Companies featured in this edition of the newsletter: IMNP, OPSSF/ OPS.V
This week leading into Memorial Day weekend saw below average trading volume, but it did not prevent the stock market from registering its second consecutive weekly advance. The economic data released this past week kept alive the possibility of a summer rate hike, and the expectations, as indicated by the fed funds futures market, held their ground throughout the week with likelihood of a June rate hike remaining at 30.0%. The Dow finished the week at 17,873 up 372 points or 2.1% from 17,500 last week, and it is up 2.6% for the year. The Nasdaq finished the week up 164 points or 3.4% at 4,934 from 4,770 last week, and it is down -1.5% for the year. The S&P 500 finished the week at 2,099 up 47 points or 2.3% from 2,052 last week, and it is up 2.7% for the year. The Russell 2000 finished the week up 37 points or 3.4% at 1,149 from 1,112 last week, and it is up 1.2% for the year.
New home sales surpassed estimates in April, running at a seasonally adjusted annual rate of 619,000. Initial claims for the week ending May 21 were 268,000, a decrease of 10,000 from the prior week. Continuing claims for the week ending May 14 jumped by 10,000 to 2.163 million. Altogether the claims data remains in the Fed’s favor when it comes to contemplating a rate hike at the June meeting. The Durable Goods Orders report for April was a real eye opener; it indicated that the orders jumped 3.4% in April on top of an upwardly revised 1.9% increase in March. Excluding transportation, orders were up 0.4% and were revised for March to show a 0.1% increase versus a previously reported 0.2% decline. The second estimate for the first quarter real GDP produced an upward revision to 0.8% growth on an annualized basis. The final reading for the University of Michigan Consumer Sentiment survey for May was revised to 94.7 from the preliminary reading of 95.8.
The week in earnings news, there were a few companies that reported results for their most recent quarters. Hewlett Packard Enterprise reported 2Q fiscal 2016 GAAP net earnings of $0.3 billion or $0.18 per diluted share compared with $0.3 billion or $0.16 per share in the same quarter of 2015. HP reported 2Q fiscal 2016 net earnings of $629 million or $0.36 per diluted share compared with $592 million or $0.33 per share last year. And Costco reported 3Q fiscal 2016 net income of $545 million or $1.24 per diluted share compared with $516 million or $1.17 per share in the same quarter a year ago.
This week the SeeThruEquity 5th Annual Microcap Investor Conference will be held May 31, 2016 in New York. The Deutsche Bank dbAccess 6th Annual Global Financial Services Conference will be held May 31- June 1, 2016 in New York. The Marcum Microcap Conference will be held June 1-2, 2016 at the Grand Hyatt New York in NYC. The Bank of America Merrill Lynch 2016 Global Technology Conference will be held June 1, 2016 in San Francisco, CA. The 2016 ASCO Annual Meeting- Collective Wisdom Conference will be held June 3-7, 2016 in Chicago, IL.
Volume Alert: Immune Pharmaceuticals, Inc. (Nasdaq: IMNP), a biopharmaceutical company that applies a personalized approach to treating and developing novel, highly-targeted antibody therapeutics to improve the lives of patients with inflammatory diseases and cancer, saw a spike in its volume on Tuesday as it traded over 1,000,000 shares- that’s four times its three month average daily volume.
Immune closed the week at $0.21.
Volume Alert: Opsens Inc. (OTCQX: OPSSF) (TSX: OPS.V), a healthcare company that engages in the development, manufacture, sale, and installation of fiber optic sensors for interventional cardiology, fractional flow reserve (FFR), oil and gas, and industrial applications, saw more and average trading volume across both the bulletin board and the Toronto Venture Exchange last week. On the bulletin board it traded over 28,000 shares on Wednesday- that’s four times its three-month average daily volume. It typically trades around 6,000 shares a day. It also traded a lot on the venture exchange, especially on Wednesday as it traded over 200,000 shares- over four times its three-month average daily volume.
Price Alert: Opsens Inc. (OTCQX: OPSSF) (TSX: OPS.V), a healthcare company that engages in the development, manufacture, sale, and installation of fiber optic sensors for interventional cardiology, fractional flow reserve (FFR), oil and gas, and industrial applications, hit a 52 week high at $1.40 on the bulletin board and $1.83 on the Toronto Venture Exchange this past week.
Opsens closed the week at $1.30 on the OTCQX under OPSSF and $1.61 on the Venture Exchange under OPS.V.
A profile, description, or other mention of a company in the newsletter is neither an offer nor solicitation to buy or sell any securities mentioned. While we believe all sources of information to be factual and reliable, in no way do we represent or guarantee the accuracy thereof, nor the statements made herein. THE READER SHOULD VERIFY ALL CLAIMS AND DO ITS OWN DUE DILIGENCE BEFORE INVESTING IN ANY SECURITIES MENTIONED. This publication accepts compensation from companies that it features. This newsletter should not be regarded as an independent publication. Our editors may, from time to time, acquire positions in the companies that they cover. This could represent a conflict of interest. The CEOcast newsletter shall be under no obligation to inform readers about its trading activities. CEOcast's editors reserve the right to buy or sell shares in these companies at any time. The following companies, featured in this newsletter, have compensated CEOcast: Immune Pharmaceuticals, ten thousand dollars cash per month. Opsens, fifteen thousand dollars cash.