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Fed Induced Inversion Pushes Stocks Lower This Week- $AAPL $AMC $GME $INVO $SHIP Rise!

By John F. Heerdink, Jr.
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Quote of the Day:  “It is not in the stars to hold our destiny but in ourselves.” – William Shakespeare


Happy Saturday All!

I hope that you all had a wonderful week, that you made a fortune in the stock market, and that you have your schedule set for the 2022 World Cup that is kicking off on Sunday, Nov. 20 with Qatar vs. Ecuador matchup! By the way, here’s an interesting and shocking related story titled ‘Project Merciless’: how Qatar spied on the world of football in Switzerland’ about how tiny Qatar has managed to amazingly capture the hosting assignment for the World Cup. Enjoy…

As for the markets this week, investors realized an overall down week with the smaller or more growth oriented stocks feeling the brunt of the selloff. The markets and investors reacted to a number of at least confusing it not disturbing headlines including the reports that a few of the Fed Presidents spouted off about raising interests  needing to move even higher than was recently suggested, a myriad of stories about Elon Musk and his woes with Twitter employees, etc., the cratering of cryptocurrencies i.e. the ‘FTX blow up’, a number of Q3 earnings reports offering both positive and negative outlooks spanning a across a number of household names, a number of macroeconomic reports (see below) that are pointing towards a recession, and an end of the year exhausted state of mind setting in with all heading into the Thanksgiving holiday. Bring on the Turkey and a day off or two type sentiments were generally shared amongst many that I spoke to this week.

With that in view, the yield curve inverted a bit this week with the 2-yr note yield rising 19 basis points to close at 4.50% & the 10-yr note yield moving down 2 basis points to close at at 3.82%. On the positive side of the coin and our pocket books, oil prices closed lower at $8o.24/bbl, down 9.8% this week nearly moving into the more desirable $60-$80 range that has traditionally kept the world flowing more smoothly down the worldwide roadways. The US dollar also stayed quite stable this week as it ticked up from last Friday’s close of $106.42 to $106.97. 

The S&P 500 closed at 3,965 down -.7% for the week with only 3 of the 11 sectors closing in the green, and is now down 16.8% YTD. The 6.82% weighting of Apple (AAPL) shares proved strength this week closing at $151.29 & up 1.06% over the last 5-days as  the consumer discretionary off 3.2% added the most pressure. The Dow 30 closed flat at 33,746 and is down on 7.1% YTD. The Nasdaq closed at 11,146 off 1.6% weekly and is down a whopping 28.8% YTD. In line with the negative slant of the markets, the CBOE Volatility Index (^VIX) closed at $23.12, +2.66% over the last 5-days and remains up +34.26% YTD. The small caps on the Russell 2000 also fell this week and closed at 1,849.73 down 1.75% for the week & is now down 17.62% YTD. The MicroCaps joined the negative party to a greater degree this week as the iShares Micro-Cap ETF (IWC) closed at $111.58, down 2.29% over the last 5-days and is now down 20.15% YTD. 


THE MAC REPORTS

On Tuesday, the November Empire State Manufacturing report came in at 4.5 & the Producer Price Index for final demand report or PPI, which was up 8% Y/Y, but down from the 8.4% mark that was it set in September denoting a some form of disinflation.

On Wednesday, the October Retail Sales report showed a rise of 1.3%. The weekly MBA Mortgage Applications Index report also confirmed 2.7% increase, but the October Industrial Production report showed  -.1% drop.

On Thursday, the October Housing Starts report that that came in lower at 1.425M, while the October Building Permits reported also came in lower at 1.526M. The Weekly Initial Claims clocked on lower at 222K as the Weekly Continuing Claims repot pushed higher at 1.507M. The November Philadelphia Fed Index came in at -19.4. 

On Friday, the existing home sales report showed a 5.9% M/M drop in October to a seasonally adjusted annual rate of 4.43M and confirming that prices have now dropped for 9 consecutive months. Note that Total sales in October were off 28.4% Y/Y. The Leading Economic Index for October report showed a .8% drop.

BIOTECH AND HEALTHCARE

Biotech stocks moved lower this week. The Nasdaq Biotechnology ETF (IBB) moved up and closed at $133.74, -.38% over the last 5-days, & is down -12.37% YTD. The NYSE ARCA Biotech Index (^BTK) closed at 5,184.94, -.76% over the last 5-days and is now down 6.32% YTD. The SPDR S&P Biotech ETF (XBI) closed at $81.09, -4.33% over the last 5-days & is now down 27.57% YTD. The 52-week range is is now $61.78-$123.21.

The iShares U.S. Healthcare ETF (IYH) closed at $280, +.90% over the last 5-days. 

EV, TECH, CONSUMER, FINANCIALS

Apple (AAPL) closed at $151.29, +1.06% over the last 5-days. Apple represents a 6.82% weighting in the S&P 500. On Nov. 15, Apple announced its groundbreaking safety service Emergency SOS via satellite is now available to customers in the US and Canada. Available on all iPhone® 14 models, the innovative technology enables users to message with emergency services while outside of cellular and Wi-Fi coverage.

