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“Semi Slowing?” Vista Partners Daily Market Recap 6/14/19

By John F. Heerdink, Jr.
Negative reports came out of the semiconductor sector today which slowed things to a bit of a halt. This is significant as the sector typically serves as a harbinger for the market and economic conditions. In particular, Global chipmaker Broadcom (AVGO) Ceo Hock Tan gave the world and the markets a gut check as he gave hugely negative guidance. He went as for as suggesting that its sales have been reduced by as much as $2 billion. The reduction was reportedly related to the US-China trade wars coupled with the ban on business with Huawei Technologies.  Shares of Broadcom dropped 5.57% today closing at $265.93. Other high flying semiconductor stocks sold off today as well i.e. Nvidia (NVDA) dropped 2.44% closing at $144.64, QUALCOMM (QCOM) closed at $68.72 off 1.73% & Dow 30 component Intel (INTC) dropped a solid 1.09% closing at $46.19/share. The S&P 500, in turn, ended the session down .16% at 2886.98. The Dow gave a little back as it dropped 17.16 points down .07% & closed at 26,089.61 while the tech-heavy Nasdaq jumped .52% closing at 7796.66 up 40.47 points & the Russell 2000, the small-cap stock market index of the bottom 2,000 stocks,  moved lower by .87% closing down 13.01 points at 1522.50. The US Dollar Index rose again today up .6% ending the day at 97.57.
The 2-yr treasury yield ended down at 1.82% off .07 & the 10-year Treasury note closed down at  2.09% down .04 both as a result of increased demand as we move towards a likely interest rate cut. Volatility bets closed lower today. The CBOE Volatility Index (VIX) closed at $15.28 & down 3.41%. It traded between $15.21 – $16.40. The 2x leverage ETF TVIX also closed lower at $20.95 down 1.74% and traded between $20.85 and $21.96 today. Oil prices bumped up again .3% closing at $52.54/bbl.  Dow 30 energy participants Chevron (CVX) moved lower by .08% closing at $120.81 & Exxon (XOM) closed at $74.35 up .44%. The total retail sales report came in confirming an increase of .5% in May. The industrial production report came in and confirmed an increase .4% in May.

Entertainment giant Disney (DIS) slowed things down today after a nearly 5% move yesterday $141.65 off .06%. The previous day’s move came in after a Morgan Stanley analyst and a slew of others came our speculating that Disney’s new streaming service Disney + will be stronger than expected. Institutional alternative asset manager Och-Ziff Capital Management Group (OZM) continued its recent winning ways on Friday as it closed at $22.18 up 1.14% after hitting $23.00 in intraday trading which just happens to be the 52-week high. The 52-wk range is $8.60 – $23. OZM sports a healthy 5.65% cash dividend.
In the large company tech world,  Amazon (AMZN) lost .03% closing at 1,869.67,  Alphabet (GOOG) was down .31% closing at 1,085.35, Apple (AAPL) lost .73% closing at $192.74 & Facebook (FB) jumped another 2.18% closing at $181.33. Shares of Microsoft (MSFT) bumped up .10% closing at $132.45. Zoom Video Communications (ZM) lost .65% closing at $100.29 &  Uber Technologies (UBER), the ride-sharing company dropped 2.44% after yesterday’s 5.07% bounce closing at $43.23/share but still below its recent IPO price of $45. Home Depot (HD) roses another 1.69% ending the week at $205.77.
Dow 30 component & the world’s leading manufacturer of construction & mining equipment Caterpillar (CAT) closed at $127.23 up .05%. McDonald’s (MCD) closed at $205.29 up .39%.   Plant-based burger maker Beyond Meat (BYND) closed at $151.48 gaining a whopping 7.14%. 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 $82.90 down .97%.
Community Health Systems, Inc. (CYH) one of the largest publicly traded hospital companies in the US hit an intraday high of $2.77/share & a low of $2.66 today and closed the day at $2.74 up 1.11% on 1.16 million 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 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 (IBB) lost .93% closing at $103.13. Atossa Genetics (ATOS),  a Seattle-based biotech firm developing novel therapeutics and delivery methods to treat breast cancer and other breast conditions, closed at $2.10/share as it traded as high as $2.17. 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 $17.83/share up 1.42% on 945,917 shares of trading after establishing a new all-time intraday high of $18.29. 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. Roth Capital initiated coverage on FATE with a Neutral rating and a $20 price target last Friday, June 7th. Mizuho initiated coverage with a price target of $27/share this week. Boston-based Pieris Pharmaceuticals (PIRS) closed at $4.33 up 3.59% on 409,325 shares of trading. Xeris Pharmacueticals, Inc. (XERS) closed at $9.61 up 1.16% after Wednesday’s sizable 13.65% move upward. Xeris is a specialty pharmaceutical company leveraging its novel formulation technology platforms to develop and commercialize ready-to-use injectable and infusible drug formulations. INVO Bioscience, Inc. (IVOB) ended the day at $.3784/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 its INVOcell device is being featured in an in-vitro fertilization (IVF) exhibit at the Science Museum of London. The exhibition will be on display from April 4, 2019, to March 31, 2020, in the “Who Am I?” gallery. Looking forward to seeing how all plays out again on Monday!

Vista Partners LLC (”Vista”) is a California Registered Investment Advisor based in San Francisco. Vista delivers timely and relevant insights via the website: 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. Stay Informed! Stay Competitive! Sign Up to receive FREE email updates here!
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