Tuesday’s Stock Market Session Sours With Consumer Confidence – $INVO $KZR $VIX $WYNN Rise!
Three macroeconomic reports of significance floated the markets way on Tuesday including the Conference Board’s Consumer Confidence Index report, which confirmed a meaty drop to 98.7 in June and reflects the inflationary issues and recessionary worries of the people. The Advance report for International Trade in Goods report in May also confirmed a deficit of $104.3B, while the Advance report for Retail Inventories in May moved 1.1% higher M/M. The Advance report for Wholesale Inventories report in May showed a 2% M/M jump. The S&P Case-Shiller Home Price Index report for April was 21.2%, while the FHFA Housing Price Index for April came in flat at 1.6%. This mix of reports helped drive the idea of stagflation (persistent high inflation combined with high unemployment and stagnant demand) back into the conversation and investors minds today. Talks of China’s economy heating up again also surfaced as reportedly Beijing & Shanghai confirmed zero COVID cases and associated restrictions are being lifted. The yield curve diverged a little as the 10-yr yield closed at 3.177% & the 2-yr yield closed at 3.112%.
In the first hour of Tuesday’s session, the major indices opened in positive territory, but then took a turn for the worse picking up downward momentum into the close. At the end of the day declining issuers outpaced advancing issuers 2-1. The S&P 500 closed at 3,821.55 (-2.01%) as 10 of the 11 sectors closed in the red. Unfortunately, the energy sector was the only sector to close in the green jumping 2.7% as oil prices closed unreasonably high at $111.96/bbl and up another 2.4%. Oil prices seemed to be gaining support from both the anticipated resurgence of China’s economy and demand coupled with reports that Saudia Arabia/Middle East is limited in what they can do to meet the anticipated and/or current demand. The Dow 30 also closed at 30,946.99 (-.1.56%) as Dow component Nike (NKE) fell further and closed at $102.78, down a whopping 7%. However, the Nasdaq preformed even worse closing at 11,181.54 (-2.98%) as it was hit by Amazon.com (AMZN) which closed at $107.40, off 5.1% & Tesla (TSLA), which closed at $697.99, down 5%. The small caps on the Russell 2000 also closed lower at 1,738.84 (-1.86%), while the MicroCaps closed lower across the board as the iShares Micro-Cap ETF closed at $105.98, -2.21%.
The biotech stocks also took a big step backwards after its recent and significant rebound as the SPDR S&P Biotech ETF (XBI) closed at $74.06, -3.57%. The 52-wk range is now $61.78 – $141.50. The iShares Biotechnology ETF (IBB) closed at $117.36, -2.30%. The 52-range is $105.38 – $177.37.
A decent measure of the markets volatility or the CBOE Volatility Index (^VIX) closed at $28.36, closing up +5.23% and traded within the range of $26.47 – $28.68.
Around the money and precious metals’ tree, the U.S. Dollar Index closed at 104.49, +.53% & Bitcoin (BTC) pulled back and is currently trading at $20,342.08, -2.5% over the last 24-hours. Gold prices closed at $1,821 oz., -$3/oz. & silver closed at $20.86/oz., -$.32/oz. on the day. Two mining producers closed the day as follows: Hecla Mining Company (HL) closed at $4.24, -3.64% and First Majestic Silver Corp. (AG) closed at $7.72, -4.57%.
Tomorrow’s macroeconomic schedule will release the weekly MBA Mortgage Applications Index report, the Q1 GDP Third Estimate report, thre Q1 GDP Deflator Third Estimate report, & the weekly EIA Crude Oil Inventories report. Looking forward to the end of the week we will receive significant macroeconomic reports including the core PCE inflation report, the Federal Reserve’s preferred measure of consumer prices report, the Conference Board’s consumer sentiment survey report, & the manufacturing & housing reports.