 

tesla

EV giant Tesla (TSLA) closed at $180.19, -8.05% over the last 5-days. reportedly more craziness continues to pop up around Elon Musk & Twitter as his newly bought staff Twitter has now received (on Friday) an email message from EM asking that any employees who write software code report to the 10th floor of the office in San Francisco by 2pm on Friday. 

 
 
 
Shares of ADT Inc. (ADT), the most trusted brand in smart home and small business security, closed at $8.95, -2.19% over the last 5-days. On Nov. 3, ADT, announced its results for the third quarter of 2022. They highlighted Total revenue of $1.6 billion, up 22% or 8% excluding Solar, and end-of-period Recurring Monthly Revenue (RMR) of $372 million, up 4%, Record high customer retention with gross customer revenue attrition at 12.6%, Record revenue payback of 2.1 years, & GAAP net loss of $122 million, or a loss of $(0.13) per diluted share, down $13 million. The board of ADT announced that it will pay a dividend of $.035.share on the 4th of January or 1.6% yield.
 
On Oct. 13, ADT, announced that it has issued and sold in a private placement to State Farm 133.3 million shares of ADT common stock for a gross purchase price of $1.2 billion. In September, ADT announced a new partnership with State Farm to revolutionize the homeownership experience through innovation in the detection and mitigation of property losses. In addition to the equity investment, State Farm has committed up to $300 million to fund product and technology innovation, customer growth and marketing activities in connection with the partnership. State Farm has funded the first $100 million and the two companies will collaborate to approve initiatives utilizing the funds.

Shares of JPMorgan (JPM) closed at $133.84, -1.08% over the last 5-days. On November 18, J.P. Morgan announced the national launch of a Special Purpose Credit Program (SPCP) to improve access to credit for small business owners in historically underserved areas. The program is the first of its kind to be offered for small business owners nationally and one of many initiatives Chase has introduced to expand small business relationships, drive inclusive economic growth and increase access to credit for minority small business owners in a sustainable way.


Shares of Amazon.com, Inc. (NASDAQ: AMZN) closed $94, +10.78% over the last 5-days. On November 17, Duke Energy (DUK), one of America’s largest energy holding companies, and Amazon Web Services, Inc. (AWS), an Amazon.com announced that they are entering into a multiyear strategic collaboration to accelerate the utility’s development of industry-leading grid solutions that will benefit customers and help advance Duke Energy’s clean energy transition.

Shares of Microsoft Corp. (MSFT) closed at $241.22, -2.38% over the last 5-days. On Nov. 16, Lockheed Martin (LMT) and Microsoft announced a landmark expansion of their strategic relationship to help power the next generation of technology for the Department of Defense (DOD). The game-changing agreement will span four critical areas for the DOD.

Shares of Salesforce, Inc. (CRM) closed at $148.04, -6.14% over the last five days. Salesforce,the global leader in CRM, announced that its third quarter fiscal year 2023 results will be released on Wednesday, Nov. 30, 2022, after the close of the market. The company will host a conference call at 2:00 p.m. (PT) / 5:00 p.m. (ET) to discuss its financial results with the investment community. A live webcast and replay of the event will be available on the Salesforce Investor Relations website at www.salesforce.com/investor.

Shares of NVIDIA (NVDA), a pioneer in accelerated computing, closed at $154.09, -5.62% over the last 5-days. On Nov. 17, Lockheed Martin (LMT) and NVIDIA announced a collaboration to build an Artificial Intelligence (AI)-driven Earth Observations Digital Twin that will provide the National Oceanic and Atmospheric Administration (NOAA) with an efficient and centralized approach to monitor current global environmental conditions, including extreme weather events.

Cathie Wood’s ARK Innovation ETF (ARKK) closed at $36.56,-9.50% over the last 5-days. 

The Technology Select Sector SPDR Fund (XLK) closed at $132.09, -.79% over the last 5-days.


Walt Disney Company (DIS) closed at $91.80, -3.38% over the last 5-days. On Nov. 16, Walt Disney World selected The Michaels Organization, a prominent and visionary developer known for creating high-quality homes in communities across the country and here in Central Florida, to build, own and operate a new attainable housing development, offering affordable options for qualifying applicants within certain income levels. Walt Disney World will contribute approximately 80 acres of land in southwest Orange County, Florida, for the development, located west of State Road 429 and just a couple of miles from Flamingo Crossings Town Center.

Shares of McDonald’s (MCD) closed at $273.37, +.73% over the last 5-days. On October 27, McDonald’s Corporation announced results for the third quarter ended September 30, 2022 and highlighted the following: 1) Global comparable sales increased nearly 10%, with growth across all segments, 2) U.S. comparable sales increased more than 6% for the quarter, marking the ninth consecutive quarter of comparable sales growth for the segment, & 3) Digital Systemwide sales* in our top six markets were nearly $7 billion for the quarter, representing over a third of total Systemwide sales in those markets.


GOLD & SILVER

Gold prices closed at $1,753/oz., -$22oz. & silver prices closed at $20.96/oz., -$.83/oz. for the week.

Hecla Mining (HL) closed at $4.93, -.20% over the last 5-days & First Majestic (AG) closed at $9.08, -4.22% over the last 5-days. 

