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“Positive Sentiment” Vista Partners Daily Market Recap 10/25/19

By John F. Heerdink, Jr.

At the end of the day, the results of the market rose strongly on the sentiment that the US-China trades were heading towards a positive outcome as we head into next week’s likely interest rate cut as the Fed makes its decision on Wednesday.  The S&P 500 ended today’s session up by 12.26 points or +.41% as it closed above the 3k level again at 3,022.55. The Dow gained 152.53 points closing at 26,958.06 +.57%. The tech-heavy Nasdaq Composite closed above the 8k mark again closing at 8,243.12 +.79% or +57.32 points. The Russell 2000, the small-cap stock market index representing the bottom 2,000 stocks in the Russell 3000 Index moved higher by 8.53 points +.55% and it ended trading at 1,558.71.

Treasury yields ended up today.  The 2-yr Treasury yield closed at 1.63% & the 10-yr yield finished higher at 1.80%.

The U.S. Dollar Index strengthened by .3% today closing at 97.83.

Oil moved .7% higher again today closing at $56.60/bbl. Chevron (CVX) closed at $118.67/share +.93%, Exxon (XOM) closed at $69.25/share +.23%. Occidental Petroleum (OXY) closed at $42.53/share +.57%.

Gold prices closed at $1,491.46/oz. Silver closed at $17.59/oz. Hecla Mining Company (HL) closed at $2.10/share +4.48% after a recent report that confirmed a 30% increase in Q3 silver production of 3.3 million ounces and gold production of 77,331 ounces & cash and cash equivalents of ~$33M an $24M increase over June 30th, 2019 with outstanding debt coming in slightly lower. First Majestic Silver (AG) closed higher at $10.75/share +2.87% after last week’s confirmation that they had record consolidated average silver recoveries of 88%, the highest in the Company’s 17-year history in Q3.

Volatility bets results swung sharply lower again today.  The CBOE Volatility Index (VIX) closed at $12.65/share -7.73% or -$1.06/share. The 2x leveraged ETF TVIX  closed at $9.28/share -5.98% or -$.59/share and traded between $9.25 and $10.03today.

Economic Reports

We did not get any economic reports on Monday. However, on Tuesday, the existing home sales report confirmed that they had lowered by 2.2% m/m in September to a seasonally-adjusted annual rate of 5.38M while total sales jumped 3.9% compared to the same period last year. Wednesday brought forth the MBA Mortgage Applications Index report for the week ending October 19 and it decreased 11.9% while the FHFA Housing Price Index Report for August rose by .2%. Thursday saw that new home sales fell .7% month/month to a seasonally adjusted annual rate of 701k units & on Y/Y new home sales were increased by 15.5%. The durable goods orders report for September dropped by 1.1%. Also, excluding transportation, durable goods orders decreased .3%. Initial claims for the week ending October 19 fell by 6k to 212k while continuing claims for the week ending October 12th dropped by 1k to 1.682M. On Friday, The University of Michigan’s Index of Consumer Sentiment Report came in at 95.5 with the final reading for October up from the final reading of 93.2 for September.

Big Movers

Progyny (NASDAQ: PGNY) announced Thursday after the close the pricing of its initial public offering of 10,000,000 shares of its common stock at a price to the public of $13.00 per share. Progyny is offering 6,700,000 shares and the selling stockholders are offering 3,300,000 shares. In addition, certain selling stockholders have granted the underwriters a 30-day option to purchase up to an additional 1,500,000 shares of common stock at the initial public offering price less the underwriting discount. Progyny’s shares began trading on the Nasdaq Global Select Market under the ticker symbol “PGNY” on October 25, 2019, and the offering is expected to close on October 29, 2019, subject to customary closing conditions. J.P. Morgan, Goldman Sachs & Co. LLC and BofA Securities are acting as joint lead book-running managers for the offering. Citigroup is acting as book-running manager for the offering. Piper Jaffray, SVB Leerink and TPG Capital BD, LLC are acting as co-managers for the offering.

Progyny, Inc. (PGNY) is a leading benefits management company specializing in fertility and family building benefits solutions in the United States. Their vision is to ensure anyone can have a child when they want. That’s why they take a smarter approach to fertility and family building benefit solutions. By bringing together the most cutting-edge science and the largest high-quality network of fertility specialists in the nation, they seek to deliver superior clinical outcomes and shorten the path to pregnancy. They seek to empower more people to achieve their dreams of parenthood by bringing new life to fertility and family building benefits.

PGNY closed trading at $15.94/share on Friday up 22.62%.

1 in 8 couples need fertility treatment  Retrieved January 19, 2017, from http://www.cdc.gov/nchs/fastats/infertility.htm

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. IVOB announced this week the receipt of a CE Mark for its INVOcell culture and retention device. The receipt of the CE Mark is the final requirement for INVO Bioscience to begin commercially distributing the revolutionary alternative to traditional IVF through the entire European Union.  “We are extremely pleased to receive this very important product certification, the CE Mark, which permits us to commercially distribute the world’s only in vivo fertilization treatment to the millions of patients throughout the countries of the EU. The European countries represent a large potential market for INVOcell, with an estimated $3 to $4 billion currently spent on IVF treatments. Importantly, INVOcell is a simple and more natural solution with the potential to expand the overall addressable market for treatment due to its ability to lower costs compared to IVF while also demonstrating comparable rates of effectiveness. We are currently in the middle of active discussions with several distribution partners around the world, including within the European market, and look forward to providing updates on our international efforts in the near future,” stated Steve Shum, CEO of INVO Bioscience. Read the complete story by clicking here.

To learn more about INVO Bioscience (IVOB) and to track its progress daily, please the INVO Bioscience Dedicated Company Page by clicking here.

IVOB closed trading at $.29/share on Friday. The 52-wk range is $.25 – $.63.

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