On June 14, InMed announced that a peer-reviewed scientific study entitled “Effects of Rare Phytocannabinoids on the Endocannabinoid System of Human Keratinocytes” has been published in the International Journal of Molecular Sciences. The study, in collaboration with Dr. Mauro Maccarrone, Professor and Chair of Biochemistry at the Department of Biotechnological and Applied Clinical Sciences, University of L’Aquila, Italy, highlights the biological activity of tetrahydrocannabivarin (“THCV”), cannabichromene (“CBC”) and other rare cannabinoids and their potential role in addressing various skin conditions. In the peer-reviewed study, researchers analyzed the effects of rare cannabinoids THCV, CBC, cannabigerol (“CBG”) and cannabigerolic acid (“CBGA”) on the major endocannabinoid system elements in skin cells. Using a widely recognized in vitro model of human keratinocytes, researchers studied how these cannabinoids interacted with several receptors including cannabinoid receptors and other endocannabinoid system components. In summary, each cannabinoid had distinct biological activity via the endocannabinoid system. In particular, THCV was shown to perform as a cannabinoid receptor 1 (“CB1”) antagonist and have a high affinity for the human transient receptor potential vanilloid 1 (“TRPV1”), which is involved in skin sensation, as did CBC albeit to a lesser extent. The results from the study support additional research of these rare cannabinoids for their potential effect on skin conditions.“This study represents the first systematic analysis of the effects of the rare cannabinoids THCV, CBC, CBGA and CBG on the major endocannabinoid system elements using human keratinocytes. These initial observations should be considered when exploring the therapeutic potential of rare cannabinoids for the treatment of human skin disease,” said InMed’s scientific advisor, Dr. Mauro Maccarrone. “This peer-reviewed study provides important scientific research investigating the distinctly different physiological effects of rare cannabinoids,” said Dr. Eric Hsu, Senior VP, Preclinical Research and Development. “As we continue to expand our portfolio of rare cannabinoids, including THCV and CBC, evidence-based research is imperative to improving our understanding of their biological activity. There is growing interest in the potential benefits of rare cannabinoids and this study represents InMed’s commitment to contributing to the body of research of rare cannabinoids.” The journal article can be accessed here: https://www.mdpi.com/1422-0067/23/10/5430.
On June 2, InMed Pharmaceuticals Inc. announced that it has entered into securities purchase agreements with a single healthcare-focused institutional investor for the issuance and sale of 4,079,256 of its common shares at a purchase price of $0.858 per share (or pre-funded warrant in lieu thereof) in a registered direct offering priced at-the-market under Nasdaq rules. In a concurrent private placement, InMed has also agreed to issue and sell to the investor 1,748,250 common shares (or pre-funded warrant in lieu thereto) at the same purchase price as in the registered direct offering. In addition, the Company has agreed to issue to the investor in the offerings unregistered preferred investment options (the “investment options”) to purchase up to an aggregate of 5,827,506 common shares. The aggregate gross proceeds to the Company of both offerings are expected to be approximately $5 million. The offerings are expected to close on or about June 6, 2022, subject to the satisfaction of customary closing conditions. The Company intends to use the net proceeds from the offerings to continue pipeline development, advance commercial activities and for general working capital purposes. H.C. Wainwright & Co. is acting as the exclusive placement agent for the offerings. The unregistered investment options to be issued in the offerings will be exercisable immediately upon issuance at an exercise price of $0.74 per share and will expire six and one-half years from the date of issuance. The Company also has agreed that certain existing warrants to purchase up to an aggregate of 4,480,771 common shares of the Company that were previously issued to the investor, with exercise prices ranging from $2.848 to $5.11 per share and expiration dates ranging from July 2, 2026 to November 16, 2026, will be amended effective upon the closing of the registered direct offering so that the amended warrants will have a reduced exercise price of $0.74 per share, will not be exercisable until six months following the closing of the registered direct offering and will expire seven years following the closing of the registered direct offering.
On May 5, InMed announced that its subsidiary, BayMedica, will be providing rare cannabinoids for use in Radicle Science, Inc.’s Radicle Energy rare cannabinoid study to assess the effects of delta-9 (“d-9”) dominant tetrahydrocannabivarin (“THCV”) on energy, focus/attention, appetite and weight/BMI. BayMedia will be supplying its highly pure d-9 dominant THCV, formulated into a proprietary lozenge manufactured by Trokie. This rare cannabinoid, consumer-based investigation will measure the effects of the Company’s d-9 dominant THCV in a randomized, blinded, placebo-controlled study in up to 900 adult participants aged 21 and older who reside in the United States. The study includes three dosing groups including a placebo group (no THCV), each delivered via Trokie’s proprietary lozenge technology. The study is set to begin participant recruitment in May and will run for a four week period starting in June with results expected during the summer. The study is part of Radicle Science’s large scale investigations into several rare cannabinoids involving up to 10,000 participants in total, the largest of its kind to date.