On Nov. 1, First Majestic Silver Corp. announced positive drilling results from its ongoing exploration program at the Jerritt Canyon Gold Mine located in Elko County, Nevada. The 2022 drilling campaign at Jerritt Canyon consists of short-term focused underground core drilling testing extensions of known ore controls near active mining; mid-term focused drilling planned to validate/test the presence of mineralized volumes near historic workings; and long-term focused drilling aiming to make new gold discoveries in the district.

On Sept. 7,  Hecla Mining Company and Alexco Resource Corp. (NYSE American: AXU; TSX:AXU) announced that the Alexco acquisition has been completed.



MEMES CENTRAL

AMC Entertainment (AMC) closed at $7.59, +5.42% & (APE) closed at $1.38, -14.29% over the last 5-days. On Nov. 8, AMC reported results for the third quarter ended September 30, 2022. Total revenues grew to $968.4 million compared to $763.2 million for the third quarter of 2021

GameStop (GME) closed at $27.60, +5.75% over the last 5-days as the shorts lost overall this week. Note that approx. 20% of GME’s outstanding shares are sold short landing it with a short interest ratio of 7.6. On October 31, GameStop Corp. announced the official launch of the GameStop NFT Marketplace with ImmutableX Pty Limited, which unlocks access to web3 games and millions of world-class, NFT gaming assets to tens of millions of GameStop players and GameStop Powerup Pro loyalty customers across the United States.

Seanergy Maritime Holdings Corp. (NASDAQ: SHIP) closed at $.49, +2.08% over the last 5-days. On Oct. 13, Seanergy announced the closing of its previously announced $28.0 million term loan secured by two 2010-built Capesize vessels, M/V Fellowship and M/V Premiership, with a prominent European financing institution. The facility has refinanced an existing facility at an interest rate is 2.50% plus SOFR per annum compared to 3.50% plus LIBOR in the previous facility secured by the same vessels. The $28 million principal will amortize over a five-year term through quarterly instalments averaging approximately $1.2 million and a $4.1 million final balloon payment at maturity.


CRYPTO & BITCOIN

Bitcoin (BTC) closed at $16,656.41, +.23% over the last 5-days at the time this report was prepared. 

ENERGY

The Energy Select Sector SPDR Fund or ETF (XLE) closed at $91.63, -1.61% over the last 5-days. Chevron (CVX) closed at $182.99, -1.86% over the last 5-days. Warren Buffet’s pick in the space, Occidental Petroleum (OXY) closed at $71.25, -4.14% over the last 5-days.

Oil prices closed on Friday to end at $88.96/bbl, down 3.9% this week.

NEXT WEEK



3 fun trading days on the docket next week for Monday -Wednesday, then the markets are closed on Thanksgiving and close early on Friday Nov. 25th at 1pm Eastern… Expect and embrace volatility as usual. 

VP WATCHLIST UPDATES

Please review our complete VP Watchlist that includes Apple (AAPL), Disney (DIS), Tesla (TSLA) & a select group of emerging names.  The pages will allow you to learn more and keep up with these companies daily.

For now, please see the summaries  from the VP Watchlist below:

  • Shares of Natural-Killer cell (NKcell) focused biopharmaceutical firm Fate Therapeutics (FATE) closed at $19.87, -13.46% over the last 5-days. 
    • November 3, Fate reported business highlights and financial results for the third quarter ended September 30, 2022 with  Cash, cash equivalents and investments as of September 30, 2022 were $519.1 million. Scott Wolchko, President and Chief Executive Officer of Fate Therapeutics stated, “We are very pleased with the positive feedback from the FDA under our FT516 RMAT designation in support of our iPSC product platform and potential registrational pathways for the treatment of relapsed / refractory aggressive lymphomas, including for patients who have previously failed CD19-targeted CAR T-cell therapy, and we look forward to engaging the FDA in the fourth quarter to discuss CMC topics in support of pivotal trial readiness. We are also excited to present interim Phase 1 clinical data at the upcoming SITC and ASH conferences, including for our iPSC-derived CAR NK cell programs FT576 in multiple myeloma and FT536 in solid tumors as well as for the first-ever iPSC-derived CAR T-cell program FT819 in B-cell lymphoma. Finally, under our collaboration with Janssen, we are pleased to announce our first IND candidate FT555, a multiplexed-engineered, iPSC-derived CAR NK cell targeting GPRC5D for multiple myeloma, and that Janssen has also exercised its commercial option to an additional product candidate targeting an undisclosed hematologic malignancy antigen.”


  • Shares of Atossa Therapeutics, Inc. (Nasdaq: ATOS), a clinical-stage biopharmaceutical company seeking to discover and develop innovative medicines in areas of significant unmet medical need in oncology, with a current focus on breast cancer and radiation-induced lung injury, closed at $.7966. 

