, +.65% as ten of 11 sectors charged forward led the energy, +1.4 and the information technology, 1.1% sectors while the consumer staples sector was the lone dissent closing off -.04%. The tech-heavy Nasdaq closed at 9,725.96, +.9%. The Dow Jones Industrial Average closed at 29,551.42, +.94%. The Russell 2000 also moved higher by +.71% ending at 1,689.38.

The FAANG’s finished in the green today. Facebook (FB) closed at $210.76/share, +1.72%, Alphabet (GOOG) closed at $1518.27/share, +.63%, Amazon (AMZN) closed at $2,160/share, +.43%, Apple (AAPL) closed at $327.2/share, +2.37% near its al-time high of $327.85 & Netflix (NFLX) closed at $373.69/share, +.71%.

The “fear gauge” Vix (TVIX) ended at $38.56/share pulling back by -9.48% and traded in $38.33 – $41.56.

Markets

Symbol Name Last Price Change % Change

Big Movers

Shares of Progyny (PGNY) jumped +10.72% today closing at $34.28/share and near its all-time high of $35.43/share. Progyny teams with corporations to serve as a fertility benefits manager that connects employees to services that can help them achieve pregnancy. Their successful IPO on October 29th, 2019 was priced $13/share and was led by J.P. Morgan, Goldman Sachs & Co. LLC and BofA Securities.

INVO Bioscience, Inc. (IVOB) is a medical device company focused on creating alternative treatments for patients diagnosed with infertility and developers of INVOcell®, the world’s only in vivo Intravaginal Culture System. Recently, The Crain’s Chicago Business publication wrote an interesting and related story highlighting how and why another fertility clinic is launching INVOcell to their patients titled: “A less expensive, more predictable alternative to in vitro”: Vios Fertility Institute is a leader in launching InvoCell, which costs half that of in vitro, and anecdotal evidence suggests fertilization rates are higher with it. READ COMPLETE STORY.

Last week, INVO announced receipt of Institutional Review Board (IRB) approval to commence its planned clinical trial to evaluate the modified INVOcell system for the effectiveness of achieving fertilization, implantation, embryo development, clinical pregnancy, and live birth after 5-days of continuous vaginal incubation. The objective of this study is to assess the efficacy, comfort, and retention of the INVOcell with the retention device, and demonstrate superiority following 5-day vaginal incubation as compared to current 3-day vaginal incubation indication. The pivotal trial (clinicaltrials.gov identifier: NCT04246268) is a single-arm, multicenter, open-label trial at three clinical centers in the United States with each center enrolling 60 patients between the ages of 18 and 37 years old. The providers at each center will conduct the processes of ovarian stimulation, egg retrieval and embryo transfer per the standard protocols for their centers. Patient recruitment at each site has begun.

Currently, in the United States, 62% of fresh embryo transfers are performed on Day 5 and 30% on Day 3 (CDC Assisted Reproductive Technology report, 2016 data).

“Expansion of our label to 5-day continuous vaginal incubation is a key objective as we look to enhance the INVOcell procedure beyond its currently approved 3-day use and align with the current standards within the fertility industry,” commented Steve Shum, CEO of INVO Bioscience. “Now that we have begun recruitment, we look forward to the clinical sites commencing enrollment shortly.”

INVO Bioscience’s U.S. distribution partner, Ferring Pharmaceuticals, is providing MENOPUR® (menotropins for injection) at no cost to clinical participants. Per terms of an existing commercialization agreement, INVO Bioscience will receive a $3 million milestone payment from Ferring, upon successful FDA-clearance for 5-day continuous vaginal incubation. LEARN MORE.

Shares of Fate Therapeutics, Inc. (FATE), a clinical-stage biopharmaceutical company dedicated to the development of programmed cellular immunotherapies for cancer and immune disorders, moved up +4.72% closing at $28.39/share after announcing recently it will participate in the following upcoming investor conferences: Guggenheim Healthcare Talks | Oncology Day on Thursday, February 13, 2020, at 11:30 a.m. ET in New York, NY, 9th Annual SVB Leerink Global Healthcare Conference on Wednesday, February 26, 2020, at 3:30 p.m. ET in New York, NY, Barclays Global Healthcare Conference on Thursday, March 12, 2020, at 8:30 a.m. ET in Miami, FL & Oppenheimer’s 30th Annual Healthcare Conference on Wednesday, March 18, 2020, at 1:00 p.m. ET in New York, NY. A live webcast of each presentation will be available through the investor relations section of the Company’s website at www.fatetherapeutics.com. Following each live webcast, an archived replay will be available on the Company’s website. Learn more about Fate.

Symbol Name Last Price Change % Change

Bond Markets & US Dollar

Treasuries’ yields moved higher again today. The 2-yr yield closed up 2 basis points at 1.44% while the 10-yr yield also rose 4 basis points too close at 1.63%. The U.S. Dollar Index strengthened closing at 99, +.3%.

