Companies featured in this edition of the newsletter: ENZ, OPSSF/ OPS.V
Investors heard from a handful of Fed officials throughout the week with some cautioning that the possibility of a rate hike in June should not be dismissed entirely, the fed fund futures market, however, remains convinced that the next rate hike would not come before December. This past week featured a fair dose of economic data, and the stock market faced a range bound week after registering two consecutive weekly losses. The Dow finished the week at 17,540 down 201 points or -1.1% from 17,741 last week, and it is up 0.7% for the year. The Nasdaq finished the week at 4,719 down 17 points or -0.4%, and it is down -5.5% for the year. The S&P 500 finished the week down 10 points or -0.5% at 2,047 from 2,057 last week, and it is up 0.2% for the year. The Russell 2000 finished the week down 12 points or -1.1% at 1,102 from 1,115 last week, and it is down -3.0% for the year.
Wholesale inventories increased 0.1% in March after declining a downwardly revised 0.6%. That was the first time in the six months that there was an increase in wholesale inventories. The Treasury Budget for April showed a surplus of $106.5 billion; however, that was much less than the surplus of $156.7 billion seen in the same period a year ago. The initial claims report produced a surprise, and the week ending May 7 increased by 20,000 to 294,000. Continuing claims for the week ending May 7 increased by 37,000 to 2.161 million, and that is the highest level for continuing claims since April 2, 2016. According to the BLS, a 3.3% increase in fuel prices drove a 0.3% increase in import prices in April. A 0.5% increase in agriculture prices drove a 0.5% increases in export prices.
The index for final demand was up 0.2% in April. Excluding food and energy, the index for final demand was up 0.1% as expected. Total retail sales increased 1.3% month over month in April after an unrevised 0.3% decline in March. Excluding autos, retail sales increased 0.8% on top of an upwardly revised 0.4% increase in March. The University of Michigan’s Preliminary Consumer Sentiment report for May brought some good news to the market as the index spiked to 95.8 from the final reading of 89.0 in April.
This week Walt Disney reported 2Q fiscal 2016 net income of $2.1 billion or $1.30 per diluted share compared with $2.1 billion or $1.23 per share last year.
This week the 11th Annual BMO Capital Markets Farm to Market Conference will be held May 18-19, 2016 in New York. The Needham Emerging Technology Conference will be held May 18-19, 2016 at the Westin Grand Central Hotel in New York. The JP Morgan 9th Annual Home Building and Building Products Conference will be held May 17, 2016 at the JPMorgan Conference Center in New York. The Barclays Americas Select- London Conference will be held May 18, 2016 in London. The Oppenheimer Emerging Growth Conference will be held May 17, 2016 at the Sofitel Hotel in New York. And lastly, the Bank of America Merrill Lynch Transportation Conference will be held May 17, 2016 in Boston, MA.
Volume Alert: Enzo Biochem, Inc. (NYSE: ENZ), a pioneer in molecular diagnostics, saw a spike in its trading volume on Monday as it traded over 600,000 shares- that’s more than four times it’s three month average daily volume.
Price Alert: Enzo Biochem, Inc. (NYSE: ENZ), a pioneer in molecular diagnostics, hit a 52-week high this past week on Wednesday at $6.22.
Enzo closed the week at $6.05.
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 $1.03 on the bulletin board and $1.35 on the Toronto Venture Exchange this past week.
Opsens closed the week at $1.02 on the OTCQX under OPSSF and $1.35 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: Enzo Biochem, five thousand dollars cash per month. Opsens, fifteen thousand dollars cash.