    • On Nov. 7 after the close, Atossa announced its financial results for the fiscal quarter ended September 30, 2022, and provided an update on recent company developments. Atossa is a clinical-stage biopharmaceutical company seeking to develop innovative medicines in areas of significant unmet medical need in oncology with a current focus on breast cancer and lung injury caused by cancer treatments. Key developments from Q3 2022 and to date included:

      • Received FDA authorization from FDA to initiate its Phase 2 study of neoadjuvant (Z)-endoxifen in premenopausal women with ER+/HER2- breast cancer.
      • Invested in a privately-held Dynamic Cell Therapies, a company focused on CAR-T therapies as an important step in pursuing its strategy to develop CAR-T therapies or adjacent opportunities within the immuno-oncology space.
      • Completed dosing in both Part B and Part C (of four parts) of Phase 1/2a Clinical Trial of AT-H201 in healthy volunteers, which the Company is now developing for patients with compromised lung function due to the damaging effects of cancer treatment.
    • On November 1, Atossa announced that it is investing in privately-held developer of CAR-T therapies, Dynamic Cell Therapies, Inc. (DCT), a venture capital backed company that is based in Boston, MA. DCT is in the pre-clinical phase of developing controllable CAR-T cells to address difficult-to-treat cancers. Its platform technology of dynamic control of engineered T-cells is designed to improve the safety, efficacy, and durability of CAR-T cell therapies. This system should find initial applications in hematological cancers, with future approaches in solid tumors and autoimmune diseases. The company’s platform technology uncouples tumor targeting from CAR-T cell activation. Each CAR-T cell recognizes an inert small molecule. This small molecule is conjugated to a tumor-specific antibody. By dosing a small molecule-antibody conjugate, the physician could dynamically control CAR-T cell activity and potentially minimize the risk of life-threatening side effects. Increasing the dose of the small molecule-antibody conjugate should strengthen the immune attack against tumor cells. In addition, the same small molecule can be coupled to different tumor targeting antibodies, allowing the physician to maximize on-target on-tumor efficacy and reduce off-tumor toxicities. To learn more, please visit www.dynamiccelltherapies.com. Steven Quay, M.D., Ph.D., Atossa’s CEO, Chairman and President stated, “This investment in DCT is an important step in pursuing our strategy to develop CAR-T therapies or adjacent opportunities within the immuno-oncology space. We believe that as an active investor in the development of DCT we will be well positioned to evaluate future opportunities while strategically managing our cash position.” Atossa will acquire shares equal to 19.99% of the outstanding capital stock of DCT as of today for a cash payment of $2 million (in addition to $3 million previously paid to DCT). The transaction is expected to close in the fourth quarter.
       
    • On October 25, Atossa announced that it has retained Richard Graydon, M.D., Ph.D. as interim chief medical officer. Dr. Graydon will devote all of his professional time to the Atossa clinical programs. Prior to joining Atossa, Dr. Graydon served as Senior Director of Clinical Development at Johnson and Johnson (JNJ) where he was responsible for leading compound development and clinical trial programs for Janssen Pharmaceuticals. At Janssen, he oversaw the early to late-stage development and the 2022 approval of BCMA-directed CAR T-Cell therapy (cilta-cel) for Multiple Myeloma, as well as daratumumab, imbruvica, siltuximab and other compounds for solid tumor and hematological malignancies. Previously, he held the role of Director of Clinical Development at Daiichi Sankyo, Inc., where he led the early and late-stage development of the small molecule targeted therapy quizartinib for FLT3-positive Acute Myeloid Leukemia. Additionally, he led the early-stage development of the MDM2 inhibitor milademetan in hematological malignancies and liposarcomas. Dr. Graydon spent time in clinical practice following completion of his specialty training in hematology and oncology at Harvard Massachusetts General Hospital. He earned his M.D. and Ph.D. at Stanford University, and undergraduate degree in Chemical Engineering at Cornell University. Dr. Graydon is the author of The Genetic Risks of Cancer: The Effects of DNA, Genomics and Inheritance on Aging and Survival.

    • On Oct. 24, Atossa announced that the U.S. Food and Drug Administration (FDA) has lifted the clinical hold and authorized initiation of its Phase 2 neoadjuvant clinical study of (Z)-endoxifen in premenopausal women with early-stage estrogen receptor positive (ER+) and human epidermal growth factor receptor 2 negative (HER2-) breast cancer. This is the first study of Atossa’s proprietary (Z)-endoxifen in the United States. At this time, Atossa also announced that it is discontinuing its COVID-19 program (AT-301) so that it can refocus resources on this critical study in breast cancer. “Continuing the development of our proprietary (Z)-endoxifen here in the United States has been a key goal which builds on the recent issuance of a U.S. patent for our proprietary (Z)-endoxifen and results from our Phase 2 “window-of-opportunity” study in Australia,” commented Steven Quay, M.D., Ph.D., Atossa’s CEO, Chairman and President. “We are excited to have engaged Dr. Matthew Goetz, the Erivan K. Haub Family Professor of Cancer Research Honoring Richard F. Emslander, M.D. at Mayo Clinic and Director of the Mayo Clinic Breast Cancer SPORE, as the lead principal investigator for this multi-center study. We look forward to opening the study in the fourth quarter.”

