Companies featured in this edition of the newsletter: IMNP, OPS.V
The past week was filled with narrow ranges and limited trading volume, and the average daily NYSE floor volume checked in at just 728 million shares, which was well below the 20-day average of 808 million. Though the stock market ended on a flat note, it didn’t do so before creeping into record territory as the Dow, the Nasdaq and the S&P 500 set new intraday highs. The Dow finished the week at 18,576 up 33 points or 0.2% from 18,543 last week, and it is up 6.6% for the year. The Nasdaq finished the week up 12 points or 0.2% at 5,233 from 5,221 last week, and it is up 4.5% for the year. The S&P 500 finished the week at 2,184 up 1 point or 0.1% from 2,183 last week, and it is up 6.9% for the year. The Russell 2000 finished the week at 1,227 down -4 points or -0.3% from 1,231 last week, and it is up 8.1% for the year.
The preliminary second quarter productivity report showed productivity declining 0.5% after decreasing an unrevised 0.6% in the first quarter. Unit labor costs were up 2.0% on the heels of a downwardly revised 0.2% decline in the first quarter. The Treasury Budget for July showed a deficit of $112.8 billion versus a deficit of $149.2 billion in July 2015. Initial claims for the week ending August 6 were 266,000 versus a downwardly revised 267,000 in the prior week. Continuing claims for the week ending July 30 increased by 14,000 to 2.155 million. Import prices for July increased 0.1% on top of a 0.6% increase in June. The key difference is that the uptick in July was led by increasing nonfuel prices, which were up 0.3% after declining 0.2% in June. Export prices for July were up 0.2% after increasing 0.8% in June, led by higher nonagricultural prices.
The Producer Price Index for July featured a 0.4% decline in the final demand index following a 0.5% increase in June. Excluding food and energy, the final demand index declined 0.3% on the heels of a 0.4% increase in June. The Retail Sales report for July showed no change in total retail sales after an upwardly revised 0.8% increase in June. Excluding autos, retail sales declined 0.3% following an upwardly revised 0.9% increase in June. The preliminary reading for the University of Michigan Index of Consumer Sentiment for August checked in at 90.4 versus a final reading of 90.0. Total business inventories increased 0.2% in June following an unrevised 0.2% increase in May.
This week Walt Disney reported 3Q 2016 net income of $2.6 billion or $1.59 per diluted share compared with $2.5 billion or $1.45 per share last year.
The Wedbush PacGrow Healthcare Conference will be held August 16-17, 2016 at Le Parker Meridien in New York.
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 10,000,000 shares- that’s over three times its five month average daily volume.
Immune closed the week at $0.39.
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 than average trading volume on the Toronto Venture Exchange last week. On Monday it traded 140,000 shares-about three times its three-month average daily volume.
Opsens closed the week at $1.22 on the OTCQX under OPSSF and $1.67 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.