“Happy Birthday” – Vista Partners Daily Market Recap 3/15/2019
US stocks ended in positive territory across the board on Friday as the bull market celebrated its 10th birthday. According to Goldman Sachs, the 10-year trailing annual return for the S&P 500 of 15 percent ranks in the 94th percentile of all 10-year periods going all the way back to 1880. The Nasdaq ended up 0.76% (57.62 points), and the S&P 500 bumped up 0.50% (14 points). The Dow ended the day just barely in the clear with an increase of 0.54% (138.93 points).
Several of the Dow’s individual components rose throughout the session. Among these, Apple (AAPL) was up 1.30% closing at $186.12/share, while Merck & Co., Inc. (MRK) closed at $8.57/ share up .1% % & Cisco Systems, Inc. (CSCO) knicked up to $53.20/share up .87% on the day.
Atossa Genetics (ATOS) a Seattle-based biotech firm focused developing treatments for breast cancer had a phe·nom·e·nal yesterday, skyrocketing 368.21% ($5.56/share) and ending the session at $7.07 per share. Unfortunately, ATOS failed to keep the amazing pace and closed at $3.51 down 50.35% on Friday, but still saw a significant move up from the $1.50 close from last week. The increase came after the company announced that the FDA has issued a “Safe to Proceed” letter under their “expanded access” program permitting the use of Atossa’s oral Endoxifen as a post-mastectomy treatment in a pre-menopausal, estrogen-receptor positive (ER+) breast cancer patient. This patient completed a 3-week course of Atossa’s oral Endoxifen prior to her surgery under an FDA-approved expanded access program. The tumor activity from the initial biopsy was compared to the tumor activity at surgery, finding that the cancer cell biological activity was reduced by two measures: the Ki-67 activity decreased by 50 percent, and the estrogen receptor content decreased by over 20 percent. There were no safety or tolerability issues, including vasomotor symptoms such as hot flashes and night sweats. The latter symptoms are often a tolerability challenge for patients on tamoxifen.
Of note and concern, the Chinese government made renewed pledges to support the economy as it slows, while the U.K. voted to extend the Brexit deadline until June 30 at the latest.
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.
Stay Informed! Stay Competitive! Sign Up to receive FREE email updates here!