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  • Shares INVO Bioscience (NASDAQ: INVO), 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, closed at $1.19, +5.31% over the last 5-days and have traded up to $1.25, +5.04% in the aftermarket on Friday. The 52-wk range is $.63 – $4.28.
    • On Monday, November 14, INVO announced financial results for the third quarter ended September 30, 2022 and provided a business update. Revenue (excluding license revenue) was $235,321 compared to $40,303 in the third quarter of the prior year, an increase of 484% and up 61% sequentially compared to the second quarter of 2022. Clinic revenue increased to $176,395, or 370%, compared to the same period last year, and was up 57% sequentially compared to Q2 2022. All reported clinic revenue is derived from the Company’s Atlanta, Georgia-based INVO Center which is consolidated in the financial statements. Revenue from clinics, inclusive of both those accounted for as consolidated and under the equity method, was $450,131, an increase of 1,100% compared to last year and up 111% sequentially compared to the second quarter of 2022. Product sales increased to $58,926 during Q3 2022, an increase of 2,012% compared to the same quarter last year and were up 74% sequentially compared to the second quarter of 2022. INVO has completed due diligence on the previously announced fertility clinic acquisition target and is working to finalize definitive agreements..
    • On Nov. 1, INVO announced a successful showcasing of INVOcell at last week’s 2022 Scientific Congress & Expo of the American Society for Reproductive Medicine (ASRM) held on October 22-26, 2022 in Anaheim, California. INVO highlighted the following: 1) The multi-billion-dollar global fertility market is predicted to reach approximately US$47.9 billion by 2030, yet remains severely underserved with many patients (upwards of 90% by many estimates) unable to access affordable treatment,  2) The INVOcell solution provides an advanced, effective and affordable infertility treatment to help increase access to care, & 3) INVO Is commercially advancing INVOcell through the opening of INVO Centers, opportunistically now pursuing acquisitions of established fertility (IVF) clinics in the U.S., and continuing to offer the technology to existing fertility practices. Steve Shum, CEO of INVO Bioscience stated,  “INVO’s cumulative progress over the past two years, on both the commercial front as well as additional real world patient outcomes data, allowed us to further highlight our innovative INVOcell solution at last week’s ASRM conference. It was clear at this year’s annual conference that INVOcell’s presence in the marketplace is growing, and our expanded commercial approach is attractive. Our business development team engaged in a number of productive discussions with interested parties at the conference revolving around our commercial efforts toward providing INVOcell to existing clinics, opening our own INVO Centers, and now selectively acquiring existing fertility practices. We believe the strategy to acquire established fertility clinics in the U.S. complements our existing INVO Center strategy and will allow us to accelerate our growth plans and help expand the use of INVOcell. Potential acquisitions of established profitable fertility clinics in the U.S. represents a logical extension of our strategy. We believe the ASRM conference provided a great opportunity to further communicate our overall progress and technology achievements as well as our unique commercial approach toward helping to democratize fertility care.”
    • On Oct. 21, INVO Bioscience announced the publication of a review discussing existing literature and current use of intravaginal culture (IVC) as an option for patients seeking fertility therapies. The review, titled “Intravaginal embryo culture: a successful alternative to standard IVF that may improve access to care,” by Dr. Amber R. Cooper was published in the Current Opinion in Obstetrics and Gynecology. Findings included that Intravaginal culture (IVC) of embryos is a successful and well-tolerated option for many patients & IVC has similar outcomes when compared to standard IVF with or without ICSI. Findings included: Intravaginal culture (IVC) of embryos is a successful and well-tolerated option for many patients & IVC has similar outcomes when compared to standard IVF with or without ICSI. A copy of the publication is available at:Intravaginal embryo culture: a successful alternative to standard IVF that may improve access to care.
    • On Aug. 25th, INVO Bioscience announced that Advanced Reproductive Centre, Hospital Canselor Tuanku Muhriz (HCTM), formally known as Hospital Universiti Kebangsaan Malaysia (HUKM), based in Kuala Lumpur, Malaysia, is making IVC available for their patients. The move follows the successful completion of the first IVC case in the country recently with data presented at the Obstetrical and Gynecological Society of Malaysia (“OGSM”) where it was awarded a prize as a new and innovative fertility treatment. A signing ceremony announcing the launch of IVC was witnessed by the Minister of Science and Innovation and Deputy Secretary General. HCTM, one of the five university hospitals in Malaysia, is currently the highest volume fertility center in the country. Steve Shum, CEO of INVO Bioscience, commented, “We are excited that INVOcell will officially be commercialized at HCTM in Kuala Lumpur following the successful presentation of data at OGSM and government support by the Minister of Science and Innovation and Deputy Secretary General. HCTM will start offering IVC both in their public and private sectors with an expectation to complete a number of cycles by the end of 2022. We are also working with partners in Malaysia to open up an INVO Centers in their existing practice as we strive to bring our innovative advanced fertility treatment to the people of Malaysia.”


    • On Nov. 10, Chinook provided a business update and reported financial results for the quarter and nine months ended September 30, 2022. “During the third quarter of 2022, we continued advancing our pipeline of clinical and preclinical programs for rare, severe chronic kidney diseases. We are pleased with the strong data presented at ASN Kidney Weekend 2022 from both our lead programs, atrasentan and BION-1301, in IgA nephropathy (IgAN), as well as from CHK-336 and our preclinical research approach,” said Eric Dobmeier, president and chief executive officer of Chinook Therapeutics. “We look forward to 2023, when we plan to initiate a phase 3 study of BION-1301 in patients with IgAN, present data from the ongoing phase 1 clinical trial of CHK-336 in healthy volunteers in the first half and report topline proteinuria data from the ongoing phase 3 ALIGN study of atrasentan in the third quarter.”