 

 

Symbol Name Last Price Change % Change

Economic Reports

On Monday we did not receive any significant macroeconomic data.

On Tuesday, we received the NFIB Small Business Optimism Index Report for January which showed a move up to 104.3. The December Job Openings and Labor Turnover Survey Report confirmed that job openings slid to 6.423M.

On Wednesday, the Treasury Budget Report for January which confirmed a deficit of $32.6B. The budget deficit over the last year period is $1.063T versus $1.022T in December. The weekly MBA Mortgage Applications Index Report showed and move up by +1.1%.

Agriculture & Energy

Oil prices jumped up today closing at $51.17/bbl, +2.3% while the energy sector increased by +1.4% as global growth concerns got further shelved post more positive reports of the coronavirus situation surfaced.

Symbol Name Last Price Change % Change

Biotech & Healthcare

The S&P 500 healthcare sector closed at 1214.51, +.14%.

The Ishares Nasdaq Biotechnology ETF (IBB) closed at $122.94/share, +.22%.  The 52-wk range is $96.03 – $123.74.

The NYSE Arca Biotech Index (^BTK) closed at 5,256.74, +1.11%.

Johnson & Johnson (JNJ) closed at $151.09/share, -.59%.

Shares of Atossa Therapeutics,  Inc. (NASDAQ: ATOS), a clinical-stage pharmaceutical company developing novel therapeutics and delivery methods to treat breast cancer and other breast conditions, closed trading today at $1.40/share. Maxim Group’s Sell-side Biotech Analyst Jason McCarthy recently issued an update report upgrading ATOS shares to a Buy with a $4/share 12-month price target, stating that the company is “ready to advance its modified-release oral tablet of endoxifen to a P2 study for the treatment of mammographic breast density (MBD).”

Last week,  Atossa issued the following letter from Dr. Steven C. Quay, President, and CEO, to Atossa shareholders:

To Our Valued Shareholders:

I begin this letter with a sense of great pride about our accomplishments at Atossa. During 2019, we focused on developing our proprietary drug Endoxifen to reduce mammographic breast density (MBD) and to treat breast cancer after a woman is diagnosed but before her surgery. We advanced our goal of developing our intraductal microcatheter technology to deliver drugs and immunotherapies to treat breast cancer. Recent highlights in advancing our goals include:

Oral Endoxifen for MBD. Our lead program is to develop our proprietary oral Endoxifen to reduce MBD. MBD is an emerging public health issue affecting over 10 million women in the United States. Studies conducted by others have shown that MBD increases the risk of developing breast cancer and that reducing MBD can reduce the incidence of breast cancer. In 2019, we completed additional Phase 1 work with our oral Endoxifen, and, in December 2019, we contracted with South General Hospital in Stockholm, Sweden to conduct a Phase 2 study of our proprietary oral Endoxifen to reduce MBD. READ THE COMPLETE LETTER

Recently I also had the distinct pleasure of interviewing Kyle Guse (pictured above), Chief Financial Officer of Seattle-based Atossa Therapeutics (NASDAQ: ATOS). a clinical-stage biopharmaceutical company developing novel, proprietary therapeutics and delivery methods for breast cancer and other breast conditions. They believe their innovative therapies and delivery methods can transform breast cancer treatment– with the goal of preventing breast cancer from developing in the first place to increase the odds of surviving for those who do develop this deadly disease. Mr. Guse has served as Chief Financial Officer, General Counsel and Secretary since January 2013. His experience includes more than 20 years of counseling life sciences and other rapid growth companies through all aspects of finance, corporate governance, securities laws, and commercialization. REVIEW THE HIGHLIGHTS.

Atossa’s Kyle Guse, CFO presented a corporate overview at the 22nd Annual BIO CEO & Investor Conference in New York City this week.

 

 

 

Symbol Name Last Price Change % Change

Consumer Goods & Trends

Shares of Boeing (BA) closed at $347.45/share, +.88% as it was recently reported that the FAA will approve Boeing’s design fixes to their maligned 737 MAX.

Shares of Coca-Cola (KO) closed at $59.41/share, -.3% today after recently beating Wall Street’s expectations as new products case volume gained 3% and are boosting revenue.

Shares of Nike (NKE) closed at $103/share, +2.98 after UBS upgraded to a Buy recently.

Shares of Disney (DIS) closed at $141.85/share, +.6%. Disney reported recently and beat Wall Street’s earnings estimates and came in with 26.5 million Disney+ subscribers vs the 20-25 million that was expected, however, they also confirmed that the coronavirus is going to have a negative impact on their financial results.

Symbol Name Last Price Change % Change

Financials & Fintech

Shares of Morgan Stanley (MS) closed at $56.18/share, +.72% after beating earnings expectations recently.

