“The Rule of Three” Vista Partners Daily Market Recap 5/16/19
US markets moved higher for the third straight day possibly making many of us wonder if indeed there is any magic or power in the “rule of three” as it is believed to be in stories, fairy tales, and myths. I am not entirely sure if there is but I do not know that we did get three reports directly from three separate corporate leaders out of the Dow 30 today that helped drive the markets. First, the recently and much maligned Boeing (BA) moved up 2.36% as it closed at $353.81 after reporting that they had completed the software update for the 737 Max planes that were involved in the crashes of Lion Air and Air Ethiopia. Next global tech leader Cisco Systems (CSCO) moved 6.7% higher closing at $55.83 after beating expectations and sharing that they are well positioned for the US-China trade war per previous preparations. The third push came today from massive retailer Walmart (WMT) beat estimate, rose 1.43% closing at $101.31 but then warned us that we would be paying more at their stores with higher China tariffs coming to a store near you soon.
Uber Technologies (UBER), the ride-sharing company who priced its IPO at $45 per share last week and raised a whopping $8.1 billion experienced realized its third positive trading day in a row as it closed up 4.14% closing at $43/share.
Another three for you is that oil prices rose for the third straight day up 1.5% closing at $62.99/bb.
The S&P 500 moved higher today ending the session up .89% at 2876.32. The Dow rose 214.66 points up .84% ending at 25,862.68 and knicking on the 26k door again while the Nasdaq jumped .97% closing at 7898.05 and the Russell 2000 chimed in up .58% closing at 1,557.24.
With the continued and increased optimism today the CBOE Volatility Index (VIX) fell another 7% closing at $15.20 and traded between $15.16 – $17.13. The 2x leverage ETF TVIX also closed down at $22.42 down 8.04% and traded between $22.03 and $24.01 today.
Dow 30 components Caterpillar (CAT) closed down by .54% closing at $126.61 and Merck & Co, Inc. (MRK) rose 2.04% closing at $79.13.
Out of the energy sector, Chevron (CVX) dropped slightly .12% ending the day at $120.80. Exxon (XOM) also closed down a smidge at $76.36 down .01%.
In the tech sector, Intel (INTC) was down .20% closing at $45.62/share. Shares of Microsoft (MSFT) closed up nicely by 2.31% closing at $128.93 as they announced that they would be teaming up with Sony on cloud-based gaming and entertainment. Apple (AAPL) dropped .44% closing at $190.08/share.
Disney (DIS) also had a good day closing at $135.50 up .61% today as their “Avengers Endgame” megahit continues to rack up ticket sales across the world.
The Seattle-based biotech firm developing novel therapeutics and delivery methods to treat breast cancer and other breast conditions Atossa Genetics (ATOS) saw its shares move higher by 3.28% closing at $2.52 per share today. On Monday Atossa offered the following Q1 2019 Corporate Developments & Q1 2019 Financial Results. See Complete Story. The Maxim’s Group’s biotech analyst, Jason McCarthy, Ph.D., reiterated his ATOS buy rating yesterday with a $9/share 12-Month Target Price. See his update report which is called “Reports the Quarter, Endoxifen Programs Progressing, Data Updates Expected Over 2019.”
San Diego-based biotech dedicated to the development of programmed cellular immunotherapies for cancer and immune disorders, Fate Therapeutics (NASDAQ: FATE) also had a great day rising to a new all-time intraday high of $20 while closing at $19.55 up 6.42%. The 52-week range is $8.64 – $20.
Also, out of the healthcare sector, INVO Bioscience, Inc. (IVOB) ended the day up 6.77%. IVOB is a medical device company, headquartered in Medford, Massachusetts, focused on creating simplified, lower cost treatment options for patients diagnosed with infertility. The company’s lead product, the INVOcell, is a novel medical device used in infertility treatment that enables egg fertilization and early embryo development in the woman’s vaginal cavity. IVOB reported progress yesterday after the markets close as it released its Q1 2019 numbers including revenues for Q1 2019 increasing by 82% and gave us a look into the progress expected in Q2 2019. Katie Karloff, Chair and Chief Executive Officer of INVO Bioscience, commented, “We expect 2019 to be a pivotal year in the history of INVO Bioscience.”
The US Dollar Index moved higher again today by .3% closing at 97.82.
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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