  • Borqs Technologies, Inc. (Nasdaq: BRQS, $.51), a global provider of 5G wireless solutions, Internet of Things (IoT) solutions, and innovative clean energy, recently provided the following updates on the Company.
    • On Nov. 4, Borqs announced its subsidiary, Holu Hou Energy (HHE), has rolled out its next generation HoluPower xP energy storage system. The product is the first system capable of economically addressing the Multi-Dwelling Unit Residential market through EnergyShare, a unique application and advantage, enabling networked systems to share excess generation behind their respective utility meters. This has been a game-changer for improving the project economics for the MDU market, including for low-income housing, rental property units and Home Owners Association managed properties. EnergyShare enables more energy to be delivered to load, and fewer batteries needing to be installed than the standard approach of unit-by-unit installation.


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    • Borqs Technologies’ subsidiary, Holu Hou Energy (HHE), has rolled out its next generation HoluPower xP energy storage system. The HoluPower xP building on the leading attributes of the HoluPower series product, specifically delivers: 

      • A much safer lithium ion battery chemistry, having greater inherent resiliency against overtemperature and overcharging than some major brands that use less stable, more flammable and higher toxicity chemistries.

      • More system power – enough power to enable homes to operate their appliances during an outage the same way they would if they had utility power.

      • Greater system modularity – each system can support four strings of PV and up to four 8.2kWh battery modules. Multiple systems can be connected together in a sharing link for even greater capacity.

      • Higher power for each battery module, a very important attribute for locations where battery subsidies and bonus programs exist.

      • Energy control through the HHE Modular Energy Control platform.

      • Integrated home load control so both renewable energy supply and load/usage can be scheduled or optimized real time with one another.

      • Standard wired internet connection, with optional WiFi or cellular communications.

      • Better system conversion efficiency compared to “AC Battery” systems, like those from Tesla.

      • Faster installation times with an almost 50% reduction in wiring terminations.

      • The industry’s only single-family Residential energy storage system economically viable for unlocking the Multi-Dwelling Unit Residential market.

    • On Oct. 21, Borqs announced its financial results for the six months ended June 30, 2022 and highlighted that Revenues for the first half 2022 reached $30.1 million, 141% Year-Over-Year (YOY) growth, thew Revenue forecast for 2022 is $50-55 million, YOY growth of over 69%, & their backlog currently stands at $50 million for Holu Hou Energy, LLC (HHE), a majority-owned solar & energy storage system subsidiary.
    • On Sept 20, Borqs announced its solar energy storage subsidiary, Holu Hou Energy LLC (HHE), a company that offers state-of-the-art renewable energy and energy storage systems to the Single-Family Residential, Multi-Dwelling Unit Residential and Commercial building markets, has signed a power purchase agreement (PPA) with Kapolei Diversified Properties, LLC to deliver energy to Luhauola, a new mixed-use development in Kapolei, on the island of Oahu, Hawaii. The property includes 10,000 square feet of commercial space, plus outdoor dining for local food establishments. The residential portion of the property includes 29 workforce housing rental apartments. U.S. Energy Information Administration data shows oil generated about two-thirds of Hawaii’s electricity in 2021. That makes Hawaii the most petroleum-dependent state.


Shares of InMed Pharmaceuticals Inc. (INM), a leader in the research, development and manufacturing of rare cannabinoids, closed at $2.76.



Thanks again for your attention this week. Please continue to share your thoughts, questions, & ideas as we move forward. 

In the meantime, please enjoy the balance of the weekly newsletter’s videos, quotes, updates and let’s find ways to crush it again this year!

Investing & Inspiration

  1. “It is not in the stars to hold our destiny but in ourselves.” – William Shakespeare

  2. “It does not matter how slowly you go as long as you do not stop.” – Confucius

  3. “I want to put a ding in the universe.” – Steve Jobs

  4. “Research is creating new knowledge.” – Neil Armstrong

  5. “The reward for work well done is the opportunity to do more.” – Jonas Salk
  6. “Man is a creative retrospection of nature upon itself.” – Karl Wilhelm Friedrich Schlegel
  7. “There’s something about taking a plow and breaking new ground. It gives you energy.” – Ken Kesey

  8. “Success seems to be largely a matter of hanging on after others have let go.” – William Feather

  9. “The essential conditions of everything you do must be choice, love, passion.” – Nadia Boulanger

  10. “More business is lost every year through neglect than through any other cause.” – Rose Kennedy

  11. “Give me a lever long enough and a fulcrum on which to place it, and I shall move the world.” – Archimedes

  12. “A person who won’t read has no advantage over one who can’t read.” – Mark Twain

  13. “The best way out is always through.” – Robert Frost

  14. “Start by doing what’s necessary; then do what’s possible; and suddenly you are doing the impossible.” – Francis of Assisi

  15. “Without labor nothing prospers.” – Sophocles

  16. “Intellectuals solve problems, geniuses prevent them.” – Albert Einstein

  17. “This is the precept by which I have lived: Prepare for the worst; expect the best; and take what comes.” – Hannah Arendt

  18. “The best and most beautiful things in the world cannot be seen or even touched – they must be felt with the heart.” – Helen Keller

  19. “He who is brave is free.” – Lucius Annaeus Seneca

  20. “When something is important enough, you do it even if the odds are not in your favor.” – Elon Musk

