Financials/Money management It was mostly a down day for the large financial-related stocks. Goldman Sachs (GS) closed at $220.13/share down .57%. JPMorgan Chase (JPM) closed at $116.00 up .35%. Wells Fargo (WFC) closed at $48.41/share down by .29%. Morgan Stanley (MS) closed at $44.56/share down .25%, & Bank of America (BAC) closed at $30.68/share down .68%. Visa (V) closed at $178.00/share down 1.94%. Institutional alternative asset manager Och-Ziff Capital Management Group (OZM) closed at $23.28/share down 2.51% or $.60/share closing off its newly minted 52-wk high of $25.49. The 52-wk range is $8.60 – $25.49. OZM sports a 4.19% cash dividend. OZM reports on Thursday, August 1st. Los Angeles-based Colony Capital (CLNY) a leading global investment management firm with assets under management of $43 billion had a interesting last few days as it announced last Thursday that it had acquired Digital Bridge Holdings LLC (“Digital Bridge”) for $325 million as part of Colony’s strategic evolution into the leading owner and investment manager of assets, businesses, and investment management products in which the digital and real estate frontiers intersect. The Digital Bridge acquisition follows the May 2019 final closing of Digital Colony Partners, a $4.05 billion fund sponsored by Colony and Digital Bridge. Digital Colony Partners is dedicated to global opportunities in digital infrastructure and is the largest first-time institutional fund of this type. This transaction seems to be bringing the world-class team of Digital Bridge investment professionals and management of the Digital Bridge portfolio of high performing assets under the Colony franchise. This acquisition continues Colony’s strategy of building leading investment management platforms, adding a powerful focus on assets and businesses that benefit from the increasingly digital world, including communications infrastructure, quant-driven listed securities products, artificial intelligence, digital credit products, smart logistics industrial, private equity and emerging markets infrastructure and growth equity strategies. Digital Bridge manages nearly $20 billion of digital infrastructure globally, directly and through Digital Colony Partners, and pro forma for Digital Colony Partners’ pending Zayo Group Holdings, Inc. transaction. Combining this portfolio with Colony’s footprint, the merged firm will manage approximately $60 billion of assets. The Company believes this concentration on digital infrastructure and related, digitally-driven investment management businesses will be a highly compelling strategy to generate substantial and sustainable value for shareholders and is very complementary to recent initiatives in other growth areas such as emerging markets, energy, and listed securities, often with a “new economy” emphasis. The combination of the two companies also paves the way for Colony’s leadership succession plans, which will be implemented over approximately 18 to 24 months. Following a transition period, Marc C. Ganzi, a founder and Chief Executive Officer of Digital Bridge, and a Managing Partner and an Investment Committee Member at Digital Colony, will become the CEO of Colony, succeeding Thomas J. Barrack, Jr., who will return to the position of Executive Chairman. Mr. Ganzi will focus with Mr. Barrack and the Colony board and executive team to continue Colony’s strategic plan of selling non-core assets, reducing G&A, growing investment management, generating liquidity and de-risking, and maintaining REIT status and a dividend – the further details of which will be announced before year-end. Read Complete Story. CLNY shares closed at $5.65/share down .53% after hitting an intraday high of $5.73. CLNY pays a 7.68% cash dividend. The 52-wk range is $4.55 – $6.28. CLNY reports earnings on Friday, Aug. 9th.
Consumer Goods & Entertainment It was an off day for most of the bigs in the consumer goods and entertainment sectors. The Home Depot (HD) closed at $213.69/share off 1.69%. The Walt Disney Company (DIS) closed trading down 1.32% at $143.01/share. Nike (NKE) closed down 1.34% at $86.03/share. Nike recently missed analyst earnings estimates but maintained full-year guidance. McDonald’s (MCD) closed at $210.72/share closing off .76%. Walmart (WMT) closed at $110.38/share losing 1.50%.
Healthcare The healthcare sector moved lower today. The S&P 500 healthcare sector closed at 1054.04 dropping .99%. UnitedHealth (UNH) closed lower down 2.32% closing at $249.01/share, Walgreens Boots Alliance (WBA) closed at $54.49/share down 1.64% & Cigna (CI) lost 1.35% closing at $169.92/share. Johnson & Johnson (JNJ) recently reported earnings beating analyst expectations as they confirmed a +40% increase in Q2 net income year over year. JNJ shares closed at $130.22/share down 1.41% & continue to deal with the overhang of the opioid & mesothelioma related issues. INVO Bioscience, Inc. (IVOB) ended the day at $.3499/share as 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. IVOB also announced last week news of their recent appointment of Pressly Ahammed as the new Director of International Business Development and he will be responsible for the Company’s international distribution channels in Europe, Middle East, Africa & parts of Asia. Ahammed joined IVOB from Cooper Surgical where he held a similar position. See complete story. Corindus Vascular Robotics, Inc. (NYSE American: CVRS), a leading developer of precision vascular robotics, announced recently that Albert Einstein Jewish Hospital (Hospital Israelita Albert Einstein) in São Paulo, Brazil has become the first hospital in the Southern Hemisphere to implement Corindus’ CorPath GRX System. Ranked as the best hospital in Latin America for 10 years in a row, Albert Einstein Jewish Hospital will continue to uphold its standing by leveraging the Company’s technology in its health system’s leading research facilities. The Company’s CorPath® platform is the first FDA-cleared medical device to bring robotic precision to percutaneous coronary and vascular procedures. CorPath GRX is the second generation robotic-assisted technology offering enhancements to the platform by adding important key upgrades that increase precision, improve workflow, and extend the capabilities and range of procedures that can be performed robotically. For additional information, visit www.corindus.com CVRS shares closed at $2.53/share down 3.07% after hitting an intraday high of $2.67/share and a low of $2.50/share and the 52-week trading range is $.78- $3.49/share. Corindus is due to report earnings before the open on Thursday, Aug. 8th.
IPO Elsewhere on the recent IPO front-most had a not-so-good day, Zoom Video Communications (ZM) moved higher by .02% closing at $95.51/share & Uber Technologies (UBER), the ride-sharing company closed lower by 1.06% at $42.14/share & still below its recent IPO price of $45. Plant-based burger maker Beyond Meat (BYND) closed higher at $196.51/share up .90% after establishing a new all-time high of $239.71/share last Friday. Their meat is made of four main ingredients: water, pea protein isolate, canola oil & refined coconut oil and is meant to taste like “meat” and this rise feels euphoric. Slack Technologies (WORK) which jumped into the public markets with their IPO recently flying up 48.5% from their offering price of $26/share & closed today at $33.42/share up 2.58%. Slack is a provider of a cloud-based workplace messaging app and went public via a direct listing avoiding paying fees to the relevant banks.
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