On April 28, InMed announced the publication of a patent application in North America for several cannabinoid analogs. This patent application has broad claims directed to their molecular structure, uses and methods of manufacturing. Entitled “Cannabinoid Analogs and Methods for their Preparation”, the patent application describes several new cannabinoid-related chemical compounds that have not been previously described. If granted, the broad patent application allows for the creation of several variations of novel cannabinoid compounds, producing a robust library of proprietary new chemical entities (‘NCEs’). Scientists at BayMedica, LLC, InMed’s subsidiary in the US, designed and produced these cannabinoid analogs. These NCEs are expected to offer similar or improved therapeutic effects compared to their parent (naturally occurring) cannabinoid with modifications that may make them preferred candidates to treat specific diseases.
Eric Hsu, SVP, Pre-Clinical Research and Development for InMed commented; “We believe rare cannabinoids hold tremendous therapeutic potential that may address a number of unmet medical needs. This patent covers the selective modification of naturally occurring cannabinoids to target specific properties for pharmaceutical development. Such patent protection is an important component to ensure long-term commercial exclusivity as we continue to invest in R&D.”
Economic Reports
On Monday, the total durable goods orders report showed a rise by .7% M/ M. The May Pending Home Sales report also showed a .7% rise.
Investing & Inspiration
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“If you would know strength and patience, welcome the company of trees.” – Hal Borland
- “We aim above the mark to hit the mark.” – Ralph Waldo Emerson
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“Hope is being able to see that there is light despite all of the darkness.” – Desmond Tutu
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“Our chief want is someone who will inspire us to be what we know we could be.” – Ralph Waldo Emerson
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“Patience is a virtue, and I’m learning patience. It’s a tough lesson.” – Elon Musk
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“Great things are done when men and mountains meet.” – William Blake
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“The man who has no imagination has no wings.” – Muhammad Ali
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“Formula for success: rise early, work hard, strike oil.” – J. Paul Getty
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“Action is the foundational key to all success.” – Pablo Picasso
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“Hope is like the sun, which, as we journey toward it, casts the shadow of our burden behind us.” – Samuel Smiles
“The backbone of surprise is fusing speed with secrecy.” – Carl von Clausewitz
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“There are no shortcuts in evolution.” – Louis D. Brandeis
- “I am fascinated by what is beautiful, strong, healthy, what is living. I seek harmony.” – Leni Riefenstahl
- “If one advances confidently in the direction of his dreams, and endeavors to live the life which he has imagined, he will meet with a success unexpected in common hours.” – Henry David Thoreau
- “Waste no more time arguing about what a good man should be. Be one.” – Marcus Aurelius
- “It is during our darkest moments that we must focus to see the light.” – Aristotle Onassis
- “Courage is fear holding on a minute longer.” – George S. Patton
- “You must be the change you wish to see in the world.” – Mahatma Gandhi
- “Don’t judge each day by the harvest you reap but by the seeds that you plant.” – Robert Louis Stevenson
- “It is in the character of very few men to honor without envy a friend who has prospered.” – Aeschylus
- “Life is a series of natural and spontaneous changes. Don’t resist them – that only creates sorrow. Let reality be reality. Let things flow naturally forward in whatever way they like.” – Lao Tzu
- “The more you praise and celebrate your life, the more there is in life to celebrate.” – Oprah Winfrey
- “Anything simple always interests me.” – David Hockney
- “He who angers you conquers you.” – Elizabeth Kenny
- “Concision in style, precision in thought, decision in life.” – Victor Hugo
- “The secret of genius is to carry the spirit of the child into old age, which means never losing your enthusiasm.” – Aldous Huxley
- “View health as an investment, not an expense.” – John Quelch
- “The most effective way to do it, is to do it.” – Amelia Earhart
- “Man needs his difficulties because they are necessary to enjoy success.” – A. P. J. Abdul Kalam
- “Do not dwell in the past, do not dream of the future, concentrate the mind on the present moment.” – Buddha
- “Nobody made a greater mistake than he who did nothing because he could do only a little.” – Edmund Burke
- “You must do the things you think you cannot do.”- Eleanor Roosevelt
- “Success is dependent on effort.” – Sophocles