Shares of JPMorgan Chase (JPM) closed at $138/share, flat on the day after they beat earnings expectations recently.

Shares of Goldman Sachs (GS) closed trading at $238.65/share, +.93% after disappointing with their financial results recently.

American Express (AXP) closed at $133.24/share, +.46%.

Visa (V) closed trading at $207.44/share, +1.72% and recently agreed to acquire Plaid for $5.3B. Plaid is a fintech firm that connects apps to consumers’ data in the banking system that works with Venmo, Coinbase, etc.

Symbol Name Last Price Change % Change

Materials & Natural Resources

Gold prices closed at $1,569.20/0z, -.15%.

Silver closed lower at $17.45/oz, -.27%.

First Majestic Silver (AG) closed at $9.60/share, -1.54%. AG recently hit a new 52-wk high of $12.26/share. On Jan. 21 First Majestic announced the Company’s 2020 production and cost guidance including capital investments and future growth initiatives. Keith Neumeyer, President & CEO stated, “For 2020, our focus remains on adopting new innovation projects to modernize our processing plants to achieve higher recoveries, improve efficiencies and reduce operating costs. We have witnessed significant benefits from high-intensity grinding at our Santa Elena operation in 2019 and we plan to install the same technology at San Dimas in 2020. In addition, we continue to advance underground development activities at the Ermitaño project near Santa Elena to prepare the mine for initial production in early 2021. Our increased investments in underground development and innovation in 2020 is expected to result in significant production growth in 2021 and beyond.” SEE COMPLETE STORY.

Shares of Hecla Mining Company (HL) fell -7.62% closing at $2.91/share. Recently, Hecla announced its fourth-quarter and full-year 2019 financial and operating results that beat Wall Street expectations and advancing operations. Phillips S. Baker, Jr., President and CEO stated, “2019 was a tale of two halves where the second half had higher production, higher prices, better earnings and more cash flow. The strong third and fourth quarters markedly improved our financial condition, putting us in a better position to refinance the Senior Notes. In 2020, at current prices, we expect continued strong cash flow generation with the ongoing solid performance at Greens Creek, the ramp-up of Lucky Friday, expected improvements at Casa Berardi and the potential mine life extension at San Sebastian from the Hugh Zone.” 

Today, Hecla announced its intention to offer, subject to market and other conditions, $475 million aggregate principal amount of its senior notes due 2028 (the “Notes”). The Notes will be fully and unconditionally guaranteed by certain of the Company’s subsidiaries. The Company intends to use the net proceeds from the Offering, together with cash on hand, to redeem all of its outstanding 6.875% Senior Notes due 2021 (the “2021 Notes”) and to pay fees and expenses in connection with the Offering and the redemption. J.P. Morgan Securities LLC is acting as the book-running manager for the offering. The offering of the Notes will be made pursuant to an effective shelf registration statement filed with the U.S. Securities and Exchange Commission. The offering will be made only by means of a prospectus supplement and the accompanying prospectus. Copies of the preliminary prospectus supplement and the accompanying prospectus may be obtained by calling J.P. Morgan Securities LLC collect at (866)-803-9204 or writing to J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717.

Symbol Name Last Price Change % Change

Technology & Beyond

The FAANG’s finished in the green today. Facebook (FB) closed at $210.76/share, +1.72%, Alphabet (GOOG) closed at $1518.27/share, +.63%, Amazon (AMZN) closed at $2,160/share, +.43%, Apple (AAPL) closed at $327.2/share, +2.37% near its al-time high of $327.85 & Netflix (NFLX) closed at $373.69/share, +.71%.

The information technology sector moved by +1% today.

 

Symbol Name Last Price Change % Change

Investing & Inspiration

“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

Symbol Name Last Price Change % Change

Tomorrow

Tech giant and Dow 30 component Cisco Systems, Inc. (CSCO)  reported second-quarter results for the period ended January 25, 2020, after the close today. Cisco reported second-quarter revenue of $12.0 billion a the middle of its guidance range, net income on a generally accepted accounting principles (GAAP) basis of $2.9 billion or $0.68 per share, and non-GAAP net income of $3.3 billion or $0.77 per share at the high end of the guidance range of 75 cents to 77 cents. Shares of Cisco are trading off currently at $47.85/shares.

Tomorrow’s significant economic data report schedule will include the following:

  • The Consumer Price Index for January &
  • The Weekly Initial and Continuing Claims Report

 

A few notables that many of you may own that will be reporting their earnings still this week are:

  • UnderArmour (UAA)
  • Nvidia Corporation (NVDA)
  • PepsiCo, Inc. (PEP)
  • Kraft Heinz Co (KHC)
  • Alibaba Group Holding Ltd (BABA)
  • Roku (ROKU)

Videos

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