  21. “I choose a block of marble and chop off whatever I don’t need.” – Auguste Rodin

  22. “Hope is the only bee that makes honey without flowers.” – Robert Green Ingersoll

  23. “He who knows that enough is enough will always have enough.” – Lao Tzu

  24. “Plans to protect air and water, wilderness and wildlife are in fact plans to protect man.” – Stewart Udall

  25. “In order to carry a positive action we must develop here a positive vision.” – Dalai Lama

  26. “A hero is someone who understands the responsibility that comes with his freedom.” – Bob Dylan
  27. “Inflation destroys savings, impedes planning, and discourages investment. That means less productivity and a lower standard of living.” – Kevin Brady
  28. “If we give something positive to others, it will return to us. If we give negative, that negativity will be returned.” – Allu Arjun
  29. “A good plan violently executed now is better than a perfect plan executed next week.” ~ George S. Patton
  30. “You must do the things you think you cannot do.”- Eleanor Roosevelt
  31. “Success is dependent on effort.” – Sophocles
  32. “Nobody who ever gave his best regretted it.” – George Halas
  33. “Lots of people want to ride with you in the limo, but what you want is someone who will take the bus with you when the limo breaks down.” ~ Oprah Winfrey
  34. “And when I breathed, my breath was lightning.” – Black Elk
  35. “Moderation is the silken string running through the pearl chain of all virtues.” – Joseph Hall
  36. “You are the sum total of everything you’ve ever seen, heard, eaten, smelled, been told, forgot – it’s all there. Everything influences each of us, and because of that I try to make sure that my experiences are positive.” – Maya Angelou
  37. “If you want a guarantee, buy a toaster.” – Clint Eastwood
  38. “We are an impossibility in an impossible universe.” – Ray Bradbury
  39. “If you think in terms of a year, plant a seed; if in terms of ten years, plant trees; if in terms of 100 years, teach the people.” – Confucius
  40. “I’d rather attempt to do something great and fail than to attempt to do nothing and succeed.” – Robert H. Schuller
  41. “Do your little bit of good where you are; it’s those little bits of good put together that overwhelm the world.” Desmond Tutu
  42. “It takes considerable knowledge just to realize the extent of your own ignorance.” – Thomas Sowell
  43. “Do not dwell in the past, do not dream of the future, concentrate the mind on the present moment.” – Buddha”
  44. Surprise is the greatest gift which life can grant us.” –  Boris Pasternak
  45. “Trust in dreams, for in them is hidden the gate to eternity.” – Khalil Gibran 
  46. “Always be yourself, express yourself, have faith in yourself, do not go out and look for a successful personality and duplicate it.” – Bruce Lee
  47. “All life is an experiment. The more experiments you make the better.” – Ralph Waldo Emerson
  48. “There are no secrets to success. It is the result of preparation, hard work, and learning from failure.” –  Colin Powell
  49. “There is more to life than increasing its speed.” – Mahatma Gandhi
  50. “Your attitude is like a box of crayons that color your world. Constantly color your picture gray, and your picture will always be bleak. Try adding some bright colors to the picture by including humor, and your picture begins to lighten up.” – Allen Klein
  51. “Definiteness of purpose is the starting point of all achievement.” – W. Clement Stone
  52. “Success usually comes to those who are too busy to be looking for it.” – Henry David Thoreau
  53. “In matters of truth and justice, there is no difference between large and small problems, for issues concerning the treatment of people are all the same.” – Albert Einstein
  54. “Life is too short for long-term grudges.” – Elon Musk
  55. “There cannot be a crisis next week. My schedule is already full.” – Henry Kissinger
  56. “Success consists of getting up just one more time than you fall.” – Oliver Goldsmith
  57. “The Earth is the cradle of humanity, but mankind cannot stay in the cradle forever.” – Konstantin Tsiolkovsky
  58. “Ours is a world of nuclear giants and ethical infants. We know more about war that we know about peace, more about killing that we know about living.” – Omar N. Bradley
  59. “Beauty surrounds us, but usually we need to be walking in a garden to know it.” – Rumi
  60. “But man is not made for defeat. A man can be destroyed but not defeated.” – Ernest Hemingway
  61. “Don’t watch the clock; do what it does. Keep going.” – Sam Levenson
  62. “Let there be work, bread, water and salt for all.” – Nelson Mandela
  63. “The social object of skilled investment should be to defeat the dark forces of time and ignorance which envelope our future.” – John Maynard Keynes
  64. “A successful society is characterized by a rising living standard for its population, increasing investment in factories and basic infrastructure, and the generation of additional surplus, which is invested in generating new discoveries in science and technology.” – Robert Trout
  65. “I know not with what weapons World War III will be fought, but World War IV will be fought with sticks and stones.” – Albert Einstein
  66. “It is the fight alone that pleases us, not the victory.” – Blaise Pascal
  67. “If you can’t describe what you are doing as a process, you don’t know what you’re doing.” – W. Edwards Deming
  68. “Never interrupt your enemy when he is making a mistake.” – Napoleon Bonaparte
  69. “Be sure you put your feet in the right place, then stand firm.” – Abraham Lincoln
  70. “Without investment there will not be growth, and without growth there will not be employment.” – Muhtar Kent
  71. “You have to do your own growing no matter how tall your grandfather was.” – Abraham Lincoln
