“More Caffeine Please” – Vista Partners Daily Market Recap 5/6/2019

By John Heerdink LinkedIn

U.S. equities overall did not fare well on Monday and required that many of us, including yours truly, add another cup of Joe to stay alert and on top of things. I wish it tasted as well as the richly pictured cup above but this was not the case. This downward move came on the backside of the President’s Sunday statement (“negotiating tactic?”) that he would boost tariff’s on $200B of Chinese goods from 10% to a whopping 25%. He also let it be known that he would possibly levee tariffs on another $325B if the Chinese did not surface. It looks like the master of the “Art of the Deal” may have worked his magic as now there are reports that the Chinese may be coming to Washington this week. This may have been a foregone conclusion but who knows and who cares. With this added unknown in the markets today, we not only experience a down day, but we also got our fill of volatility as the S&P 500 dropped nearly 2% (1.6%) but recovered to finish the day only down .5%. The Dow ended down .3% while the Nasdaq dropped .5% & the Russell 2000 notched a win up .1%

Caterpillar (CAT) rose 1.18% on the session. Chevron (CVX) was up 1.74% along with the energy sector. Intel (INTC) dropped -.42% closing at $51.22 along two other tech giants that slid too as Microsoft (MSFT) was down .58% & Apple (AAPL) fell 1.54% but IBM bumped up .09% bucking the trend.

Shares of Seattle-based biotech firm Atossa Genetics (ATOS) closed down 1%, putting it at $2.97 per share.

Community Health Systems, Inc (CYH) closed the day at $3.47/share up an amazing 9.12% after reaching an intraday high of $3.51/share. We highlighted them in the Stocks In View this weekend that we included in the Vista’s View! Hopefully you are reading. Briefly, CYH Management is currently pushing forward with its strategy to delever its balance sheet & selling off underperforming hospitals assets in order to improve cash flow in a truly “unhospitable” healthcare environment in the US. They seem to be making progress in these efforts, although early, evidenced by their recently published financial and operating results for the three months ended March 31, 2019.

Cybersecurity firm Finjan (FNJN) notched another win today +.64% at $3.15/share after hitting an intraday high of $3.18/share.  Recently, FNJN announced that on April 30, 2019, its subsidiary Finjan, Inc. entered into a patent license and settlement agreement with Zscaler, Inc. (“Agreement”). The Agreement resolved the parties’ disputes, grants Zscaler a fully paid-up license to Finjan, Inc.’s patent portfolio, mutual covenants not to sue and mutual releases, among other terms which are confidential. Finjan will host a shareholder update call on Monday, May 8 at 1:30 pm Pacific. Those interested should call 1-800-895-3361 (domestic) and 1-785-424-1062 (international.)

San Diego-based biotech firm Fate Therapeutics (FATE) closed trading up again today at $17.91/share up 4.43%. They will host their First Quarter 2019 Financial Results conference call on Tuesday, May 7th at 2 pm Pacific. To participate please dial 1-877-303-6235 (domestic) & 631-291-4837 (international) and refer to the conference ID 6444079.

Oil prices moved .6% higher to close at $62.31/bbl that also came along with a rise in the energy space as US/Iran issues surface.

 The US Dollar Index finished relatively flat at 97.53.

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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