“Just A Couple of IPO’s” – Vista Partners Daily Market Recap 4/18/2019
Two new tech companies hit the market today, but other than those equities the markets experienced somewhat mixed results today. The Nasdaq spent most of the day in the red, although it just barely broke above of it briefly and ended up 0.02% (1.98 points). The S&P 500, though was mostly in the green except for a brief dip in the red. It finished up 0.16% (4.58 points). The Dow started out the day with gains and held them throughout the session and closed with an increase of 0.42% (110.00 points).
Overall, components of the Dow didn’t trend one way or another. UnitedHealth (UNH) was a big mover again today, except during this session it was climbing. The company had risen 2.26% by the time trade ended after its most recent beat down. Similarly, Travelers (TRV) made strides today, rising 2.21%. On the other hand, Pfizer (PFE) slipped during the session and as the market closed it was down 1.25%.
Biotech firm and breast cancer treatment focused Atossa Genetics (ATOS) continued to slide today. As the final bell rang, it was down 3.05%. On the flip side Mustang Bio. Inc. (MBIO) closed up 112.03% at $5.64 after the company stated that it had entered a licensing agreement with St. Jude Children’s Research Hospital to develop the lentiviral gene therapy for the treatment of ‘bubble boy” disease (XSCID) for commercial use.
The new kids on the block today were Pinterest (PINS) and Zoom (ZM), two tech IPO’s. Pinterest set their initial offering at $19.00 share yesterday evening and shares began the day about 25% above that at $23.57. It finished the day at $24.43 per share. Zoom opened even more impressively. After an IPO priced at $36, it began the session trading 80.5% higher at $65 per share. It closed out the day trading at $62.00 per share.
The market will be closed tomorrow for Good Friday, so enjoy the day off!
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.
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