  72. “Victory has a thousand fathers, but defeat is an orphan.” – John F. Kennedy
  73. “Delete the negative; accentuate the positive!” – Donna Karan
  74. “It’s crazy how fast time flies and how things progress.” – Nathan Chen
  75. “The world is a dangerous place to live; not because of the people who are evil, but because of the people who don’t do anything about it.” – Albert Einstein
  76. “Life isn’t about finding yourself. Life is about creating yourself.” – George Bernard Shaw
  77. “Everything has beauty, but not everyone sees it.” – Confucius
  78. “A man must be big enough to admit his mistakes, smart enough to profit from them, and strong enough to correct them.” – John C. Maxwell
  79. “Walking with a friend in the dark is better than walking alone in the light.” – Helen Keller
  80. “A man who dares to waste one hour of time has not discovered the value of life.” – Charles Darwin
  81. “The greater danger for most of us lies not in setting our aim too high and falling short; but in setting our aim too low, and achieving our mark.” – Michelangelo
  82. “Progress is man’s ability to complicate simplicity.” – Thor Heyerdahl
  83. “I like to encourage people to realize that any action is a good action if it’s proactive and there is positive intent behind it.” – Michael J. Fox
  84. “Nothing is impossible, the word itself says ‘I’m possible’!” – Audrey Hepburn
  85. “But investment in space stimulates society, it stimulates it economically, it stimulates it intellectually, and it gives us all passion.” – Bill Nye
  86. “Bitcoin, in the short or even long term, may turn out be a good investment in the same way that anything that is rare can be considered valuable. Like baseball cards. Or a Picasso.” – Andrew Ross Sorkin
  87. “Life is a tragedy when seen in close-up, but a comedy in long-shot.” – Charlie Chaplin
  88. “No matter what you’re going through, there’s a light at the end of the tunnel and it may seem hard to get to it but you can do it and just keep working towards it and you’ll find the positive side of things.” – Demi Lovato
  89. “Infrastructure investment in science is an investment in jobs, in health, in economic growth and environmental solutions.” – Oren Etzioni
  90. “Educating our children and giving them the skills they need to compete in a global economy is a smart investment in our country’s future.” – Sheldon Whitehouse
  91. “Know thy self, know thy enemy. A thousand battles, a thousand victories.” – Sun Tzu
  92. “If one does not know to which port one is sailing, no wind is favorable.” – Lucius Annaeus Seneca
  93. “Beware of missing chances; otherwise it may be altogether too late some day.” – Franz Liszt
  94. “The sofa is a really important investment for anybody, and I don’t mean financially. You need to find a really great sofa that can transition with you, and you can build from there.” – Jeremiah Brent
  95. “There is no investment you can make which will pay you so well as the effort to scatter sunshine and good cheer through your establishment.” – Orison Swett Marden
  96. “Nothing in life is to be feared, it is only to be understood. Now is the time to understand more, so that we may fear less.” – Marie Curie
  97. “There is little that can withstand a man who can conquer himself.” – Louis XIV
  98. “In tennis, you strike a ball just after the rebound for the fastest return. It’s the same with investment.” – Masayoshi Son
  99. “A camel makes an elephant feel like a jet plane.” – Jackie Kennedy
  100. “The advance of technology is based on making it fit in so that you don’t really even notice it, so it’s part of everyday life.” – Bill Gates
  101. “Success depends upon previous preparation, and without such preparation there is sure to be failure.” – Confucius, Chinese 
  102. “Coming together is a beginning; keeping together is progress; working together is success.” – Edward Everett Hale
  103. “Never do anything against conscience even if the state demands it.”– Albert Einstein
  104. “Education is not only a ladder of opportunity, but it is also an investment in our future.” – Ed Markey
  105. “The true measure of a man is how he treats someone who can do him absolutely no good.” – Samuel Johnson
  106. “In my view, the biggest investment risk is not the volatility of prices, but whether you will suffer a permanent loss of capital. Not only is the mere drop in stock prices not risk, but it is an opportunity. Where else do you look for cheap stocks?” – Li Lu
  107. “A successful society is characterized by a rising living standard for its population, increasing investment in factories and basic infrastructure, and the generation of additional surplus, which is invested in generating new discoveries in science and technology.” – Robert Trout
  108. “The best preparation for tomorrow is doing your best today.” – H. Jackson Brown, Jr.
  109. “Friendship marks a life even more deeply than love. Love risks degenerating into obsession, friendship is never anything but sharing.” – Elie Wiesel
  110. “Investing in women’s lives is an investment in sustainable development, in human rights, in future generations – and consequently in our own long-term national interests.” – Liya Kebede
  111. “Success isn’t measured by money or power or social rank. Success is measured by your discipline and inner peace.” – Mike Ditka
  112. “No matter how many goals you have achieved, you must set your sights on a higher one.” – Jessica Savitch 
  113. “Start where you are. Use what you have. Do what you can.”– Arthur Ashe
  114. “The secret of getting ahead is getting started.” – Mark Twain
  115. “The amount of work and the amount of both physical and emotional investment it takes to get to the top.” – Drew Bledsoe

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