- “Nobody who ever gave his best regretted it.” – George Halas
- “Lots of people want to ride with you in the limo, but what you want is someone who will take the bus with you when the limo breaks down.” ~ Oprah Winfrey
- “And when I breathed, my breath was lightning.” – Black Elk
- “Moderation is the silken string running through the pearl chain of all virtues.” – Joseph Hall
- “You are the sum total of everything you’ve ever seen, heard, eaten, smelled, been told, forgot – it’s all there. Everything influences each of us, and because of that I try to make sure that my experiences are positive.” – Maya Angelou
- “If you want a guarantee, buy a toaster.” – Clint Eastwood
- “We are an impossibility in an impossible universe.” – Ray Bradbury
- “If you think in terms of a year, plant a seed; if in terms of ten years, plant trees; if in terms of 100 years, teach the people.” – Confucius
- “I’d rather attempt to do something great and fail than to attempt to do nothing and succeed.” – Robert H. Schuller
- “Do your little bit of good where you are; it’s those little bits of good put together that overwhelm the world.” Desmond Tutu
- “It takes considerable knowledge just to realize the extent of your own ignorance.” – Thomas Sowell
- “Do not dwell in the past, do not dream of the future, concentrate the mind on the present moment.” – Buddha”
- Surprise is the greatest gift which life can grant us.” – Boris Pasternak
- “Trust in dreams, for in them is hidden the gate to eternity.” – Khalil Gibran
- “Always be yourself, express yourself, have faith in yourself, do not go out and look for a successful personality and duplicate it.” – Bruce Lee
- “All life is an experiment. The more experiments you make the better.” – Ralph Waldo Emerson
- “There are no secrets to success. It is the result of preparation, hard work, and learning from failure.” – Colin Powell
- “There is more to life than increasing its speed.” – Mahatma Gandhi
- “Your attitude is like a box of crayons that color your world. Constantly color your picture gray, and your picture will always be bleak. Try adding some bright colors to the picture by including humor, and your picture begins to lighten up.” – Allen Klein
- “Definiteness of purpose is the starting point of all achievement.” – W. Clement Stone
- “Success usually comes to those who are too busy to be looking for it.” – Henry David Thoreau
- “In matters of truth and justice, there is no difference between large and small problems, for issues concerning the treatment of people are all the same.” – Albert Einstein
- “Life is too short for long-term grudges.” – Elon Musk
- “There cannot be a crisis next week. My schedule is already full.” – Henry Kissinger
- “Success consists of getting up just one more time than you fall.” – Oliver Goldsmith
- “The Earth is the cradle of humanity, but mankind cannot stay in the cradle forever.” – Konstantin Tsiolkovsky
- “Ours is a world of nuclear giants and ethical infants. We know more about war that we know about peace, more about killing that we know about living.” – Omar N. Bradley
- “Beauty surrounds us, but usually we need to be walking in a garden to know it.” – Rumi
- “But man is not made for defeat. A man can be destroyed but not defeated.” – Ernest Hemingway
- “Don’t watch the clock; do what it does. Keep going.” – Sam Levenson
- “Let there be work, bread, water and salt for all.” – Nelson Mandela
- “The social object of skilled investment should be to defeat the dark forces of time and ignorance which envelope our future.” – John Maynard Keynes
- “A successful society is characterized by a rising living standard for its population, increasing investment in factories and basic infrastructure, and the generation of additional surplus, which is invested in generating new discoveries in science and technology.” – Robert Trout
- “I know not with what weapons World War III will be fought, but World War IV will be fought with sticks and stones.” – Albert Einstein
- “It is the fight alone that pleases us, not the victory.” – Blaise Pascal
- “If you can’t describe what you are doing as a process, you don’t know what you’re doing.” – W. Edwards Deming
- “Never interrupt your enemy when he is making a mistake.” – Napoleon Bonaparte
- “Be sure you put your feet in the right place, then stand firm.” – Abraham Lincoln
- “Without investment there will not be growth, and without growth there will not be employment.” – Muhtar Kent
- “You have to do your own growing no matter how tall your grandfather was.” – Abraham Lincoln
- “Victory has a thousand fathers, but defeat is an orphan.” – John F. Kennedy
- “Delete the negative; accentuate the positive!” – Donna Karan
- “It’s crazy how fast time flies and how things progress.” – Nathan Chen
- “The world is a dangerous place to live; not because of the people who are evil, but because of the people who don’t do anything about it.” – Albert Einstein
- “Life isn’t about finding yourself. Life is about creating yourself.” – George Bernard Shaw
- “Everything has beauty, but not everyone sees it.” – Confucius
