“Ho-Hum” Vista Partners Daily Market Recap 9/19/19

By vistaglobal LinkedIn

After yesterday’s “big decision” was revealed where the Fed met again and voted 7-3 to raise interest rates for the second time this year by another .25 basis points to 1.75-2%, we experienced a bit of a “ho-hum” sort of day as the markets pretty much stayed in place on relatively low volume.  The S&P 500 ended today’s session basically flat at 3,006.79. The Dow added 52.29 points closing at 27,094.79 down .19%. The tech-heavy Nasdaq closed at 8,182.88 up .07% or 5.49 points. The Russell 2000, the small-cap stock market index representing the bottom 2,000 stocks in the Russell 3000 Index closed lost off 6.87 points down .44%.

However, we did get a bit of economic data today. The existing home sales report confirmed that we rose 1.3% m/m in August resulting in a seasonally adjusted annual rate of 5.49M million up from 5.42M in July while Total sales increased 2.6% y/y. Initial claims for the week ending Sept. 14th moved higher by 2k to 208k. Continuing claims for the week ending Sept. 7th went down by 13k to 1.661M. The Conference Board’s Leading Economic Index did not change in August. The Philadelphia Fed Index for September came in at 12.

On Monday, we also received the Empire State Manufacturing Survey for September which showed that it had moved down to 2.0  from August’s reading of 4.8. On Tuesday, we received the Industrial production report which rose .6% month/month in August a better than expected stronger than expected result while total capacity utilization came in at 77.9%. The NAHB Housing Market Index for September was to have moved higher coming in at 68 compared to August when it came in at 67. On Wednesday, we discovered that total housing starts jumped 12.3% month/month in August ending at a seasonally adjusted annual rate of 1.364M units. Total permits also were found to risen significantly by 7.7% to 1.419M. The weekly MBA Mortgage Applications Index dropped by .1%.

Today Treasury yields moved lower. The 2-yr Treasury yield closed at 1.74% down .01 & the 10-yr yield finished higher at 1.77% down .01.

The U.S. Dollar Index closed at 98.35 down .2% on the day.

Oil prices bumped up today ending at $58.12/bbl up by .1%. The energy sector was off .4%. Chevron (CVX) closed at $123.66/share down .42%, Exxon (XOM) closed at $72.33 down by .67%. Occidental Petroleum (OXY) closed at $45.79/share up by 2.62%.

Gold prices closed at $1,494.33/oz. Silver closed at $18.00/oz. Hecla Mining Company (HL) closed at $1.88/share off .01 on the day. First Majestic Silver (AG) closed higher at $9.63/share down 1.73%.

Volatility bets results were mixed today.   The CBOE Volatility Index (VIX) closed at $14.05/share up .72% or $.10/share. The 2x leveraged ETF TVIX  closed at $12.12/share down 3.42% or $..43/share and traded tightly between $11.81 and $12.34 today.

Healthcare

The S&P 500 healthcare sector closed at 1054.84 up .01%. UnitedHealth (UNH) closed down .82% closing at $230.61/share, Walgreens Boots Alliance (WBA) closed at $54.41/share down .78% & Cigna (CI)lost .66% closing at $160.44/share.

INVO Bioscience, Inc. (IVOB) ended the day at $.29/share. Daily trading volume continues to rise in concert with their announcing progress after their exclusive U.S. partnership with Ferring Pharmaceuticals, a leader in the reproductive health industry was announced in Q1-2019. Ferring has committed to providing the necessary sales and marketing resources to more fully develop the market in the United States. There are countless couples not able to receive reproductive treatments today, and Ferring can be instrumental in addressing the unmet needs of this cohort. Ferring has the industry experience, relationships and the marketing capabilities to successfully embed the INVOcell in clinics throughout the country.  IVOB is a medical device company, headquartered in Sarasota, FL 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.

Recently, INVO Bioscience (IVOB) announced that revenues for the quarter totaled $658,638 compared to $110,210 in the second quarter of 2018, an increase of 498%. Revenue growth was driven primarily by increased product sales in the U.S. as shipments to Ferring were above expectations outlined in May 2019 as they began to increase their marketing activities. On January 14, 2019, the Company closed an exclusive U.S. licensing agreement with Ferring International Center S.A. the parent Company of Ferring Pharmaceuticals U.S. to commercialize the INVOcell™ system for use in the treatment of infertility. As part of the U.S. licensing agreement, the Company received a $5 million one-time milestone payment, with the ability to receive an additional $3 million upon obtaining a label enhancement from the U.S. Food and Drug Administration. Read Complete Story.

Biotech

The Ishares Nasdaq Biotechnology ETF (IBB) moved down .71% to close at $104.44.

Atossa Genetics (ATOS),  a Seattle-based biotech firm developing novel therapeutics and delivery methods to treat breast cancer and other breast conditions closed at $2.01/share flat again today after hitting a high of $2.06/share today. The average daily trading volume is 407,698 shares per day. Recently, Atossa announced that all participant activities have been completed in its Phase 1 clinical trial of a new proprietary modified-release oral tablet form of its Endoxifen. This is the next generation of oral Endoxifen following the successful clinical studies of the capsule form of the company’s oral Endoxifen. Steven C. Quay, Ph.D., M.D., CEO, and president of Atossa, commented: “We are very pleased that this study enrolled so quickly, with all 24 participants enrolled and dosed over the past six weeks. This is a very important study for Atossa as we plan to use the new modified-release oral tablet in our upcoming Phase 2 study to reduce breast density. We expect to report preliminary results from the Phase 1 study in the next 30 days and then move forward with the Phase 2 study in the fourth quarter. Ultimately, the goal of the modified-release aspect of the drug is to create more even uptake of the drug which we believe may reduce side effects and improve efficacy.” The Phase 1 study is being conducted in Australia. The objectives of the study are to assess safety and tolerability and to ascertain the pharmacokinetics of the tablet. The study is randomized, double-blinded and placebo-controlled with both single and multiple-doses (daily for 14-days) in two groups with a total of 24 healthy female volunteers. Atossa’s oral Endoxifen capsule served as the comparator.

Atossa presented last week at the Rodman & Renshaw Conference in NYC and published their updated presentation that included their near term milestones on page 23. It includes a milestone regarding their Oral Endoxifen Phase 1 trial where they expect to reveal their “results from Phase 1 study of the new modified-release tablet” this month.

Tech

Apple (AAPL) closed at $220.96/share down .81%, Alphabet (GOOG) closed at $1238.71/share up .51%, Facebook (FB) closed at $190.14/share up 1.06%, NVIDIA (NVDA) closed at $176.94/share down 1.69%, & Netflix (NFLX) closed at $286.60/share down by 1.70%.

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