“Four For You” Vista Partners Daily Market Recap 6/7/19

By John Heerdink LinkedIn

The markets this Friday once again performed for you which now makes it four consecutive days of positive movement.  Today we received the May employment report which the consensus determined that it came in “soft.” In other words, the job creation & the average hourly earnings growth came in a little weak in most eyes and further emboldened the case for the Fed’s need to cut interest rates. The May nonfarm payrolls increased by 75,000 while the May average hourly earnings were up .2%. The markets now see a mid-to-high eighty percent chance that the Fed will cut rates at the July 30 through July 31 meeting and are laying their bets accordingly. The S&P 500 ended the session up 1.05% at 2873.34. The Dow added 263.28 points up 1.02% closing at 25,983.94 after shooting through 26k briefly today while the tech-heavy Nasdaq moved up 1.66% closing at 7742.10 up 126.55 points & the Russell 2000, the small-cap stock market index of the bottom 2,000 stocks,  rose .72% and closed at 1514.39 up 10.85 points.

Oil prices moved higher again today up 2.4% closing at $53.92./bbl. Dow 30 energy participants Chevron (CVX) moved up a .66% closing at $121.48 & Exxon (XOM) notched a win closing at $74.58 moving ahead .36%.

The US Dollar Index moved lower .46% ending the week at 96.58.

The 2-yr treasury yield ended at 1.84% down .05 & the 10-year Treasury note closed at 2.08% dropping .04.

Volatility bets closed higher today but traded within a relatively tight range. The CBOE Volatility Index (VIX) closed at $16.30 & up 2.32%. It traded between $15.33 – $16.44. The 2x leverage ETF TVIX also closed higher at $22.01 up 1.62% and traded between $21.34 and $22.18 today.

In the tech world, the sun shined brightly for the most part.  Amazon (AMZN) charged higher up 2.83% closing at 1,804.03,  Alphabet (GOOG) was up 2.08% closing at 1,066.04, Apple (AAPL) rose 2.66% closing at $190.15 & Facebook (FB) jumped 2.98% closing at $173.35. Intel (INTC) moved up 2.06% closing at $46.03/share. Shares of Microsoft (MSFT) closed higher at $131.40 up 2.80%. Zoom Video Communications (ZM) closed at $94.05 up a generous 18.4% after reporting positive earnings results & guidance that excited the street. Interestingly, Uber Technologies (UBER), the ride-sharing company again closed lower again at $44.16/share down 1.69% but exceeded its recent IPO price of $45 by hitting $45.67 during intraday trading.

Entertainment giant Disney (DIS) closed at $138.04 up .60%. See our latest story on Disney: Will Georgia’s Abortion Law “Force” Disney To Stop Filming In The State?

Home Depot (HD) was up again today another .07% closing at $197.30.

Dow 30 component & the world’s leading manufacturer of construction & mining equipment Caterpillar (CAT) closed at $124.46 up .87%.

McDonald’s (MCD) closed $205.48 up 1.20%.   Plant-based burger maker Beyond Meat (BYND) closed at $138.65 as it skyrocketed 39.4% after posting positive results and guidance. Their meat is made of four main ingredients: water, pea protein isolate, canola oil & refined coconut oil and is meant to taste like “meat.”

As for as healthcare sector today, the pharmaceutical giant and Dow component Merck & Co, Inc. (MRK) closed at $82.46  climbing 1.25%.

Community Health Systems, Inc. (CYH) one of the largest publicly traded hospital companies in the US hit an intraday high of $2.81/share & a low of $2.69 today and closed the day at $2.73 up .74% on lower than average volume of 835,394 shares of trading. 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.

In the biotechnology sector, we saw the Ishares Nasdaq Biotechnology ETF rebounded 1.62% closing at $103.83.

Atossa Genetics (ATOS),  a Seattle-based biotech firm developing novel therapeutics and delivery methods to treat breast cancer and other breast conditions, closed at $2.16/share as it traded as high as $2.28. The average daily trading volume is 3.06 million shares per day.  The Maxim’s Group’s biotech analyst, Jason McCarthy, Ph.D., reiterated his ATOS buy rating recently with a $9/share 12-Month Target Price. See his update report which is called “Reports the Quarter, Endoxifen Programs Progressing, Data Updates Expected Over 2019.”

San Diego-based biotech Fate Therapeutics (NASDAQ: FATE), dedicated to the development of programmed cellular immunotherapies for cancer and immune disorders,  closed at $18.03/share on 499,320 shares of trading after establishing a new all-time intraday high last week of $18.27. The 52-week range is $8.64 – $20.65. Guggenheim Securities initiated coverage on FATE last week with a “Buy Rating” and a $25/share price target. Scott Wolcho, President and CEO of Fate Therapeutics presented at the Jefferies 2019 HealthcareConferencee in New York yesterday.

INVO Bioscience, Inc. (IVOB) ended the day at $.3550/share. IVOB is a medical device company, headquartered in Medford, Massachusetts, 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 announced this week that it will participate at the 35th Annual Meeting of the European Society of Human Reproduction and Embryology (“ESHRE”) in Vienna, Austria June 23 – 26, 2019. ESHRE is the leading European-based scientific trade organization devoted to research, education, and advocacy relating to all facets of human reproduction and embryology.

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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