- “A man must be big enough to admit his mistakes, smart enough to profit from them, and strong enough to correct them.” – John C. Maxwell
- “Walking with a friend in the dark is better than walking alone in the light.” – Helen Keller
- “A man who dares to waste one hour of time has not discovered the value of life.” – Charles Darwin
- “The greater danger for most of us lies not in setting our aim too high and falling short; but in setting our aim too low, and achieving our mark.” – Michelangelo
- “Progress is man’s ability to complicate simplicity.” – Thor Heyerdahl
- “I like to encourage people to realize that any action is a good action if it’s proactive and there is positive intent behind it.” – Michael J. Fox
- “Nothing is impossible, the word itself says ‘I’m possible’!” – Audrey Hepburn
- “But investment in space stimulates society, it stimulates it economically, it stimulates it intellectually, and it gives us all passion.” – Bill Nye
- “Bitcoin, in the short or even long term, may turn out be a good investment in the same way that anything that is rare can be considered valuable. Like baseball cards. Or a Picasso.” – Andrew Ross Sorkin
- “Life is a tragedy when seen in close-up, but a comedy in long-shot.” – Charlie Chaplin
- “No matter what you’re going through, there’s a light at the end of the tunnel and it may seem hard to get to it but you can do it and just keep working towards it and you’ll find the positive side of things.” – Demi Lovato
- “Infrastructure investment in science is an investment in jobs, in health, in economic growth and environmental solutions.” – Oren Etzioni
- “Educating our children and giving them the skills they need to compete in a global economy is a smart investment in our country’s future.” – Sheldon Whitehouse
- “Know thy self, know thy enemy. A thousand battles, a thousand victories.” – Sun Tzu
- “If one does not know to which port one is sailing, no wind is favorable.” – Lucius Annaeus Seneca
- “Beware of missing chances; otherwise it may be altogether too late some day.” – Franz Liszt
- “The sofa is a really important investment for anybody, and I don’t mean financially. You need to find a really great sofa that can transition with you, and you can build from there.” – Jeremiah Brent
- “There is no investment you can make which will pay you so well as the effort to scatter sunshine and good cheer through your establishment.” – Orison Swett Marden
- “Nothing in life is to be feared, it is only to be understood. Now is the time to understand more, so that we may fear less.” – Marie Curie
- “There is little that can withstand a man who can conquer himself.” – Louis XIV
- “In tennis, you strike a ball just after the rebound for the fastest return. It’s the same with investment.” – Masayoshi Son
- “A camel makes an elephant feel like a jet plane.” – Jackie Kennedy
- “The advance of technology is based on making it fit in so that you don’t really even notice it, so it’s part of everyday life.” – Bill Gates
- “Success depends upon previous preparation, and without such preparation there is sure to be failure.” – Confucius, Chinese
- “Coming together is a beginning; keeping together is progress; working together is success.” – Edward Everett Hale
- “Never do anything against conscience even if the state demands it.”– Albert Einstein
- “Education is not only a ladder of opportunity, but it is also an investment in our future.” – Ed Markey
- “The true measure of a man is how he treats someone who can do him absolutely no good.” – Samuel Johnson
- “In my view, the biggest investment risk is not the volatility of prices, but whether you will suffer a permanent loss of capital. Not only is the mere drop in stock prices not risk, but it is an opportunity. Where else do you look for cheap stocks?” – Li Lu
- “A successful society is characterized by a rising living standard for its population, increasing investment in factories and basic infrastructure, and the generation of additional surplus, which is invested in generating new discoveries in science and technology.” – Robert Trout
- “The best preparation for tomorrow is doing your best today.” – H. Jackson Brown, Jr.
- “Friendship marks a life even more deeply than love. Love risks degenerating into obsession, friendship is never anything but sharing.” – Elie Wiesel
- “Investing in women’s lives is an investment in sustainable development, in human rights, in future generations – and consequently in our own long-term national interests.” – Liya Kebede
- “Success isn’t measured by money or power or social rank. Success is measured by your discipline and inner peace.” – Mike Ditka
- “No matter how many goals you have achieved, you must set your sights on a higher one.” – Jessica Savitch
- “Start where you are. Use what you have. Do what you can.”– Arthur Ashe
- “The secret of getting ahead is getting started.” – Mark Twain
- “The amount of work and the amount of both physical and emotional investment it takes to get to the top.” – Drew Bledsoe
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